MAR 3023 FSU BRADY EXAM 3 STUDY GUIDE 2025/2026 ACCURATE QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES || 100% GUARANTEED PASS <BRAND NEW VERSION>

MAR 3023 FSU BRADY EXAM 3 STUDY GUIDE 2025/2026 ACCURATE QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES || 100% GUARANTEED PASS &lt;BRAND NEW VERSION&gt; 1. Product - ANSWER A good, service, idea; (or a combination of two or more of these) 2. Goods - ANSWER A tangible, physical entity 3. Services - ANSWER An intangible, result of application of human and mechanical efforts to people or objects (hybrids) A "deed, process, or performance." 4. Ideas - ANSWER Concept, philosophy, image or issue 5. Consumer Product - ANSWER Purchased to satisfy personal and family needs and are classified according to how buyers generally behave when purchasing them. Business to consumer 6. Business Products - ANSWER Purchased to use for operations, to resell, or to use in manufacture of other products. Most products are produced in the U.S. are for other businesses. Business to business 7. Core Products - ANSWER Are the physical or intangible service that the customer receives 8. Branded Products - ANSWER Are the core products plus the characteristics that allow the consumer to differentiate it from similar products. 9. Augmented Products - ANSWER Have characteristics that enhance value beyond that of the core and branded product 10. Product Mix - ANSWER All of the products a company sells. 11. Product Line - ANSWER Consists of the closely related products marketed by an organization. 12. Apparel - ANSWER The Gap, J.Crew, and Abercrombie and Fitch 13. Extreme Value Retailers - ANSWER Dollar Tree 14. Franchising - ANSWER Generally refers to using/leasing/buying the business model of a successful firm 15. Scent - ANSWER You know it because you can smell it (i.e. A&F) 16. Music - ANSWER Slower tempo, low volume encourage leisure, and people tend to spend more 17. Color - ANSWER Influences customer perceptions 18. Atmospherics - ANSWER Scent, music, and color 19. Slotting Fees - ANSWER A charge to manufacturers to have their products placed on shelves 20. Waiting Time - ANSWER Since the last thing people remember is the checkout line, managing waiting time is crucial 21. •sometimes the look of being busy is the buzz that a company wants 22. Non-traditional Retailers - ANSWER Purchasing via mail, telephone, the Internet, or other means 23. Which of the following is NOT an example of how to extend a product's life cycle? - ANSWER Apple using intensive personal selling for the old versions of the iPhone 24. A(n) ______________ is a very large specialty store that competes based on lower prices and enormous product availability. - ANSWER Category killer 25. Proctor and Gamble sell a wide range of products including Pampers baby diapers, Pringles chips, and Head and Shoulders Shampoo. The term for all of the different products that a company sells is ______________. - ANSWER Product Mix 26. Dr. Pepper branded beef marinade is an example of a(n) ______. - ANSWER Brand extension 27. Mike's Retail Outlet has just entered the retail market, and they offer low prices on a few services. The wheel of retailing suggests that - ANSWER Mike's is likely to evolve over time to offer more services at higher prices 28. Susan is purchasing a Sony laptop that is made with an Intel chip. The laptop has both the Sony and Intel logos on the laptop. This is an example of: - ANSWER Co-branding 29. Business - ANSWER The clear, broad, underlain industry or market sector of an organization's offering. 30. Business Model - ANSWER The strategies an organization develops to provide value to the customers it serves. 31. Business Portfolio Analysis - ANSWER A technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units as though they were a collection of separate investments. 32. Calculating segment profitability - ANSWER Segment size x segment adoption percentage x purchase behavior (x amount of times purchased per year) x profit margin % - Fixed costs 33. Calculating market share ratios - ANSWER company's sales / total market share x 100 34. Changing product mix breadth - ANSWER Decrease: to address changing market conditions or meet internal strategic priorities (ex: to focus on a different product line) Increase: to capture new or evolving markets and increase sales (ex: adding a new line of jam products to compliment its bread line) 35. Top 5 global brands in order - ANSWER 1. Apple 2. Google 3. Microsoft 4. Coke 5. Amazon 36. Changing product assortment depth - ANSWER Increase: changing consumer preference or to preempt competitors while boosting sales Decrease: realign firms resources. eliminate unprofitable and low margin items 37. Advantages to using the same brand name for new products - ANSWER Brand is already established; spend less on consumer awareness and brand association -Perception can carry over -synergy between existing products can increase sales 38. What firms should consider in order to prevent negative consequences of brand extensions - ANSWER - evaluate the fit between the product class of the core brand and the extension -evaluate perception of core brand attributes and apply to extension -refrain from overally extending the brand into too many products and categories -should consider if brand extension distances from core