Marketing Final Exam Q&A: Key Concepts and Strategies, Exams of
Marketing
Consumer Products: Convenience - ANSWERfrequent purchase, low effort
(gum)
Consumer Products: Shopping - ANSWERcompare quality and price (clothes)
Consumer Products: Specialty - ANSWERunique, brand preference (Rolex)
Consumer Products: Unsought - ANSWERlittle awareness or interest (life
insurance)
Industrial Products - ANSWERmaterials/parts, capital items, supplies/services
Service Characteristic: Intangibility - ANSWERcannot see or touch before
purchase
Service Characteristic: Inseparability - ANSWERproduced and consumed
together
, Service Characteristic: Variability - ANSWERquality varies by provider/time
Service Characteristic: Perishability - ANSWERcannot be stored for later use
brand equity - ANSWERadded value a brand gives (loyalty, trust)
Brand Value - ANSWERfinancial worth of brand
Brand Positioning - ANSWERattributes, benefits, beliefs placed in consumers'
minds
Brand Name Selection - ANSWERmemorable, simple, fits product
Packaging Functions - ANSWERprotects product, attracts attention,
communicates info, convenience, promotes brand
Product Line - ANSWERclosely related products
Product Mix - ANSWERall product lines and items sold by company
New Product Development Steps - ANSWERidea generation → screening →
concept testing → marketing strategy → business analysis → product
development → test marketing → commercialization
PLC: Development - ANSWERzero sales, high cost
Marketing
Consumer Products: Convenience - ANSWERfrequent purchase, low effort
(gum)
Consumer Products: Shopping - ANSWERcompare quality and price (clothes)
Consumer Products: Specialty - ANSWERunique, brand preference (Rolex)
Consumer Products: Unsought - ANSWERlittle awareness or interest (life
insurance)
Industrial Products - ANSWERmaterials/parts, capital items, supplies/services
Service Characteristic: Intangibility - ANSWERcannot see or touch before
purchase
Service Characteristic: Inseparability - ANSWERproduced and consumed
together
, Service Characteristic: Variability - ANSWERquality varies by provider/time
Service Characteristic: Perishability - ANSWERcannot be stored for later use
brand equity - ANSWERadded value a brand gives (loyalty, trust)
Brand Value - ANSWERfinancial worth of brand
Brand Positioning - ANSWERattributes, benefits, beliefs placed in consumers'
minds
Brand Name Selection - ANSWERmemorable, simple, fits product
Packaging Functions - ANSWERprotects product, attracts attention,
communicates info, convenience, promotes brand
Product Line - ANSWERclosely related products
Product Mix - ANSWERall product lines and items sold by company
New Product Development Steps - ANSWERidea generation → screening →
concept testing → marketing strategy → business analysis → product
development → test marketing → commercialization
PLC: Development - ANSWERzero sales, high cost
