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Exam (elaborations)

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feature correct answers aspects that are build into the product benefit correct answers what the product does and what people get out of it core product benefits correct answers the basic level of benefits that the product has to offer to fit into the product category expected product bene...

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  • August 7, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MAR 3023
  • MAR 3023
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FullyFocus
MAR 3023 || A+ Guaranteed.
feature correct answers aspects that are build into the product

benefit correct answers what the product does and what people get out of it

core product benefits correct answers the basic level of benefits that the product has to offer to fit
into the product category

expected product benefits correct answers the benefits beyond the core benefits that consumers
expect from the product

augmented product benefits correct answers benefits above and beyond what the customer
expects

creeping features (Featuritis) correct answers the tendency to simply add features to a product
without thinking about its benefits

featuritis curve correct answers shows how adding features initially increases user happiness, but
at a certain point user happiness decreases with additional features because the product gets more
complicated to use

product correct answers a good, service, or idea consisting of a bundle of tangible and intangible
benefits

product item correct answers a specific product, identified by an ordering code

Stock-keeping unit (SKU) correct answers an ordering code

product line correct answers a group of closely related product items within an organization

product mix correct answers the set of product lines sold by a company

product life cycle correct answers the life of a typical product over four stages
1. introduction
2. growth
3. maturity
4. decline

introduction stage correct answers -slow growth as the market comes to accept the product
-may start out as unprofitable in the beginning
-there are few suppliers.
-focus on promotion and making people aware of the brand

growth stage correct answers -rapid growth
-competitors enter the market

, -competitive entry!!!!
-make variations in products to retain market share

maturity stage correct answers -slowing of growth
-competitive shakeout!!! - competitors exit the market and invest money elsewhere
-try to maintain brand loyalty
-try to keep products here for as long as possible

decline stage correct answers -decrease in sales
-"cash in" on customer loyalty or shut down?

product class life cycle correct answers an entire product category or industry

product form life cycle correct answers product forms within the class

brand product life cycle correct answers specific brands within a product form

market penetration correct answers selling more of the product to the same basic set of customers

wallet share correct answers the percentage of customers' expenditures that the firm accounts for

market development correct answers extending a product's life cycle by looking for new markets

product modification correct answers extending the product life cycle by altering a products
characteristics

product repositioning correct answers changing the position that a product occupies in the mind
of the consumer

brand development index (BDI) correct answers a tool used to determine how well a firm's brand
is performing in each geographic territory in which it sells

category development index (CDI) correct answers measures how an entire product category is
performing in the market

brand name correct answers a verbal label attached to a product

brand mark correct answers a nonverbal representation for the brand

trade character correct answers a personified representation of the brand

logo correct answers a brand name, brand mark, or both

trademark correct answers a brand name, brand mark, trade character, or logo that is legally
protected

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