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Bates mgt 103 midterm 2 exam questions with correct answers
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Bates mgt 103 midterm 2 exam questions with correct answers
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Bates mgt 103 midterm 2 examquestions with correct answers
product positioning - Answers --relative position on where your product sits in the
consumers mind in comparison to others
-determines how best to communicate their products benefits to target consumers and
satisfy there needs and wants
increasing customer lifetime value - Answers --more often and larger purchases
-loyalty
-lower the cost to serve
-move loyal customers to lower cost channels
ex/golf ball aimed at future group
brand loyalty - Answers -process designed to telescope in on the core consumer
-focus on most involved consumers
-80% of sales come from 20% of consumers
durable goods - Answers -personal, relationship built, typically $$$
nondurable goods - Answers -consumer, advertising, need to be replaced
convenience products - Answers -consumer purchases them frequently, convienentley,
and with minimum effort
-no personal investment
shopping products - Answers --consumer compare alt types; price, quantity, and style
-brand is a little more important
speciality products - Answers --consumer makes special effort to search and get
-brand insistence!!
-higher priced and harder to find
-brand promotion focus
unsought products - Answers --consumer doesn't know bout until they need
-dont initially want
product class - Answers -ex/ running shoes
product form - Answers --specific version of product class
ex/ hard surface running shoes
, product line - Answers --all the products that brand has in one form
ex/ different colors or styles
ex/ apple MacBook- air, pro, etc
product mix - Answers -assortment of product lines
ex/ apple- product types
-each product has unique barcode called SKU
new products - Answers -- some functional difference from existing
product concept - Answers -1. core (value)
2. expected layer (growth)
3. augmented (growth slows down, differentiation takes place)
4. potential
reverse positioning - Answers --IKEA
continuous innovation - Answers --no need to educate customers
-consumers are aware of new features
dynamically continuous innovation - Answers --minor changes in consumer behavior
needed
-markets educate consumers on use and benefits
ex/ diesel
discontinuous innovation - Answers --consumers have to learn entirely new
consumption patters
diesel--> electric car
product line extension - Answers -- change packaging but product stays the same
jump in innovation - Answers -ex/ upgraded camera on phone
-leads in innovation but offering functions the same
brand extension - Answers --move to different category
ex/ Clorox
radical innovation - Answers --capital intensive--> biggest risk (ex: extreme tech
adavancements)
successful product launch - Answers -1) well-defined target audience 2) unique benefits
that product can offer to customers (ex: beats)
failure in launch - Answers --not satisfying a consumer needs/expectations
-bad timing
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