MAR3023 EXAM #3 (BRADY - FSU)
QUESTIONS AND ANSWERS GRADED A+
2025/2026
What is a Product? - ANS Good, service, or idea (or combination)
What is a Good? - ANS Tangible, physical entity
What is a Service? - ANS Intangible, result of application of human and mechanical efforts to
people or objects
What is an Idea? - ANS Concept, philosophy, image, or issue
What are the 2 types of Products? - ANS 1. Consumer Products
2. Business Products
What are Consumer Products? - ANS Purchased to satisfy personal and family needs, and are
classified according to how buyers generally behave when purchasing them
What are some Sub-Types of Consumer Products? - ANS Convenience Proudcts- inexpensive
and frequent
Shopping Products- planned efforts to purchase
Specialty Products- have unique characteristics
1 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
, Unsought Products- tow truck, emergency room, etc
What are Business Products? - ANS Purchased to use for operations to resell, or to use in
manufacturing of another product (this is MOST COMMON product type) (ex- installations, raw
materials, business services, MRO supplies)
What are Core Products? - ANS Physical or intangible good or service that the customer
receives (ex- acetaminophen, cola, beer)
What is a Branded Product? - ANS Core Product plus the characteristics that allow the
consumer to differentiate from similar products (Tylenol, Coca-Cola, Blue Moon)
What are Augmented Products? - ANS Characteristics that enhance value beyond that of core
and branded products (Think of Starbucks with its "third place" or certain features that make a
product better)
What is the Product Mix? - ANS All of the products a company sells (such as all of P&G's
products)
What are Product Lines? - ANS Closely related products marketed by an organization (such as
all of Oreo's Different flavors)
What is Product Line Depth? - ANS Number of items in a product line (Coke has 8 diferent
flavors, so their depth is 8)
What is Product Line Width? - ANS Number of different Product Lines a company makes (Ex-
Proctor and Gamble has detergent, tooth paste, soap, etc)
What are the 4 Stages of the Product Life Cycle? - ANS 1. Introduction (Low Sales, High Cost,
No Profit)- high failure rates
2. Growth (Increased Sales, Decreased Costs, Some Profit)- entrance of competitors
3. Maturity (Constant Sales, Decreased Costs, Increased Profit)
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS GRADED A+
2025/2026
What is a Product? - ANS Good, service, or idea (or combination)
What is a Good? - ANS Tangible, physical entity
What is a Service? - ANS Intangible, result of application of human and mechanical efforts to
people or objects
What is an Idea? - ANS Concept, philosophy, image, or issue
What are the 2 types of Products? - ANS 1. Consumer Products
2. Business Products
What are Consumer Products? - ANS Purchased to satisfy personal and family needs, and are
classified according to how buyers generally behave when purchasing them
What are some Sub-Types of Consumer Products? - ANS Convenience Proudcts- inexpensive
and frequent
Shopping Products- planned efforts to purchase
Specialty Products- have unique characteristics
1 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
, Unsought Products- tow truck, emergency room, etc
What are Business Products? - ANS Purchased to use for operations to resell, or to use in
manufacturing of another product (this is MOST COMMON product type) (ex- installations, raw
materials, business services, MRO supplies)
What are Core Products? - ANS Physical or intangible good or service that the customer
receives (ex- acetaminophen, cola, beer)
What is a Branded Product? - ANS Core Product plus the characteristics that allow the
consumer to differentiate from similar products (Tylenol, Coca-Cola, Blue Moon)
What are Augmented Products? - ANS Characteristics that enhance value beyond that of core
and branded products (Think of Starbucks with its "third place" or certain features that make a
product better)
What is the Product Mix? - ANS All of the products a company sells (such as all of P&G's
products)
What are Product Lines? - ANS Closely related products marketed by an organization (such as
all of Oreo's Different flavors)
What is Product Line Depth? - ANS Number of items in a product line (Coke has 8 diferent
flavors, so their depth is 8)
What is Product Line Width? - ANS Number of different Product Lines a company makes (Ex-
Proctor and Gamble has detergent, tooth paste, soap, etc)
What are the 4 Stages of the Product Life Cycle? - ANS 1. Introduction (Low Sales, High Cost,
No Profit)- high failure rates
2. Growth (Increased Sales, Decreased Costs, Some Profit)- entrance of competitors
3. Maturity (Constant Sales, Decreased Costs, Increased Profit)
2 @COPYRIGHT 2026 ALLRIGHTS RESERVED.
