MKTG 396 Introduction to Marketing Sample
Final Examination Questions with Answer key
100% Correct; Athabasca University
product - -Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need
-service - -an activity, benefit, or satisfaction offered for sale that is essentially
intangible and does not result in the ownership of anything
-Market Offerings - -combination of products, services, information, or experiences
offered to a market to satisfy a need or want
-Marketing Mix - -Product, Price, Place, Promotion
-pure tangible good - -such as soap, toothpaste, or salt - no services accompany
the product
-pure services - -the offer consists solely of service, credit cards for example
-organization marketing - -consists of activities undertaken to create, maintain, or
change the attitudes and behavior of target consumers toward an organization
-Person Marketing - -consists of activities undertaken to create, maintain, or change
attitudes and behavior of target consumers toward particular people
-place marketing - -marketing efforts to attract people and organizations to a
particular geographical area
-idea marketing - -a whole range of public and private organizations market ideas
that are meant to change how people think or act - ex. Molson runs ads against
drinking and driving
-Levels of Products and Services - -1. core customer value
2. actual product
3. augmented product
-core customer value - -the basic problem solving benefits that consumers are
seeking ex. makeup to feel beautiful or phone to be connected
-actual product - -the physical attributes of a product including the brand name,
features/design, quality level, and packaging
-augmented product - -the actual product plus other supporting features such as a
warranty, credit, delivery, installation, and repair service after the sale
-consumer products - -products and services used by people for their personal use
, -convenience products - -a consumer product that customers usually buy
frequently, immediately, and with a minimum of comparison and buying effort ex.
toilet paper
-shopping products - -items for which the consumer compares several alternatives
on criteria such as price, quality, or style ex. cars, major appliances
-specialty products - -items with unique characteristics that buyers are willing to
expend considerable effort to obtain ex. cars, designer clothes
-unsought products - -a consumer product that the consumer either does not know
about or knows about but does not normally think of buying ex. life insurance,
funeral services
-Industrial Products - -a product bought by individuals and organizations for further
processing or for use in conducting a business
-3 groups of industrial products and services - -1. materials and parts
2. capital items
3. supplies and services
-material and parts - -raw materials and manufactured materials and parts. Raw
materials consist of farm products (wheat, cotton, livestock, fruits, vegetables) and
natural products (fish, lumber, crude petroleum, iron ore). Manufactured materials
and parts consist of component materials (iron, yarn, cement, wires) and
component parts (small motors, tires, castings).
-capital items - -industrial products that aid in the buyer's production or operations
ex, installation and accessory equipment, installations consist of major purchases
such a buildings and fixed equipment such as elevators, generators. accessory
equipment such as lift trucks and hand tools, office equipment
-Supplies and services - -include operating supplies, repair and maintenance items,
and business services
-firms can obtain new products in 2 ways - -through acquisitions, and through the
firms new product development
-New Product Development - -the development of original products, product
improvements, product modifications, and new brands through the firm's own
product development efforts
-diffusion of innovation - -A social sciences theory that divides members of a social
group into segment according to how likely they are to adopt a new idea
-Technology Adoption Life Cycle ( Geoffrey Moore ) - -A marketing theory that
proposes that when marketing a technology product, marketers must cross a
chasm, or significant gap, between members of the early adopters segment and
members of the early majority segment before a new product will become
successful
, -Innovators - -those buyers who want to be the first to have the new product or
service
-early adopters - -People who adopt new products early, choose new products
carefully, and are viewed as "the people to check with" by later adopters
-early majority - -individuals who adopt a new product just prior to the average
person
-late majority - -the last group of buyers to enter a new product market; when they
do, the product has achieved its full market potential
-Laggards - -consumers who like to avoid change and rely on traditional products
until they are no longer available
-New Product Development Process - -idea generation, idea screening, concept
development and testing, marketing strategy development, business analysis,
product development, test marketing, commercialization
-idea generation - -The systematic search for new-product ideas - Major sources of
new product ideas include internal sources and external sources such as customers,
competitors, distributors and suppliers, and others
-Crowdsourcing - -inviting broad communities of people - customers, employees,
independent scientists and researchers, and even the public at large - into the new
product innovation process
-Idea Screening - -screening new product ideas to spot good ones and drop poor
ones as soon as possible
-product concept development and screening - -the second step of product
development in which marketers test product ideas for technical and commercial
success
-marketing strategy development - -designing an initial marketing strategy for a
new product based on the product concept - this must answer how where when and
whom the product will be introduced
-business analysis - -a review of the sales, costs, and profit projections for a new
product to find out whether these factors satisfy the company's objectives
-product development - -developing the product concept into a physical product to
ensure that the product idea can be turned into a workable market offering
-test marketing - -the stage of new product development in which the product and
its proposed marketing program are tested in realistic market settings
-Commercialization - -introducing a new product into the market
