BMGT 350 Exam 2 Chapters 7-14 with complete solutions
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Course
BMGT
Institution
BMGT
Product
Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need
Service
an activity, benefit, or satisfaction offered for sale that is essentially intangible and dose not result in the ownership of anything
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BMGT 350 Exam 2 Chapters 7-14 with
complete solutions
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 dose not result in the ownership of anything
Consumer Product - ANSWER- a product bought by final consumers for personal
consumption
convenience product - ANSWER- a consumer product that customers usually buy
frequently, immediately, and with minimal comparison and buying effort
usually low price, widespread distribution, and mass promotion by the producer
shopping product - ANSWER- a consumer product that the customer, in the
process of selecting and purchasing, usually compares on such attributes as
suitability, quality, price, and style
usually a higher price, selective distribution in fewer outlets, and advertising and
personal selling by both the producer and resellers
speciality product - ANSWER- a consumer product with unique characteristics or
brand identification for which a significant group of buyers is willing to make a
special purchase effort
usually a high price, exclusive distribution in only one or a few outlets per market
area, and ore carefully targeted promotion by both the producer and reseller
unsought product - ANSWER- a consumer product that the consumer either does
not know about or knows about but does not normally consider buying
usually aggressive advertising and personal selling by the producer and resellers
with little product awareness of knowledge
,industrial product - ANSWER- a product bought by individuals and organizations
for further processing or for use in conducting a business
social marketing - ANSWER- using traditional business marketing concepts and
tools to create behaviors that will crate individual and societal well-being
product quality - ANSWER- the characteristics of a product or service that bear
on its ability to satisfy stated or implied customer needs
brand - ANSWER- a name, term, sign, symbol, or design or a combination of
these that identifies the products or services of one seller or group of sellers and
differentiates them from those of competitors
packaging - ANSWER- the activities of designing and producing the container or
wrapper for a product
product line - ANSWER- a group of products that are closely related because they
function in a similar manner, are sold to the same customer groups, are marketed
through the same types of outlets, or fall within given price ranges
Product Mix/Product portfolio - ANSWER- the set of all product lines and items
that a particular seller offers for sale
service intangibility - ANSWER- services cannot be seen, tasted, felt, heard, or
smelled before they are bought
service inseparability - ANSWER- services are produced and consumed at the
same time and cannot be separated from their providers
service variability - ANSWER- the quality of services may vary greatly depending
on who provides them and when, and how they are provided
service perishability - ANSWER- services cannot be stored for later sale or use
service profit chain - ANSWER- the chain that inks service firm profits with
employee and customer satisfaction
internal marketing - ANSWER- orienting and motivating customer-contact
employees and supporting service employees to work as a team to provide
customer satisfaction
, interactive marketing - ANSWER- training service employees in the fine art of
interacting with customers to satisfy their needs
brand equity - ANSWER- the differential effect that knowing the brand name has
on customer response to the product and its marketing
brand value - ANSWER- the total financial value of a brand
store brand (private brand) - ANSWER- a brand created and owned by a reseller
of a product or service
co-branding - ANSWER- the practice of using the established brand names of two
different companies on the same 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
new product development - ANSWER- the development of original products,
product improvements, product modifications, and new brands through the firm's
own product development efforts
idea generation - ANSWER- the systematic search for new product ideas
New Product development process - ANSWER- idea generation
idea screening
conception development and testing
marketing strategy development
business analysis
product development
test marketing
commercialization
crowdsourcing - ANSWER- inviting broad communities of people- customers,
employees, independent scientists and researchers, and even the pubic at large-
into the new product innovation process
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