MAR 3023 FSU HOPKINS EXAM 3 (ALL) CORRECT.
Product - (ANSWER)a good, service, or idea- includes installations, guarantees, warranties.
Good - (ANSWER)a tangible, physical entity (iPod).
Service - (ANSWER)intangible, result of application of human/mechanical efforts to people or objects
(concert, oil change).
Idea - (ANSWER)concept, philosophy, image, or issue ("MADD": Mothers Against Drunk Driving).
Consumer Products - (ANSWER)satisfy personal/family needs and are classified by buyer behavior when
purchasing them.
Convenience Product - (ANSWER)not highest quality, inexpensive, frequently purchased product for
which buyers exert minimal purchasing effort.
Shopping Product - (ANSWER)items for which buyers are willing to exert effort in planning/purchasing
(luggage).
Specialty Product - (ANSWER)items with unique characteristics that buyers are willing to expend
considerable effort to get (car).
Unsought Product - (ANSWER)product purchased to solve a sudden problem, people do not necessarily
think of buying these products (we should aim to convert unsought goods to sought goods).
Business Products - (ANSWER)purchased to use for operations, to resell, or for manufacturing of other
product.
Business Services - (ANSWER)intangible products that many organizations use in their operations.
Core Product - (ANSWER)physical/intangible service that the customer receives (generic product).
, MAR 3023 FSU HOPKINS EXAM 3 (ALL) CORRECT.
Branded Product - (ANSWER)core product plus the characteristics that allow customers to differentiate
it from other products (packaging, quality).
Augmented Product - (ANSWER)characteristics that enhance value beyond that of the core/branded
product (warranty).
Marketing Myopia - (ANSWER)businesses do better if they focus on meeting customer needs vs. selling
the product.
Product Mix - (ANSWER)everything a company sells (Coca-Cola makes many other drinks).
Product Line - (ANSWER)closely related products in a brand (Oreo flavors: red velvet, mint, vanilla,
halloween, etc.)
Depth - (ANSWER)the number of different products offered in each product line (Excedrin- 8 different
types).
Breadth - (ANSWER)number of different lines that a company markets (Kellogg makes cereal, crackers,
granola bars, etc.).
Product Life Cycle - (ANSWER)the progression of a product through:
introduction, growth, maturity, and decline.
How do companies extend the PLC? - (ANSWER)sell to new segments (Harley Davidson for women),
promote varied use (Listerine as floor cleaner), reposition (baking soda for fridge odor), improve product
(Wendy's natural cut fries), encourage more use (McDonald's supersize meal).
New Product Development - (ANSWER)very risky... BUT there are many less risky alternatives!
Product - (ANSWER)a good, service, or idea- includes installations, guarantees, warranties.
Good - (ANSWER)a tangible, physical entity (iPod).
Service - (ANSWER)intangible, result of application of human/mechanical efforts to people or objects
(concert, oil change).
Idea - (ANSWER)concept, philosophy, image, or issue ("MADD": Mothers Against Drunk Driving).
Consumer Products - (ANSWER)satisfy personal/family needs and are classified by buyer behavior when
purchasing them.
Convenience Product - (ANSWER)not highest quality, inexpensive, frequently purchased product for
which buyers exert minimal purchasing effort.
Shopping Product - (ANSWER)items for which buyers are willing to exert effort in planning/purchasing
(luggage).
Specialty Product - (ANSWER)items with unique characteristics that buyers are willing to expend
considerable effort to get (car).
Unsought Product - (ANSWER)product purchased to solve a sudden problem, people do not necessarily
think of buying these products (we should aim to convert unsought goods to sought goods).
Business Products - (ANSWER)purchased to use for operations, to resell, or for manufacturing of other
product.
Business Services - (ANSWER)intangible products that many organizations use in their operations.
Core Product - (ANSWER)physical/intangible service that the customer receives (generic product).
, MAR 3023 FSU HOPKINS EXAM 3 (ALL) CORRECT.
Branded Product - (ANSWER)core product plus the characteristics that allow customers to differentiate
it from other products (packaging, quality).
Augmented Product - (ANSWER)characteristics that enhance value beyond that of the core/branded
product (warranty).
Marketing Myopia - (ANSWER)businesses do better if they focus on meeting customer needs vs. selling
the product.
Product Mix - (ANSWER)everything a company sells (Coca-Cola makes many other drinks).
Product Line - (ANSWER)closely related products in a brand (Oreo flavors: red velvet, mint, vanilla,
halloween, etc.)
Depth - (ANSWER)the number of different products offered in each product line (Excedrin- 8 different
types).
Breadth - (ANSWER)number of different lines that a company markets (Kellogg makes cereal, crackers,
granola bars, etc.).
Product Life Cycle - (ANSWER)the progression of a product through:
introduction, growth, maturity, and decline.
How do companies extend the PLC? - (ANSWER)sell to new segments (Harley Davidson for women),
promote varied use (Listerine as floor cleaner), reposition (baking soda for fridge odor), improve product
(Wendy's natural cut fries), encourage more use (McDonald's supersize meal).
New Product Development - (ANSWER)very risky... BUT there are many less risky alternatives!
