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MAR 3023 || with 100% Error-free Answers.
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Define Products correct answers good, service, or idea A good is correct answers A tangible , physical entity •Ex: Iphone A service is correct answers intangible; result of human and mechanical efforts to people or objects (hybrids) •Ex: Lawyer A idea is correct answers concept, phi...

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  • August 6, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • define products

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  • MAR 3023
  • MAR 3023

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MAR 3023 || with 100% Error-free Answers.
Define Products correct answers good, service, or idea

A good is correct answers A tangible , physical entity
•Ex: Iphone

A service is correct answers intangible; result of human and mechanical efforts to people or
objects (hybrids)
•Ex: Lawyer

A idea is correct answers concept, philosophy, image, or issue

Consumer Products are correct answers purchased to satisfy personal and family needs and are
classified on how buyers generally behave when purchasing them

Convenience Products correct answers relatively inexpensive; frequent

Shopping Products correct answers more effort in planning/ purchasing

Specialty Products correct answers unique characteristics

Unsought Products correct answers •tow truck, emergency room
Marketers should aim to convert unsought products into sought goods

Business Products are correct answers purchased to use for operations, to resell, or to use in
manufacture of other products (most products produced in the U.S. are for other businesses)

Types of business products correct answers •Installations
•MRO supplies (Maintenance, Repair, Operations)
•Business services (i.e. consulting, legal, E-verify, janitorial)
•Raw materials
•Component parts

Explain the product hierarchy
Hint: C,B,A correct answers 1)Core Products
2)Branded Products
3)Augmented Products

Core product is correct answers the physical or intangible service that the customer receives
Ex: generic soda

Branded product is correct answers the core products plus the characteristics that allow the
consumer to differentiate it from similar products
Ex: Coca-Cola

, Augmented Products correct answers have characteristics that enhance value beyond that of the
core and branded product
• Ex: Coca-Cola is available everywhere

Product Management includes
HINT:M,L,L/b,l/d correct answers product mix,
product line,
product line breadth,
product line depth

Product mix consists of correct answers all of the products that a company sells

Product line consists of correct answers • the closely related products marketed by an
organization

Product line depth is correct answers the number of items in a product line

Product Line Breadth correct answers the number of different lines that a company or SBU
markets

Product life cycle, (including the phases and the different types of product life cycles) Look at
study guide for picture correct answers Introductory Stage
Growth Stage
Maturity Stage
Decline Stage

Introductory Stage correct answers •High failure rates
•Little competition
•Frequent product modification
•Limited distribution
•High advertising and production costs
Negative profits

Growth Stage correct answers •Increasing rate of sales
•Entrance of competitors
•Market consolidation
•Initial healthy profits
•Aggressive advertising of the differences between brands
•Wider distribution

Maturity Stage correct answers •Sales increase at a decreasing rate
•Saturated markets
•Annual models appear
•Lengthened product lines
•Service and repair assume important roles
•Heavy promotion to dealers and consumers

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