MARK 3321 Exam 3

Question 1

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

Answer 1

Product

Question 2

is used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers

Answer 2

Business Product/Industrial Product

Question 3

is bought to satisfy an individual’s personal wants

Answer 3

Consumer Product

Question 4

is a relatively inexpensive item that merits little shopping effort—that is, a consumer is unwilling to shop extensively for such an item. Candy, soft drinks, aspirin, small hardware items, dry cleaning, and car washes fall into this category.

Answer 4

Convenience Product

Question 5

is usually more expensive than a convenience product and is found in fewer stores.

Answer 5

Shopping Product

Question 6

When consumers search extensively for a particular item and are very reluctant to accept substitutes, that item is a

Answer 6

Specialty Product

Question 7

a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products

Answer 7

Brand

Question 8

that part of a brand that can be spoken, including letters (GM, YMCA), words (Chevrolet), and numbers (WD-40, 7-Eleven)

Answer 8

Brand Name

Question 9

The elements of a brand that cannot be spoken are called

Answer 9

Brand Mark

Question 10

refers to the value of company and brand names

Answer 10

Brand Equity

Question 11

refers to a brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data

Answer 11

Global Brand

Question 12

a consistent preference for one brand over all others, is quite high in some product categories.

Answer 12

Brand Loyalty

Question 13

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

Answer 13

Implied Warranty

Question 14

protects the buyer and gives essential information about the product.

Answer 14

Warranty

Question 15

a written guarantee

Answer 15

Express Warranty

Question 16

the first 2.5 percent of all those who adopt the product.

Answer 16

Innovators

Question 17

the next 13.5 percent to adopt the product

Answer 17

Early adopters

Question 18

the next 34 percent to adopt. weighs the pros and cons before adopting a new product.

Answer 18

Early majority

Question 19

the next 34 percent.adopt a new product because most of their friends have already adopted it

Answer 19

Late majority

Question 20

the final 16 percent to adopt

Answer 20

Laggards

Question 21

means treating employees as customers and developing systems and benefits that satisfy their needs

Answer 21

Internal Marketing

Question 22

a characteristic that can be easily assessed before purchase—for instance, the color of an appliance or automobile.

Answer 22

Search quality

Question 23

a characteristic that can be assessed only after use, such as the quality of a meal in a restaurant

Answer 23

Experience quality

Question 24

a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience. Medical and consulting services are examples

Answer 24

Credence quality

Question 25

the ability to perform the service dependably, accurately, and consistently

Answer 25

Reliability

Question 26

the ability to provide prompt service

Answer 26

Responsiveness

Question 27

the knowledge and courtesy of employees and their ability to convey trust.

Answer 27

Assurance

Question 28

caring, individualized attention to customers.

Answer 28

Empathy

Question 29

caring, individualized attention to customers.

Answer 29

Tangibles

Question 30

firms that sell mainly to consumers

Answer 30

Retailers

Question 31

organizations that facilitate the movement of products and services from the manufacturer to producers, resellers, governments, institutions, and retailers

Answer 31

Merchant Wholesalers

Question 32

simply facilitate the sale of a product from producer to end user by representing retailers, wholesalers, or manufacturers.

Answer 32

Agents and brokers

Question 33

the efficient and cost-effective forward and reverse flow and storage of goods, services, and related information into, through, and out of channel member companies

Answer 33

Logistics

Question 34

the pipeline through which products, their ownership, communication, financing and payment, and risk flow to the consumer.

Answer 34

Marketing Channel

Question 35

functions include contacting with prospective customers and highlighting various features of products.

Answer 35

Transactional functions

Question 36

The loosest form of relationship among channel members is the

Answer 36

arm’s-length relationship

Question 37

Vertical conflict within a marketing channel occurs primarily between

Answer 37

Manufacturer and retailer

Question 38

consists of six Ps: the four Ps of the marketing mix (product, place, promotion, and price) plus presentation and personnel

Answer 38

Retailing mix

Question 39

refers to the number of different brands offered within each assortment

Answer 39

depth

Question 40

refers to the assortment of products offered

Answer 40

width

Question 41

Product, place, promotion and price are

All ways marketers can do what? (hint: not understand the world of marketing/ get to know your market)

Answer 41

Take charge of your market

Question 42

During this stage, sales increase at a

decreasing rate

Answer 42

Maturity stage