Product Concepts

Question 1

everything, both favorable and unfavorable, that a person receives in an exchange

Answer 1

product

Question 2

a product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers

Answer 2

business product (industrial product)

Question 3

products can be classified as either ___ or ____, depending on the buyer’s intentions

Answer 3

business (industrial) or consumer

Question 4

a product bought to satisfy an individual’s personal wants

Answer 4

consumer product

Question 5

a relatively inexpensive item that merits little shopping effort

Answer 5

convenience product

Question 6

a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

Answer 6

shopping product

Question 7

a particular item that consumers search extensively for and are very reluctant to accept substitutes

Answer 7

specialty product

Question 8

a product unknown to the potential buyer or a known product that the buyer does not actively seek

Answer 8

unsought product

Question 9

a specific version of a product that can be designated as a distinct offering among an organization’s products

Answer 9

product item

Question 10

a group of closely related product items

Answer 10

product line

Question 11

all products that an organization sells

Answer 11

product mix

Question 12

the number of product lines an organization offers

Answer 12

product mix width

Question 13

the number of product items in a product line

Answer 13

product line depth

Question 14

changing one or more of a product’s characteristics

Answer 14

product modification

Question 15

the practice of modifying products so those that have already been sold become obsolete before they actually need replacement

Answer 15

planned obsolescence

Question 16

adding additional products to an existing product line in order to compete more broadly in the industry

Answer 16

product line extension

Question 17

a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products

Answer 17

brand

Question 18

that part of a brand that can be spoken, including letters, words, and numbers

Answer 18

brand name

Question 19

the elements of a brand that cannot be spoken

Answer 19

brand mark

Question 20

the value of company and brand names

Answer 20

brand equity

Question 21

a brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data

Answer 21

global brand

Question 22

consistent preference for one brand over all others

Answer 22

brand loyalty

Question 23

the brand name of a manufacturer

Answer 23

manufacturer’s brand

Question 24

a brand name owned by a wholesaler or a retailer

Answer 24

private brand

Question 25

a brand manufactured by a thid party for an exclusive retailer, without evidence of that retailer’s affiliation

Answer 25

captive brand

Question 26

using different brand names for different products

Answer 26

individual branding

Question 27

marketing several different products under the same brand name

Answer 27

family branding

Question 28

placing two or more brand names on a product or its package

Answer 28

co-branding

Question 29

the exclusive right to use a brand or part of a brand

Answer 29

trademark

Question 30

a trademark for a service

Answer 30

service mark

Question 31

identifies a product by class or type and cannot be trademarked

Answer 31

generic product name

Question 32

Three most important functions of packaging

Answer 32

to contain and protect products
promote products
facilitate the storage, use and convenience of products
a fourth function is to facilitate recycling and reduce environmental damage

Question 33

a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondar

Answer 33

persuasive labeling

Question 34

a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase

Answer 34

informational labeling

Question 35

when a product or company attempts to give the impression of environmental friendliness whether or not it is environmentally friendly

Answer 35

greenwashing

Question 36

a series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products

Answer 36

universal product codes (UPSc)

Question 37

when planning to enter a foreign market with an existing product, what are the three options a firm has for handling the brand name

Answer 37

one brand name everywhere
adaptions and modifications
different brand names in different markets

Question 38

a confirmation of the quality or performance of a good or service

Answer 38

warranty

Question 39

a written guarantee

Answer 39

express warranty

Question 40

an unwritten guarantee that the good or service is fit for the purpose for which it was sold

Answer 40

implied warranty