MGT 103 EXAM 2 STUDY GUIDE QUESTIONS,
CORRECT ANSWERS, AND COMPLETE SOLUTIONS |
2026 UPDATE
· Product Adoption Stages - ANSWERS 1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Adoption
Types of Product Adopters - ANSWERS 1. Innovators
2.Early Adopters
3.Early Majority
4.Late Majority
5.Laggards
· Product Life Cycle - ANSWERS introduction, growth, maturity, decline
Goods - ANSWERS tangible attributes that a consumer's five senses can
perceive.
Idea - ANSWERS a thought that leads to a product or action
,nondurable good - ANSWERS is an item consumed in one or a few uses, such
as food products and fuel.
durable good - ANSWERS is one that usually lasts over many uses, such as
appliances, cars, and smartphones. This classification method also provides
direction for marketing actions.
Services - ANSWERS are intangible activities or benefits that an organization
provides to satisfy consumers' needs in exchange for money or something else of
value.
Consumer products - ANSWERS products purchased by the ultimate
consumer; Convenience,
Shopping,
Specialty,
Unsought
business products (also called B2B products or industrial products) - ANSWERS
are products organizations buy that assist in providing other products for resale.
Some products can be considered both consumer and business items. sales are
often the result of derived demand; that is, sales of business products frequently
result (or are derived) from the sale of consumer products; become part of final
product, Support products;
Convenience products - ANSWERS are items that the consumer purchases
frequently, conveniently, and with a minimum of shopping effort. toothpaste
,Shopping products - ANSWERS are items for which the consumer compares
several alternatives on criteria such as price, quality, or style. bed
Specialty products - ANSWERS are items that the consumer makes a special
effort to search out and buy. car
Unsought products - ANSWERS are items that the consumer does not know
about or knows about but does not initially want. fire extinguisher
. Product positioning - ANSWERS refers to the place a product occupies in
consumers' minds based on important attributes relative to competitive products
Packaging Functions - ANSWERS -protect the product and maintain its
functional form
-provide customer convenience
-promotes the product's features and uses
-communicates quality through symbols
· Branding - ANSWERS which an organization uses a name, phrase, design,
symbols, or combination of these to identify its products and distinguish them
from those of competitors; Your brand communicates to the market Who are you?
What do you do? Who do you do it for?
o Brand personality - ANSWERS a set of human characteristics associated with
a brand name
, o Brand Equity - ANSWERS A brand's financial value to its organization,
premium placed on the company because of brand ownership; 1. develop positive
brand awareness 2. a marketer must establish a brand's meaning in the minds of
consumers. 3.elicit the proper consumer responses to a brand's identity and
meaning. 4.The final, and most difficult, step is to create a consumer-brand
connection evident in an intense, active loyalty relationship between consumers
and the brand.
Individual Branding (multibranding) - ANSWERS Separate brands for each
product or product line; • Allows company to serves multiple segments without
diluting the image of the brands• Different people will buy Cadillac than will buy
Chevrolet• The segment that buys Toyota will be different from thosethat buy
Lexus
Co-branding - ANSWERS pairing two or more strong brands to facilitate
marketing of a joint product or service for mutual benefit
risks:
Too many uses for one brand name can dilute meaning of a brand for consumers;
harms brand equity
Brand dilution - consumers no longer associate brand with specific product or
service or start thinking less favorably about the brand
Price elasticity of demand (E) - ANSWERS percentage change in quantity
demanded relative to percentage change in price
Umbrella (Family) Branding (multiproduct branding) - ANSWERS A single brand
for (nearly) all of a company's products; • Leverages equity of existing brand,
instant recognition, avoid costs of building new brand risk: Awareness must be
generated for each brand without benefit of any previous impressions
CORRECT ANSWERS, AND COMPLETE SOLUTIONS |
2026 UPDATE
· Product Adoption Stages - ANSWERS 1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Adoption
Types of Product Adopters - ANSWERS 1. Innovators
2.Early Adopters
3.Early Majority
4.Late Majority
5.Laggards
· Product Life Cycle - ANSWERS introduction, growth, maturity, decline
Goods - ANSWERS tangible attributes that a consumer's five senses can
perceive.
Idea - ANSWERS a thought that leads to a product or action
,nondurable good - ANSWERS is an item consumed in one or a few uses, such
as food products and fuel.
durable good - ANSWERS is one that usually lasts over many uses, such as
appliances, cars, and smartphones. This classification method also provides
direction for marketing actions.
Services - ANSWERS are intangible activities or benefits that an organization
provides to satisfy consumers' needs in exchange for money or something else of
value.
Consumer products - ANSWERS products purchased by the ultimate
consumer; Convenience,
Shopping,
Specialty,
Unsought
business products (also called B2B products or industrial products) - ANSWERS
are products organizations buy that assist in providing other products for resale.
Some products can be considered both consumer and business items. sales are
often the result of derived demand; that is, sales of business products frequently
result (or are derived) from the sale of consumer products; become part of final
product, Support products;
Convenience products - ANSWERS are items that the consumer purchases
frequently, conveniently, and with a minimum of shopping effort. toothpaste
,Shopping products - ANSWERS are items for which the consumer compares
several alternatives on criteria such as price, quality, or style. bed
Specialty products - ANSWERS are items that the consumer makes a special
effort to search out and buy. car
Unsought products - ANSWERS are items that the consumer does not know
about or knows about but does not initially want. fire extinguisher
. Product positioning - ANSWERS refers to the place a product occupies in
consumers' minds based on important attributes relative to competitive products
Packaging Functions - ANSWERS -protect the product and maintain its
functional form
-provide customer convenience
-promotes the product's features and uses
-communicates quality through symbols
· Branding - ANSWERS which an organization uses a name, phrase, design,
symbols, or combination of these to identify its products and distinguish them
from those of competitors; Your brand communicates to the market Who are you?
What do you do? Who do you do it for?
o Brand personality - ANSWERS a set of human characteristics associated with
a brand name
, o Brand Equity - ANSWERS A brand's financial value to its organization,
premium placed on the company because of brand ownership; 1. develop positive
brand awareness 2. a marketer must establish a brand's meaning in the minds of
consumers. 3.elicit the proper consumer responses to a brand's identity and
meaning. 4.The final, and most difficult, step is to create a consumer-brand
connection evident in an intense, active loyalty relationship between consumers
and the brand.
Individual Branding (multibranding) - ANSWERS Separate brands for each
product or product line; • Allows company to serves multiple segments without
diluting the image of the brands• Different people will buy Cadillac than will buy
Chevrolet• The segment that buys Toyota will be different from thosethat buy
Lexus
Co-branding - ANSWERS pairing two or more strong brands to facilitate
marketing of a joint product or service for mutual benefit
risks:
Too many uses for one brand name can dilute meaning of a brand for consumers;
harms brand equity
Brand dilution - consumers no longer associate brand with specific product or
service or start thinking less favorably about the brand
Price elasticity of demand (E) - ANSWERS percentage change in quantity
demanded relative to percentage change in price
Umbrella (Family) Branding (multiproduct branding) - ANSWERS A single brand
for (nearly) all of a company's products; • Leverages equity of existing brand,
instant recognition, avoid costs of building new brand risk: Awareness must be
generated for each brand without benefit of any previous impressions
