final exam based on my reading notes

Question 1

What is the Total Product Offer?

Answer 1

Everything consumers evaluate (price, brand, use) to decide to buy something

Includes the question, “What good qualities does this product offer me?”

Question 2

Define Product Line.

Answer 2

Group of physically similar products with similar competitors

Question 3

What is a Product Mix?

Answer 3

A company’s combo of product lines

Question 4

How do marketers create product differentiation?

Answer 4

Having a combo of pricing, ads, and packaging that make the product unique and attractive

Question 5

What are Consumer Goods?

Answer 5

Sold to ultimate consumers for personal use

Question 6

List the 4 Classifications of consumer goods.

Answer 6

• Convenience
• Specialty
• Unsought
• Shopping

Question 7

How are Convenience Goods marketed?

Answer 7

Marketed by location

Question 8

How are Specialty Goods marketed?

Answer 8

Marketed by specialty magazines and interactive websites

Publicity, media attention and special distribution

Question 9

How are Unsought Goods marketed?

Answer 9

Marketed by direct selling and informative advertising

Question 10

How are Shopping Goods marketed?

Answer 10

Marketed by price

Question 11

What are Industrial Goods?

Answer 11

Those sold in B2B market

Question 12

How are Industrial Goods marketed?

Answer 12

Marketed with salespeople

Question 13

What are the 7 Functions of Packaging?

Answer 13

• Get buyer’s attention
• Protect the integrity of the product, physically
• Easy to open
• Describe its ingredients
• Explain positive things about the product
• List warranties, warnings, etc
• Tell the consumer the price, value, + use

Question 14

Define Brand.

Answer 14

A name, symbol, or design that identifies the goods of a seller that distinguish them from those of competitors

Question 15

What is a Brand Name?

Answer 15

A word, letter, group of words or letters

Question 16

Define Trademark.

Answer 16

A brand with exclusive legal protection for both its brand name and design

Question 17

What is Brand Equity?

Answer 17

Value of a brand name + associated symbols

Question 18

What is Brand Association?

Answer 18

The linking of a brand to other favorable images (such as a popular celebrity’s picture)

Question 19

Who are Brand Managers?

Answer 19

Those who coordinate product, price, place, + promotion decisions for a product

Question 20

List the 6 Steps of the Product Development Process.

Answer 20

• Generation of new-product ideas
• Product screening
• Product analysis
• Product development
• Product testing
• Product commercialization

Question 21

What is the Product Life Cycle?

Answer 21

Theoretical model of what happens to sales and profits for a product class over time

Question 22

List the 4 Stages of the Product Life Cycle.

Answer 22

• Introduction
• Growth
• Maturity
• Decline

Question 23

What are Pricing Objectives?

Answer 23

• Target profit met
• Build traffic around product
• Increase market share
• Create an image
• Meet social goals

Question 24

List strategies marketers use to come up with a product’s price.

Answer 24

• Skimming Strategy
• Penetration Strategy
• Demand Oriented Pricing
• Competition Oriented Pricing
• Price Leadership

Question 25

What is Break-even Analysis?

Answer 25

Process used to determine profitability at various levels of sales to find the Break Even Point where revenues equal all costs

Question 26

What are Nonprice Strategies?

Answer 26

Not easy to copy in the way that pricing strategies are

Question 27

Define Channel of Distribution.

Answer 27

Set of marketing intermediaries (agents, brokers, wholesalers, retailers) that join to transport + store goods in their path from producers to consumers

Question 28

What is the value of marketing intermediaries?

Answer 28

They ensure communication flows and the flow of money and title to goods, helping ensure the right quantity & content is sent where it needs to go

Question 29

What are the Principles of using marketing intermediaries?

Answer 29

They provide valuable services to wholesalers and retailers that ensure their goods will be available when + where needed

Question 30

List the 5 Marketing Utilities used by Marketing Intermediaries.

Answer 30

* Time utility * Place utility * Possession utility * Information utility * Service utility

Question 31

What is a Wholesaler?

Answer 31

Marketing intermediary that sells to organizations & individuals but not to final consumers

Question 32

List the Wholesale Organizations that assist in the movement of goods.

Answer 32

* Merchant Wholesalers * Rack Jobbers * Cash & Carry Wholesalers * Drop Shippers

Question 33

What is a Retailer?

Answer 33

An organization that sells to ultimate consumers

Question 34

List the 3 Distribution Strategies that marketers use.

Answer 34

* Intensive * Selective * Exclusive

Question 35

What are Nonstore Retailing Forms?

Answer 35

* Vending Machines, pop ups, kiosks * Direct Selling * Multi Level Marketing * Direct Marketing (Telemarketing + Online)

Question 36

List the 4 Types of Distribution Systems.

Answer 36

* Corporate Systems * Contractual Systems * Administered Systems * Supply Chains

Question 37

Define Logistics.

Answer 37

Planning, implementing, & controlling physical flow of materials & final goods + info from points of origin to consumption to meet requirements & for profit

Question 38

What is the difference between Logistics and Distribution?

Answer 38

Distribution means TRANSPORTATION, whereas Logistics is more complex and includes types like inbound, materials handling, outbound, and reverse

Question 39

List the Transportation Modes.

Answer 39

* Rail * Ships * Trucks * Pipelines * Airplanes

Question 40

What are the Types of Warehouses?

Answer 40

* Storage * Distribution

Question 41

What is Promotion in marketing?

Answer 41

Marketers remind/tell target market about product to persuade them to purchase product

Question 42

List the 4 Traditional Promotional Tools (of the Promotion Mix).

Answer 42

* Advertising * Personal Selling * Public Relations * Sales Promotion