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BUSML 3250 Final Exam Questions with Latest Update $15.49   Add to cart

Exam (elaborations)

BUSML 3250 Final Exam Questions with Latest Update

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  • Course
  • BUSML 3250
  • Institution
  • BUSML 3250

BUSML 3250 Final Exam Questions with Latest Update

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  • October 29, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSML 3250
  • BUSML 3250
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lectknancy
BUSML 3250 Final Exam Questions with
Latest Update
Product Life Cycle - Answer-describes the stages a new product goes through in the
marketplace: introduction, growth, maturity, and decline

trial - Answer-the initial purchase of a product by a consumer

introduction stage - Answer-The initial stage of a product's life cycle; its first appearance
in the marketplace, when sales grow slowly and profit is minimal

primary demand - Answer-demand for a product category rather than for a specific
brand

selective demand - Answer-demand for a specific brand

price skimming - Answer-Charging the highest possible price that buyers who most
desire the product will pay

penetration pricing - Answer-setting a low initial price on a new product to appeal
immediately to the mass market

Growth Stage - Answer-the second stage of the product life cycle when sales typically
grow at an increasing rate, many competitors enter the market, large companies may
start to acquire small pioneering firms, and profits are healthy

repeat purchasers - Answer-people who tried the product, were satisfied, and bought
again

maturity stage - Answer-a period during which sales decelerate and firms start to divest
from product. Attention is spent holding on to market share

decline stage - Answer-stage of the product life cycle when sales decline and the
product eventually exits the market

product deletion - Answer-eliminating a product from the product mix when it no longer
satisfies a sufficient number of customers

product harvesting - Answer-when a company retains the product but reduces
marketing costs

high learning product - Answer-one for which significant customer education is required
and there is an extended introductory period

, low learning product - Answer-sales begin immediately because little learning is
required by the consumer and the benefits of purchase are readily understood

fashion product - Answer-a product that comes in and out of favor with consumer taste

fad product - Answer-experiences rapid sales on introduction and then an equally rapid
decline

product class - Answer-refers to the entire product category or industry

product form - Answer-pertains to variations of a product within the product class

diffusion of innovation - Answer-a product diffuses, or spreads, through the population

brand manager - Answer-a manager who has direct responsibility for one brand or one
product line; called a product manager in some firms

product modification - Answer-involves altering one or more of a product's
characteristics, such as its quality, performance, or appearance, to increase the
product's value to customers and increase sales

Product Bundling - Answer-the sale of two or more separate products in one package

market modification - Answer-strategies by which a company tries to find new
customers, increase a product's use among existing customers, or create new use
situations

trading up - Answer-adding value to the product (or line) through additional features or
higher-quality materials

trading down - Answer-reducing a product's number of features, quality, or price

branding - Answer-A marketing decision in which an organization uses a name, phrase,
design, symbols, or combination of these to identify its products and distinguish them
from those of competitors.

brand name - Answer-any word, device (design, shape, sound, or color), or combination
of these used to distinguish a seller's goods or services

brand personality - Answer-a set of human characteristics associated with a brand
name

brand equity - Answer-the added value a brand name gives to a product beyond the
functional benefits provided

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