MKTG 311 FINAL EXAM QUESTIONS &
ACCURATE ANSWERS ALL PAASED
What are the four different types of products? - Correct Answer ✔✔ Convenience,
specialty, shopping and unsought products
Convenience products - Correct Answer ✔✔ widely available and purchased with
minimal effort (detergent)
Specialty products - Correct Answer ✔✔ products that people seek out because of
unique characteristics (tesla)
Shopping products - Correct Answer ✔✔ a higher end product that people compare and
access carefully before purchasing (washer and drying machine)
Unsought products - Correct Answer ✔✔ product that people are not aware of and are
not actively interested in purchasing (bacon bowl)
What are the different decision areas when it comes to making individual products? -
Correct Answer ✔✔ Actual product attributes -->branding-->packaging-->labeling--
>augmented product: support services and warranties
Product attributes - Correct Answer ✔✔ quality, style and design, features (could be a
point of differentiation but which ones should you add?).
Branding - Correct Answer ✔✔ positioning, co-branding, licensing and trademarks
Manufacturer/National Label - Correct Answer ✔✔ brands that the manufacturer of the
product owns
Retailer/Private Label - Correct Answer ✔✔ brands that are owned and sold by a
specific retailer or distributor
Labeling and Logos - Correct Answer ✔✔ required, informational and persuasive
Line Extension example - Correct Answer ✔✔ Mt Dew creating more flavors
Brand Extension --> Family brands - Correct Answer ✔✔ Cheetos making lip balm
Multi-brands - Correct Answer ✔✔ Tide, Gain, Downey all owned by the same company
New Brands example - Correct Answer ✔✔ Scion
, Product Lines - Correct Answer ✔✔ groups of products that are closely related (different
flavors)
Product Mix - Correct Answer ✔✔ all the different products
Stages of the new product development process - Correct Answer ✔✔ idea generation,
idea screening, concept testing, marketing strategy development, business analysis,
product development, test marketing, commercialization
What does the R-W-W represent during the idea screening phase? - Correct Answer
✔✔ Is it Real: is there a real desire for the product and will customers
can we Win: does the product offer a sustainable competitive advantage
is it Worth doing: does the product fit the company's overall growth strategy and new
product strategy? Does it offer sufficient profit potential
What is the best success factor/key indicator for new product introduction success? -
Correct Answer ✔✔ A good match between the product and market needs
What is the "Diffusion of Innovation" model? What information does it provide marketers
and how is it used by marketers to develop their marketing mixes? - Correct Answer
✔✔ • Shows when people will buy products, the innovators buy them immediately then
the early adopters, early majority, late majority and finally laggards
• Innovators can give feedback and have a say in what products customers buy if they
write about it on their blog
What are the prerequisites for successful adoption of an innovation? - Correct Answer
✔✔ Compatibility, Divisibility/Trialability, Complexity, Observability/Communicability,
Relative Advantage
What is the Product Life Cycle model and what happens at each stage of the Product
Life Cycle? - Correct Answer ✔✔ Research and Development, Introduction, Growth,
Maturity, Decline
What is a service? Is a service still considered to be a "product" in the marketing mix? -
Correct Answer ✔✔ The result of applying human or mechanical efforts to people or
objects, a service is not considered a product
What are the four ways in which services differ from tangible products? - Correct
Answer ✔✔ Intangibility (tangible clues), Perishability (service differentiation), Variability
(training and quality checks), Inseparability (provider-customer interactions)
What are the different ways in which service quality is measured? Define each of the
five ways and think of examples. - Correct Answer ✔✔ • Reliability (planes on time)
• Responsiveness (how do they meet your requests)
• Assurance (provide peace of mind)
• Empathy (do they care if their service was sub-par)
ACCURATE ANSWERS ALL PAASED
What are the four different types of products? - Correct Answer ✔✔ Convenience,
specialty, shopping and unsought products
Convenience products - Correct Answer ✔✔ widely available and purchased with
minimal effort (detergent)
Specialty products - Correct Answer ✔✔ products that people seek out because of
unique characteristics (tesla)
Shopping products - Correct Answer ✔✔ a higher end product that people compare and
access carefully before purchasing (washer and drying machine)
Unsought products - Correct Answer ✔✔ product that people are not aware of and are
not actively interested in purchasing (bacon bowl)
What are the different decision areas when it comes to making individual products? -
Correct Answer ✔✔ Actual product attributes -->branding-->packaging-->labeling--
>augmented product: support services and warranties
Product attributes - Correct Answer ✔✔ quality, style and design, features (could be a
point of differentiation but which ones should you add?).
Branding - Correct Answer ✔✔ positioning, co-branding, licensing and trademarks
Manufacturer/National Label - Correct Answer ✔✔ brands that the manufacturer of the
product owns
Retailer/Private Label - Correct Answer ✔✔ brands that are owned and sold by a
specific retailer or distributor
Labeling and Logos - Correct Answer ✔✔ required, informational and persuasive
Line Extension example - Correct Answer ✔✔ Mt Dew creating more flavors
Brand Extension --> Family brands - Correct Answer ✔✔ Cheetos making lip balm
Multi-brands - Correct Answer ✔✔ Tide, Gain, Downey all owned by the same company
New Brands example - Correct Answer ✔✔ Scion
, Product Lines - Correct Answer ✔✔ groups of products that are closely related (different
flavors)
Product Mix - Correct Answer ✔✔ all the different products
Stages of the new product development process - Correct Answer ✔✔ idea generation,
idea screening, concept testing, marketing strategy development, business analysis,
product development, test marketing, commercialization
What does the R-W-W represent during the idea screening phase? - Correct Answer
✔✔ Is it Real: is there a real desire for the product and will customers
can we Win: does the product offer a sustainable competitive advantage
is it Worth doing: does the product fit the company's overall growth strategy and new
product strategy? Does it offer sufficient profit potential
What is the best success factor/key indicator for new product introduction success? -
Correct Answer ✔✔ A good match between the product and market needs
What is the "Diffusion of Innovation" model? What information does it provide marketers
and how is it used by marketers to develop their marketing mixes? - Correct Answer
✔✔ • Shows when people will buy products, the innovators buy them immediately then
the early adopters, early majority, late majority and finally laggards
• Innovators can give feedback and have a say in what products customers buy if they
write about it on their blog
What are the prerequisites for successful adoption of an innovation? - Correct Answer
✔✔ Compatibility, Divisibility/Trialability, Complexity, Observability/Communicability,
Relative Advantage
What is the Product Life Cycle model and what happens at each stage of the Product
Life Cycle? - Correct Answer ✔✔ Research and Development, Introduction, Growth,
Maturity, Decline
What is a service? Is a service still considered to be a "product" in the marketing mix? -
Correct Answer ✔✔ The result of applying human or mechanical efforts to people or
objects, a service is not considered a product
What are the four ways in which services differ from tangible products? - Correct
Answer ✔✔ Intangibility (tangible clues), Perishability (service differentiation), Variability
(training and quality checks), Inseparability (provider-customer interactions)
What are the different ways in which service quality is measured? Define each of the
five ways and think of examples. - Correct Answer ✔✔ • Reliability (planes on time)
• Responsiveness (how do they meet your requests)
• Assurance (provide peace of mind)
• Empathy (do they care if their service was sub-par)
