BMGT 350 Exam 2 Chapters 7-14
UPDATED Exam Questions and
CORRECT Answers
Product - CORRECT ANSWER - Anything that can be offered to a market for attention,
acquisition, use or consumption that might satisfy a want or need
Service - CORRECT ANSWER - an activity, benefit, or satisfaction offered for sale that is
essentially intangible and dose not result in the ownership of anything
Consumer Product - CORRECT ANSWER - a product bought by final consumers for
personal consumption
convenience product - CORRECT ANSWER - a consumer product that customers usually
buy frequently, immediately, and with minimal comparison and buying effort
usually low price, widespread distribution, and mass promotion by the producer
shopping product - CORRECT ANSWER - a consumer product that the customer, in the
process of selecting and purchasing, usually compares on such attributes as suitability, quality,
price, and style
usually a higher price, selective distribution in fewer outlets, and advertising and personal selling
by both the producer and resellers
speciality product - CORRECT ANSWER - a consumer product with unique
characteristics or brand identification for which a significant group of buyers is willing to make a
special purchase effort
usually a high price, exclusive distribution in only one or a few outlets per market area, and ore
carefully targeted promotion by both the producer and reseller
unsought product - CORRECT ANSWER - a consumer product that the consumer either
does not know about or knows about but does not normally consider buying
,usually aggressive advertising and personal selling by the producer and resellers with little
product awareness of knowledge
industrial product - CORRECT ANSWER - a product bought by individuals and
organizations for further processing or for use in conducting a business
social marketing - CORRECT ANSWER - using traditional business marketing concepts
and tools to create behaviors that will crate individual and societal well-being
product quality - CORRECT ANSWER - the characteristics of a product or service that
bear on its ability to satisfy stated or implied customer needs
brand - CORRECT ANSWER - a name, term, sign, symbol, or design or a combination of
these that identifies the products or services of one seller or group of sellers and differentiates
them from those of competitors
packaging - CORRECT ANSWER - the activities of designing and producing the
container or wrapper for a product
product line - CORRECT ANSWER - a group of products that are closely related because
they function in a similar manner, are sold to the same customer groups, are marketed through
the same types of outlets, or fall within given price ranges
Product Mix/Product portfolio - CORRECT ANSWER - the set of all product lines and
items that a particular seller offers for sale
service intangibility - CORRECT ANSWER - services cannot be seen, tasted, felt, heard,
or smelled before they are bought
service inseparability - CORRECT ANSWER - services are produced and consumed at the
same time and cannot be separated from their providers
, service variability - CORRECT ANSWER - the quality of services may vary greatly
depending on who provides them and when, and how they are provided
service perishability - CORRECT ANSWER - services cannot be stored for later sale or
use
service profit chain - CORRECT ANSWER - the chain that inks service firm profits with
employee and customer satisfaction
internal marketing - CORRECT ANSWER - orienting and motivating customer-contact
employees and supporting service employees to work as a team to provide customer satisfaction
interactive marketing - CORRECT ANSWER - training service employees in the fine art
of interacting with customers to satisfy their needs
brand equity - CORRECT ANSWER - the differential effect that knowing the brand name
has on customer response to the product and its marketing
brand value - CORRECT ANSWER - the total financial value of a brand
store brand (private brand) - CORRECT ANSWER - a brand created and owned by a
reseller of a product or service
co-branding - CORRECT ANSWER - the practice of using the established brand names of
two different companies on the same product
line extension - CORRECT ANSWER - extending an existing brand name to new forms,
colors, sizes, ingredients, or flavors of an existing product category
UPDATED Exam Questions and
CORRECT Answers
Product - CORRECT ANSWER - Anything that can be offered to a market for attention,
acquisition, use or consumption that might satisfy a want or need
Service - CORRECT ANSWER - an activity, benefit, or satisfaction offered for sale that is
essentially intangible and dose not result in the ownership of anything
Consumer Product - CORRECT ANSWER - a product bought by final consumers for
personal consumption
convenience product - CORRECT ANSWER - a consumer product that customers usually
buy frequently, immediately, and with minimal comparison and buying effort
usually low price, widespread distribution, and mass promotion by the producer
shopping product - CORRECT ANSWER - a consumer product that the customer, in the
process of selecting and purchasing, usually compares on such attributes as suitability, quality,
price, and style
usually a higher price, selective distribution in fewer outlets, and advertising and personal selling
by both the producer and resellers
speciality product - CORRECT ANSWER - a consumer product with unique
characteristics or brand identification for which a significant group of buyers is willing to make a
special purchase effort
usually a high price, exclusive distribution in only one or a few outlets per market area, and ore
carefully targeted promotion by both the producer and reseller
unsought product - CORRECT ANSWER - a consumer product that the consumer either
does not know about or knows about but does not normally consider buying
,usually aggressive advertising and personal selling by the producer and resellers with little
product awareness of knowledge
industrial product - CORRECT ANSWER - a product bought by individuals and
organizations for further processing or for use in conducting a business
social marketing - CORRECT ANSWER - using traditional business marketing concepts
and tools to create behaviors that will crate individual and societal well-being
product quality - CORRECT ANSWER - the characteristics of a product or service that
bear on its ability to satisfy stated or implied customer needs
brand - CORRECT ANSWER - a name, term, sign, symbol, or design or a combination of
these that identifies the products or services of one seller or group of sellers and differentiates
them from those of competitors
packaging - CORRECT ANSWER - the activities of designing and producing the
container or wrapper for a product
product line - CORRECT ANSWER - a group of products that are closely related because
they function in a similar manner, are sold to the same customer groups, are marketed through
the same types of outlets, or fall within given price ranges
Product Mix/Product portfolio - CORRECT ANSWER - the set of all product lines and
items that a particular seller offers for sale
service intangibility - CORRECT ANSWER - services cannot be seen, tasted, felt, heard,
or smelled before they are bought
service inseparability - CORRECT ANSWER - services are produced and consumed at the
same time and cannot be separated from their providers
, service variability - CORRECT ANSWER - the quality of services may vary greatly
depending on who provides them and when, and how they are provided
service perishability - CORRECT ANSWER - services cannot be stored for later sale or
use
service profit chain - CORRECT ANSWER - the chain that inks service firm profits with
employee and customer satisfaction
internal marketing - CORRECT ANSWER - orienting and motivating customer-contact
employees and supporting service employees to work as a team to provide customer satisfaction
interactive marketing - CORRECT ANSWER - training service employees in the fine art
of interacting with customers to satisfy their needs
brand equity - CORRECT ANSWER - the differential effect that knowing the brand name
has on customer response to the product and its marketing
brand value - CORRECT ANSWER - the total financial value of a brand
store brand (private brand) - CORRECT ANSWER - a brand created and owned by a
reseller of a product or service
co-branding - CORRECT ANSWER - the practice of using the established brand names of
two different companies on the same product
line extension - CORRECT ANSWER - extending an existing brand name to new forms,
colors, sizes, ingredients, or flavors of an existing product category
