BUS 343 FINAL EXAM QUESTIONS AND
ACCURATE ANSWERS
Services - ANSWER Intangible, Variable, Inseparable, and Perishable
Actual Product - ANSWER Levels of Products and Services:
Brand-Name, Packaging, Quality Level, and Features/Design
Associated Services - ANSWER Levels of Products and Services:
Financing, Product Warranty, and Product Support
Product Mix - ANSWER Company's complete assortment of goods and services
Product Line - ANSWER Group of associated items: either considered similar, or used together
Product Mix Dimensions - ANSWER Breadth, Depth, and Consistency
Breadth - ANSWER Product Mix: Number of product lines (variety) offered by the firm
Depth - ANSWER Product Mix: number of products within a product line
,5 C's of Pricing - ANSWER 1. Company Objectives
2. Customers
3. Costs
4. Competition
5. Channel Members
Channel Members - ANSWER Manufacturers, Wholesalers, and Retailers
Cost-Based Pricing - ANSWER Set the floor for the price the company can charge
New Product Pricing - ANSWER Setting a relatively high price for new products
Market-Penetration Pricing - ANSWER Setting low price to attract new customers, grow
market share
Distribution - ANSWER All activities required to get the right product to the right place at the
right time
Disintermediation - ANSWER When producers and service providers cut out traditional
intermediaries or displace resellers
Direct Marketing - ANSWER connecting directly with carefully targeted segments or
, individual consumers, often on a one-to-one, interactive basis
Promotion - ANSWER Getting the right message to the right audience through the right
media
Sociocultural Environment - ANSWER Culture: Values, Guiding beliefs, understandings, shared
ways of doing things
Core Customer Value - ANSWER the basic problem solving benefits that consumers are
seeking
Consumer Products - ANSWER products and services used by people for their personal use
Specialty Goods/Services - ANSWER products or services toward which the customer shows
such a strong preference that they will expend considerable effort to search for the best
suppliers
Shopping Products/Services - ANSWER Are products or services for which consumers will
spend a fair amount of time comparing alternatives, such as furniture, apparel, fragrances,
appliances, and travel alternatives
Convenience Products/Services - ANSWER Are those products or services for which the
consumer is not willing to spend any effort to evaluate prior to purchase. They're frequently
purchased commodity items, usually bought with very little thought, like common beverages,
ACCURATE ANSWERS
Services - ANSWER Intangible, Variable, Inseparable, and Perishable
Actual Product - ANSWER Levels of Products and Services:
Brand-Name, Packaging, Quality Level, and Features/Design
Associated Services - ANSWER Levels of Products and Services:
Financing, Product Warranty, and Product Support
Product Mix - ANSWER Company's complete assortment of goods and services
Product Line - ANSWER Group of associated items: either considered similar, or used together
Product Mix Dimensions - ANSWER Breadth, Depth, and Consistency
Breadth - ANSWER Product Mix: Number of product lines (variety) offered by the firm
Depth - ANSWER Product Mix: number of products within a product line
,5 C's of Pricing - ANSWER 1. Company Objectives
2. Customers
3. Costs
4. Competition
5. Channel Members
Channel Members - ANSWER Manufacturers, Wholesalers, and Retailers
Cost-Based Pricing - ANSWER Set the floor for the price the company can charge
New Product Pricing - ANSWER Setting a relatively high price for new products
Market-Penetration Pricing - ANSWER Setting low price to attract new customers, grow
market share
Distribution - ANSWER All activities required to get the right product to the right place at the
right time
Disintermediation - ANSWER When producers and service providers cut out traditional
intermediaries or displace resellers
Direct Marketing - ANSWER connecting directly with carefully targeted segments or
, individual consumers, often on a one-to-one, interactive basis
Promotion - ANSWER Getting the right message to the right audience through the right
media
Sociocultural Environment - ANSWER Culture: Values, Guiding beliefs, understandings, shared
ways of doing things
Core Customer Value - ANSWER the basic problem solving benefits that consumers are
seeking
Consumer Products - ANSWER products and services used by people for their personal use
Specialty Goods/Services - ANSWER products or services toward which the customer shows
such a strong preference that they will expend considerable effort to search for the best
suppliers
Shopping Products/Services - ANSWER Are products or services for which consumers will
spend a fair amount of time comparing alternatives, such as furniture, apparel, fragrances,
appliances, and travel alternatives
Convenience Products/Services - ANSWER Are those products or services for which the
consumer is not willing to spend any effort to evaluate prior to purchase. They're frequently
purchased commodity items, usually bought with very little thought, like common beverages,
