Exam (elaborations)
MKTG 396 Final Exam Questions and answers | Updated 2024/25
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MKTG 396 Final Exam Questions and answers | Updated 2024/25
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MKTG 396 Final Exam Questions andanswers | Updated 2024/25
product - ii
Anything that can be offered to a market for attention, acquisition, use, or consumption that
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might satisfy a want or need ii ii ii ii ii
service -
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an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not r
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esult in the ownership of anything ii ii ii ii ii
Market Offerings -
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combination of products, services, information, or experiences offered to a market to satisfy
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a need or wantii ii ii
Marketing Mix - Product, Price, Place, Promotion
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pure tangible good - such as soap, toothpaste, or salt - no services accompany the product
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pure services - the offer consists solely of service, credit cards for example
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organization marketing -
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consists of activities undertaken to create, maintain, or change the attitudes and behavior of
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target consumers toward an organization ii ii ii ii
Person Marketing -
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consists of activities undertaken to create, maintain, or change attitudes and behavior of tar
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get consumers toward particular people
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place marketing -
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marketing efforts to attract people and organizations to a particular geographical area
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idea marketing -
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a whole range of public and private organizations market ideas that are meant to change ho
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w people think or act - ex. Molson runs ads against drinking and driving
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Levels of Products and Services - 1. core customer value
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2. actual product ii ii
3. augmented productii ii
core customer value -
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the basic problem solving benefits that consumers are seeking ex. makeup to feel beautiful o
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r phone to be connected
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,actual product -
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the physical attributes of a product including the brand name, features/design, quality level,
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and packaging ii
augmented product -
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the actual product plus other supporting features such as a warranty, credit, delivery, installa
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tion, and repair service after the sale ii ii ii ii ii ii
consumer products - products and services used by people for their personal use
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convenience products -
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a consumer product that customers usually buy frequently, immediately, and with a minimu
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m of comparison and buying effort ex. toilet paper
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shopping products -
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items for which the consumer compares several alternatives on criteria such as price, qualit
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y, or style ex. cars, major appliances
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specialty products -
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items with unique characteristics that buyers are willing to expend considerable effort to obt
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ain ex. cars, designer clothes
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unsought products -
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a consumer product that the consumer either does not know about or knows about but does
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not normally think of buying ex. life insurance, funeral services
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Industrial Products -
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a product bought by individuals and organizations for further processing or for use in conduc
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ting a business ii ii
3 groups of industrial products and services - 1. materials and parts
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2. capital items ii ii
3. supplies and services
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material and parts -
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raw materials and manufactured materials and parts. Raw materials consist of farm product
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s (wheat, cotton, livestock, fruits, vegetables) and natural products (fish, lumber, crude petrol
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eum, iron ore). Manufactured materials and parts consist of component materials (iron, yarn,
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cement, wires) and component parts (small motors, tires, castings).
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capital items -
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industrial products that aid in the buyer's production or operations ex, installation and acces
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sory equipment, installations consist of major purchases such a buildings and fixed equipme
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nt such as elevators, generators. accessory equipment such as lift trucks and hand tools, offi
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ce equipment ii
, Supplies and services -
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include operating supplies, repair and maintenance items, and business services
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firms can obtain new products in 2 ways -
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through acquisitions, and through the firms new product development
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New Product Development -
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the development of original products, product improvements, product modifications, and ne
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w brands through the firm's own product development efforts
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diffusion of innovation -
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A social sciences theory that divides members of a social group into segment according to h
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ow likely they are to adopt a new idea
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Technology Adoption Life Cycle ( Geoffrey Moore ) -
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A marketing theory that proposes that when marketing a technology product, marketers mu
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st cross a chasm, or significant gap, between members of the early adopters segment and m
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embers of the early majority segment before a new product will become successful
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Innovators - those buyers who want to be the first to have the new product or service
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early adopters -
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People who adopt new products early, choose new products carefully, and are viewed as "th
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e people to check with" by later adopters
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early majority - individuals who adopt a new product just prior to the average person
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late majority -
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the last group of buyers to enter a new product market; when they do, the product has achiev
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ed its full market potential
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Laggards -
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consumers who like to avoid change and rely on traditional products until they are no longer
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available
New Product Development Process -
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idea generation, idea screening, concept development and testing, marketing strategy dev
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elopment, business analysis, product development, test marketing, commercialization
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idea generation - The systematic search for new-product ideas -
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Major sources of new product ideas include internal sources and external sources such as cu
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stomers, competitors, distributors and suppliers, and others ii ii ii ii ii ii
Crowdsourcing - inviting broad communities of people -
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customers, employees, independent scientists and researchers, and even the public at larg
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e - into the new product innovation process
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