marking

Question 1

Good

Answer 1

A tangible physical entity.

Question 2

Service

Answer 2

An intangible result of the application of human and mechanical efforts to people or objects.

Question 3

Idea

Answer 3

A concept, philosophy, image, or issue.

Question 4

Convenience Products

Answer 4

Inexpensive, frequently purchased items with minimal purchasing effort.

Question 5

Shopping Products

Answer 5

Items for which buyers are willing to expend considerable effort in planning and making purchases.

Question 6

Specialty Products

Answer 6

Items with unique characteristics that buyers are willing to expend considerable effort to obtain.

Question 7

Unsought Products

Answer 7

Products purchased to solve sudden problems, of which customers are unaware, or do not necessarily think of buying.

Question 8

Item

Answer 8

A specific version of a product.

Question 8

Line

Answer 8

Closely related items viewed as a unit.

Question 9

Mix

Answer 9

Total group of products that a company sells.

Question 10

Width of Mix

Answer 10

Number of product lines a company offers.

Question 11

Depth of Mix

Answer 11

Number of products within a line.

Question 12

Introduction Stage

Answer 12

Initial market entry; sales start at zero and profits are negative.

Question 13

Growth Stage

Answer 13

Rapid sales increase; peak profits then start to decline.

Question 14

Maturity Stage

Answer 14

Sales peak then start to decline; profits fall due to intense competition.

Question 15

Decline Stage

Answer 15

Sales and profits fall; strategies include elimination, repositioning, or rebranding.

Question 16

Product Adoption Process

Answer 16

1. Stages include awareness,
2. interest
3. evaluation
4. trial
5. adoption.

Question 17

Brand

Answer 17

A name, term, design, symbol, or other feature that differentiates a seller’s products.

Question 18

Brand Equity

Answer 18

The marketing and financial value associated with a brand’s strength in a market.

Question 19

Co-Branding

Answer 19

Using two or more brands on one product.

Question 20

Line Extensions

Answer 20

Development of products closely related to existing ones but designed to meet different customer needs.

Question 20

Brand Licensing

Answer 20

Agreement allowing another company to use a brand on other products for a fee.

Question 21

Quality Modifications

Answer 21

Affecting dependability and durability.

Question 22

Functional Modifications

Answer 22

Affecting versatility, effectiveness, convenience, or safety.

Question 23

Aesthetic Modifications

Answer 23

Affecting sensory appeal.

Question 24

Concept Testing

Answer 24

Evaluates the feasibility of a product idea before prototyping.

Question 25

New Product Development (NPD) Process

Answer 25

1. idea generation,
2. screening,
3. business analysis,
4. development,
5. test marketing,
6. commercialization.

Question 26

Intangibility

Answer 26

Cannot be physically possessed.

Question 27

Inseparability

Answer 27

Produced and consumed simultaneously.

Question 28

Perishability

Answer 28

Unused services cannot be stored for future use.

Question 29

Heterogeneity

Answer 29

Variation in service delivery.

Question 30

Client-based Relationships

Answer 30

Importance of repeat customers and provider satisfaction.

Question 31

Core Services

Answer 31

Basic benefits of a service.

Question 32

Supplementary Services

Answer 32

Additional benefits that differentiate the service.

Question 33

Supply Chain

Answer 33

All processes a product goes through, from creation to final consumer.

Question 34

Marketing Channels

Answer 34

Routes that products take from producers to consumers.

Question 35

General Merchandise Retailers

Answer 35

Wide variety of products in depth.

Question 36

Specialty Retailers

Answer 36

Specific categories of goods, often with deeper selection.

Question 37

Nonstore and Online Retailing

Answer 37

Selling products outside traditional store formats.

Question 38

Direct Marketing

Answer 38

Selling directly to consumers via various channels.

Question 39

Franchising

Answer 39

Arrangement allowing others to sell products under one’s brand.