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MKTG 3700 Exam 3 review
MKTG 3700 Exam 3 review
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MKTG 3700 Exam 3 revieweverything, both favorable and unfavorable, that a person receives in exchange. Tangible
goods, services, ideas - ANS-product
consumer and business - ANS-Types of products
convenience products, shopping, specialty, unsought products - ANS-types of consumer
products
inexpensive items that merit little shopping effort such as candy deodorant dry cleaning and
hardware - ANS-convenience products
requires comparison shopping. these products are more expensive, found in fewer stores.
examples are washers dryers and furniture - ANS-shopping products
Particular items for which consumers search extensively and are reluctant to accept substitutes.
examples are fine watches and expensive cars - ANS-specialty products
products unknown to the potential buyer or known products that the buyer does not atively seek
such as insurance or encyclopedias - ANS-unsought products
consumer products and business products - ANS-what are the types of products
a product used to manufacture goods or services to facilitate an organizations operations or to
resell to other coonsumers - ANS-business products are
a product bought to satisfy an individuals personal wants - ANS-consumer products
yes examples of these are sams club and home depot - ANS-can many companies be classified
as both business and consumer products
specific versions of a product that can be designated as a distinct offering among an
organizations products - ANS-product items
groups of closely related product items - ANS-product lines
advertising economics, package uniformity(may have common look but maintain individuality),
standardized components, efficient sales and distribution, equivalent quality - ANS-benefits of
product lines
, all products that an organization sells. Product mix width and product mix depth - ANS-product
mixes
the product lines an organization offers - ANS-Product mix width
number an organization offers - ANS-product mix depth
changing in one or more characteristic of a product. includes modifications in quality, function,
and style. Planned obsolescence: practice of modifying products so those that have already -
ANS-Product modification
factors that motivate a firm to reposition an established brand. this includes changing
demographics, declining sales, and changes in social environment - ANS-repositioning
adding additional products to an existing product line. product lines can be overextended when
products don't contribute to profits, manufacturing or marketing resources are disproportionately
allocated, or items in a line are obsolete - ANS-product line extension
the benefits are resources become concentrated on the most important products, managers do
not waste resources trying to improve the sales and profits of poorly performing products, and
new product items have a chance of being successful owning to available of financial and
Human Resources - ANS-product line contraction
name, term, symbol, or design or combination that identifies a sellers products and differentiates
them from competitors products - ANS-What is a brand
part of a brand that can be spoken including letters, words, and numbers - ANS-brand name
elements of a brand that cannot be spoken - ANS-brand mark
benefits when a product line contraction occurs - ANS-benefits of branding
value of a company or brand name - ANS-brand equity
brand that obtains at least one third of its earnings from outside its home country - ANS-global
brand
consistant preference for one brand over all others - ANS-brand loyalty
individual brands is using different brand names for different products. family brands is
marketing several differernt products under the same brand name - ANS-difference between
individual versus family brands
placing two or more brand names on a product or its package - ANS-what is co-branding
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