UF MAR3023 EXAM 2 | INTRO TO MARKETING EXAM 2 TERMS | 2026 UPDATE | VERIFIED |
100% CORRECT
Product - (ANSWER)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 - (ANSWER)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 - (ANSWER)an item consumed in one or a few uses, such as food products and fuel
Durable good - (ANSWER)one that usually lasts over many uses, such as appliances, cars, and mobile
phones
Idea - (ANSWER)a thought that leads to a product or action, such as a concept for a new invention or
getting people to vote
Consumer products - (ANSWER)products purchased by the ultimate consumer
Convenience products - (ANSWER)items that the consumer purchases frequently, conveniently, and
with a minimum of shopping effort
Shopping products - (ANSWER)items for which the consumer compares several alternatives on criteria
such as price, quality or style
Specialty products - (ANSWER)items that the consumer makes a special effort to search out and buy
Unsought products - (ANSWER)items that the consumer does not know about or knows about but does
not initially want
Business products - (ANSWER)products organizations buy that assist in providing other products for
resale
,UF MAR3023 EXAM 2 | INTRO TO MARKETING EXAM 2 TERMS | 2026 UPDATE | VERIFIED |
100% CORRECT
Derived demand - (ANSWER)sales of business products frequently result (or are derived) from the sale of
consumer products
Components - (ANSWER)items that become part of the final product (ex: raw materials or parts)
Support products - (ANSWER)items used to assist in producing other goods and services
Product item - (ANSWER)a specific product that has a unique brand, size, or price
Stock keeping unit (SKU) - (ANSWER)a unique identification number that defines an item for ordering or
inventory purposes
Product line - (ANSWER)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 - (ANSWER)consists of all of the product lines offered by an organization
Continuous innovation - (ANSWER)product that requires no new learning by consumers
Dynamically continuous innovation - (ANSWER)product that disrupts consumer's normal routine but
does not require totally new learning
Discontinuous innovation - (ANSWER)product that requires new learning and consumption patterns by
consumers
, UF MAR3023 EXAM 2 | INTRO TO MARKETING EXAM 2 TERMS | 2026 UPDATE | VERIFIED |
100% CORRECT
Protocol - (ANSWER)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 - (ANSWER)the seven stages an organization goes through to identify business
opportunities and convert them into salable products or services
New-product strategy development - (ANSWER)defines the role for a new product in terms of the firm's
overall objectives
Idea generation - (ANSWER)involves developing a pool of concepts to serve as candidates for new
products, building upon the previous stage's results
Open innovation - (ANSWER)where an organization finds and executes creative new-product ideas by
developing strategic relationships with outside individuals and organizations
Crowdsourcing - (ANSWER)involves generating insights leading to actions based on massive numbers of
people's ideas
Screening and evaluation - (ANSWER)the stage that internally and externally evaluates new-product
ideas to eliminate those that warrant no further effort
Feasibility screen - (ANSWER)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
Concept test - (ANSWER)external evaluations with consumers that consist of preliminary testing of a
new-product idea rather than an actual product; more useful with minor modification of existing
products rather than new, innovative products
100% CORRECT
Product - (ANSWER)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 - (ANSWER)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 - (ANSWER)an item consumed in one or a few uses, such as food products and fuel
Durable good - (ANSWER)one that usually lasts over many uses, such as appliances, cars, and mobile
phones
Idea - (ANSWER)a thought that leads to a product or action, such as a concept for a new invention or
getting people to vote
Consumer products - (ANSWER)products purchased by the ultimate consumer
Convenience products - (ANSWER)items that the consumer purchases frequently, conveniently, and
with a minimum of shopping effort
Shopping products - (ANSWER)items for which the consumer compares several alternatives on criteria
such as price, quality or style
Specialty products - (ANSWER)items that the consumer makes a special effort to search out and buy
Unsought products - (ANSWER)items that the consumer does not know about or knows about but does
not initially want
Business products - (ANSWER)products organizations buy that assist in providing other products for
resale
,UF MAR3023 EXAM 2 | INTRO TO MARKETING EXAM 2 TERMS | 2026 UPDATE | VERIFIED |
100% CORRECT
Derived demand - (ANSWER)sales of business products frequently result (or are derived) from the sale of
consumer products
Components - (ANSWER)items that become part of the final product (ex: raw materials or parts)
Support products - (ANSWER)items used to assist in producing other goods and services
Product item - (ANSWER)a specific product that has a unique brand, size, or price
Stock keeping unit (SKU) - (ANSWER)a unique identification number that defines an item for ordering or
inventory purposes
Product line - (ANSWER)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 - (ANSWER)consists of all of the product lines offered by an organization
Continuous innovation - (ANSWER)product that requires no new learning by consumers
Dynamically continuous innovation - (ANSWER)product that disrupts consumer's normal routine but
does not require totally new learning
Discontinuous innovation - (ANSWER)product that requires new learning and consumption patterns by
consumers
, UF MAR3023 EXAM 2 | INTRO TO MARKETING EXAM 2 TERMS | 2026 UPDATE | VERIFIED |
100% CORRECT
Protocol - (ANSWER)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 - (ANSWER)the seven stages an organization goes through to identify business
opportunities and convert them into salable products or services
New-product strategy development - (ANSWER)defines the role for a new product in terms of the firm's
overall objectives
Idea generation - (ANSWER)involves developing a pool of concepts to serve as candidates for new
products, building upon the previous stage's results
Open innovation - (ANSWER)where an organization finds and executes creative new-product ideas by
developing strategic relationships with outside individuals and organizations
Crowdsourcing - (ANSWER)involves generating insights leading to actions based on massive numbers of
people's ideas
Screening and evaluation - (ANSWER)the stage that internally and externally evaluates new-product
ideas to eliminate those that warrant no further effort
Feasibility screen - (ANSWER)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
Concept test - (ANSWER)external evaluations with consumers that consist of preliminary testing of a
new-product idea rather than an actual product; more useful with minor modification of existing
products rather than new, innovative products
