Marketing exam and answers 2026

Marketing exam and answers 2026 Perishability (Services) capacity is lost forever. Services cannot be stored, warehoused, or inventoried; unused 5 Components of Service Quality (RATER) 1) Reliability 2) Responsiveness 3) Assurance 4) Empathy 5) Tangibles Reliability (Service Quality) The ability to perform a service dependably, accurately, and consistently. Most important component to consumers. Responsiveness (Service Quality) customer back quickly). The ability to provide prompt service (e.g., calling a Assurance (Service Quality) The knowledge and courtesy of employees and their ability to convey trust and confidence. Empathy (Service Quality) Caring, individualized attention given to customers. Tangibles (Service Quality) The physical evidence of a service, including facilities, tools, and equipment used to provide it. Gap Model of Service Quality A model identifying 5 gaps that can cause problems in service delivery and influence customer evaluations of service quality. Gap 1 (Service Quality) The gap between what customers want and what management thinks customers want. Caused by insufficient customer research. Gap 2 (Service Quality) The gap between what management thinks customers want and the quality specifications management develops. Gap 3 (Service Quality) is actually provided. Gap 4 (Service Quality) The gap between service quality specifications and the service that The gap between what the company provides and what the customer is told it provides (e.g., misleading advertising). Gap 5 (Service Quality) The gap between the service customers receive and the service they want. Can be positive or negative. Nonprofit Organization An organization that exists to achieve some goal other than profit, market share, or return on investment (e.g., museums, schools, churches, government). Supply Chain The connected chain of all business entities, both internal and external, that perform or support the logistics function. Supply Chain Management A management system that coordinates and integrates all activities performed by supply chain members into a seamless process from source to consumption. Benefits of Effective Supply Chain Management Lower inventory/transportation/warehousing/packaging costs, greater logistical flexibility, improved customer service, and higher revenues. Supply Chain Orientation A system of management practices consistent with a "systems thinking" approach. Firms with this orientation are credible, benevolent, cooperative, top management supported, and effective. Supply Chain Integration When multiple firms or business functions coordinate their activities so they are seamlessly linked to satisfy the customer. Demand-Supply Integration (DSI) A supply chain philosophy that integrates the supply management and demand-generating functions of an organization (e.g., marketing/sales coordinated with purchasing/manufacturing). Marketing Channel (Channel of Distribution) A set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer. Dual/Multiple Distribution target markets. Nontraditional Channels The use of two or more channels to distribute the same product to Non-physical channels (e.g., internet, vending machines) that facilitate unique market access for products and services. Strategic Channel Alliance A cooperative agreement between business firms to use each other's already-established distribution channel. Product Everything, both favorable and unfavorable, that a person receives in an exchange. Can be tangible or intangible (e.g., a service or idea). Business Product A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers. Consumer Product A product bought to satisfy an individual's personal wants or needs. Convenience Product A relatively inexpensive item that merits little shopping effort. Often bought with little planning and requires wide distribution to meet profit goals. Shopping Product A product that requires comparison shopping because it is usually more expensive and found in fewer stores. Consumers compare style, practicality, price, and lifestyle compatibility. Homogeneous Shopping Product A shopping product that is basically similar across brands; consumers mainly compare price. Heterogeneous Shopping Product A shopping product that is essentially different across brands; consumers compare features, style, and quality. Specialty Product A particular item for which consumers search extensively and are very reluctant to accept substitutes. Often has limited distribution and status-conscious advertising. Unsought Product A product unknown to the potential buyer or a known product the buyer does not actively seek. Generally sold via salesperson, direct mail, or direct response advertising. Product Item A specific version of a product that can be designated as a distinct offering among an organization's products. Product Line A group of closely related product items. Product Mix All products that an organization sells. Brand A name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products. Brand Name The part of a brand that can be spoken, including letters, words, and numbers. Brand Mark The elements of a brand that cannot be spoken (e.g., a symbol or logo). Co-branding A branding strategy where two or more companies partner to use each other's brand on a product. Packaging Functions (4) 1) Contain and protect products 2) Promote products 3) Facilitate storage, use, and convenience 4) Facilitate recycling and reduce environmental damage New-to-the-World Product A product that creates an entirely new market. (e.g., Gatorade bottles with smart caps) New Product Lines Products that allow a firm to enter an already-established market for the first time. Additions to Existing Product Lines New products that supplement a firm's already-established product line. Improvements or Revisions Products that are significantly or slightly changed versions of existing products. (e.g., Apple's annual iPhone release) Repositioned Products (e.g., LEGO's appeal to girls)