Test 3

Question 1

What are the four types of consumer products?

Answer 1

Conveince product, shopping product, specialty product, unsought product.

Question 2

What is derived demand?

Answer 2

sales of business products frequently result from the sale of consumer products.

Question 3

What are supporty products?

Answer 3

items used to assist in producing other products and services

Question 4

How can services be classified?

Answer 4

1 delivered by people or equpment
2 firms or nonprofit
goverment agencies

Question 5

Four I’s of services?

Answer 5

Intangibility–can’t be seen or touched before purchase decision

Inconsistency–depend on the people who provide them

Inseparability–cannot distinguish between provider from service

Inventory–service provider is available when no demand (idle production capacity)

Question 6

How is service quality assessed?

Answer 6

By comparing consumer expectation with actual experiences through gap analysis.

Question 7

What is gap analysis?

Answer 7

Asks consumers to assess their expectations and experiences on dimensions of service quality.

Question 8

What are the ive dimensions of service quality?

Answer 8

Reliability, Tangibility, Responsiveness, Assurance, Empathy

Question 9

Caring, individualized attention provided to customers

Answer 9

empathy

Question 10

Willingness to help customers and provide prompt service

Answer 10

Responsiveness

Question 11

Appearance of physical facilities, equipment, personnel, and communication materials

Answer 11

Tangibility

Question 12

Ability to perform the promised service dependably and accurately

Answer 12

Reliability

Question 13

Knowledge and courtesy of employees and their ability to convey trust and confidence

Answer 13

Assurance

Question 14

A specific product that has a unique brand, size, or price

Answer 14

product item

Question 15

A group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales, outlets, and prices

Answer 15

product line

Question 16

All the product lines offered by a company

Answer 16

product mix

Question 17

What is a new product?

Answer 17

a product that is functionally different from existing products

Question 18

Consumers don’t need to learn new behaviors

Answer 18

continuous innovation

Question 19

dynamically continuous innovation

Answer 19

minor changes

Question 20

making consumer learn entirely new consumption pattern

Answer 20

discontinuous innovation

Question 21

What is the legal definition of newness?

Answer 21

6 monthes after regular distribution

Question 22

What is a statement that indentifies 1 a target market 2 specific needs wants and preferences, and what the product will be and do to satisfy customers

Answer 22

protocol

Question 23

What are some marketing reasons for new-product failures?

Answer 23

Insignificant point of difference
No economical access tobuyers
Incomplete market and product protocol
Not satisfying customer needs
Bad timing
Poor Quality
Too little market attractiveness
Poor execution of the marketing mix

Question 24

What are some organizational problesm to product failuer

Answer 24

Ignoring custy
Skipping stages in development
Pushing a poorly conceived item into market for money
Groupthink
Not learning from failures
NIH (Not invented here) problm

Question 25

The seven stages an organization goes through to indentify business opportunities and convert them into salable products or services

Answer 25

New-product process

Question 26

What are the 7 stages of the npp

Answer 26

1. New product strategy development 2. Idea generation 3. Screening and evaluation 4. Business analysis 5. Development 6. Marketing Testing 7. Commercialization

Question 27

Stage of the npp that defines the role for a new product in terms of the firms overall objectives

Answer 27

New product strategy development

Question 28

involves developing a pool of concepts to serve as candidates for new products, building upon the previous stage's result

Answer 28

Idea generation

Question 29

Who are some things ideas can be generated from?

Answer 29

employers, co-workers, customer and suppliers, R&D, Competitive products, small firms, universities, and investors

Question 30

Internally and externnally evaluates np ideas to eliminate those that warrant no further effort

Answer 30

Screening and evaluation

Question 31

specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections

Answer 31

business analysis

Question 32

The stage of the nppp that turns the idea on paper into a prototype

Answer 32

development (yohgurt)

Question 33

stage of the npp that invovles exposing actual products to prospective consumer under realistic purchase conditions to see if they will be

Answer 33

market testing

Question 34

Three types of test market?

Answer 34

Standard (sell it in certain place Controlled (contracting test program Simulated (replication of test market

Question 35

the stage of the npp that positions and launches a new product in full-scall productions and sales

Answer 35

commercialization

Question 36

a payment a manufacturer makes to place a new item on a retailers shelf

Answer 36

slotting fee

Question 37

What is the simultaneous development of both the product and the productions process

Answer 37

parallel development

Question 38

The stages a new product goes thrugh in the marketplace: introduction, growth, maturity, and decline

Answer 38

Product life cycle

Question 39

What is the marketing goal during the introduction stage

Answer 39

creating awareness and stimulating trial

Question 40

desire for a product class versus a specific product

Answer 40

primary demand

Question 41

preference for a specific brand

Answer 41

selective demand

Question 42

What are some goals during the growth stage?

Answer 42

differentiation, repeat purchase, broaden distribution

Question 43

What is the marketing goal during maturity?

Answer 43

holding market share through further product differentiation and finding new buyers

Question 44

Wha are marketing strategies during decline?

Answer 44

Deletion or harvesting

Question 45

dropping a product from a company's product line

Answer 45

deletion

Question 46

retaining a product while reducing marketing costs

Answer 46

harvesting

Question 47

What are 3 important aspects of the product life cycle?

Answer 47

1. Length 2. Shape 3. Rate of adoption

Question 48

What is the average length of a product life cycle?

