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MKTG 396 Midterm Review – Q/A - Athabasca University
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MKTG 396 Midterm Review – Q/A - Athabasca University
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MKTG 396 Final Exam – Questions & Answers - Athabasca Universityproduct ✔ Ans - Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
service ✔ Ans - an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
Market Offerings ✔ Ans - combination of products, services, information, or experiences offered to a market to satisfy a need or want
Marketing Mix ✔ Ans - Product, Price, Place, Promotion
pure tangible good ✔ Ans - such as soap, toothpaste, or salt - no services accompany the product
pure services ✔ Ans - the offer consists solely of service, credit cards for example
organization marketing ✔ Ans - consists of activities undertaken to create,
maintain, or change the attitudes and behavior of target consumers toward an organization
Person Marketing ✔ Ans - consists of activities undertaken to create, maintain, or change attitudes and behavior of target consumers toward particular people
place marketing ✔ Ans - marketing efforts to attract people and organizations to a particular geographical area
idea marketing ✔ Ans - a whole range of public and private organizations market ideas that are meant to change how people think or act - ex. Molson
runs ads against drinking and driving
Levels of Products and Services ✔ Ans - 1. core customer value
2. actual product 3. augmented product
core customer value ✔ Ans - the basic problem solving benefits that consumers are seeking ex. makeup to feel beautiful or phone to be connected
actual product ✔ Ans - the physical attributes of a product including the brand name, features/design, quality level, and packaging
augmented product ✔ Ans - the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair service after the sale
consumer products ✔ Ans - products and services used by people for their
personal use
convenience products ✔ Ans - a consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort ex. toilet paper
shopping products ✔ Ans - items for which the consumer compares several alternatives on criteria such as price, quality, or style ex. cars, major
appliances
specialty products ✔ Ans - items with unique characteristics that buyers are willing to expend considerable effort to obtain ex. cars, designer clothes
unsought products ✔ Ans - a consumer product that the consumer either does not know about or knows about but does not normally think of buying
ex. life insurance, funeral services
Industrial Products ✔ Ans - a product bought by individuals and organizations for further processing or for use in conducting a business
3 groups of industrial products and services ✔ Ans - 1. materials and parts 2. capital items
3. supplies and services material and parts ✔ Ans - raw materials and manufactured materials and
parts. Raw materials consist of farm products (wheat, cotton, livestock, fruits, vegetables) and natural products (fish, lumber, crude petroleum, iron ore). Manufactured materials and parts consist of component materials (iron, yarn, cement, wires) and component parts (small motors, tires, castings).
capital items ✔ Ans - industrial products that aid in the buyer's production or operations ex, installation and accessory equipment, installations consist of major purchases such a buildings and fixed equipment such as elevators, generators. accessory equipment such as lift trucks and hand tools, office equipment
Supplies and services ✔ Ans - include operating supplies, repair and maintenance items, and business services
firms can obtain new products in 2 ways ✔ Ans - through acquisitions, and
through the firms new product development
New Product Development ✔ Ans - the development of original products, product improvements, product modifications, and new brands through the
firm's own product development efforts
diffusion of innovation ✔ Ans - A social sciences theory that divides members of a social group into segment according to how likely they are to adopt a new idea
Technology Adoption Life Cycle ( Geoffrey Moore ) ✔ Ans - A marketing theory that proposes that when marketing a technology product, marketers
must cross a chasm, or significant gap, between members of the early adopters segment and members of the early majority segment before a new
product will become successful
Innovators ✔ Ans - those buyers who want to be the first to have the new product or service
early adopters ✔ Ans - People who adopt new products early, choose new products carefully, and are viewed as "the people to check with" by later adopters
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