Unsought product Study guides, Class notes & Summaries

Market Segmentation - Aggregating consumers into groups that have similar needs and will be react similarly to a marketing action Product Differentiation - Involves the firm using different marketing mix actions such as product features and advertising, to help consumers perceive the product as being different and better than competing products Three market segmentation strategies - 1. One product and many segments 2.Multiple products in multiple segments 3. Mass customization ...

MKTG 181 Final Exam 2023 Questions with Correct Answers 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 Consumer products - Answer-Products purchased by the ultimate consumer Business products - Answer-Also called B2B products or industrial products, are products organizations buy that assist in providing other products for resale 4 T...

mktg again 33404 main classes of consumer products (Ch 10) and why it's important - correct answer 1 convenience (purchases frequently, conveniently, minimal effort) 2 shopping (compares alternatives on criteria like price and #) 3 specialties (makes special effort to search out and buy) 4 unsought (knows ab but does not initially want) important cuz the classification affects which products consumers buy and the mktg strategies used Difference between product line and product mi...

services vs products - The differences of products and services are based on tangibility, perishability, heterogeneity, and variability. Products are often tangible but can be intangible and are put on the market for acquisition, attention and consumption. Services are only intangible and are activities or benefits that an organization provides to satisfy consumer needs in exchange for money or something else of value. Majority of products carry an element of service. 3 layers of a product...

MKTG 3340 - Exam #1What are the goals of marketing? - correct answer 1. Discover the needs and wants of prospective buyers 2. Satisfying these needs and wants through exchanges What is needed for marketing to occur? - correct answer 1. 2 or more parties with unsatisfied needs 2. A desire and ability on their part to have their needs satisfied 3. A way for the parties to communicate 4. Something to exchange The Four P's of Marketing (The Marketing Mix) - correct answer 1. Product - a g...

what is marketing? correct answers definition off slides: a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with another book definition: process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return what is a market? correct answers the set of actual or potential buyers of a product (originally a place where buye...

product - is anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas. 5 Product Levels of Customer Value Hierarchy - core benefit basic product expected product augmented product potential product core benefit - the service or benefit the customer is really buying basic product - the simplest form of a product expected product - everything that r...

Newell Brand - Answer- - sharper, pen name - liquid paper - elmers glue - crock pot - rawlings - sunbeam - yankee candle - rubber made what is a product - Answer- is a good, service, or idea - not just a physical good - product ecosystem - goods: tangible, physical entity - services: an intangible, result of application of human and mechanical efforts to people or objects - ideas: concept, philosophy, image or issue consumer products - Answer- - business to consumer - purcha...

AIPMM PMM Product Marketing Manager Certification Exam Questions and Answers 100% Pass Stages of product life - Answer- Conceive Plan Develop Qualify Launch Deliver Retire Stages of the product development process prior to a product being availalable to customers: - Answer- Conceive Plan Develop Qualify Ansoff Expansion Grid - Answer- Market penetration - sell existing products in existing market Product development - sell new products in existing market Market development - sel...

MkTG 3340 Exam 2 second dimension - correct answer Companies can't just keep a leadership position based on one aspect of customer values, they need to appeal to TWO customer values. Ex: Walmart- low price, frictionless retail proposition - correct answer Customers want to buy something they value from someone they trust superior competitive advantage - correct answer in order to win customers, retailers must offer products and experiences that are better than the competition Khan Ret...