Finals

Question 1

A general term use for both goods and services

Answer 1

Product

Question 2

An item that satisfies a need or a desire.

Answer 2

Product

Question 3

Is another important feature for a product.

Answer 3

Branding

Question 4

Is a marketing practice in which a company creates a name, symbol, or design that is easily identifiable as belonging to the company

Answer 4

branding

Question 5

It helps the clients or customer what to expect in the company

Answer 5

Branding

Question 6

A factor that us shown ro be the basis of why one product is better than its comperitors

Answer 6

Unique Selling Peopisition (USP)

Question 7

This characteristics helps solidify a company’s market position and allow them to stand apart from competition

Answer 7

USP (unique selling proposition)

Question 8

3 Product Classification

Answer 8

Tangible products
Intangible products
Services

Question 9

These are items with an actual physical presence

Answer 9

tangible products

Question 10

Items that has no physical presence but can be felt indirectly.
Ex. Software

Answer 10

Intangible product

Question 11

an intangible products but they are the result of an economic activities that dies not result in ownership.

Answer 11

Service

Question 12

Items that are used directly by the end user such as food, clothing, cars, etc.

Answer 12

consumer goods

Question 13

Services that are for the benefit of end user directly such as education

Answer 13

consumer services

Question 14

Items that act as part of another company’s operations such as machinery parts

Answer 14

producers goods

Question 15

services that support another company’s operation such as accounting, hr

Answer 15

producer services

Question 16

He proposed one way of understanding product benefits in his popular acadenic work “principles of marketing”

Answer 16

Philip Kotler

Question 17

The first level to be defined and explored

Answer 17

Core benefit

Question 18

Any additional benefits are added on to differentiate the product and highlight its USP

Answer 18

actual product

Question 19

there needs to be an assessment of what further benefits can be offered to the customer to ensure a loyal purchasing customer

Answer 19

Augmented products

Question 20

3 different level of a peoduct

Answer 20

core benefit
Actual product
Augmented product

Question 21

The basic customer need that is fulfilled

Answer 21

Core benefit

Question 22

The features of the product

Answer 22

actual product

Question 23

the intangible features of the product. It is here that the real value is added

Answer 23

augmented product

Question 24

How goods different from services

Answer 24

1. Intangibility
2. Search, experience, credence
3. Perishability
4. Variability

Question 25

The attributes that may be evaluated proof to purchase. As the customer learns about the competitive offerings

Answer 25

Search qualities

Question 26

Are those that need some trial or consumption before evaluation

Answer 26

Experience attributes

Question 27

ate those that are difficult to judge even post-consumption, hence the term credence.

Answer 27

credence qualities

Question 28

Services differ form goods. Services are simultanuesly produced and consumed. Goods can be manufuctred and then inventoried in distribution warehouse

Answer 28

perishability

Question 29

It is the final majoy difference between serviced and goods. Manufactirers of good can set quality standards because a machince is producing theru products

Answer 29

variability

Question 30

A.k.a product assortment. The total number of product lins that the company offers

Answer 30

product mix

Question 31

a subset of the marketing mix and is an important part of the business model of a comany

Answer 31

product mix

Question 32

Refers to the number of product lines

Answer 32

Width

Question 33

Referes to the total number if product in the mix

Answer 33

Length

Question 34

Refers to the total number of products within the line

Answer 34

Depth

Question 35

Refers to how closely products are linked to each other.

Answer 35

consistency

Question 36

Defined as the group or set of products that are closely related because they perform a similar function, target at the same channels

Answer 36

Product line

Question 37

the product that are offered by the company which ard similar and can be sold for the same customers to satisfy the same want

Answer 37

Product line

Question 38

Occurs when a company lengthens its product line beyond its current range.

Answer 38

line stretching

Question 39

A type of line stretching that may strecth down market when it sees strong growth opportunities in value priced good or if there is a risk of an attacked by a low end competitor

Answer 39

down market

Question 40

A compnay may strech for a higher margins or more growth

Answer 40

Up market

Question 41

When the company stretchs in both the directions.

Answer 41

two way stretch

Question 42

is defined as adding more items within the present range to strengthen the pdoduct line. Its is done to increase the profits by selling the missing items in line

Answer 42

line filling

Question 43

thw company like to upgrade thair peoduct offerings with new technologies to make the customers upgrade to hight value, higher priced items

Answer 43

line modernization

Question 44

featuring one or two product in the line to attract the customers into showrooms and then try to expose alltheir models to the customer

Answer 44

line featurinh