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Exam (elaborations)

BUSML 3250 Exam 2 Questions and Answers

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  • Course
  • BUSML 3250
  • Institution
  • BUSML 3250

BUSML 3250 Exam 2 Questions and Answers

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  • October 29, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSML 3250
  • BUSML 3250
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BUSML 3250 Exam 2 Questions and
Answers
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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