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BUSML 3250 Exam 2 Questions and Answers
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BUSML 3250 Exam 2 Questions and Answers
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BUSML 3250 Exam 2 Questions andAnswers
Product - Answer-anything that can be offered to a market for attention, acquisition, use,
or consumption that might satisfy a want or need
service - Answer-an activity, benefit, or satisfaction offered for sale that is essentially
intangible and does not result in the ownership of anything
core customer value - Answer-the basic problem solving benefits that consumers are
seeking
actual product - Answer-the physical good or the delivered service that supplies the
desired benefit
augmented product - Answer-the nonphysical attributes of the product including product
warranties, financing, product support, and after-sale service
experience - Answer-how are companies differentiating their offers
how long they last, how they are used, parts, how consumers buy them - Answer-
classifying products
durable, nondurable - Answer-how long products last
consumer, industrial (B2B vs. B2C) - Answer-how they are used
convenience, shopping, specialty, unsought - Answer-how consumers buy them
convenience products - Answer-consumer product that customers usually buy
frequently, immediately, and w/ minimal comparison and buying effort
shopping product - Answer-consumer product that the customer, in the process of
selecting and purchasing, usually compares on such attributes as suitability, quality,
price, and style
specialty product - Answer-consumer product w/ unique characteristics or brand
identification for which a significance group of buyers is willing to make a special
purchase effort
unsought product - Answer-consumer product that the consumer either doesn't know
about or knows abt but doesn't normally consider buying (little interest and awareness)
, product line - Answer-group of products that are closely related b/c they function in a
similar manner, are sold to the same customer groups, are marketed thru the same type
of outlets, or gall w/in given price ranges
product mix - Answer-set of all product lines and items that a particular seller offers for
sale
product line extension - Answer-extending an existing brand name to new forms, colors,
sizes, ingredients, or flavors of an existing product category
brand extension - Answer-extending an existing brand name to new product categories
downward stretch - Answer-adding lower-end (lower price and quality) items to the
product line
brand - Answer-name, term, sign, symbol, or design or a combination of these that
identities the maker or seller of a product or service
brand equity - Answer-differential effect that knowing the brand name has on customer
response to the product and its marketing
brand awareness - Answer-% of target consumers who are familiar w/ the brand and
what it stands for
brand association - Answer-mental and emotional links that consumers make between a
brand and its key product attributes
brand loyalty - Answer-not just repeated brand purchase, but also refusal to purchase
other brands
perceived brand value - Answer-relation between product's benefits and its costs
(usually determined in relation to competitors)
co-branding - Answer-the practice of using the established brand names of two different
companies on the same product
store brands - Answer-brands that the retailer both produces and distributes
licensing - Answer-Use names and symbols created by other companies or well-known
movie characters or celebrities for a fee
national brands - Answer-marketed under the manufacturer's own name
line extension - Answer-kfc
intangible, inseparable, variable, perishable - Answer-services are,,,,
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