MKTG 400 Exam queries with
answers rated 100%
Product Life Cycle - ANS✅✅describes the stages a new product goes through in the marketplace:
introduction, growth, maturity,
and decline
Product Class - ANS✅✅consists of
the entire product category or industry
Product Form - ANS✅✅consists of the variations of a product within
the product class
Market Modification - ANS✅✅a
strategy in which a company tries to find new customers, increase
a product's use among existing customers, or create new use situations
Trading Up - ANS✅✅involves adding
value to the product (or line) through additional features or higher-quality materials
Trading Down - ANS✅✅involves reducing the number of features, quality, or price
Branding - ANS✅✅a marketing decision in which an organization uses a name, phrase, design, or
symbols, or combination of these to identify
its products and distinguish them from those of competitors
Trade Name - ANS✅✅a commercial, legal name under which a company does business
Brand Personality - ANS✅✅a set of human characteristics associated with a brand name
Brand Equity - ANS✅✅the added value
a brand name gives to a product beyond the functional benefits provided
, Brand Licensing - ANS✅✅a contractual agreement whereby one company (licensor) allows its
brand name(s) or trademark(s) to be used with products or services offered by another company
(licensee) for a royalty or fee
Multi Product Branding - ANS✅✅a branding strategy in which a company uses one name for all
its products in a product class
Multi Branding - ANS✅✅a branding strategy that involves giving each product a distinct name
when each brand is intended for a different market segment
Private Branding - ANS✅✅a branding strategy used when a company manufactures products but
sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller
branding
Mixed Branding - ANS✅✅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
Packaging - ANS✅✅a component of
a product that refers to any container in which it is offered
for sale and on which label information is conveyed
Label - ANS✅✅an integral part of the package that typically identifies the product or brand, who
made
it, where and when it was made, how it is to be used, and package contents and ingredients
Warranty - ANS✅✅a statement indicating the liability of the manufacturer for product deficiencies
Four I's of Services - ANS✅✅consists
of the four unique elements to services: intangibility, inconsistency, inseparability,
and inventory
Idle Production Capacity - ANS✅✅occurs when the service provider is available but there is no
demand for the service
Service Continuum - ANS✅✅consists of the range of offerings companies bring to the market,
from the tangible to the intangible or product-dominant to service-dominant offerings
answers rated 100%
Product Life Cycle - ANS✅✅describes the stages a new product goes through in the marketplace:
introduction, growth, maturity,
and decline
Product Class - ANS✅✅consists of
the entire product category or industry
Product Form - ANS✅✅consists of the variations of a product within
the product class
Market Modification - ANS✅✅a
strategy in which a company tries to find new customers, increase
a product's use among existing customers, or create new use situations
Trading Up - ANS✅✅involves adding
value to the product (or line) through additional features or higher-quality materials
Trading Down - ANS✅✅involves reducing the number of features, quality, or price
Branding - ANS✅✅a marketing decision in which an organization uses a name, phrase, design, or
symbols, or combination of these to identify
its products and distinguish them from those of competitors
Trade Name - ANS✅✅a commercial, legal name under which a company does business
Brand Personality - ANS✅✅a set of human characteristics associated with a brand name
Brand Equity - ANS✅✅the added value
a brand name gives to a product beyond the functional benefits provided
, Brand Licensing - ANS✅✅a contractual agreement whereby one company (licensor) allows its
brand name(s) or trademark(s) to be used with products or services offered by another company
(licensee) for a royalty or fee
Multi Product Branding - ANS✅✅a branding strategy in which a company uses one name for all
its products in a product class
Multi Branding - ANS✅✅a branding strategy that involves giving each product a distinct name
when each brand is intended for a different market segment
Private Branding - ANS✅✅a branding strategy used when a company manufactures products but
sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller
branding
Mixed Branding - ANS✅✅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
Packaging - ANS✅✅a component of
a product that refers to any container in which it is offered
for sale and on which label information is conveyed
Label - ANS✅✅an integral part of the package that typically identifies the product or brand, who
made
it, where and when it was made, how it is to be used, and package contents and ingredients
Warranty - ANS✅✅a statement indicating the liability of the manufacturer for product deficiencies
Four I's of Services - ANS✅✅consists
of the four unique elements to services: intangibility, inconsistency, inseparability,
and inventory
Idle Production Capacity - ANS✅✅occurs when the service provider is available but there is no
demand for the service
Service Continuum - ANS✅✅consists of the range of offerings companies bring to the market,
from the tangible to the intangible or product-dominant to service-dominant offerings
