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MGT 103 EXAM 2 Questions And Answers
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MGT 103 EXAM 2 Questions And Answers nondurable good is an item consumed in one or a few uses, such as food products and fuel. durable good is one that usually lasts over many uses, such as appliances, cars, and smartphones. This classification method also provides direction for marketing act...

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  • October 23, 2024
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MGT 103 EXAM 2 Questions And Answers

nondurable good is an item consumed in one or a few uses, such as food products and

fuel.




durable good is one that usually lasts over many uses, such as appliances, cars, and

smartphones. This classification method also provides direction for marketing actions.




Services are intangible activities or benefits that an organization provides to satisfy

consumers' needs in exchange for money or something else of value.




Consumer products products purchased by the ultimate consumer; Convenience,


Shopping,

Specialty,

Unsought




business products (also called B2B products or industrial products) are products

organizations buy that assist in providing other products for resale. Some products can be

considered both consumer and business items. sales are often the result of derived demand; that

, MGT 103 EXAM 2 Questions And Answers
is, sales of business products frequently result (or are derived) from the sale of consumer

products; become part of final product, Support products;




Convenience products are items that the consumer purchases frequently, conveniently, and

with a minimum of shopping effort. toothpaste




Shopping products are items for which the consumer compares several alternatives on

criteria such as price, quality, or style. bed




Specialty products are items that the consumer makes a special effort to search out and

buy. car




Unsought products are items that the consumer does not know about or knows about but

does not initially want. fire extinguisher




. Product positioning refers to the place a product occupies in consumers' minds based on

important attributes relative to competitive products




Packaging Functions -protect the product and maintain its functional form

, MGT 103 EXAM 2 Questions And Answers
-provide customer convenience

-promotes the product's features and uses

-communicates quality through symbols




· Branding which an organization uses a name, phrase, design, symbols, or combination of

these to identify its products and distinguish them from those of competitors; Your brand

communicates to the market Who are you? What do you do? Who do you do it for?




o Brand personality a set of human characteristics associated with a brand name




o Brand Equity A brand's financial value to its organization, premium placed on the

company because of brand ownership; 1. develop positive brand awareness 2. a marketer must

establish a brand's meaning in the minds of consumers. 3.elicit the proper consumer responses to

a brand's identity and meaning. 4.The final, and most difficult, step is to create a consumer-brand

connection evident in an intense, active loyalty relationship between consumers and the brand.




Individual Branding (multibranding) Separate brands for each product or product line; •

Allows company to serves multiple segments without diluting the image of the brands• Different

people will buy Cadillac than will buy Chevrolet• The segment that buys Toyota will be different

from thosethat buy Lexus

, MGT 103 EXAM 2 Questions And Answers

Co-branding pairing two or more strong brands to facilitate marketing of a joint product

or service for mutual benefit

risks:

Too many uses for one brand name can dilute meaning of a brand for consumers; harms brand

equity

Brand dilution - consumers no longer associate brand with specific product or service or start

thinking less favorably about the brand




Price elasticity of demand (E) percentage change in quantity demanded relative to

percentage change in price




Umbrella (Family) Branding (multiproduct branding) A single brand for (nearly) all of a

company's products; • Leverages equity of existing brand, instant recognition, avoid costs of

building new brand risk: Awareness must be generated for each brand without benefit of any

previous impressions

Complexity and expenses of implementing




Legal and ethical considerations Price fixing

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