Week 7

Question 1

product

Answer 1

a good, a service, or an idea, consisting of a bundle of tangible and intangible attributes

Question 2

uniqueness of services

Answer 2

intangibility
inconsistency
inseparability
inventory

Question 3

idle production capacity

Answer 3

supply of service exceeds demand; expensive

Question 4

the total product concept

Answer 4

augmented: additional features or benefits that come with the actual product
actual: physical product including branding, design, and features

Question 5

core

Answer 5

benefits derived

Question 6

product line

Answer 6

a group of similar products that are closely related because they satisfy a similar need and are directed at the same general target market

Question 7

product mix

Answer 7

all the product lines marketed by a company

Question 8

product line length

Answer 8

the total number of products or brands in a product line

Question 9

product line depth

Answer 9

the assortment of different versions of each product sold within its product line

Question 10

production goods

Answer 10

used in manufacturing process and become part of final product (raw materials, components)

Question 11

support goods & services

Answer 11

assist in production includes: installations, accessory equipment, supplies, services

Question 12

branding

Answer 12

means the use of a name, term, symbol, or design to identify a product and to distinguish it from competitors

Question 13

functional trust

Answer 13

comes from quality, reliability and consistency

Question 14

emotional trust

Answer 14

comes from workplace practices, environmental polices, community responsibility, and consumer connection to the brand

Question 15

brand equity

Answer 15

the value of a brand that results from the favourable exposure, interactions, associations, and experiences that consumers have with a brand over time

Question 16

brand strategies

Answer 16

individual
family
brand extension
sub-brand

Question 17

individual brand

Answer 17

when a company uses a brand name solely for a specific product category

Question 18

family brand

Answer 18

when a company uses a brand name to cover a number of different product categories

Question 19

brand extension

Answer 19

when new goods or services are introduced under an existing flagship brand name

Question 20

sub-brand

Answer 20

a brand that uses the family brand name as well as its own brand name and identity so that it can take on the strengths of the parent’s brand but also differentiate itself

Question 21

protecting brands

Answer 21

patents
copyrights
trademarks

Question 22

patents

Answer 22

used to legally protect new technologies, unique processes, or formulations from usage by other companies

Question 23

copyrights

Answer 23

used to legally protect orginial written works, sound recordings, or forms of communication from being copied by others

Question 24

trademarks

Answer 24

used by people or organizations to protect brand images, names, slogans, and designs from usage by others

Question 25

brand loyalty

Answer 25

favourable attitudes that result in purchase insistence and commitment

Question 26

modifying the product

Answer 26

product improvements (altering quality, performance, appearance, features)

Question 27

modifying the market

Answer 27

finding new users, increasing use

Question 28

repositioning the product

Answer 28

reacting to a competitor’s position, reaching a new market, catching a rising trend, changing the value offered

Question 29

introduce a new product

Answer 29

1. newness compared with existing products
2. newness in legal terms (12 months)
3. newness from the company’s perspective
4. newness from the consumer’s perspective

Question 30

minor innovation

Answer 30

minor product modifications that require no adjustments on behalf of the consumer

Question 31

continuous innovations

Answer 31

new products with more than just a minor product improvement, but that do not require radical changes by the consumer

Question 32

radical innovations

Answer 32

new products that involve the introduction of a product that is entirely new and innovative to the market