MGT 103 Test set 2 Exam Questions and
Answers with Verified Solutions | Latest
Updated 2026
product Good Services and ideas
Goods can be Non-Durable: Consumer
Advertising
Goods can be Durable: Personal Selling
Product Types Convenience Products, Shopping
Products,
Specialty Products, Unsought Products
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 a 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
Product Taxonomy Product Class, Product Form, Product Line
Product Class General Classification, Example: Running
Shoes
Product Form Product Form: Closer Classifications:
Track Spikes
Product Line Variations within the product form, Exp.
Color
Product Mix Collection of Product Lines that a product
line has
Examples: SKU,
Ralph's 35,000 skus
What is a new Product? Functional differences from Existing
Products
Adding new Features to existing products,
Must be careful to avoid feature bloat (too
many
"er" words)
Geek Squad Capitalized an technology
feature
bloat
, Product Concept Inside -> out
core, expected, augmented, Potential
What Ikea did Furniture in America used to be a huge
investment.
Ikea came in and had the product become
disposable.
Positioning Positioning and Reverse Positioning
Positioning (Regular) The place that a brand occupies in the
mind of its
consumers relative to competing brands
Reverse Positioning When a firm positions itself in a way that
runs
counter to the direction in which the rest of
the
market is moving (risky but could pay off)
New things from the Consumer Continuous Innovation, Dynamically
Perspective Continuous
Innovation, Discontinuous Innovation
Continuous Innovation No need to reeducate consumers, Easy
transition
for consumers once aware of the new
features
Answers with Verified Solutions | Latest
Updated 2026
product Good Services and ideas
Goods can be Non-Durable: Consumer
Advertising
Goods can be Durable: Personal Selling
Product Types Convenience Products, Shopping
Products,
Specialty Products, Unsought Products
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 a 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
Product Taxonomy Product Class, Product Form, Product Line
Product Class General Classification, Example: Running
Shoes
Product Form Product Form: Closer Classifications:
Track Spikes
Product Line Variations within the product form, Exp.
Color
Product Mix Collection of Product Lines that a product
line has
Examples: SKU,
Ralph's 35,000 skus
What is a new Product? Functional differences from Existing
Products
Adding new Features to existing products,
Must be careful to avoid feature bloat (too
many
"er" words)
Geek Squad Capitalized an technology
feature
bloat
, Product Concept Inside -> out
core, expected, augmented, Potential
What Ikea did Furniture in America used to be a huge
investment.
Ikea came in and had the product become
disposable.
Positioning Positioning and Reverse Positioning
Positioning (Regular) The place that a brand occupies in the
mind of its
consumers relative to competing brands
Reverse Positioning When a firm positions itself in a way that
runs
counter to the direction in which the rest of
the
market is moving (risky but could pay off)
New things from the Consumer Continuous Innovation, Dynamically
Perspective Continuous
Innovation, Discontinuous Innovation
Continuous Innovation No need to reeducate consumers, Easy
transition
for consumers once aware of the new
features
