2
MGMT 322 Exam 2 with verified detailed answers
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Product - ✔✔Everything, both favorable and unfavorable that a person receives in
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exchange.
Product Item - ✔✔A specific version of a product that can be designated as a distinct
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offering among an organizations products.
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Product Line - ✔✔group of closely related products.
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Product Mix - ✔✔All products that an organization sells.
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Brand - ✔✔A name, term, symbol, design, or combination thereof that identifies a sellers
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products and differentiates them form competitors products.
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Diffusion - ✔✔The process by which the adoption of a n innovation spreads.
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Innovation - ✔✔A product perceived as new by a potential adopter.
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Product Life Cycle - ✔✔A concept that provides a way to trace the stages of a products
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acceptance, from its introduction (birth) to its decline (death).
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Service - ✔✔ || ||
Intangibility - ✔✔The inability of services to be touched, seen, tasted, heard, or felt in the
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same manner that goods can be sensed.
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, 2
Inseparability - ✔✔The inability of the production and consumption of a service to be
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separated; consumers must be present during the production.
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Heterogeneity - ✔✔The variability of the inputs and outputs of services, which cause
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services to tend to be less standardized and uniform than goods.
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Perishability - ✔✔The inability for services to be stored, warehoused, or inventoried.
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Supply Chain - ✔✔The connected chain of all of the business entities, both internal and
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external to the company, that perform or support the logistics function.
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Marketing Channels - ✔✔A set of interdependent organizations that ease the transfer of
|| || || || || || || || || || || || ||
ownership as products move from producer to business user or consumer.
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Channel Members - ✔✔All parties in the marketing channel who negotiate with one
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another, buy and sell products, and facilitate the change of ownership between buyer and
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seller in the course of moving the product form the manufacture into the hands of the final
|| || || || || || || || || || || || || || || || ||
consumer.
Direct Channel - ✔✔A distribution channel in which producers sell directly to consumer
|| || || || || || || || || || || ||
Retailing - ✔✔All the activities directly related to the sale of goods and services to the
|| || || || || || || || || || || || || || || ||
ultimate consumer for personal, non business use.
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Interdependent Retailer - ✔✔Retailer owned by a single person or partnership and not || || || || || || || || || || || || ||
operated as a part of a larger retailer institution.
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Franchise - ✔✔A relationship in which the business rights to operate and sell a product are
|| || || || || || || || || || || || || || || ||
granted from the franchiser to the franchise.
|| || || || || ||
MGMT 322 Exam 2 with verified detailed answers
|| || || || || || ||
Product - ✔✔Everything, both favorable and unfavorable that a person receives in
|| || || || || || || || || || || ||
exchange.
Product Item - ✔✔A specific version of a product that can be designated as a distinct
|| || || || || || || || || || || || || || || ||
offering among an organizations products.
|| || || ||
Product Line - ✔✔group of closely related products.
|| || || || || || ||
Product Mix - ✔✔All products that an organization sells.
|| || || || || || || ||
Brand - ✔✔A name, term, symbol, design, or combination thereof that identifies a sellers
|| || || || || || || || || || || || || ||
products and differentiates them form competitors products.
|| || || || || ||
Diffusion - ✔✔The process by which the adoption of a n innovation spreads.
|| || || || || || || || || || || ||
Innovation - ✔✔A product perceived as new by a potential adopter.
|| || || || || || || || || ||
Product Life Cycle - ✔✔A concept that provides a way to trace the stages of a products
|| || || || || || || || || || || || || || || || ||
acceptance, from its introduction (birth) to its decline (death).
|| || || || || || || ||
Service - ✔✔ || ||
Intangibility - ✔✔The inability of services to be touched, seen, tasted, heard, or felt in the
|| || || || || || || || || || || || || || || ||
same manner that goods can be sensed.
|| || || || || ||
, 2
Inseparability - ✔✔The inability of the production and consumption of a service to be
|| || || || || || || || || || || || || ||
separated; consumers must be present during the production.
|| || || || || || ||
Heterogeneity - ✔✔The variability of the inputs and outputs of services, which cause
|| || || || || || || || || || || || ||
services to tend to be less standardized and uniform than goods.
|| || || || || || || || || ||
Perishability - ✔✔The inability for services to be stored, warehoused, or inventoried.
|| || || || || || || || || || ||
Supply Chain - ✔✔The connected chain of all of the business entities, both internal and
|| || || || || || || || || || || || || || ||
external to the company, that perform or support the logistics function.
|| || || || || || || || || ||
Marketing Channels - ✔✔A set of interdependent organizations that ease the transfer of
|| || || || || || || || || || || || ||
ownership as products move from producer to business user or consumer.
|| || || || || || || || || ||
Channel Members - ✔✔All parties in the marketing channel who negotiate with one
|| || || || || || || || || || || || ||
another, buy and sell products, and facilitate the change of ownership between buyer and
|| || || || || || || || || || || || || ||
seller in the course of moving the product form the manufacture into the hands of the final
|| || || || || || || || || || || || || || || || ||
consumer.
Direct Channel - ✔✔A distribution channel in which producers sell directly to consumer
|| || || || || || || || || || || ||
Retailing - ✔✔All the activities directly related to the sale of goods and services to the
|| || || || || || || || || || || || || || || ||
ultimate consumer for personal, non business use.
|| || || || || ||
Interdependent Retailer - ✔✔Retailer owned by a single person or partnership and not || || || || || || || || || || || || ||
operated as a part of a larger retailer institution.
|| || || || || || || ||
Franchise - ✔✔A relationship in which the business rights to operate and sell a product are
|| || || || || || || || || || || || || || || ||
granted from the franchiser to the franchise.
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