chapter 14

Question 1

Three P’s

Answer 1

Participants
Physical evidence
Process

Question 2

Three levels of a product

Answer 2

• Core product benefits
• Product attributes
• Support services

Question 3

Services are characterized by the following features: (4)

Answer 3

• Intangibility
• Perishabilitly
• Heterogeneity
• Inseparability

Question 4

Represents a broader perspective of markets compared with traditional perspecitves of markets that focus on the exchange of goods, customer value is produced in a co-creation between the seller and the customer

Answer 4

Service-dominant logic (S-D logic)

Question 5

Three categories of service

Answer 5

• People processing
• Possession processing
• Information-based services

Question 6

the time it takes from the conception of an idea until it is available for sale. It is important in industries where products are outmoded

Answer 6

Time to market

Question 7

PLC stages

Answer 7

Introduction
Growth
Maturity
Decline

Question 8

Limitations of the PLC

Answer 8

• Misleading strategy prescriptions
• Fads
• Unpredictability
• Levels of product life cycle

Question 9

First production in innovative country, then moves to advanced and less advanced countries, making I.C import from their former customers, macroeconomic approach

Answer 9

International product life cycle (IPLC)

Question 10

Due to different economic levels in different countries, a specific product can be in different PLC stages in different countries

Answer 10

PLCs across countries