MGT 103 - Bates Final Exam | Questions & Answers (100 %Score) Latest Updated
2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions
non durable goods - goods that last a short period of time - consumer and advertising
durable goods - things that last for a while - personal and selling
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 class - the entire product category or industry (sneakers)
product form - different versions of the greater category (running shoes vs climbing shoes)
Product line - subtle feature variations, different colors
product mix - all products that an organization sells
SKU (stock Keeping units) - identification numbers of each item being purchased
New product - function differences, adding new features to existing products
,the product concept -
Positioning - 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; withhold attributes that competitors consider necessary to compete
Continuous Innovation - No need to reeducate consumers
Easy transition for consumers once aware of the new features
Dynamically Continuous Innovation - Minor changes in consumer behavior needed
Marketers educate consumers on use and benefits
Discontinuous Innovation - Consumers must learn entirely new consumption patterns
Marketers must gain awareness from consumers
Marketers must educate about benefits and proper use of an innovative product
Most expensive type of product innovation from a marketer's perspective
Product line extension - adding additional products to an existing product line in order to compete more
broadly in the industry
jump in innovation - significant jump in innovation or technology
brand extension - extending an existing brand name to new product categories
radical innovation - a new product, service, or technology that completely replaces an existing one
What Makes a Successful New Product Launch (Or Failure)? - • Not satisfying a critical consumer need or
expectation
• Bad Timing; Too soon or too late to market as Consumer tastes change
,• No access to buyers
• Poor Product Quality
• Poor execution of the marketing mix
• Little market attractiveness; Market is too small & too competitive
Product Life Cycle - Trial
Primary Demand Selective Demand Skimming Pricing Penetration Pricing
"crossing the chasm" - a gap between visionary customers who adopt early and pragmatist customers
who take a "wait and see" approach
Brand Name - Words, shapes, sounds, or combination thereof to distinguish a seller's products/services
trade name - commercial, legal name a company does business under
trademark - legally registered for exclusive use by the trademark owner
trade dress - visual appearance and feel of a product or package that signifies its source to consumers. It
is considered intellectual property and may be protected by law
brandy personality - set of human characteristics attributed to a brand
Brand Equity - the added value that a brand name gives beyond the functional benefits
branding strategy -
Family branding - marketing several different products under the same brand name
individual (multibranding) -
, private label - Merchandise developed for a given store and displaying that store's label.
mixed branding - a branding strategy where a firm markets products under its own name(s) and that of a
reseller because the segment attracted to the reseller is different from its own market
Intangibility - They cannot be held, touched, or seen before experience
• Marketers try to make services feel more tangible
• Demonstrate the benefit
inconsisitency - Services depend on people who vary in capability and day-to-day performance
• Marketers focus on training and standardization
inseparability - Consumers do not separate the service deliverer from the service itself
• Value is co-created
inventory - Costs are more subjective than with products
Inventory cost for a service is the cost of the provider plus needed equipment
Idle capacity may mean reduced labor hours or commission based pay
product continuum -
Service quality -
7 P's of Marketing - product, price, place, promotion, people, physical environment, process
Price - the money or other considerations (including other products and services) exchanged for the
ownership or use of a product or service
2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions
non durable goods - goods that last a short period of time - consumer and advertising
durable goods - things that last for a while - personal and selling
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 class - the entire product category or industry (sneakers)
product form - different versions of the greater category (running shoes vs climbing shoes)
Product line - subtle feature variations, different colors
product mix - all products that an organization sells
SKU (stock Keeping units) - identification numbers of each item being purchased
New product - function differences, adding new features to existing products
,the product concept -
Positioning - 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; withhold attributes that competitors consider necessary to compete
Continuous Innovation - No need to reeducate consumers
Easy transition for consumers once aware of the new features
Dynamically Continuous Innovation - Minor changes in consumer behavior needed
Marketers educate consumers on use and benefits
Discontinuous Innovation - Consumers must learn entirely new consumption patterns
Marketers must gain awareness from consumers
Marketers must educate about benefits and proper use of an innovative product
Most expensive type of product innovation from a marketer's perspective
Product line extension - adding additional products to an existing product line in order to compete more
broadly in the industry
jump in innovation - significant jump in innovation or technology
brand extension - extending an existing brand name to new product categories
radical innovation - a new product, service, or technology that completely replaces an existing one
What Makes a Successful New Product Launch (Or Failure)? - • Not satisfying a critical consumer need or
expectation
• Bad Timing; Too soon or too late to market as Consumer tastes change
,• No access to buyers
• Poor Product Quality
• Poor execution of the marketing mix
• Little market attractiveness; Market is too small & too competitive
Product Life Cycle - Trial
Primary Demand Selective Demand Skimming Pricing Penetration Pricing
"crossing the chasm" - a gap between visionary customers who adopt early and pragmatist customers
who take a "wait and see" approach
Brand Name - Words, shapes, sounds, or combination thereof to distinguish a seller's products/services
trade name - commercial, legal name a company does business under
trademark - legally registered for exclusive use by the trademark owner
trade dress - visual appearance and feel of a product or package that signifies its source to consumers. It
is considered intellectual property and may be protected by law
brandy personality - set of human characteristics attributed to a brand
Brand Equity - the added value that a brand name gives beyond the functional benefits
branding strategy -
Family branding - marketing several different products under the same brand name
individual (multibranding) -
, private label - Merchandise developed for a given store and displaying that store's label.
mixed branding - a branding strategy where a firm markets products under its own name(s) and that of a
reseller because the segment attracted to the reseller is different from its own market
Intangibility - They cannot be held, touched, or seen before experience
• Marketers try to make services feel more tangible
• Demonstrate the benefit
inconsisitency - Services depend on people who vary in capability and day-to-day performance
• Marketers focus on training and standardization
inseparability - Consumers do not separate the service deliverer from the service itself
• Value is co-created
inventory - Costs are more subjective than with products
Inventory cost for a service is the cost of the provider plus needed equipment
Idle capacity may mean reduced labor hours or commission based pay
product continuum -
Service quality -
7 P's of Marketing - product, price, place, promotion, people, physical environment, process
Price - the money or other considerations (including other products and services) exchanged for the
ownership or use of a product or service
