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Entrepreneurial Marketing Exam 2 Iowa Question and answers rated A+ 2024

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Entrepreneurial Marketing Exam 2 Iowa Question and answers rated A+ 2024 Entrepreneurial Marketing Exam 2 Iowa/Krause What is a product? - correct answer Good is tangible object Service is intangible offering A good or a service? - correct answer Most products are a combination of g...

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  • August 30, 2024
  • 26
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • entrepreneurial marketing exam 2 iowa
  • entrepreneurial marketing exam 2 iowa question and

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Entrepreneurial Marketing Exam 2
Iowa/Krause
What is a product? - correct answer ✔Good
is tangible object


Service
is intangible offering


A good or a service? - correct answer ✔Most products are a combination of
good & a service.


Tangible Product -> Intangible Service - correct answer ✔Product-
Dominated Services (ex: computer)


Equipment-based or Facility-based Services (ex: hospitals, airlines)


People-Based Services (ex: haircuts, attorney)


Product Layers: Core Product - correct answer ✔-Basic benefits
-Need served


Product Layers: Actual Product - correct answer ✔-Features, package,
brand, quality, appearance


Product Layers: Augmented Product - correct answer ✔-warranty, repair,
service, installation, delivery, credit, instructions

,Types of New Products - correct answer ✔1. Continuous innovations


2. Dynamically continuous innovations


3. Discontinuous innovations


Continuous Innovations - correct answer ✔-Little disruptive influence
-Existing pattern & new solution to ritual
-Minor modifications
-Product line extensions


Dynamically Continuous Innovation - correct answer ✔-Some disruption, but
don't alter existing buying patterns


Discontinuous Innovations - correct answer ✔-Fundamental changes in
buying behavior


Marketing Services - correct answer ✔Service
-Intangible offering
-Experience-based product
-Can be: People, Places, or Ideas


8 P'S OF SERVICE MARKETING: 6) Physical Evidence - correct answer
✔'Tangibles' that surround your service

, 8 P'S OF SERVICE MARKETING: 7) Process - correct answer ✔Way
service is created & delivered


8 P'S OF SERVICE MARKETING: 8) Productivity - correct answer
✔Balancing output with quality


Characteristics of Services: Intangible - correct answer ✔Can't see, touch, or
smell


Characteristics of Services: Perishable - correct answer ✔Can't be stored;
use or lose
-Capacity Management
-Adjust offerings to demand


Characteristics of Services: Variable - correct answer ✔Performed differently
time to time


Characteristics of Services: Inseparable - correct answer ✔Tied to provider


Service Encounter - correct answer ✔Interaction between customer &
service provider


Service Quality - correct answer ✔-Depends on Service Encounter
-Often, employees with most impact on quality are lowest-ranking
-Internal Marketing is used for Education and Training


Measuring Service Quality - correct answer ✔Gap Analysis:
-Difference between expectation and what actually occurred

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