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MKTG 350 Exam 3 Worsham USC || with Accurate Answers 100%.
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product correct answers Anything that is of value to a consumer and can be offered through a voluntary marketing exchange. What are the 3 components of a product? correct answers - Actual product - Core customer Value - Associated Services core customer value correct answers The basic probl...

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  • August 28, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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MKTG 350 Exam 3 Worsham USC || with Accurate Answers
100%.
product correct answers Anything that is of value to a consumer and can be offered through a
voluntary marketing exchange.

What are the 3 components of a product? correct answers - Actual product
- Core customer Value
- Associated Services

core customer value correct answers The basic problem-solving benefits that consumers are
seeking.

actual product correct answers The physical attributes of a product including the brand name,
features/design, quality level, and packaging.

associated services correct answers The nonphysical attributes of the product including product
warranties, financing, product support, and after-sale service.

(also called augmented product)

consumer product correct answers Products and services used by people for their personal use.

What are the 4 types of products/services? correct answers - Specialty Products/Services
- Shopping Products/Services
- Convenience Product/Services
- Unsought Products/Services

specialty products/services correct answers Products or services toward which the customer
shows a strong preference and for which he or she will expend considerable effort to search for
the best suppliers.

shopping products/services correct answers Those for which consumers will spend time
comparing alternatives, such as apparel, fragrances, and appliances.

convenience products/services correct answers Those for which the consumer is not willing to
spend any effort to evaluate prior to purchase.

unsought products/services correct answers Products or services consumers either do not
normally think of buying or do not know about.

product mix correct answers The complete set of all products offered by a firm.

product lines correct answers Groups of associated items, such as those that consumers use
together or think of as part of a group of similar products.

, breadth correct answers Number of product lines offered by a firm; also known as variety.

depth correct answers The number of categories within a product line.

What ways do brands add value for both customers and firms? correct answers Brands:

- facilitate purchases
- establish loyalty
- protect from competition
- are assets
- affect market value

What make a brand? correct answers - brand name
- URLs
- Logos and symbols
- characters
- slogans
- Jingles/Sounds

brand equity correct answers The set of assets and liabilities linked to a brand that add to or
subtract from the value provided by the product or service.

What 4 aspects of a brand are examined to determine its equity? correct answers - Brand
awareness
- perceived value
- brand associations
- brand loyalty

brand awareness correct answers Measures how many consumers in a market are familiar with
the brand and what it stands for; created through repeated exposures of the various brand
elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's
communications to consumers.

perceived value correct answers The relationship between a product's or service's benefits and its
cost.

brand association correct answers The mental links that consumers make between a brand and its
key product attributes; can involve a logo, slogan, or famous personality.

brand loyalty correct answers Occurs when a consumer buys the same brand's product or service
repeatedly over time rather than buying from multiple suppliers within the same category.

What are two basic brand ownership strategies? correct answers - Manufacturer brands
- retailer/store brands

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