MAR 3023 FSU HOPKINS EXAM 3 (ALL) CORRECT.
Product Answer - a good, service, or idea or combination of these
Good Answer - tangible, physical entity
Service Answer - an intangible, result of application of human and mechanical
efforts to people or objects. Exists in all products, products wouldn't exist
without elements of service.
Idea Answer - concept, philosophy, image or issue
Consumer Products Answer - Purchased to satisfy personal and family needs
and are classified according to how buyers generally behave when purchasing
them
Business Products Answer - Purchased to use for operations, to resell, or to
use in manufacture of other products
Product Hierarchy Answer - core, branded, augmented
Core Products Answer - physical or intangible service that the customer
receives (generic store brands)
, Branded Products Answer - core products plus the characteristics that allow
the consumer to differentiate it from similar products (brands consumers
know)
Augmented Products Answer - have characteristics that enhance value beyond
that of the core and branded product (high-end products)
Strategic Product Management Answer - deals with the planning, forecasting,
marketing, and production of a product. Includes product mix, product lines,
product life cycle, modifications
Product Mix Answer - all of the products a company sells
Product Line Answer - closely related products marketed by an organization
(ex. different types of Oreos)
Product Line Depth Answer - number of products in a product line
Product Line Breadth Answer - the number of lines a company markets
Product Life Cycle (PLC) Answer - Introductory Stage: negative profits, many
modifications, promotion focused on awareness and information about
product, high failure rate
Growth Stage: increasing sales, lower prices, increased distribution
Maturity Stage: niche marketers emerge, growth of product lines, saturated
markets, prices and profits fall
Decline Stage: long-run drop in sales, lots of unsold items, decrease in
unessential marketing strategies
Product Answer - a good, service, or idea or combination of these
Good Answer - tangible, physical entity
Service Answer - an intangible, result of application of human and mechanical
efforts to people or objects. Exists in all products, products wouldn't exist
without elements of service.
Idea Answer - concept, philosophy, image or issue
Consumer Products Answer - Purchased to satisfy personal and family needs
and are classified according to how buyers generally behave when purchasing
them
Business Products Answer - Purchased to use for operations, to resell, or to
use in manufacture of other products
Product Hierarchy Answer - core, branded, augmented
Core Products Answer - physical or intangible service that the customer
receives (generic store brands)
, Branded Products Answer - core products plus the characteristics that allow
the consumer to differentiate it from similar products (brands consumers
know)
Augmented Products Answer - have characteristics that enhance value beyond
that of the core and branded product (high-end products)
Strategic Product Management Answer - deals with the planning, forecasting,
marketing, and production of a product. Includes product mix, product lines,
product life cycle, modifications
Product Mix Answer - all of the products a company sells
Product Line Answer - closely related products marketed by an organization
(ex. different types of Oreos)
Product Line Depth Answer - number of products in a product line
Product Line Breadth Answer - the number of lines a company markets
Product Life Cycle (PLC) Answer - Introductory Stage: negative profits, many
modifications, promotion focused on awareness and information about
product, high failure rate
Growth Stage: increasing sales, lower prices, increased distribution
Maturity Stage: niche marketers emerge, growth of product lines, saturated
markets, prices and profits fall
Decline Stage: long-run drop in sales, lots of unsold items, decrease in
unessential marketing strategies
