MKT 205 UPDATED ACTUAL Questions and CORRECT Answers
Course
MKT 205
Institution
MKT 205
MKT 205 UPDATED ACTUAL Questions
and CORRECT Answers
Stages in the product life cycle - CORRECT ANSWER- Product development
Introduction
Growth
Maturity
Decline
Product development - CORRECT ANSWER- When the company finds and develops a
new product idea, during this stage, sales are zero,...
MKT 205 UPDATED ACTUAL Questions
and CORRECT Answers
Stages in the product life cycle - CORRECT ANSWER✔✔- Product development
Introduction
Growth
Maturity
Decline
Product development - CORRECT ANSWER✔✔- When the company finds and develops a
new product idea, during this stage, sales are zero, and the company's investment costs
mount.
Introduction - CORRECT ANSWER✔✔- Period of slow sales growth as the product is
introduced in the market, profits are nonexistent because of the heavy expenses of product
introduction.
Growth - CORRECT ANSWER✔✔- A period of rapid market acceptance and increasing
profits. Sales start to rise, buyers will follow the lead of previous buyers
Maturity - CORRECT ANSWER✔✔- Period of slowdown in sales growth because the
product has achieved acceptance by most potential buyers. Profits level off or decline because
of increased marketing outlays to defend the product against competition.
decline - CORRECT ANSWER✔✔- - Period when sales fall off and profits drop. Caused by
technological advances, shift of consumer taste, and increased competition.
All of the components of a product - CORRECT ANSWER✔✔- Augmented Product
Actual product
Core customer value
Augmented Product - CORRECT ANSWER✔✔- The product needs to have services and
benefits, not just be a product.
, After sale service
Warranty
Product support- Allows for better brand experience.
Delivery and credit
Actual product - CORRECT ANSWER✔✔- Brand name- Identifies the maker or seller of a
product, can add value to a consumers purchase. Brands attach meaning to products.
Quality level- Creating customer value and satisfaction. Ability to perform its functions on
the level chosen.
Packaging- Attracts buyers, communicate brand positioning, closes the sale, create consumer
recognition of a brand.
Design- Contributes to a products usefulness and its looks, show how customers will use and
benefit from the product.
Features- Competitive tool for differentiating the company's product from the competitors.
Core Customer Value- - CORRECT ANSWER✔✔- Most basic level, what the customer is
actually buying. Example: Ipad, not just buying a tablet, they are buying entertainment, self-
expression, productivity.
Brand Equities- - CORRECT ANSWER✔✔- the differential effect that knowing the brand
name has on a customers response to the product and its marketing. A way to measure the
brand's ability to capture consumer preference and loyalty. Nike, more than sports apparel-
it's inspiration, fitness, and achievement, "Just Do It".
Brand Personality - CORRECT ANSWER✔✔- A set of human characteristics that are
attributed to a brand name, traits that the consumer can relate to. Dove focuses on sincerity to
attract women.
Brand Image - CORRECT ANSWER✔✔- The impression in the consumer's mind of a
brands total personality.
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