GB 350 EXAM 3 CASCIO STUDY GUIDE
Product - Answers -everything, both favorable and unfavorable, that a person receives
in an exchange
- tangingle goods
- services
- ideas
Business product - Answers -a product used to manufacture other goods or services, to
facilitate an organization's operations, or to resell to other cusotmers
Consumer product - Answers -a product bought to satisfy an individual's personal
wants or use
Types of consumer product purchases - Answers -convenience, shopping, specialty,
unsought
Convenience consumer product purchase - Answers -inexpensive items that merit little
shopping effort
Shopping consumer product purchase - Answers -require comparison shopping
Specialty consumer product purchases - Answers -particular items for which
consumers search extensively and are reluctant to accept substitutes
Unsought consumer product purchase - Answers -products unknown to the potential
buyer OR known products that the buyer does not actively seek
Product items - Answers -specific versions of a product that can be designated as a
distinct offering among an organization's products
Product lines - Answers -groups of closely related product items
Product mixes - Answers -all product that an organization sells
Product mix width - Answers -refers to the number of product liens an organization
offers
Product line depth - Answers -the number of product items in a product line
Benefits of product lines - Answers -equivalent quality
advertising economies
standardized components
efficient sales and distribution
, Equivalent quality - Answers -line items perceived as having similar quality
Advertising economies - Answers -spread costs of promotion for multiple items
Standardized components - Answers -product lines allow firms to standardize
components, this reducing manufacturing and inventory costs
Efficient sales and distribution - Answers -enables a targeted range of choices to
customers. which results in better distribution and retail coverage
Adjustments - Answers -product items
product mixes
product lines
Product item adjustments - Answers -product modifications that add, remove, or
change user capabilities
Product mix and line adjustments - Answers -a company can adjust its product mix by
adding or removing a product line
Brand - Answers -an essential component of product strategy
- name, term, symbols, design, or combination that identifies a seller's products and
differentiates them from competitor's
Brand name - Answers -part of a brand that can be spoken, including letters, words,
and numbers
Brand mark - Answers -elements of a brand that cannot be spoken
Brand equity - Answers -value of a company or brand name
Global brand - Answers -brand that obtains at least one-third of its earnings form
outside its home country
Brand loyalty - Answers -consistent preference for one brand over all others
Manufacturer's brand - Answers -manufacturer produces and markets brand under its
own brand names
Private brands - Answers -known as a private label or store brand, owned by a
wholesaler or a retailer
Captive brand - Answers -carries no evidence of the store's affiliation, are
manufactured by a third party, and are sold exclusively by retailer
Product - Answers -everything, both favorable and unfavorable, that a person receives
in an exchange
- tangingle goods
- services
- ideas
Business product - Answers -a product used to manufacture other goods or services, to
facilitate an organization's operations, or to resell to other cusotmers
Consumer product - Answers -a product bought to satisfy an individual's personal
wants or use
Types of consumer product purchases - Answers -convenience, shopping, specialty,
unsought
Convenience consumer product purchase - Answers -inexpensive items that merit little
shopping effort
Shopping consumer product purchase - Answers -require comparison shopping
Specialty consumer product purchases - Answers -particular items for which
consumers search extensively and are reluctant to accept substitutes
Unsought consumer product purchase - Answers -products unknown to the potential
buyer OR known products that the buyer does not actively seek
Product items - Answers -specific versions of a product that can be designated as a
distinct offering among an organization's products
Product lines - Answers -groups of closely related product items
Product mixes - Answers -all product that an organization sells
Product mix width - Answers -refers to the number of product liens an organization
offers
Product line depth - Answers -the number of product items in a product line
Benefits of product lines - Answers -equivalent quality
advertising economies
standardized components
efficient sales and distribution
, Equivalent quality - Answers -line items perceived as having similar quality
Advertising economies - Answers -spread costs of promotion for multiple items
Standardized components - Answers -product lines allow firms to standardize
components, this reducing manufacturing and inventory costs
Efficient sales and distribution - Answers -enables a targeted range of choices to
customers. which results in better distribution and retail coverage
Adjustments - Answers -product items
product mixes
product lines
Product item adjustments - Answers -product modifications that add, remove, or
change user capabilities
Product mix and line adjustments - Answers -a company can adjust its product mix by
adding or removing a product line
Brand - Answers -an essential component of product strategy
- name, term, symbols, design, or combination that identifies a seller's products and
differentiates them from competitor's
Brand name - Answers -part of a brand that can be spoken, including letters, words,
and numbers
Brand mark - Answers -elements of a brand that cannot be spoken
Brand equity - Answers -value of a company or brand name
Global brand - Answers -brand that obtains at least one-third of its earnings form
outside its home country
Brand loyalty - Answers -consistent preference for one brand over all others
Manufacturer's brand - Answers -manufacturer produces and markets brand under its
own brand names
Private brands - Answers -known as a private label or store brand, owned by a
wholesaler or a retailer
Captive brand - Answers -carries no evidence of the store's affiliation, are
manufactured by a third party, and are sold exclusively by retailer
