Exam 3 - Chp 10

Question 1

Product

Answer 1

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

Question 2

Business Product (industrial Product)

Answer 2

A product used to manufacture other goods or services, to facilitate in an organizations operations or to resell to other customers

Question 3

Consumer Product

Answer 3

A product bought to satisfy an individuals personal wants

Question 4

Convenience product

Answer 4

A relatively inexpensive item that merits little shopping effort

Question 5

Shopping product

Answer 5

A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores.

Question 6

Specialty Product

Answer 6

A particular item for which consumers search extensively and are very reluctant to accept substitutes

Question 7

Unsought Product

Answer 7

A product unknown to the potential buyers or a known product that the buyer does not actively seek

Question 8

Service

Answer 8

The result of applying human or mechanical efforts to people or objects

Question 9

Intangibility

Answer 9

the inability of services to be touched, seen, tasted, heard or felt in the same manner that foods can be sensed

Question 10

Search Quality

Answer 10

A characteristic that can be easily assessed before purchase

Question 11

Experience Quality

Answer 11

A characteristic that can be assessed only after use

Question 12

Credence Quality

Answer 12

A Characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience.

Question 13

Inseparability

Answer 13

The inability of the production and consumption of a service to be separated. Consumers must be present during the production

Question 14

Heterogeneity

Answer 14

The variability of the inputs and outputs of services which causes services to tend to be less standardized and less uniform than goods

Question 15

Perishability

Answer 15

The inability of services to be stored, warehoused or inventoried

Question 16

Product item

Answer 16

A specific version of a product that can be designed as a distinct offering among on organizations products

Question 17

Product Line

Answer 17

A group of closely related product items

Question 18

Product mix

Answer 18

all products that an organizations sells

Question 19

Product mix width

Answer 19

the number of product lines an organization offers

Question 20

Product line depth

Answer 20

The number of product items in a product line

Question 21

Product Modification

Answer 21

Changing one or more of a products characteristics

Question 22

Planned Obsolescence

Answer 22

The practice of modifying products so those that have already been sold become obsolete before they actually need replacement

Question 23

Product Line extension

Answer 23

Adding additional products to an existing product line in order to compete more broadly in the industry

Question 24

Brand

Answer 24

A name, term, symbol, design, or combination thereof that identifies a sellers products and differentiates them from competitors products

Question 25

Brand Name

Answer 25

That part of brand that can be spoken, including, letters, words, and numbers

Question 26

Brand mark

Answer 26

The elements of a brand that cannot be spoken

Question 27

Brand equity

Answer 27

The value of company and brand names

Question 28

global brand

Answer 28

a brand where at least one-third of the products is old outside its home country or region

Question 29

Brand loyalty

Answer 29

A consistent preference for one brand over all others

Question 30

manufacturers brand

Answer 30

The brand name of a manufacturer

Question 31

private brand

Answer 31

A brand name owned by a wholesaler or a retailer

Question 32

Captive brand

Answer 32

A brand that carriers no evidence of a retailers affiliation is manufactured by a third party and sold exclusively at the retailer

Question 33

Individual branding

Answer 33

using different brand names for different products

Question 34

Family brand

Answer 34

Marketing several different products under the same brand name

Question 35

Cobranding

Answer 35

Placing two or more brand names on a product or tis package

Question 36

Trademark

Answer 36

The exclusive right to use a brand or part of a brand

Question 37

Service mark

Answer 37

a trademark for a service

Question 38

generic product name

Answer 38

identifies a product by class or type and cannot be trademarked

Question 39

Persuasive labeling

Answer 39

A type of package labeling that focuses on a promotional theme or logo with consumer information being secondary

Question 40

Informational labeling

Answer 40

A type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase.

Question 41

Universal Product Codes (UPCS)

Answer 41

A series of thick and thin vertical lines (bar codes) readable by computerized optical scanners, that represent numbers used to track products

Question 42

Warranty

Answer 42

A confirmation of the quality or performance of a good or service

Question 43

Express warranty

Answer 43

A written guarantee

Question 44

Implied warranty

Answer 44

An unwritten guarantee that the good or service is fit for the purpose for which it was sold