UF MAR2023 EXAM 2 QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++
Product
a good, service, or idea consisting of a bundle of tangible and intangible attributes that
satisfies consumers' needs and is received in exchange for money or something else of
value
Good
has tangible attributes that a consumer's five senses can perceive
Nondurable Good
an item consumed in one or a few uses, such as food products and fuel
Durable Goods
goods that last for a relatively long time, such as refrigerators, cars, and DVD players
Services
intangible activities or benefits that an organization provides to satisfy consumers'
needs in exchange for money or something else of value
Consumer Products
products purchased by the ultimate consumer
Business Products/ B2B Products/ Industrial Products
products organizations buy that assist in providing other products for resale
differences between consumer products
,1. the effort the consumer spends on the decision
2. the attributes used in making the purchase decision
3. the frequency of purchase
Convenience Products
items that the consumer purchases frequently, conveniently, and with a minimum of
shopping effort
Shopping Products
items for which the consumer compares several alternatives on criteria such as price,
quality, or style
Specialty Products
items that the consumer makes a special effort to search out and buy
Unsought Products
items that the consumer does not know about or knows about but does not initially want
Derived Demand
sales of business products frequently result (or are derived) from the sale of consumer
products
Components
items that become part of the final product
Support Products
items used to assist in producing other products and services
Types of Support Items
1. Installations (fixed equipment)
2. Accessory Equipment (tools)
,3. Supplies (stationary, paper clips)
4. Industrial Services (maintenance)
Product Line
a group of product or service items that are closely related because they satisfy a class
of needs, are used together, are sold to the same customer group, are distributed
through the same outlets, or fall within a given price range
Product Item
a specific product that has a unique brand, size, or price
Product Class
industry to which a product belongs
Product Forms
within a product class
Product Mix
consists of all of the product lines offered by an organization
"Feature Bloat"
the proliferation of extra features overwhelms many consumers and creates an
unintended consequence
Feature Fatigue
consumers get worn down when there are too many features on a product even if they
say they want it, but in actuality, they don't
a common response is an annoyance and reduced likelihood of repurchase and
consumer retention
, continuous innovation
requires no new learning by consumers
dynamically continuous innovation
disrupts consumer's normal routine but does not require totally new learning
discontinuous innovation
requires new learning and consumption patterns by consumers
product line extension
incremental improvement of an existing product line the company already sells
brand extension
putting an established brand name on a new product in an unfamiliar market
Three Levels of Newness
1. product line extension
2. significant jump in innovation or technology OR brand extension
3. radical invention, a truly revolutionary new product
protocol
A statement that, before product development begins, identifies: (1) a well-defined
target market; (2) specific customers' needs, wants, and preferences; and (3) what the
product will be and do to satisfy consumers.
Marketing Reasons for New-Product Failures
1. Insignificant point of difference
2. Incomplete market and product protocol before product development starts
3. Not satisfying customer needs on critical factors
4. Bad timing
COMPLETE SOLUTIONS GRADED A++
Product
a good, service, or idea consisting of a bundle of tangible and intangible attributes that
satisfies consumers' needs and is received in exchange for money or something else of
value
Good
has tangible attributes that a consumer's five senses can perceive
Nondurable Good
an item consumed in one or a few uses, such as food products and fuel
Durable Goods
goods that last for a relatively long time, such as refrigerators, cars, and DVD players
Services
intangible activities or benefits that an organization provides to satisfy consumers'
needs in exchange for money or something else of value
Consumer Products
products purchased by the ultimate consumer
Business Products/ B2B Products/ Industrial Products
products organizations buy that assist in providing other products for resale
differences between consumer products
,1. the effort the consumer spends on the decision
2. the attributes used in making the purchase decision
3. the frequency of purchase
Convenience Products
items that the consumer purchases frequently, conveniently, and with a minimum of
shopping effort
Shopping Products
items for which the consumer compares several alternatives on criteria such as price,
quality, or style
Specialty Products
items that the consumer makes a special effort to search out and buy
Unsought Products
items that the consumer does not know about or knows about but does not initially want
Derived Demand
sales of business products frequently result (or are derived) from the sale of consumer
products
Components
items that become part of the final product
Support Products
items used to assist in producing other products and services
Types of Support Items
1. Installations (fixed equipment)
2. Accessory Equipment (tools)
,3. Supplies (stationary, paper clips)
4. Industrial Services (maintenance)
Product Line
a group of product or service items that are closely related because they satisfy a class
of needs, are used together, are sold to the same customer group, are distributed
through the same outlets, or fall within a given price range
Product Item
a specific product that has a unique brand, size, or price
Product Class
industry to which a product belongs
Product Forms
within a product class
Product Mix
consists of all of the product lines offered by an organization
"Feature Bloat"
the proliferation of extra features overwhelms many consumers and creates an
unintended consequence
Feature Fatigue
consumers get worn down when there are too many features on a product even if they
say they want it, but in actuality, they don't
a common response is an annoyance and reduced likelihood of repurchase and
consumer retention
, continuous innovation
requires no new learning by consumers
dynamically continuous innovation
disrupts consumer's normal routine but does not require totally new learning
discontinuous innovation
requires new learning and consumption patterns by consumers
product line extension
incremental improvement of an existing product line the company already sells
brand extension
putting an established brand name on a new product in an unfamiliar market
Three Levels of Newness
1. product line extension
2. significant jump in innovation or technology OR brand extension
3. radical invention, a truly revolutionary new product
protocol
A statement that, before product development begins, identifies: (1) a well-defined
target market; (2) specific customers' needs, wants, and preferences; and (3) what the
product will be and do to satisfy consumers.
Marketing Reasons for New-Product Failures
1. Insignificant point of difference
2. Incomplete market and product protocol before product development starts
3. Not satisfying customer needs on critical factors
4. Bad timing
