MBA 650 Exam 3 || very Flawless.
Anything that can be offered to a market to satisfy a want or need, including physical goods,
services, experiences, events, persons, places, properties, organizations, information, and ideas
(not tangible) correct answers product
The marketer needs to address five product levels that constitute a __________________. At
each level more customer value is added. correct answers customer value hierarchy
Customer-Value Hierarchy:
The fundamental level is the ____________: the service or benefit the customer is really buying
correct answers core benefit
Customer-Value Hierarchy:
A the second level, the marketer must turn the core benefit into a ______________ correct
answers basic product
Customer-Value Hierarchy:
At the third level, the marketer prepares an ____________, a set of attributes and conditions
buyers normally expect when they purchase this product correct answers expected product
Customer-Value Hierarchy:
A the fourth level, the marketer prepares an _____________ that exceeds customer expectations.
In developed countries, brand positioning and competition take place at this level correct answers
augmented product
Customer-Value Hierarchy:
At the fifth level stands the _____________, with all the possible augmentations and
transformations the product or offering might undergo in the future. Here companies search for
new ways to satisfy customers and distinguish their offering. correct answers potential product
____________ goods are tangible goods normally consumed in one or a few uses, such as beer
and shampoo. correct answers nondurable
______________ goods are tangible goods that normally survive many uses: refrigerators,
machine tools, and clothing. They normally require more personal selling and service, command
a higher margin, and require more seller guarantees. correct answers durable
_____________ are intangible, inseparable, variable, and perishable products that normally
require more quality control, supplier credibility, and adaptability. Examples include haircuts,
legal advice, and appliance repairs. correct answers services
_________ goods (such as soft drinks) that are purchased frequently, immediately, and with
minimal effort correct answers convenience
,_________ goods (such as furniture) that consumers compare on such bases as suitability,
quality, price, and style correct answers shopping
_________ goods (such as cars) with unique characteristics or brand identification for which
enough buyers are willing to make a special purchasing effort correct answers specialty
____________ goods (such as smoke detectors) that the consumer does not know about or
normally think of buying correct answers unsought
____________ are goods that enter the manufacturer's product completely. Raw materials can be
either farm products (wheat) or natural products (iron ore). Manufactured materials and parts fall
into two categories: component materials (wires) and component parts (small motors) correct
answers materials and parts
___________ are long-lasting goods that facilitate developing or managing the finished product,
including installations (factories) and equipment (tools). correct answers capital items
__________________ are short-term goods and services that facilitate developing or managing
the finished product correct answers supplies and business services
Product Differentiation:
Refers to the size, shape, or physical structure of a product. (e.g., aspirin can be differentiated by
dosage size, shape, color, coating, or action time) correct answers form
Product Differentiation:
Most products can be offered with varying ________ that can supplement its basic function.
correct answers features
Product Differentiation:
Is the level at which the product's primary characteristics operate correct answers performance
quality
Product Differentiation:
Buyers expect a high ___________, the degree to which all produced units are identical and meet
promised specifications correct answers conformance quality
Product Differentiation:
A measure of the product's expected operating life under natural or stressful conditions, is a
valued attribute for durable goods correct answers durability
Product Differentiation:
Buyers normally will par a premium for ________, a measure of the probability that a product
will not malfunction or fail within a specified period correct answers reliability
Product Differentiation:
Measures the ease of fixing a product when it malfunctions or fails correct answers repairability
, Product Differentiation:
Describes the product's look and feel to the buyer and creates distinctiveness that is hard to copy
correct answers style
Product Differentiation:
______ products and marketing allows firms to be highly relevant and differentiating by finding
out exactly what a person wants and delivering on that correct answers customization
Service Differentiation:
Describes how easy it is for the customer to place an order with the company correct answers
ordering ease
Service Differentiation:
Refers to how well the product or service is brought to the customer, including speed, accuracy,
and care throughout the process. correct answers delivery
Service Differentiation:
Refers to the work done to make a product operational in its planned location correct answers
installation
Service Differentiation:
Helps the customer's employees use the vendor's equipment properly and efficiently correct
answers customer training
Service Differentiation:
Includes data, information systems, and advice services the seller offers to buyers correct
answers customer consulting
Service Differentiation:
Programs help customers keep purchased products in good working order. These services are
critical in business-to-business settings correct answers maintenance and repair
The totality of features that affect the way a product looks, feels, and functions to a consumer. It
offers functional and aesthetic benefits and appeals to both our rational and emotional sides.
correct answers design
Is a group of diverse but related items that function in a compatible manner correct answers
product system
Is the set of all products and items a particular firm offers for sale correct answers product mix
Marketers can use a ____________ to see which competitors' items are competing against their
own items and to identify market segments so they can gauge how well their items are positioned
to serve the needs of each segment correct answers product map
