Questions Most Likely to be on the Test

Question 1

Belief

Answer 1

a descriptive thought that a person holds about something. You might believe that mcDonald’s has good hamburgers but your attitude as a vegetarian makes you not eat them no matter how good they are

Question 2

Attitude

Answer 2

describes a person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

Question 3

Positioning

Answer 3

the act of designing a company’s offering and image to occupy a distinctive place in the target market’s mind. It is all about letting go of everything but the one thing you have the greatest chance of succeeding with.

Question 4

Levels of a Product

Answer 4

Core: the benefit/solution that the product provides (intangible)
Actual Product: the tangible item you are providing
Augmented Product: less essential, just adds value. (warranty)

Question 5

Brand

Answer 5

A brand is something that is bought by a customer, bot made in a factory. It is unique and can’t be copied by competitors. It is timeless.

Question 6

Product

Answer 6

goods or services that are offered to customers that satisfy a want or a need. Not limited to tangible objects.

Question 7

Product-Service Continuum

Answer 7

A product and service can coexist. Ex: Being waited on in a restaurant and receiving food.

Question 8

What are the three stages to sustain the maturity stage of PLC?

Answer 8

Modify the Market: change what current customers use the product for so they use more of it.
Modify the Product: new variations of the product (crayola colors)
Modify the Marketing Mix: changing things other than the product itself (price, distribution, advertising)

Question 9

convenience product

Answer 9

a consumer product that customers usually buy frequently, immediately , and with minimal comparison and buying effort

Question 10

Specialty Product

Answer 10

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

Question 11

Style

Answer 11

a particular manner or technique by which something is made or done

Question 12

Brand Extension

Answer 12

extending an existing brand name to new product categories. ex: Reese’s dessert bar mix

Question 13

Co-Branding

Answer 13

The practice of using the established brand names of two different companies on the same product. ex: tagalong blizzard

Question 14

Line Stretching

Answer 14

Increasing the number of products within an existing product range with similar products that have additional or different features. All the different kinds of converse chuck taylors.

Question 15

Brand Equity

Answer 15

The different effect that knowing the brand name has on consumer response to the product or its marketing

Question 16

Variability

Answer 16

the changes in the quality of the same service provided by different vendors.

Question 17

Inseparability

Answer 17

The inseparability of services makes it difficult to separate a service from the service provider.

Question 18

Intangibility

Answer 18

Services are basically intangible. They can’t be felt, smelled, tasted, seen or heard before they are bought.

Question 19

Perishability

Answer 19

Services cannot be stored, saved, returned or resold once they have been used.

Question 20

Product Rollout

Answer 20

A significant product release, often accompanied by a strong marketing campaign to generate a large amount of hype

Question 21

Commercialization

Answer 21

Introducing a new product into the market

Question 22

Maturity Stage

Answer 22

The PLC stage in which a product’s sales growth slows or levels off

Question 23

Growth Stage

Answer 23

The PLC stage in which a product’s sales start climbing quickly

Question 24

Decline Stage

Answer 24

The PLC stage in which a product’s sales fade away

Question 25

Culture

Answer 25

the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions

Question 26

Opinion Leader

Answer 26

A person of a reference group who, because of their special skills, knowledge, personality, or other characteristics, exerts social influence on others

Question 27

Learning

Answer 27

Changes in an individual’s behavior arising from experience

Question 28

Belief

Answer 28

A descriptive thought that a person holds about something

Question 29

Personality

Answer 29

The unique psychological characteristics that distinguish a person or group

Question 30

Perception

Answer 30

The process by which people select, organize, and interpret information to form a meaningful picture of the world

Question 31

Attitude

Answer 31

A person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea

Question 32

Lifestyle

Answer 32

A person’s pattern of living as expressed in his or her activities, interests, and opinions

Question 33

Niche

Answer 33

A specialized but profitable corner of the market

Question 34

Differentiated

Answer 34

a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each

Question 35

Undifferentiated

Answer 35

a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

Question 36

Concentrated

Answer 36

a market-coverage strategy in which a firm goes after a large share of one or a few segment niches

Question 37

Unique Selling Proposition

Answer 37

Real or perceived benefit of a good or service that differentiates it from the competing brands and gives the buyer a logical reason to prefer it

Question 38

What is the difference between a product and brand?

Answer 38

A product is made in a factory, a brand is bought by a customer. A product can be copied by competitors, a brand is unique. A product can be quickly outdated, a brand is timeless.

Question 39

What are the nature and characteristics of a service?

Answer 39

Inseparability, variability, intangibility, and perishability.

Question 40

What is the concept behind the product life-cycle? What are the stages of PLC? And what are some of the strategies that marketers should be mindful of at each of these stages?

Answer 40

PLC describes the course of a product’s sales and profits over its lifetime. Stages include: development, introduction, growth, maturity, and decline.