CMS 341 LECTURE 4 EXAM QUESTIONS WITH 100% VERIFIED CORRECT ANSWERS!!

CMS 341 LECTURE 4 EXAM
QUESTIONS WITH 100% VERIFIED
CORRECT ANSWERS!!
The 4 P's +1

- Product
- Place
- Price
- Promotion
- People

Model of Consumer Behavior

1. Environment
2. Buyer's black box (characteristics, decision process)
3. Response

Core Customer Value

- the core problem-solving
benefits or services. What is
the buyer buying?

Actual Product

- product and service features,
design, quality level, brand name and packaging

Augmented Product

- offering additional consumer services and benefits around the core benefit and actual product,
brand experiences
ex: Customization

Customization

, - the consumer changes the product to fit them (Bespoke Mascara)

Personalization

- the product changes to fit the consumer (Bite Beauty)

Product Line

- group of products that are closely related because
they function in a similar manner, are sold to the same customer groups (sub-brands)

Product Mix

- (product assortment/product portfolio), refers to the total number of product lines/types

Width

- number of different product lines (eyeshadow)

Depth

- number of versions offered for each product in the line (shades)

SWOT Analysis