MGT 103 Chapter 10 Exam Questions
and Answers
product - Answer-good or service created to have value and satisfy customer needs
can be exchanged for something else of value/money
nondurable/durable good - Answer-goods that can be used right away/lasts over a
period of time
services - Answer-intangible activities an organization provides for money/something of
value
consumer/business products - Answer-items bought by consumers/products used to
assist other products for resale
convenience product - Answer-purchased frequently and convenient access
shopping product - Answer-items where consumer takes time to compare price, quality,
style
specialty products - Answer-items customers make a special effort to look for and buy
unsought products - Answer-not actively looked for, wanted, or known
derived demand - Answer-sales of business products based on sale of consumer
products
i.e. increased purchase of cars will increase purchase of spray paint for cars
product item - Answer-specific product that has unique price/brand/size
product line - Answer-group of products that are closely related to satisfy a class of
needs
i.e. Nike
product mix - Answer-includes all product lines
continuous innovation - Answer-consumer doesn't have to learn anything new really
i.e. new and improved toothpaste, new attributes
dynamically continuous innovation - Answer-only minor changes in behavior for product
i.e. electric toothbrush
discontinuous innovation - Answer-consumer must learn about a new product
completely
and Answers
product - Answer-good or service created to have value and satisfy customer needs
can be exchanged for something else of value/money
nondurable/durable good - Answer-goods that can be used right away/lasts over a
period of time
services - Answer-intangible activities an organization provides for money/something of
value
consumer/business products - Answer-items bought by consumers/products used to
assist other products for resale
convenience product - Answer-purchased frequently and convenient access
shopping product - Answer-items where consumer takes time to compare price, quality,
style
specialty products - Answer-items customers make a special effort to look for and buy
unsought products - Answer-not actively looked for, wanted, or known
derived demand - Answer-sales of business products based on sale of consumer
products
i.e. increased purchase of cars will increase purchase of spray paint for cars
product item - Answer-specific product that has unique price/brand/size
product line - Answer-group of products that are closely related to satisfy a class of
needs
i.e. Nike
product mix - Answer-includes all product lines
continuous innovation - Answer-consumer doesn't have to learn anything new really
i.e. new and improved toothpaste, new attributes
dynamically continuous innovation - Answer-only minor changes in behavior for product
i.e. electric toothbrush
discontinuous innovation - Answer-consumer must learn about a new product
completely
