MGT 103 - Chapters 10-12 Exam Questions
and Answers with Verified Solutions | Latest
Updated 2026
Product A good, service, or idea consists of a
bundle of
tangible and intangible attributes that
satisfies
consumers' needs and is received in
exchange for
money or something else of value
Good Has tangible attributes that a consumer's
five
senses can perceive
Nondurable Good Is an item consumed in one or a few uses,
such as
food products and fuel
Durable Good Is one that usually lasts over many uses,
such as
appliances, cars, and smartphones
Services These are intangible activities or benefits
that an
organization provides to satisfy
consumers' needs
in exchange for money or something else
of value
,Consumer Products Products purchased by the ultimate
consumer
Business Products (B2B/Industrial Products organizations buy that assist in
Products) providing
other products for resale
Convenience Products Items that the consumer purchases
frequently,
conveniently, and with a minimum of
shopping
effort
Shopping Products Items for which the consumer compares
several
alternatives on criteria such as price,
quality, or
style
Specialty Products Items that the consumer makes a special
effort to
search out and buy
Unsought Product Items that the consumer does not know
about or
knows about but does not initially want
Product Item A specific product that has a unique brand,
size, or
price
, Product Line A group of product or service items that
are
closely related because they satisfy a
class of
needs is used together is sold to the same
customer group, are distributed through
the same
outlets, or fall within a given price range
Product Mix Which consists of all of the product lines
offered
by an organization
New Product/Service Needs A statement that, before product
Precise development
Protocol begins, identifies a well-defined target
market;
specific customers' needs, wants, and
preferences;
and what the product will be and do to
satisfy
consumers
and Answers with Verified Solutions | Latest
Updated 2026
Product A good, service, or idea consists of a
bundle of
tangible and intangible attributes that
satisfies
consumers' needs and is received in
exchange for
money or something else of value
Good Has tangible attributes that a consumer's
five
senses can perceive
Nondurable Good Is an item consumed in one or a few uses,
such as
food products and fuel
Durable Good Is one that usually lasts over many uses,
such as
appliances, cars, and smartphones
Services These are intangible activities or benefits
that an
organization provides to satisfy
consumers' needs
in exchange for money or something else
of value
,Consumer Products Products purchased by the ultimate
consumer
Business Products (B2B/Industrial Products organizations buy that assist in
Products) providing
other products for resale
Convenience Products Items that the consumer purchases
frequently,
conveniently, and with a minimum of
shopping
effort
Shopping Products Items for which the consumer compares
several
alternatives on criteria such as price,
quality, or
style
Specialty Products Items that the consumer makes a special
effort to
search out and buy
Unsought Product Items that the consumer does not know
about or
knows about but does not initially want
Product Item A specific product that has a unique brand,
size, or
price
, Product Line A group of product or service items that
are
closely related because they satisfy a
class of
needs is used together is sold to the same
customer group, are distributed through
the same
outlets, or fall within a given price range
Product Mix Which consists of all of the product lines
offered
by an organization
New Product/Service Needs A statement that, before product
Precise development
Protocol begins, identifies a well-defined target
market;
specific customers' needs, wants, and
preferences;
and what the product will be and do to
satisfy
consumers
