Setting Product Strategy - MCQs with answers - Part 1

Setting Product Strategy - MCQs with answers - Part 1

Product Levels : The customer value hierarchy

1. Attractiveness of the market offering depends on:

a) Value-based prices
b) Product features and quality
c) Services mix and quality
d) All of the above

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2. When a marketer plans its offering, it needs to address _____ product levels.

a) Four
b) Three
c) Five
d) None of the above.

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3. When a marketer plans its offering and addresses five key product levels forming a ________

a) Customer value hierarchy
b) Company value hierarchy
c) Market value hierarchy
d) None of the above

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4. The first level in the customer value hierarchy is __________

a) Core benefit
b) Basic product
c) Expected product
d) Augmented product

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5. At the second level of customer value hierarchy, marketers need to turn core benefit into

a) Expected product
b) Augmented product
c) Basic product
d) None of the above

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6. At the third level of customer value hierarchy, marketers need to design a

a) Expected product
b) Augmented product
c) Basic product
d) None of the above

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7. When it is about fourth level of customer value hierarchy, marketers need to design__________ that exceed customers expectations.

a) Expected product
b) Augmented product
c) Basic product
d) None of the above

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8. At the fifth level, marketer gets a __________ that has all the transformations and augmentations the offering or product might undergo in the future.

a) Expected product
b) Augmented product
c) Basic product
d) Potential product

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9. The new automobile market is an example of

a) Metallic market
b) Metaphor market
c) Meta market
d) None of the above

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