MKTG 396 Final Exam UPDATED
ACTUAL Questions and CORRECT
Answers
product - CORRECT ANSWER✔✔- Anything that can be offered to a market for attention,
acquisition, use, or consumption that might satisfy a want or need
service - CORRECT ANSWER✔✔- an activity, benefit, or satisfaction offered for sale that
is essentially intangible and does not result in the ownership of anything
Market Offerings - CORRECT ANSWER✔✔- combination of products, services,
information, or experiences offered to a market to satisfy a need or want
Marketing Mix - CORRECT ANSWER✔✔- Product, Price, Place, Promotion
pure tangible good - CORRECT ANSWER✔✔- such as soap, toothpaste, or salt - no
services accompany the product
pure services - CORRECT ANSWER✔✔- the offer consists solely of service, credit cards
for example
organization marketing - CORRECT ANSWER✔✔- consists of activities undertaken to
create, maintain, or change the attitudes and behavior of target consumers toward an
organization
Person Marketing - CORRECT ANSWER✔✔- consists of activities undertaken to create,
maintain, or change attitudes and behavior of target consumers toward particular people
place marketing - CORRECT ANSWER✔✔- marketing efforts to attract people and
organizations to a particular geographical area
,idea marketing - CORRECT 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 - CORRECT ANSWER✔✔- 1. core customer value
2. actual product
3. augmented product
core customer value - CORRECT ANSWER✔✔- the basic problem solving benefits that
consumers are seeking ex. makeup to feel beautiful or phone to be connected
actual product - CORRECT ANSWER✔✔- the physical attributes of a product including the
brand name, features/design, quality level, and packaging
augmented product - CORRECT ANSWER✔✔- the actual product plus other supporting
features such as a warranty, credit, delivery, installation, and repair service after the sale
consumer products - CORRECT ANSWER✔✔- products and services used by people for
their personal use
convenience products - CORRECT ANSWER✔✔- a consumer product that customers
usually buy frequently, immediately, and with a minimum of comparison and buying effort
ex. toilet paper
shopping products - CORRECT ANSWER✔✔- items for which the consumer compares
several alternatives on criteria such as price, quality, or style ex. cars, major appliances
specialty products - CORRECT ANSWER✔✔- items with unique characteristics that buyers
are willing to expend considerable effort to obtain ex. cars, designer clothes
unsought products - CORRECT 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 - CORRECT 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 - CORRECT ANSWER✔✔- 1. materials and
parts
2. capital items
3. supplies and services
material and parts - CORRECT 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 - CORRECT 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 - CORRECT ANSWER✔✔- include operating supplies, repair and
maintenance items, and business services
firms can obtain new products in 2 ways - CORRECT ANSWER✔✔- through acquisitions,
and through the firms new product development
New Product Development - CORRECT ANSWER✔✔- the development of original
products, product improvements, product modifications, and new brands through the firm's
own product development efforts
diffusion of innovation - CORRECT 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 ) - CORRECT ANSWER✔✔- A
marketing theory that proposes that when marketing a technology product, marketers must