Final Examination Questions with Answer key
100% Correct; Athabasca University
product - -Anything that can be offered to a market for attention, acquisition, use, or
consumption that might satisfy a want or need
-service - -an activity, benefit, or satisfaction offered for sale that is essentially
intangible and does not result in the ownership of anything
-Market Offerings - -combination of products, services, information, or experiences
offered to a market to satisfy a need or want
-Marketing Mix - -Product, Price, Place, Promotion
-pure tangible good - -such as soap, toothpaste, or salt - no services accompany
the product
-pure services - -the offer consists solely of service, credit cards for example
-organization marketing - -consists of activities undertaken to create, maintain, or
change the attitudes and behavior of target consumers toward an organization
-Person Marketing - -consists of activities undertaken to create, maintain, or change
attitudes and behavior of target consumers toward particular people
-place marketing - -marketing efforts to attract people and organizations to a
particular geographical area
-idea marketing - -a whole range of public and private organizations market ideas
that are meant to change how people think or act - ex. Molson runs ads against
drinking and driving
-Levels of Products and Services - -1. core customer value
2. actual product
3. augmented product
-core customer value - -the basic problem solving benefits that consumers are
seeking ex. makeup to feel beautiful or phone to be connected
-actual product - -the physical attributes of a product including the brand name,
features/design, quality level, and packaging
-augmented product - -the actual product plus other supporting features such as a
warranty, credit, delivery, installation, and repair service after the sale
-consumer products - -products and services used by people for their personal use
, -convenience products - -a consumer product that customers usually buy
frequently, immediately, and with a minimum of comparison and buying effort ex.
toilet paper
-shopping products - -items for which the consumer compares several alternatives
on criteria such as price, quality, or style ex. cars, major appliances
-specialty products - -items with unique characteristics that buyers are willing to
expend considerable effort to obtain ex. cars, designer clothes
-unsought products - -a consumer product that the consumer either does not know
about or knows about but does not normally think of buying ex. life insurance,
funeral services
-Industrial Products - -a product bought by individuals and organizations for further
processing or for use in conducting a business
-3 groups of industrial products and services - -1. materials and parts
2. capital items
3. supplies and services
-material and parts - -raw materials and manufactured materials and parts. Raw
materials consist of farm products (wheat, cotton, livestock, fruits, vegetables) and
natural products (fish, lumber, crude petroleum, iron ore). Manufactured materials
and parts consist of component materials (iron, yarn, cement, wires) and
component parts (small motors, tires, castings).
-capital items - -industrial products that aid in the buyer's production or operations
ex, installation and accessory equipment, installations consist of major purchases
such a buildings and fixed equipment such as elevators, generators. accessory
equipment such as lift trucks and hand tools, office equipment
-Supplies and services - -include operating supplies, repair and maintenance items,
and business services
-firms can obtain new products in 2 ways - -through acquisitions, and through the
firms new product development
-New Product Development - -the development of original products, product
improvements, product modifications, and new brands through the firm's own
product development efforts
-diffusion of innovation - -A social sciences theory that divides members of a social
group into segment according to how likely they are to adopt a new idea
-Technology Adoption Life Cycle ( Geoffrey Moore ) - -A marketing theory that
proposes that when marketing a technology product, marketers must cross a
chasm, or significant gap, between members of the early adopters segment and
members of the early majority segment before a new product will become
successful
, -Innovators - -those buyers who want to be the first to have the new product or
service
-early adopters - -People who adopt new products early, choose new products
carefully, and are viewed as "the people to check with" by later adopters
-early majority - -individuals who adopt a new product just prior to the average
person
-late majority - -the last group of buyers to enter a new product market; when they
do, the product has achieved its full market potential
-Laggards - -consumers who like to avoid change and rely on traditional products
until they are no longer available
-New Product Development Process - -idea generation, idea screening, concept
development and testing, marketing strategy development, business analysis,
product development, test marketing, commercialization
-idea generation - -The systematic search for new-product ideas - Major sources of
new product ideas include internal sources and external sources such as customers,
competitors, distributors and suppliers, and others
-Crowdsourcing - -inviting broad communities of people - customers, employees,
independent scientists and researchers, and even the public at large - into the new
product innovation process
-Idea Screening - -screening new product ideas to spot good ones and drop poor
ones as soon as possible
-product concept development and screening - -the second step of product
development in which marketers test product ideas for technical and commercial
success
-marketing strategy development - -designing an initial marketing strategy for a
new product based on the product concept - this must answer how where when and
whom the product will be introduced
-business analysis - -a review of the sales, costs, and profit projections for a new
product to find out whether these factors satisfy the company's objectives
-product development - -developing the product concept into a physical product to
ensure that the product idea can be turned into a workable market offering
-test marketing - -the stage of new product development in which the product and
its proposed marketing program are tested in realistic market settings
-Commercialization - -introducing a new product into the market
