MKT 3300 Exam 2 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Durable goods - CORRECT ANSWER Goods that have long lifespan. Cost more and last
longer, personal selling
Nondurable goods - CORRECT ANSWER Goods that have few uses, can be perishable. Short
lives, inexpensive and purchased frequently, widespread advertising
Consumer products - CORRECT ANSWER purchased by end consumer
Business product - CORRECT ANSWER business to business products or industrial products
Convenience - CORRECT ANSWER frequent, minimum effort, low involvement purchases,
price, awareness, and availability is stressed
Shopping - CORRECT ANSWER compare several alternatives, differentiation from
competitors stressed
speciality - CORRECT ANSWER special effort to find and buy, luxury and more expensive
items, uniqueness of brand and status stressed
unsought - CORRECT ANSWER does not know or initially want, awareness is essential
continuous innovation - CORRECT ANSWER requires no new learning by consumers, gain
consumer awareness and wide distribution
dynamically continuous innovation - CORRECT ANSWER disrupts consumers normal routine
but does not require totally new learning, advertise points of difference and benefits
Discontinouous innovation - CORRECT ANSWER requires new learning and consumption
patterns by consumers, educate through trials and personal selling
, Reasons for product failures - CORRECT ANSWER insignificant point of difference, wrong
product definition, too small market, poor execution of marketing, poor timing, poor quality, doesn't
fit with rest of brand image
new product process - CORRECT ANSWER new product strategy development, idea
generation, screening and evaluation, business analysis, development, market testing,
commercialization
DIEADMC (die-a-dmc)
Standard test market - CORRECT ANSWER a new product is marketed through normal
distribution channels in a number of test-market cities
controlled test market - CORRECT ANSWER an entire test program conducted by an outside
service in a market in which it can guarantee distribution
simulated test market - CORRECT ANSWER use lab results and mathematical models to
forecast the sales of a new product
Product life cycle - CORRECT ANSWER introduction, growth, maturity, decline
high learning product - CORRECT ANSWER significant customer education, extended
introductory period
Low learning product - CORRECT ANSWER benefits easily understood, sales begin
immediately
fashion product - CORRECT ANSWER sales growth, decline, then return
fad product - CORRECT ANSWER novelties with rapid growth and rapid decline
innovators - CORRECT ANSWER product adopters who are venturesome, higher educated,
use multiple information sources
QUESTIONS AND CORRECT ANSWERS
Durable goods - CORRECT ANSWER Goods that have long lifespan. Cost more and last
longer, personal selling
Nondurable goods - CORRECT ANSWER Goods that have few uses, can be perishable. Short
lives, inexpensive and purchased frequently, widespread advertising
Consumer products - CORRECT ANSWER purchased by end consumer
Business product - CORRECT ANSWER business to business products or industrial products
Convenience - CORRECT ANSWER frequent, minimum effort, low involvement purchases,
price, awareness, and availability is stressed
Shopping - CORRECT ANSWER compare several alternatives, differentiation from
competitors stressed
speciality - CORRECT ANSWER special effort to find and buy, luxury and more expensive
items, uniqueness of brand and status stressed
unsought - CORRECT ANSWER does not know or initially want, awareness is essential
continuous innovation - CORRECT ANSWER requires no new learning by consumers, gain
consumer awareness and wide distribution
dynamically continuous innovation - CORRECT ANSWER disrupts consumers normal routine
but does not require totally new learning, advertise points of difference and benefits
Discontinouous innovation - CORRECT ANSWER requires new learning and consumption
patterns by consumers, educate through trials and personal selling
, Reasons for product failures - CORRECT ANSWER insignificant point of difference, wrong
product definition, too small market, poor execution of marketing, poor timing, poor quality, doesn't
fit with rest of brand image
new product process - CORRECT ANSWER new product strategy development, idea
generation, screening and evaluation, business analysis, development, market testing,
commercialization
DIEADMC (die-a-dmc)
Standard test market - CORRECT ANSWER a new product is marketed through normal
distribution channels in a number of test-market cities
controlled test market - CORRECT ANSWER an entire test program conducted by an outside
service in a market in which it can guarantee distribution
simulated test market - CORRECT ANSWER use lab results and mathematical models to
forecast the sales of a new product
Product life cycle - CORRECT ANSWER introduction, growth, maturity, decline
high learning product - CORRECT ANSWER significant customer education, extended
introductory period
Low learning product - CORRECT ANSWER benefits easily understood, sales begin
immediately
fashion product - CORRECT ANSWER sales growth, decline, then return
fad product - CORRECT ANSWER novelties with rapid growth and rapid decline
innovators - CORRECT ANSWER product adopters who are venturesome, higher educated,
use multiple information sources
