BUS2-130 Intro2Market Exam UPDATED
QUESTIONS AND CORRECT ANSWERS
What is a product - CORRECT ANSWER Anything that can be offered to a market for
attention, use, or consumption that satisfies a want or a need
Services are a form of product
Levels of product - CORRECT ANSWER Core benefit: marketing is not doing anything until
you understand the consumer and their needs
Core product
Augmented product
- Product perceived as higher quality because of packaging
Brand Equity - CORRECT ANSWER Dimensions - quality, value, consistency, ethical,
purchase intention
Rationale for new product development - CORRECT ANSWER Bring new solutions and
variety to customer lives and are a key source of growth for some companies
Steps in new product development - CORRECT ANSWER Idea generation
Idea screening
Concept development/testing
Marketing strategy development
Business analysis
Product development
Test marketing
Commercialization
Common mistakes in new product development process - CORRECT ANSWER - When
getting rid of bad ideas [screening] you may accidentally get rid of a good one
- When test marketing, other companies may steal ideas and put them out before you can
QUESTIONS AND CORRECT ANSWERS
What is a product - CORRECT ANSWER Anything that can be offered to a market for
attention, use, or consumption that satisfies a want or a need
Services are a form of product
Levels of product - CORRECT ANSWER Core benefit: marketing is not doing anything until
you understand the consumer and their needs
Core product
Augmented product
- Product perceived as higher quality because of packaging
Brand Equity - CORRECT ANSWER Dimensions - quality, value, consistency, ethical,
purchase intention
Rationale for new product development - CORRECT ANSWER Bring new solutions and
variety to customer lives and are a key source of growth for some companies
Steps in new product development - CORRECT ANSWER Idea generation
Idea screening
Concept development/testing
Marketing strategy development
Business analysis
Product development
Test marketing
Commercialization
Common mistakes in new product development process - CORRECT ANSWER - When
getting rid of bad ideas [screening] you may accidentally get rid of a good one
- When test marketing, other companies may steal ideas and put them out before you can
