Exam (elaborations)
WGU C201 CHAPTER 12 ELABORATED QUESTIONS AND ANSWERS
WGU C201 CHAPTER 12 ELABORATED QUESTIONS AND ANSWERS
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WGU C201 CHAPTER 12 ELABORATEDQUESTIONS AND ANSWERS
Product - CORRECT ANSWER- k k k
A bundle of physical, service, and symbolic characteristics desig
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ned to satisfy consumer wants.
k k k k
Product strategy - CORRECT ANSWER- k k k k
The part of marketing that deals with product/service developme
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nt. It also manages package design, trademarks and other produ
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ct identification, warranties, product life cycle, and new-
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product development k
Classifying goods and services - CORRECT ANSWER- k k k k k k
Broad categories included business to consumer (B2C) and busi
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ness to business (B2B), both of which can subdivided into smaller
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categories.
k
Classifying consumer goods and k k k k
services - CORRECT ANSWER- k k k
The classification is based on consumer buying habits, and includ
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es convenience, shopping, and specialty products.
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Marketing strategy implications - CORRECT ANSWER- k k k k k
Once a product has been classified, marketers have a better idea
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of its promotion, pricing, and distribution needs.
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Product lines and product mix - CORRECT ANSWER-
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A firm's product line is a group of related products marked by phy
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sical similarities or intended for a similar market. The product mix
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is the assortment of product lines and individual goods and servic
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es that a firm offers to consumers and business users.
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,Stages of the product life cycle - CORRECT ANSWER-
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The cycle begins with the introductory stage, advances through t
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he growth and maturity stage, and ends in the decline stage.
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Marketing strategy implications of k k k k
the product life cycle - CORRECT ANSWER-
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Price, promotion, and distribution strategies will differ as the prod
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uct moves through its life cycle. The life cycle will be extended, (fi
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nding new uses is an example) as long as it remains profitable.
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Stages in new-product development - CORRECT ANSWER-
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The new- k
product development process involves six distinct activities: 1) id
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ea generation; 2) screening; 3) concept and business analysis; 4)
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product development; 5) test marketing; and 6) commercializatio
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n.
Selecting an effective brand name - CORRECT ANSWER-
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Products are identified by brands, brand names, and trademarks.
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kGood brands are easy to pronounce, recognize, and remember.
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They should also convey the right image to the buyer and be legal
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ly protectable
k
Brand categories - CORRECT ANSWER-
k k k k
A brand offered and promoted by a manufacturer is known as a m
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anufacturer's (or national) brand. A private (or store) brand identif
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ies a product that is not linked to the manufacturer but instead car
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ries a wholesaler's or retailer's label. A family brand is a single bra
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nd name used for several related products. An individual brandin
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g strategy gives each product within a line a different name
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Brand loyalty and brand equity - CORRECT ANSWER-
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The three levels of brand loyalty are brand recognition, brand pref
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erence, and brand insistence. A highly respected and widely reco
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gnized brand name gives a brand added value, known as brand e
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quity
, Packages and labels - CORRECT ANSWER- k k k k k
Packaging affects the durability, image, and convenience of an it
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em and contributes to product identification. Labeling must meet f
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ederal laws requiring companies to provide enough information t
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o allow consumers to make value comparisons. The Universal Pr
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oduct Code (UPC), the bar code read by optical scanners, simplifi
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es and speeds retail transactions and helps with controlling inven
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tory
Distribution strategy - CORRECT ANSWER- k k k k
Deals with the marketing activities and institutions involved in gett
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ing the right good or service to the firm's customers
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Distribution channels - CORRECT ANSWER- k k k k
Marketers can choose either a direct distribution channel, which c
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arries goods directly from producer to consumer or business user
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, or distribution channels that involve several different marketing i
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ntermediaries. No one channel suits every product but instead de k k k k k k k k k
pends on the circumstances of the market and on customer need
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s
Direct distribution - CORRECT ANSWER-
k k k k
The shortest and simplest means of connecting producers and cu
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stomers. Goods are moved directly from producer to consumer. T
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his is common in the business-to-
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business (B2B) markets or with complex or expensive products
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Marketing intermediaries - CORRECT ANSWER- k k k k
Also known as middlemen, includes wholesalers and retailers
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Manufacturer-owned wholesaling k k
intermediaries - CORRECT ANSWER-Company- k k k
owned facilities that control distribution or customer service. They
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kinclude sales branches or sales offices k k k k k
Independent wholesaling k k
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