Chapter 14

Question 1

Total Product Offer

Answer 1

everything consumers evaluate when deciding whether to buy

Question 2

Product Mix

Answer 2

the combination of all product lines offered by a manufacturer or service provider

Question 3

Product Differentiation

Answer 3

creation of real or perceived product differences

Question 4

Convenience Goods or Services
Shopping Goods and Services
Speciality Goods and Services
Unsought Goods and Services

Answer 4

Convenient- minimal effort (candy)
Shopping- after comparing quality (clothes, appliances)
Specialty- unique characteristics (rolex, lamborghini)
Unsought- consumers aren’t aware of until needed (towing, funeral, rental)

Question 5

Industrial Goods

Answer 5

products used in the production of other products and sold in the B2B market

Question 6

Trademark

Answer 6

brand that has exclusive legal protection for both its name and design

Question 7

manufacturers brands
dealers brands
generic goods
knockoff brands

Answer 7

manufacturers- brand names that distribute nationally
dealer- carry a retailers brand name (sears)
generic- non branded products that sell at discount
knockoffs- illegal copies

Question 8

Product Screening
Product Analysis
Concept Testing
Commercialization

Answer 8

Screening- reduces the number of new products a firm is working on
Analysis- focus on cost estimated to get idea of profitability
Testing- test reactions
Commercial- promoting the product to distributors and retails

Question 9

Skimming Price Strategy
Penetration Price Strategy
Everyday low Pricing

Answer 9

Skimming- pricing new products high
Penetration- pricing low
Everyday- setting prices lower with no special sales