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MGT 103 - Bates Final Exam Questions and Answers $12.49   Add to cart

Exam (elaborations)

MGT 103 - Bates Final Exam Questions and Answers

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  • Course
  • MGT 103
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  • MGT 103

MGT 103 - Bates Final Exam Questions and Answers

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  • October 16, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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millyphilip
MGT 103 - Bates Final Exam Questions
and Answers

non durable goods - Answers -goods that last a short period of time - consumer and
advertising

durable goods - Answers -things that last for a while - personal and selling

Convenience Products - Answers -Items that the consumer purchases frequently,
conveniently, and with a minimum of shopping effort

Shopping Products - Answers -Items for which the consumer compares several
alternatives on criteria such as price, quality, or style

Specialty Products - Answers -Items that a consumer makes a special effort to search
out and buy

Unsought Products - Answers -Items that the consumer does not know about or knows
about but does not initially want

product class - Answers -the entire product category or industry (sneakers)

product form - Answers -different versions of the greater category (running shoes vs
climbing shoes)

Product line - Answers -subtle feature variations, different colors

product mix - Answers -all products that an organization sells

SKU (stock Keeping units) - Answers -identification numbers of each item being
purchased

New product - Answers -function differences, adding new features to existing products

the product concept - Answers -

Positioning - Answers -The place that a brand occupies in the mind of its consumers
relative to competing brands

,Reverse Positioning - Answers -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 - Answers -No need to reeducate consumers
Easy transition for consumers once aware of the new features

Dynamically Continuous Innovation - Answers -Minor changes in consumer behavior
needed
Marketers educate consumers on use and benefits

Discontinuous Innovation - Answers -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 - Answers -adding additional products to an existing product line
in order to compete more broadly in the industry

jump in innovation - Answers -significant jump in innovation or technology

brand extension - Answers -extending an existing brand name to new product
categories

radical innovation - Answers -a new product, service, or technology that completely
replaces an existing one

What Makes a Successful New Product Launch (Or Failure)? - Answers -• Not satisfying
a critical consumer need or expectation
• Bad Timing; Too soon or too late to market as Consumer tastes change
• No access to buyers
• Poor Product Quality
• Poor execution of the marketing mix
• Little market attractiveness; Market is too small & too competitive

Product Life Cycle - Answers -Trial
Primary Demand Selective Demand Skimming Pricing Penetration Pricing

"crossing the chasm" - Answers -a gap between visionary customers who adopt early
and pragmatist customers who take a "wait and see" approach

Brand Name - Answers -Words, shapes, sounds, or combination thereof to distinguish a
seller's products/services

trade name - Answers -commercial, legal name a company does business under

, trademark - Answers -legally registered for exclusive use by the trademark owner

trade dress - Answers -visual appearance and feel of a product or package that signifies
its source to consumers. It is considered intellectual property and may be protected by
law

brandy personality - Answers -set of human characteristics attributed to a brand

Brand Equity - Answers -the added value that a brand name gives beyond the functional
benefits

branding strategy - Answers -

Family branding - Answers -marketing several different products under the same brand
name

individual (multibranding) - Answers -

private label - Answers -Merchandise developed for a given store and displaying that
store's label.

mixed branding - Answers -a branding strategy where a firm markets products under its
own name(s) and that of a reseller because the segment attracted to the reseller is
different from its own market

Intangibility - Answers -They cannot be held, touched, or seen before experience
• Marketers try to make services feel more tangible
• Demonstrate the benefit

inconsisitency - Answers -Services depend on people who vary in capability and day-to-
day performance
• Marketers focus on training and standardization

inseparability - Answers -Consumers do not separate the service deliverer from the
service itself
• Value is co-created

inventory - Answers -Costs are more subjective than with products
Inventory cost for a service is the cost of the provider plus needed equipment
Idle capacity may mean reduced labor hours or commission based pay

product continuum - Answers -

Service quality - Answers -

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