COM 250 FINAL EXAM QUESTIONS AND VERIFIED
ANSWERS
what are the four ps of marketing? - Answers - product, price, place (distribution),
promotion (communication)
what are products made up of? - Answers - Core value + actual product + Augmented
product
what are the product classifications of goods? (4) - Answers - 1. convenience goods
2. shopping goods
3. specialty goods
4. unsought
what are some examples of convenience goods? - Answers - gum and coffie
what are some examples of shopping goods? - Answers - tablet/iPhone and fridge
what are some examples of speciality goods? - Answers - sports cars and fancy rolexes
what is an example of an unsought good? - Answers - coffin
what are the four stages of a product's sales and profits during its lifetime? - Answers -
1. introduction
2. growth
3. maturity
4. decline
what is the marketing goal when it comes to products? - Answers - maximize lifetime
profit
how can you extend the life of products? what do these entail? - Answers - modify the
market
- new users, new market segments
Modify the product
- features. style, performance, speed, new food flavours
Modify the marketing mix
- three of the 4 ps: price change, new channel, promotions
what are some packaging considerations? - Answers - - protects the product - damage,
theft, tampering
- information and promotion of the product
- provides convenience
, - meets social concerns - sustainable packaging
what is product mix? - Answers - total of all product lines and products offered for sale
by a company
what are the disadvantages of new product development? - Answers - - it's expensive
and risky
- most products fail or underperform
what are the steps in the New-product development process ? - Answers - 1. idea
generation
2. idea screening
3. concept development and testing
4. marketing strategy development
5. Business Analysis
6. product development
7. test marketing
8. commercialization
what does a product include? - Answers - - tangible objects
- services, events, persons, places, organizations, or ideas
There are a lot of opportunities in "services". t/f? - Answers - true
what are the unique characteristics of marketing services? - Answers - - intangibility
- inseparability
- inventory (perishability)
- Inconsistency (variability)
what is a service profit chain? - Answers - the chain that links service firm profits with
employee and customer satisfaction
what does a brand do? - Answers - - can add value to product
- help show how you are different than competitors
what does intellectual property protection do? - Answers - - helps differentiate the
product/service (eg trademarks, copyright)
how is the deeper meaning of a brand developed? - Answers - - created by customers
over time when they hear, experience, and interact with a brand in various situations
- creates an emotional response
what does AIO's stand for ? - Answers - activities, interests and opinions
what is a brand personality? - Answers - - human attributes and the emotions they
inspire toward customers
ANSWERS
what are the four ps of marketing? - Answers - product, price, place (distribution),
promotion (communication)
what are products made up of? - Answers - Core value + actual product + Augmented
product
what are the product classifications of goods? (4) - Answers - 1. convenience goods
2. shopping goods
3. specialty goods
4. unsought
what are some examples of convenience goods? - Answers - gum and coffie
what are some examples of shopping goods? - Answers - tablet/iPhone and fridge
what are some examples of speciality goods? - Answers - sports cars and fancy rolexes
what is an example of an unsought good? - Answers - coffin
what are the four stages of a product's sales and profits during its lifetime? - Answers -
1. introduction
2. growth
3. maturity
4. decline
what is the marketing goal when it comes to products? - Answers - maximize lifetime
profit
how can you extend the life of products? what do these entail? - Answers - modify the
market
- new users, new market segments
Modify the product
- features. style, performance, speed, new food flavours
Modify the marketing mix
- three of the 4 ps: price change, new channel, promotions
what are some packaging considerations? - Answers - - protects the product - damage,
theft, tampering
- information and promotion of the product
- provides convenience
, - meets social concerns - sustainable packaging
what is product mix? - Answers - total of all product lines and products offered for sale
by a company
what are the disadvantages of new product development? - Answers - - it's expensive
and risky
- most products fail or underperform
what are the steps in the New-product development process ? - Answers - 1. idea
generation
2. idea screening
3. concept development and testing
4. marketing strategy development
5. Business Analysis
6. product development
7. test marketing
8. commercialization
what does a product include? - Answers - - tangible objects
- services, events, persons, places, organizations, or ideas
There are a lot of opportunities in "services". t/f? - Answers - true
what are the unique characteristics of marketing services? - Answers - - intangibility
- inseparability
- inventory (perishability)
- Inconsistency (variability)
what is a service profit chain? - Answers - the chain that links service firm profits with
employee and customer satisfaction
what does a brand do? - Answers - - can add value to product
- help show how you are different than competitors
what does intellectual property protection do? - Answers - - helps differentiate the
product/service (eg trademarks, copyright)
how is the deeper meaning of a brand developed? - Answers - - created by customers
over time when they hear, experience, and interact with a brand in various situations
- creates an emotional response
what does AIO's stand for ? - Answers - activities, interests and opinions
what is a brand personality? - Answers - - human attributes and the emotions they
inspire toward customers