Answer 48

Who knows!

Question 49

a product for which significant customer education is required and there is an extended introductory period?

Answer 49

high-learning

Question 50

immediate purchase because little learning is required by the consumer

Answer 50

low-learning product

Question 51

What is the idea that products diffuses or spread through the population?

Answer 51

diffusion of innovation

Question 52

What are the 5 types of consumers vis a vis diffusion of innovation?

Answer 52

Innovators, Early adopters, Early majority, Late majority, Laggards

Question 53

What are some reasons for resisting a product in the introductory stage?

Answer 53

Usage barriers, value barriers, risk barriers, pyschological barriers

Question 54

Who manages the marketing efforts for a close-knit family of products or brands

Answer 54

product/brand manager

Question 55

What is altering one or more of a products characteristics, such as its quality, performance, or appearance to increase value of customers and increase sales

Answer 55

product modification

Question 56

trying to find new customers. increase a prodct's use among existing customers, or create new use situations

Answer 56

modifying the market

Question 57

changes the place a product occupies in a consumer's mind relative to competitive products

Answer 57

product repositioning

Question 58

What are four factors that trigger a need for repositioning

Answer 58

Reacting to competitor position Reaching a new market Changing the value offered Catching a rising trend

Question 59

involves adding value to the product through additional features or higher-quality materials

Answer 59

trading up

Question 60

reducing numbers of features, quality, or price

Answer 60

trading town (downsizing)

Question 61

An organization's use of a name, phrase, design, symbol, or combination of these to identify and distinguish its products

Answer 61

branding

Question 62

Any work, deice, or combination of these used to distinguish a seller's goods or services

Answer 62

brand name

Question 63

A set of human characteristics associated with a brand name

Answer 63

brand personality

Question 64

The added value a brand name gives to a product beyond the functional benefits provided

Answer 64

brand equity

Question 65

What are the steps to creating brand equity?

Answer 65

1. positive brand awareness 2. establish brand's meaning 3. proper response to brand identity 4. Create a consumer-brand connecion

Question 66

What is a contractual agreement whereby one company allows its brand names or trademarks to be used with products or services offered by another company for a royalty or fee

Answer 66

brand licensing

Question 67

What are the steps to picking a good brand name?

Answer 67

1. Name should suggest product benefits 2. Name should be memorable, distinctive, and positive 3. Name should fit company or product image 4. Name should have no legal restrictions 5. Name should be simple, emotional,

Question 68

A branding strategy in which a company uses one name of all its products in a product glass

Answer 68

multiproduct branding (family/corporate branding)

Question 69

a branding strategy that involves giving each product a distinct name

Answer 69

multibranding

Question 70

combines corporate or family brand with a new brand, to distinguish a part of its product line from others

Answer 70

sub-branding

Question 71

the practice of usng a current brand name to enter a different product class

Answer 71

brand extension

Question 72

A branding strategy that involves giving each product a distinct name

Answer 72

multibranding

Question 73

manufacturing products but sells them under the brand name of a wholesaler or retailer

Answer 73

private branding strategy

Question 74

marketing products under its own name, and that of a reseller because the segment attracted to the reseller is different from its own market

Answer 74

mixed branding strategy

Question 75

refers to any container in which it is offering for sale and on which label information is conveyeed

Answer 75

packaging

Question 76

a benefit of packaging; label information on it conveys to the consumer how where and when to use the product, what the product is made from, and legal requirements

Answer 76

communication benefits

Question 77

what is the role of packaging that involves storage, convenience, protection, or product quality?

Answer 77

functional benefits

Question 78

What is the benefit of packing in the consner's mind?

Answer 78

perceptual benefit

Question 79

Expanding the four p's framework to include people, physical environment, and process

Answer 79

seven p's of service marketing

Question 80

Charging different prices during different times of the day or days of the week to reflect variations in demand for the service

Answer 80

off-peak pricing

Question 81

the process of managing the entire customer experience of the firm

Answer 81

customer experience management

Question 82

Integrating the service componenet of the marketing mix with efforts to influence consumer demand

Answer 82

capacity management

Question 83

The money or ther considerations exchanged for the ownership of or use of a product or service

Answer 83

price

Question 84

What is the formula for final price?

Answer 84

FP= List - [incentives + allowances] +extra fees

Question 85

The ratio of perceived benefits to price

Answer 85

value

Question 86

Profit equals total revenue - total cost

Answer 86

profit equation

Question 87

What are the four common approahes to pricing?

Answer 87

Demand-oriented, cost-oriented, profit-oriented, and competition-oriented

Question 88

What are the demand oriented approaches?

Answer 88

Skimming, penetration, prestige, odd-even, target, bundle, yield management

Question 89

What are the cost-oriented approaches

Answer 89

standard markup, cost-plus

Question 90

What are the profit-oriented approaches?

Answer 90

Target profitm target return of sales, target return on investment

Question 91

What are competition oriented approaches

Answer 91

customy, above, at, or below market, loss leader

Question 92

A graph relating the quantity sold and the price, which shows how many units will be sold at a given price

Answer 92

demand curve

Question 93

The percentage change in the quantity demanded relative to a percentage change in price

Answer 93

price elasticity of demand

Question 94

What is unit variable costs?

Answer 94

variable cost per unit