BMGT Exam 2 Questions with Verified
Answers
six steps in product development are.. - Answer-idea generation, development, product
screening, testing, commercialization, product analysis
Over _____ of products fail in their first year by not delivering what is promised, poor
positioning, competitive market forces, etc - Answer-80%
this is used to entice customers (can also include factors such as service, surroundings,
past experience, delivery, brand) - Answer-total product offering/value package
products are grouped into ______, which are groups of individual products that are
closely related in some way. - Answer-product lines
The combination of product lines offered by a company - Answer-product mix
Attempts to make close substitutes appear different, so that customers no longer regard
them as similar or identical. - Answer-product differentiation
_____ and ______ are big factors in the differentiation of products, lines, etc. - Answer-
pricing, promotion
A name, symbol, design, etc that identifies the products and/or services of a particular
seller. - Answer-branding
_____ is a part of a brand that can be spoken, including letters, words and numbers. -
Answer-brand name
A brand that has been given legal exclusivity for both its name and logo. - Answer-
trademark
The product life cycle includes.... - Answer-introduction, growth, maturity, decline
______ the product is one of the most difficult areas of the market mix to control. -
Answer-pricing
In general, profit levels peak before ____ reach their peak. - Answer-sales
Pricing strategy consists of three, top-level approaches: - Answer-cost-based pricing,
demand-based pricing, competition-based pricing
A ______ analysis is used in order to evaluate any pricing strategy. - Answer-break
even
, Disseminating information about a product brand, or company to the target market and
to persuade them to participate in an exchange. - Answer-promotion
____ combines all promotional tools in a comprehensive strategy. - Answer-IMC
(integrated marketing communications)
Paid, non-personal, promotion of goods, services, companies and ideas by an identified
sponsor. - Answer-advertising
Advertising in the US exceeds _____ billion in spending per year. - Answer-225
Most money is spent on _____ advertising. - Answer-TV
Advertisers pay to have their product appear in movies/ tv shows. - Answer-product
placement
A full length TV program, or cable channel dedicated to promotion products. - Answer-
infomercials/ product sale networks
________ are marketing efforts designed to generate immediate interest in purchasing
a product or serve. - Answer-sales promotions
Promoting people to tell positive things about the product to others. - Answer-word of
mouth
Encourages people to pass along a message to others. - Answer-viral marketing
Goal: develop activities or events that help promote a favorable relationship between a
company and its customers and prospects. - Answer-Public Relations
Attempts to influence the press (and other media) to print stories that promote a
favorable image of a company and its products or services - Answer-publicity
Rewards that are given as recognition for good performance - Answer-extrinsic
rewards that are given for personal satisfaction - Answer-intrinsic
Monetary compensation (salaries, commissions, bonuses) and indirect/fringe benefits
(vacations, insurance benefits, retirement plans) - Answer-extrinsic employee rewards
Recognition, accomplishment, status, loyalty - Answer-intrinsic reward
Frederick Herzberg determined that employees were motivated by these factors in two
areas: - Answer-hygiene factors, motivator factors
