MGT 103 - Bates Final Exam; Questions and Answers 100% Pass
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Module
Mgt 103
Institution
Mgt 103
MGT 103 - Bates Final Exam; Questions and
Answers 100% Pass
non durable goods Correct answer-goods that last a short period of time - consumer and
advertising
durable goods Correct answer-things that last for a while - personal and selling
Convenience Products Correct answer-Items that the c...
MGT 103 - Bates Final Exam ; Questions and Answers 100% Pa ss non durable goods Correct answer -goods that last a short period of time - consumer and advertising durable goods Correct answer -things that last for a while - personal and selling Convenience Products Correct answer -Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort Shopping Products Correct answer -Items for which the consumer compares several alternatives on criteria such as price, quality, or style Specialty Products Correct answer -Items that a consumer makes a special effort to search out and buy Unsought Products Correct answer -Items that the consumer does not know about or knows about but does not initially want product class Correct answer -the entire product category or industry (sneakers) product form Correct answer -different versions of the greater category (running shoes vs climbing shoes) MGT 103 - Bates Final Exam ; Questions and Answers 100% Pa ss Product line Correct answer -subtle feature variations, different colors product mix Correct answer -all products that an organization sells SKU (stock Keeping units) Correct answer -identification numbers of each item being purchased New product Correct answer -function differences, adding new features to existing products the product concept Correct answer - Positioning Correct answer -The place that a brand occupies in the mind of its consumers relative to competing brands Reverse Positioning Correct answer -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 Correct answer -No need to reeducate consumers MGT 103 - Bates Final Exam ; Questions and Answers 100% Pa ss Easy transition for consumers once aware of the new features Dynamically Continuous Innovation Correct answer -Minor changes in consumer behavior needed Marketers educate consumers on use and benefits Discontinuous Innovation Correct answer -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 Correct answer -adding additional products to an existing product line in order to compete more broadly in the industry jump in innovation Correct answer -significant jump in innovation or technology brand extension Correct answer -extending an existing brand name to new product categories MGT 103 - Bates Final Exam ; Questions and Answers 100% Pa ss radical innovation Correct answer -a new product, service, or technology that completely replaces an existing one What Makes a Successful New Product Launch (Or Failure)? Correct answer -• 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 Correct answer -Trial Primary Demand Selective Demand Skimming Pricing Penetration Pricing "crossing the chasm" Correct answer -a gap between visionary customers who adopt early and pragmatist customers who take a "wait and see" approach Brand Name Correct answer -Words, shapes, sounds, or combination thereof to distinguish a seller's products/services trade name Correct answer -commercial, legal name a company does business under
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