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MGT 103 - Bates Final Exam Questions And Answers
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MGT 103 - Bates Final Exam Questions And Answers product form different versions of the greater category (running shoes vs climbing shoes) Product line subtle feature variations, different colors product mix all products that an organization sells SKU (stock Keeping units) identification numb...

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  • October 23, 2024
  • 53
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 bates final exam questions and answers

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  • MGT 103
  • MGT 103

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MGT 103 - Bates Final Exam Questions And
Answers

product form different versions of the greater category (running shoes vs climbing shoes)




Product line subtle feature variations, different colors




product mix all products that an organization sells




SKU (stock Keeping units) identification numbers of each item being purchased




New product function differences, adding new features to existing products




the product concept




Positioning The place that a brand occupies in the mind of its consumers relative to

competing brands

, MGT 103 - Bates Final Exam Questions And
Answers
Reverse Positioning When a firm positions itself in a way that runs counter to the

direction in which the rest of the market is moving; withhold attributes that competitors consider

necessary to compete




Continuous Innovation No need to reeducate consumers


Easy transition for consumers once aware of the new features




Dynamically Continuous Innovation Minor changes in consumer behavior needed


Marketers educate consumers on use and benefits




Discontinuous Innovation Consumers must learn entirely new consumption patterns


Marketers must gain awareness from consumers

Marketers must educate about benefits and proper use of an innovative product

Most expensive type of product innovation from a marketer's perspective




Product line extension adding additional products to an existing product line in order to

compete more broadly in the industry

, MGT 103 - Bates Final Exam Questions And
Answers
jump in innovation significant jump in innovation or technology




brand extension extending an existing brand name to new product categories




radical innovation a new product, service, or technology that completely replaces an

existing one




What Makes a Successful New Product Launch (Or Failure)? • Not satisfying a critical

consumer need or expectation

• Bad Timing; Too soon or too late to market as Consumer tastes change

• No access to buyers

• Poor Product Quality

• Poor execution of the marketing mix

• Little market attractiveness; Market is too small & too competitive




Product Life Cycle Trial


Primary Demand Selective Demand Skimming Pricing Penetration Pricing

, MGT 103 - Bates Final Exam Questions And
Answers
"crossing the chasm" a gap between visionary customers who adopt early and pragmatist

customers who take a "wait and see" approach




Brand Name Words, shapes, sounds, or combination thereof to distinguish a seller's

products/services




trade name commercial, legal name a company does business under




trademark legally registered for exclusive use by the trademark owner




trade dress visual appearance and feel of a product or package that signifies its source to

consumers. It is considered intellectual property and may be protected by law




brandy personality set of human characteristics attributed to a brand




Brand Equity the added value that a brand name gives beyond the functional benefits




branding strategy

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