MKT 3300 EXAM 2 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 customers
Question:
2. classification of goods by durability
Answer:
nondurable and durable goods
Question:
3. nondurable goods
Answer:
consumed in one or few uses, inexpensive, purchased frequently
Question:
4. durable goods
Answer:
usually last over many uses, costs more
Question:
5. what are the two types of products
Answer:
consumer and business products
Question:
6. types of consumer products
Answer:
convenience, shopping, specialty, and unsought products
Question:
7. types of business products
Answer:
components and support products
Question:
8. what are convenience products
Answer:
purchased frequently, conveniently, minimum shopping effort, wide distribution, relatively inexpensive ie.
toothpaste, candy, bread
, Question:
9. what are shopping products
Answer:
consumers compare several alternatives on price, quality, style, etc. more selective distribution. ie.
cameras, TVs
Question:
10. what are specialty products
Answer:
consumer makes a special effort to search and buy. very limited distribution. ie. luxury cars, designer bags
Question:
11. what are unsought products
Answer:
items that are not known about or not wanted initially. very infrequent purchase, no immediate benefit,
some comparison shopping, awareness is essential, very new products, price varies. ie. burial insurances
Question:
12. product item
Answer:
a specific product that has a unique brand, size, or price
Question:
13. product line
Answer:
a group of product 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:
14. product mix
Answer:
consists of ALL PRODUCT LINES offered by an organization
Question:
15. product line extension
Answer:
an incremental improvement of an existing product line; least risk, ie. adding a new cat-food to the existing
cat-food product line
Question:
16. brand extension
Answer:
using existing brand name to introduce a new product into an unfamiliar market; more risky
Question:
17. true innovation, a radical invention
CORRECT ANSWERS
Question:
1. product
Answer:
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies customers
Question:
2. classification of goods by durability
Answer:
nondurable and durable goods
Question:
3. nondurable goods
Answer:
consumed in one or few uses, inexpensive, purchased frequently
Question:
4. durable goods
Answer:
usually last over many uses, costs more
Question:
5. what are the two types of products
Answer:
consumer and business products
Question:
6. types of consumer products
Answer:
convenience, shopping, specialty, and unsought products
Question:
7. types of business products
Answer:
components and support products
Question:
8. what are convenience products
Answer:
purchased frequently, conveniently, minimum shopping effort, wide distribution, relatively inexpensive ie.
toothpaste, candy, bread
, Question:
9. what are shopping products
Answer:
consumers compare several alternatives on price, quality, style, etc. more selective distribution. ie.
cameras, TVs
Question:
10. what are specialty products
Answer:
consumer makes a special effort to search and buy. very limited distribution. ie. luxury cars, designer bags
Question:
11. what are unsought products
Answer:
items that are not known about or not wanted initially. very infrequent purchase, no immediate benefit,
some comparison shopping, awareness is essential, very new products, price varies. ie. burial insurances
Question:
12. product item
Answer:
a specific product that has a unique brand, size, or price
Question:
13. product line
Answer:
a group of product 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:
14. product mix
Answer:
consists of ALL PRODUCT LINES offered by an organization
Question:
15. product line extension
Answer:
an incremental improvement of an existing product line; least risk, ie. adding a new cat-food to the existing
cat-food product line
Question:
16. brand extension
Answer:
using existing brand name to introduce a new product into an unfamiliar market; more risky
Question:
17. true innovation, a radical invention
