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MKTG 396 Final Exam with complete answers(verified for accuracy).
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MKTG 396 Final Exam with complete answers(verified for accuracy).
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MKTG 396 Final Exam withcomplete answers(verified for
accuracy)
product - answer Anything that can be offered to a market for
attention, acquisition, use, or consumption that might satisfy a
want or need
service - answer an activity, benefit, or satisfaction offered for sale
that is essentially intangible and does not result in the ownership of
anything
Market Offerings - answer combination of products, services,
information, or experiences offered to a market to satisfy a need or
want
Marketing Mix - answer Product, Price, Place, Promotion
pure tangible good - answer such as soap, toothpaste, or salt - no
services accompany the product
pure services - answer the offer consists solely of service, credit
cards for example
organization marketing - answer consists of activities undertaken
to create, maintain, or change the attitudes and behavior of target
consumers toward an organization
,Person Marketing - answer consists of activities undertaken to
create, maintain, or change attitudes and behavior of target
consumers toward particular people
place marketing - answer marketing efforts to attract people and
organizations to a particular geographical area
idea marketing - answer a whole range of public and private
organizations market ideas that are meant to change how people
think or act - ex. Molson runs ads against drinking and driving
Levels of Products and Services - answer 1. core customer value
2. actual product
3. augmented product
core customer value - answer the basic problem solving benefits
that consumers are seeking ex. makeup to feel beautiful or phone to
be connected
actual product - answer the physical attributes of a product
including the brand name, features/design, quality level, and
packaging
augmented product - answer the actual product plus other
supporting features such as a warranty, credit, delivery, installation,
and repair service after the sale
consumer products - answer products and services used by people
for their personal use
convenience products - answer a consumer product that customers
usually buy frequently, immediately, and with a minimum of
comparison and buying effort ex. toilet paper
,shopping products - answer items for which the consumer
compares several alternatives on criteria such as price, quality, or
style ex. cars, major appliances
specialty products - answer items with unique characteristics that
buyers are willing to expend considerable effort to obtain ex. cars,
designer clothes
unsought products - answer a consumer product that the consumer
either does not know about or knows about but does not normally
think of buying ex. life insurance, funeral services
Industrial Products - answer a product bought by individuals and
organizations for further processing or for use in conducting a
business
3 groups of industrial products and services - answer 1. materials
and parts
2. capital items
3. supplies and services
material and parts - answer raw materials and manufactured
materials and parts. Raw materials consist of farm products (wheat,
cotton, livestock, fruits, vegetables) and natural products (fish,
lumber, crude petroleum, iron ore). Manufactured materials and
parts consist of component materials (iron, yarn, cement, wires) and
component parts (small motors, tires, castings).
capital items - answer industrial products that aid in the buyer's
production or operations ex, installation and accessory equipment,
installations consist of major purchases such a buildings and fixed
equipment such as elevators, generators. accessory equipment such
as lift trucks and hand tools, office equipment
, Supplies and services - answer include operating supplies, repair
and maintenance items, and business services
firms can obtain new products in 2 ways - answer through
acquisitions, and through the firms new product development
New Product Development - answer the development of original
products, product improvements, product modifications, and new
brands through the firm's own product development efforts
diffusion of innovation - answer A social sciences theory that
divides members of a social group into segment according to how
likely they are to adopt a new idea
Technology Adoption Life Cycle ( Geoffrey Moore ) - answer A
marketing theory that proposes that when marketing a technology
product, marketers must cross a chasm, or significant gap, between
members of the early adopters segment and members of the early
majority segment before a new product will become successful
Innovators - answer those buyers who want to be the first to have
the new product or service
early adopters - answer People who adopt new products early,
choose new products carefully, and are viewed as "the people to
check with" by later adopters
early majority - answer individuals who adopt a new product just
prior to the average person
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