BMGT 350 Exam 2 Chapters 7-14
questions well answered to pass
Product - correct answer ✔✔Anything that can be offered to a market for attention, acquisition,
use or consumption that might satisfy a want or need
Service - correct answer ✔✔an activity, benefit, or satisfaction offered for sale that is essentially
intangible and dose not result in the ownership of anything
Consumer Product - correct answer ✔✔a product bought by final consumers for personal
consumption
convenience product - correct answer ✔✔a consumer product that customers usually buy
frequently, immediately, and with minimal comparison and buying effort
usually low price, widespread distribution, and mass promotion by the producer
shopping product - correct answer ✔✔a consumer product that the customer, in the process of
selecting and purchasing, usually compares on such attributes as suitability, quality, price, and
style
usually a higher price, selective distribution in fewer outlets, and advertising and personal
selling by both the producer and resellers
speciality product - correct answer ✔✔a consumer product with unique characteristics or brand
identification for which a significant group of buyers is willing to make a special purchase effort
usually a high price, exclusive distribution in only one or a few outlets per market area, and ore
carefully targeted promotion by both the producer and reseller
,unsought product - correct answer ✔✔a consumer product that the consumer either does not
know about or knows about but does not normally consider buying
usually aggressive advertising and personal selling by the producer and resellers with little
product awareness of knowledge
industrial product - correct answer ✔✔a product bought by individuals and organizations for
further processing or for use in conducting a business
social marketing - correct answer ✔✔using traditional business marketing concepts and tools to
create behaviors that will crate individual and societal well-being
product quality - correct answer ✔✔the characteristics of a product or service that bear on its
ability to satisfy stated or implied customer needs
brand - correct answer ✔✔a name, term, sign, symbol, or design or a combination of these that
identifies the products or services of one seller or group of sellers and differentiates them from
those of competitors
packaging - correct answer ✔✔the activities of designing and producing the container or
wrapper for a product
product line - correct answer ✔✔a group of products that are closely related because they
function in a similar manner, are sold to the same customer groups, are marketed through the
same types of outlets, or fall within given price ranges
Product Mix/Product portfolio - correct answer ✔✔the set of all product lines and items that a
particular seller offers for sale
service intangibility - correct answer ✔✔services cannot be seen, tasted, felt, heard, or smelled
before they are bought
, service inseparability - correct answer ✔✔services are produced and consumed at the same
time and cannot be separated from their providers
service variability - correct answer ✔✔the quality of services may vary greatly depending on
who provides them and when, and how they are provided
service perishability - correct answer ✔✔services cannot be stored for later sale or use
service profit chain - correct answer ✔✔the chain that inks service firm profits with employee
and customer satisfaction
internal marketing - correct answer ✔✔orienting and motivating customer-contact employees
and supporting service employees to work as a team to provide customer satisfaction
interactive marketing - correct answer ✔✔training service employees in the fine art of
interacting with customers to satisfy their needs
brand equity - correct answer ✔✔the differential effect that knowing the brand name has on
customer response to the product and its marketing
brand value - correct answer ✔✔the total financial value of a brand
store brand (private brand) - correct answer ✔✔a brand created and owned by a reseller of a
product or service
co-branding - correct answer ✔✔the practice of using the established brand names of two
different companies on the same product
questions well answered to pass
Product - correct answer ✔✔Anything that can be offered to a market for attention, acquisition,
use or consumption that might satisfy a want or need
Service - correct answer ✔✔an activity, benefit, or satisfaction offered for sale that is essentially
intangible and dose not result in the ownership of anything
Consumer Product - correct answer ✔✔a product bought by final consumers for personal
consumption
convenience product - correct answer ✔✔a consumer product that customers usually buy
frequently, immediately, and with minimal comparison and buying effort
usually low price, widespread distribution, and mass promotion by the producer
shopping product - correct answer ✔✔a consumer product that the customer, in the process of
selecting and purchasing, usually compares on such attributes as suitability, quality, price, and
style
usually a higher price, selective distribution in fewer outlets, and advertising and personal
selling by both the producer and resellers
speciality product - correct answer ✔✔a consumer product with unique characteristics or brand
identification for which a significant group of buyers is willing to make a special purchase effort
usually a high price, exclusive distribution in only one or a few outlets per market area, and ore
carefully targeted promotion by both the producer and reseller
,unsought product - correct answer ✔✔a consumer product that the consumer either does not
know about or knows about but does not normally consider buying
usually aggressive advertising and personal selling by the producer and resellers with little
product awareness of knowledge
industrial product - correct answer ✔✔a product bought by individuals and organizations for
further processing or for use in conducting a business
social marketing - correct answer ✔✔using traditional business marketing concepts and tools to
create behaviors that will crate individual and societal well-being
product quality - correct answer ✔✔the characteristics of a product or service that bear on its
ability to satisfy stated or implied customer needs
brand - correct answer ✔✔a name, term, sign, symbol, or design or a combination of these that
identifies the products or services of one seller or group of sellers and differentiates them from
those of competitors
packaging - correct answer ✔✔the activities of designing and producing the container or
wrapper for a product
product line - correct answer ✔✔a group of products that are closely related because they
function in a similar manner, are sold to the same customer groups, are marketed through the
same types of outlets, or fall within given price ranges
Product Mix/Product portfolio - correct answer ✔✔the set of all product lines and items that a
particular seller offers for sale
service intangibility - correct answer ✔✔services cannot be seen, tasted, felt, heard, or smelled
before they are bought
, service inseparability - correct answer ✔✔services are produced and consumed at the same
time and cannot be separated from their providers
service variability - correct answer ✔✔the quality of services may vary greatly depending on
who provides them and when, and how they are provided
service perishability - correct answer ✔✔services cannot be stored for later sale or use
service profit chain - correct answer ✔✔the chain that inks service firm profits with employee
and customer satisfaction
internal marketing - correct answer ✔✔orienting and motivating customer-contact employees
and supporting service employees to work as a team to provide customer satisfaction
interactive marketing - correct answer ✔✔training service employees in the fine art of
interacting with customers to satisfy their needs
brand equity - correct answer ✔✔the differential effect that knowing the brand name has on
customer response to the product and its marketing
brand value - correct answer ✔✔the total financial value of a brand
store brand (private brand) - correct answer ✔✔a brand created and owned by a reseller of a
product or service
co-branding - correct answer ✔✔the practice of using the established brand names of two
different companies on the same product
