MKT 3300 EXAM 2 TERMS UPDATED ACTUAL QUESTIONS
AND CORRECT ANSWERS
Question:
1. 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
Question:
2. Services
Answer:
the intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange
money or something else of value.
Question:
3. Product Line
Answer:
a group of product or service items that are closely related because they satisfy a class of needs, are used
together, are sold to the same customer group, are distributed through the same outlets, or fall within a
given price range.
Question:
4. Product Mix
Answer:
consists of all of the product lines offered by an organization.
Question:
5. 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.
Question:
6. Idea Generation
Answer:
the stage of the new-product process that develops a pool of concepts to serve as candidates for new
products, building upon the previous stage's results. NEW BUZZWORD: "Ideation"
Question:
7. Screening and Evaluation
Answer:
the stage of the new-product process that internally and externally evaluates new-product ideas to
eliminate those that warrant no further effort.
, Question:
8. Business Analysis
Answer:
the stage of the new-product process that specifies the features of the product and the marketing strategy
needed to bring it to market and make financial projections.
Question:
9. Development
Answer:
the stage of the new-product process that turns the idea on paper into a prototype.
Question:
10. Market Testing
Answer:
the stage of the new-product process that exposes actual products to prospective consumers under realistic
purchase conditions to see if they will buy.
Question:
11. Commercialization
Answer:
the stage of the new-product process that positions and launches a new product in full-scale production and
sales.
Question:
12. Product Life Cycle
Answer:
describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and
decline.
Question:
13. Branding
Answer:
a marketing decision in which an organization uses a name, phrase, design, or symbols, or combination of
these to identify its products and distinguish them from those of competitors.
Question:
14. Brand Name
Answer:
any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller's
goods or services.
Question:
15. Trade Name
Answer:
a commercial, legal name under which a company does business.
AND CORRECT ANSWERS
Question:
1. 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
Question:
2. Services
Answer:
the intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange
money or something else of value.
Question:
3. Product Line
Answer:
a group of product or service items that are closely related because they satisfy a class of needs, are used
together, are sold to the same customer group, are distributed through the same outlets, or fall within a
given price range.
Question:
4. Product Mix
Answer:
consists of all of the product lines offered by an organization.
Question:
5. 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.
Question:
6. Idea Generation
Answer:
the stage of the new-product process that develops a pool of concepts to serve as candidates for new
products, building upon the previous stage's results. NEW BUZZWORD: "Ideation"
Question:
7. Screening and Evaluation
Answer:
the stage of the new-product process that internally and externally evaluates new-product ideas to
eliminate those that warrant no further effort.
, Question:
8. Business Analysis
Answer:
the stage of the new-product process that specifies the features of the product and the marketing strategy
needed to bring it to market and make financial projections.
Question:
9. Development
Answer:
the stage of the new-product process that turns the idea on paper into a prototype.
Question:
10. Market Testing
Answer:
the stage of the new-product process that exposes actual products to prospective consumers under realistic
purchase conditions to see if they will buy.
Question:
11. Commercialization
Answer:
the stage of the new-product process that positions and launches a new product in full-scale production and
sales.
Question:
12. Product Life Cycle
Answer:
describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and
decline.
Question:
13. Branding
Answer:
a marketing decision in which an organization uses a name, phrase, design, or symbols, or combination of
these to identify its products and distinguish them from those of competitors.
Question:
14. Brand Name
Answer:
any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller's
goods or services.
Question:
15. Trade Name
Answer:
a commercial, legal name under which a company does business.
