Exam 2

Question 1

Product

Answer 1

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

Question 2

Product Item

Answer 2

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

Question 3

Brand

Answer 3

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

Question 4

Co-branding

Answer 4

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

Question 5

Trademark

Answer 5

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

Question 6

Diffusion

Answer 6

the process by which the adoption of an innovation spreads.

Question 7

Innovation

Answer 7

a product perceived as new by a potential adopter.

Question 8

Concept test

Answer 8

a test to evaluate a new-product idea, usually before any prototype has been created.

Question 9

Test marketing

Answer 9

the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.

Question 10

Product Category

Answer 10

all brands that satisfy a particular type of need.

Question 11

Service

Answer 11

the result of applying human or mechanical efforts to people or objects.

Question 12

Empathy

Answer 12

caring, individualized attention to customers.

Question 13

Mass customization

Answer 13

a strategy that uses technology to deliver customized services on a mass basis.

Question 14

Internal marketing

Answer 14

treating employees as customers and developing systems and benefits that meet their needs.

Question 15

Public service advertisement (PSA)

Answer 15

an announcement that promotes a program of a federal, state, or local government or of a nonprofit organization.

Question 16

Order fulfillment process

Answer 16

a highly integrated process, often requiring persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time.

Question 17

Blockchain

Answer 17

a digital ledger in which transactions are made and recorded chronologically and publicly.

Question 18

Digitalization

Answer 18

the use of digital technologies to change a business model and provide new revenue or value.

Question 19

M-commerce

Answer 19

the ability to conduct commerce using a mobile device for the purpose of buying or selling goods or services.

Question 20

Sharing economy

Answer 20

the way connected consumers exchange goods and services with each other through a digital marketplace.

Question 21

Shopper analytics

Answer 21

searching for and discovering meaningful patterns in shopper data for
the purpose of fine-tuning, developing, or changing market offerings.

Question 22

Beacon

Answer 22

a device that sends out connecting signals to customers’ smartphones and tablets in order to bring them into a retail store or improve their shopping experience.

Question 23

Retail channel omnification

Answer 23

the reduction of multiple retail channel systems into a single, unified system for the purpose of creating efficiencies or saving costs.

Question 24

Which of the following is a characteristic shared by both the early majority and the late majority?
Both tend to have opinion leaders within their groups.
Both rely on science and experts for information.
Both depend on word-of-mouth communication.
Both are primarily influenced by the mass media.

Answer 24

Both depend on word-of-mouth communication.

Question 25

Which of the following is characteristic of both early adopters and the early majority?
Both groups tend to be opinion leaders.
Both rely on group norms and values.
Both desire to earn the respect of others.
Both are influenced by social media websites and digital promotions.

Answer 25

Both rely on group norms and values.