Exam (elaborations)
MGT 103 Bates Final Questions and Answers
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MGT 103 Bates Final Questions and Answers
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MGT 103 Bates FinalQuestions and Answers
non durable goods
✓✓~ goods that last a short period of time - consumer and advertising
durable goods
✓✓~ things that last for a while - personal and selling
Convenience Products
✓✓~ Items that the consumer purchases frequently, conveniently, and
with a minimum of shopping effort
Shopping Products
✓✓~ Items for which the consumer compares several alternatives on
criteria such as price, quality, or style
Specialty Products
,✓✓~ Items that a consumer makes a special effort to search out and
buy
Unsought Products
✓✓~ Items that the consumer does not know about or knows about but
does not initially want
product class
✓✓~ the entire product category or industry (sneakers)
product form
✓✓~ different versions of the greater category (running shoes vs
climbing shoes)
Product line
✓✓~ subtle feature variations, different colors
product mix
✓✓~ all products that an organization sells
,SKU (stock Keeping units)
✓✓~ identification numbers of each item being purchased
New product
✓✓~ function differences, adding new features to existing products
the product concept
✓✓~
Positioning
✓✓~ The place that a brand occupies in the mind of its consumers
relative to competing brands
Reverse Positioning
✓✓~ When a firm positions itself in a way that runs counter to the
direction in which the rest of the market is moving; withhold attributes
that competitors consider necessary to compete
Continuous Innovation
, ✓✓~ No need to reeducate consumers
Easy transition for consumers once aware of the new features
Dynamically Continuous Innovation
✓✓~ Minor changes in consumer behavior needed
Marketers educate consumers on use and benefits
Discontinuous Innovation
✓✓~ Consumers must learn entirely new consumption patterns
Marketers must gain awareness from consumers
Marketers must educate about benefits and proper use of an innovative product
Most expensive type of product innovation from a marketer's perspective
Product line extension
✓✓~ adding additional products to an existing product line in order to
compete more broadly in the industry
jump in innovation
✓✓~ significant jump in innovation or technology
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