Topic 4 - Marketing Mix

Question 1

Product

Answer 1

Anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.

Question 2

Service

Answer 2

A form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in ownership.

Question 3

Core Benefit

Answer 3

The fundamental problem-solving benefits or service the consumer is really buying.

Question 4

Actual Product

Answer 4

The “must-have” characteristics of a product, including the brand name, features, design, packaging, quality level, and warranty.

Question 5

Augmented Product

Answer 5

Additional “good-to-have” benefits and services built around the core and actual product, such as delivery, installation, and after-sales support.

Question 6

Consumer Products

Answer 6

Those products bought by final consumers for personal consumption (B2C).

Question 7

Industrial Products

Answer 7

Those products purchased for further processing or for use in conducting a business (B2B).

Question 8

Convenience Products

Answer 8

Consumer products that the customer usually buys frequently and with minimum comparison and buying effort.

Question 9

Shopping Products

Answer 9

Consumer products that the customer compares carefully on suitability, quality, price, and style.

Question 10

Specialty Products

Answer 10

Consumer products with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Question 11

Unsought Products

Answer 11

Consumer products that the consumer does not know about or knows about but does not normally think of buying.

Question 12

Product Line

Answer 12

A group of product items that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

Question 13

Product Line Depth

Answer 13

Means how many different variations are there in that Product Line (e.g., in terms of flavors, sizes, packaging).

Question 14

Product Mix

Answer 14

The total of all the product items and product lines that the company has.

Question 15

Product Life Cycle (PLC)

Answer 15

The course of a product’s sales and profits over its lifetime.

Question 16

Introduction Stage (PLC)

Answer 16

The stage in the PLC when the new product is first launched.

Question 17

Growth Stage (PLC)

Answer 17

The stage in the PLC when the new product satisfies the market and sales are rapidly rising.

Question 18

Maturity Stage (PLC)

Answer 18

The stage in the PLC when the new product attains maximum sales/profits, and the slowdown in sales begins.

Question 19

Decline Stage (PLC)

Answer 19

The stage in the PLC when product is on the ‘way out’ and customers are beginning to get tired of the product/brand.

Question 20

Brand

Answer 20

A name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.

Question 21

Brand Positioning

Answer 21

The act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market.

Question 22

Unique Selling Proposition (USP)

Answer 22

Something of value to the customers and distinct to a specific brand of product or service.

Question 23

Manufacturer’s Brand

Answer 23

A brand created and owned by the producer of a product.

Question 24

Private Brand (Retailer’s Brand or Private Labels)

Answer 24

A brand created and owned by a reseller of a product or service.

Question 25

Licensed Brand

Answer 25

A brand whose name and symbols have been previously created by other manufacturers, names of celebrities, or well-known characters for a fee.

Question 26

Co-Brand

Answer 26

The practice of using the established brand names of two different companies on the same product.

Question 27

Line Extension

Answer 27

Introduction of additional items in a given product category under the same brand name.

Question 28

Brand Extension

Answer 28

Using a successful brand name to launch a new or modified product in a new category.

Question 29

Multibrands

Answer 29

Introduction of additional brands in the same product category.

Question 30

New Brands

Answer 30

Developed for new product categories or when the power of an existing brand is perceived to be waning.

Question 31

Intangibility (Services)

Answer 31

Services cannot be seen, tasted, felt, heard, or smelled before they are bought.

Question 32

Inseparability (Services)

Answer 32

Services are produced and consumed at the same time and cannot be separated from their providers.

Question 33

Variability (Services)

Answer 33

The quality of services may vary greatly depending on who provides them and when, where, and how they are provided.

Question 34

Perishability (Services)

Answer 34

Services cannot be stored for later sale or use.