UF MAR3023 Practice Exam 2 Questions And 100% Correct Answers.
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Course
UF MAR3023
Institution
UF MAR3023
Product - Answer a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value
Good - Answer has tangible attributes that a consumer's five senses can perceive (ex: iPad...
UF MAR3023 Practice Exam 2 Questions
And 100% Correct Answers.
Product - Answer a good, service, or idea consisting of a bundle of tangible and intangible attributes
that satisfies consumers' needs and is received in exchange for money or something else of value
Good - Answer has tangible attributes that a consumer's five senses can perceive (ex: iPad); it may also
have intangible attributes consisting of its delivery or warranties and embody more abstract concepts,
such as becoming healthier or wealthier
Nondurable good - Answer an item consumed in one or a few uses, such as food products and fuel
Durable good - Answer one that usually lasts over many uses, such as appliances, cars, and mobile
phones
Idea - Answer a thought that leads to a product or action, such as a concept for a new invention or
getting people to vote
Consumer products - Answer products purchased by the ultimate consumer
Convenience products - Answer items that the consumer purchases frequently, conveniently, and with
a minimum of shopping effort
Shopping products - Answer items for which the consumer compares several alternatives on criteria
such as price, quality or style
Specialty products - Answer items that the consumer makes a special effort to search out and buy
Unsought products - Answer items that the consumer does not know about or knows about but does
not initially want
,Business products - Answer products organizations buy that assist in providing other products for
resale
Derived demand - Answer sales of business products frequently result (or are derived) from the sale of
consumer products
Components - Answer items that become part of the final product (ex: raw materials or parts)
Support products - Answer items used to assist in producing other goods and services
Product item - Answer a specific product that has a unique brand, size, or price
Stock keeping unit (SKU) - Answer a unique identification number that defines an item for ordering or
inventory purposes
Product line - Answer a group of product or service items that are closely related because they satisfy a
class of needs, a used together, are sold to the same customer group, are distributed through the same
outlets, or fall within a given price range
Product mix - Answer consists of all of the product lines offered by an organization
Continuous innovation - Answer product that requires no new learning by consumers
Dynamically continuous innovation - Answer product that disrupts consumer's normal routine but does
not require totally new learning
Discontinuous innovation - Answer product that requires new learning and consumption patterns by
consumers
, Protocol - Answer a statement that, before product development begins, identifies 1) a well-defined
target market, 2) specific customers' needs, wants and preferences, and 3) what the product will be and
do to satisfy consumers
New-Product Process - Answer the seven stages an organization goes through to identify business
opportunities and convert them into salable products or services
New-product strategy development - Answer defines the role for a new product in terms of the firm's
overall objectives
Idea generation - Answer involves developing a pool of concepts to serve as candidates for new
products, building upon the previous stage's results
Open innovation - Answer where an organization finds and executes creative new-product ideas by
developing strategic relationships with outside individuals and organizations
Crowdsourcing - Answer involves generating insights leading to actions based on massive numbers of
people's ideas
Screening and evaluation - Answer the stage that internally and externally evaluates new-product ideas
to eliminate those that warrant no further effort
Feasibility screen - Answer internal approach where the firm's employees evaluate the technical
feasibility of a proposed new product idea to determine whether it meets the objectives defined in the
new-product strategy development stage
Concept test - Answer external evaluations with consumers that consist of preliminary testing of a new-
product idea rather than an actual product; more useful with minor modification of existing products
rather than new, innovative products
Business analysis - Answer specifies the features of the product and the marketing strategy needed to
bring it to market and make financial projections
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