UF MAR3023 Exam 2 |163 Questions with Solutions
(Intro to Marketing Exam 2 Terms)
Product - -a good, service, or idea consisting of a bundle of tangible and intangible
attributes that satisfies consumers' needs and is received in exchange for money or
something else of value
-Good - -has tangible attributes that a consumer's five senses can perceive (ex: iPad); it
may also have intangible attributes consisting of its delivery or warranties and embody
more abstract concepts, such as becoming healthier or wealthier
-Nondurable good - -an item consumed in one or a few uses, such as food products and
fuel
-Durable good - -one that usually lasts over many uses, such as appliances, cars, and
mobile phones
-Idea - -a thought that leads to a product or action, such as a concept for a new invention
or getting people to vote
-Consumer products - -products purchased by the ultimate consumer
-Convenience products - -items that the consumer purchases frequently, conveniently, and
with a minimum of shopping effort
-Shopping products - -items for which the consumer compares several alternatives on
criteria such as price, quality or style
-Specialty products - -items that the consumer makes a special effort to search out and
buy
-Unsought products - -items that the consumer does not know about or knows about but
does not initially want
-Business products - -products organizations buy that assist in providing other products
for resale
-Derived demand - -sales of business products frequently result (or are derived) from the
sale of consumer products
-Components - -items that become part of the final product (ex: raw materials or parts)
-Support products - -items used to assist in producing other goods and services
-Product item - -a specific product that has a unique brand, size, or price
, -Stock keeping unit (SKU) - -a unique identification number that defines an item for
ordering or inventory purposes
-Product line - -a group of product or service items that are closely related because they
satisfy a class of needs, a used together, are sold to the same customer group, are
distributed through the same outlets, or fall within a given price range
-Product mix - -consists of all of the product lines offered by an organization
-Continuous innovation - -product that requires no new learning by consumers
-Dynamically continuous innovation - -product that disrupts consumer's normal routine
but does not require totally new learning
-Discontinuous innovation - -product that requires new learning and consumption
patterns by consumers
-Protocol - -a statement that, before product development begins, identifies 1) a well-
defined target market, 2) specific customers' needs, wants and preferences, and 3) what
the product will be and do to satisfy consumers
-New-Product Process - -the seven stages an organization goes through to identify
business opportunities and convert them into salable products or services
-New-product strategy development - -defines the role for a new product in terms of the
firm's overall objectives
-Idea generation - -involves developing a pool of concepts to serve as candidates for new
products, building upon the previous stage's results
-Open innovation - -where an organization finds and executes creative new-product ideas
by developing strategic relationships with outside individuals and organizations
-Crowdsourcing - -involves generating insights leading to actions based on massive
numbers of people's ideas
-Screening and evaluation - -the stage that internally and externally evaluates new-
product ideas to eliminate those that warrant no further effort
-Feasibility screen - -internal approach where the firm's employees evaluate the technical
feasibility of a proposed new product idea to determine whether it meets the objectives
defined in the new-product strategy development stage
(Intro to Marketing Exam 2 Terms)
Product - -a good, service, or idea consisting of a bundle of tangible and intangible
attributes that satisfies consumers' needs and is received in exchange for money or
something else of value
-Good - -has tangible attributes that a consumer's five senses can perceive (ex: iPad); it
may also have intangible attributes consisting of its delivery or warranties and embody
more abstract concepts, such as becoming healthier or wealthier
-Nondurable good - -an item consumed in one or a few uses, such as food products and
fuel
-Durable good - -one that usually lasts over many uses, such as appliances, cars, and
mobile phones
-Idea - -a thought that leads to a product or action, such as a concept for a new invention
or getting people to vote
-Consumer products - -products purchased by the ultimate consumer
-Convenience products - -items that the consumer purchases frequently, conveniently, and
with a minimum of shopping effort
-Shopping products - -items for which the consumer compares several alternatives on
criteria such as price, quality or style
-Specialty products - -items that the consumer makes a special effort to search out and
buy
-Unsought products - -items that the consumer does not know about or knows about but
does not initially want
-Business products - -products organizations buy that assist in providing other products
for resale
-Derived demand - -sales of business products frequently result (or are derived) from the
sale of consumer products
-Components - -items that become part of the final product (ex: raw materials or parts)
-Support products - -items used to assist in producing other goods and services
-Product item - -a specific product that has a unique brand, size, or price
, -Stock keeping unit (SKU) - -a unique identification number that defines an item for
ordering or inventory purposes
-Product line - -a group of product or service items that are closely related because they
satisfy a class of needs, a used together, are sold to the same customer group, are
distributed through the same outlets, or fall within a given price range
-Product mix - -consists of all of the product lines offered by an organization
-Continuous innovation - -product that requires no new learning by consumers
-Dynamically continuous innovation - -product that disrupts consumer's normal routine
but does not require totally new learning
-Discontinuous innovation - -product that requires new learning and consumption
patterns by consumers
-Protocol - -a statement that, before product development begins, identifies 1) a well-
defined target market, 2) specific customers' needs, wants and preferences, and 3) what
the product will be and do to satisfy consumers
-New-Product Process - -the seven stages an organization goes through to identify
business opportunities and convert them into salable products or services
-New-product strategy development - -defines the role for a new product in terms of the
firm's overall objectives
-Idea generation - -involves developing a pool of concepts to serve as candidates for new
products, building upon the previous stage's results
-Open innovation - -where an organization finds and executes creative new-product ideas
by developing strategic relationships with outside individuals and organizations
-Crowdsourcing - -involves generating insights leading to actions based on massive
numbers of people's ideas
-Screening and evaluation - -the stage that internally and externally evaluates new-
product ideas to eliminate those that warrant no further effort
-Feasibility screen - -internal approach where the firm's employees evaluate the technical
feasibility of a proposed new product idea to determine whether it meets the objectives
defined in the new-product strategy development stage
