PRINCIPLES OF MARKETING:
CHAPTER SIX QUESTIONS WITH
ACTUAL SOLUTIONS 2025.
product - ANSWER: the specific combination of goods, services or ideas that a
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firm offers to consumers
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goods - ANSWER: tangible products with physical dimensions
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-car
services - ANSWER: intangible products, can't be touched, weighed or measured
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-tune up on a car bb bb bb bb
ideas - ANSWER: intangible and represent formulated thoughts and opinions
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-perfect vacation is in michigan
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products enrich the lives of consumers by - ANSWER: providing designs, features
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and functions that people need and want
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factors leading to change of never seeing new products to seeing new products all
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the time - ANSWER: faster and more economical transportation, mass production,
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the advent of electronic communication
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faster and more economical transportation - ANSWER: a long time ago, routes
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were slow and goods would change hands at increasingly higher prices
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now goods change hands very fast and at a cheaper rate
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mass production - ANSWER: books are a great example as they used to be hand
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written but now they are typed and able to be produced at a great number at a
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time
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the advent of electronic communication - ANSWER: modern communication
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enables news of a product t to spread quickly around the globe
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-consumers are aware of products through web pages, social media and
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smartphone apps
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new goods, services and ideas are critical to what in todays marketing environment
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- ANSWER: survival
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, -the environment places an ever-increasing emphasis on new, improved and
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technologically advanced product t offerings
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-many companies have fallen apart because they failed to innovate
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what exactly is a new product - ANSWER: one that is new to a company in any
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way
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-it may be functionally different from existing products in the market or it may be
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considered new because the company has not marketed it in its current form or
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matter
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four ways to categorize new products - ANSWER: new-to-the-market products,
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new-category entries, product-line extensions, revamped products
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new to the market products - ANSWER: inventions that have never before been
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seen and create a new market
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-smallest percentage of new products, but carry the most potential for the company
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introducing them
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-but also carry the most risk
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disruptive technology - ANSWER: technology that displaces an established
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technology and shakes up the industry or a ground-breaking product that creates
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a completely new industry
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-cell phone vs. smart phone
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service innovation - ANSWER: new types of services
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- Netflix and über change the way people watch shows or get transportation
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changes to the way a service is processed or delivered
bb bb bb bb bb bb bb bb bb bb
-ups and fedex now partner with usps to deliver packages
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new category entries - ANSWER: products that are new to a company but not new
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to the marketplace
bb bb bb bb
-help companies compete better in an already-established market or enter a new
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market
bb bb
-important because it opens a whole new set of customers and potentially a great
bb bb bb bb bb bb bb bb bb bb bb bb bb
deal more revenue and profits
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-less risky bb
product line - ANSWER: group of related products marketed by the same firm
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product line extensions - ANSWER: products that extend and supplement a
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company established product line
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-add new functions, flavors or other attributes to an existing product line
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CHAPTER SIX QUESTIONS WITH
ACTUAL SOLUTIONS 2025.
product - ANSWER: the specific combination of goods, services or ideas that a
bb bb bb bb bb bb bb bb bb bb bb bb
firm offers to consumers
bb bb bb bb
goods - ANSWER: tangible products with physical dimensions
bb bb bb bb bb bb bb bb
-car
services - ANSWER: intangible products, can't be touched, weighed or measured
bb bb bb bb bb bb bb bb bb bb
-tune up on a car bb bb bb bb
ideas - ANSWER: intangible and represent formulated thoughts and opinions
bb bb bb bb bb bb bb bb bb bb
-perfect vacation is in michigan
bb bb bb bb
products enrich the lives of consumers by - ANSWER: providing designs, features
bb bb bb bb bb bb bb bb bb bb bb
and functions that people need and want
bb bb bb bb bb bb bb
factors leading to change of never seeing new products to seeing new products all
bb bb bb bb bb bb bb bb bb bb bb bb bb
the time - ANSWER: faster and more economical transportation, mass production,
bb bb bb bb bb bb bb bb bb bb bb
the advent of electronic communication
bb bb bb bb bb
faster and more economical transportation - ANSWER: a long time ago, routes
bb bb bb bb bb bb bb bb bb bb bb
were slow and goods would change hands at increasingly higher prices
bb bb bb bb bb bb bb bb bb bb bb
now goods change hands very fast and at a cheaper rate
bb bb bb bb bb bb bb bb bb bb
mass production - ANSWER: books are a great example as they used to be hand
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
written but now they are typed and able to be produced at a great number at a
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
time
bb
the advent of electronic communication - ANSWER: modern communication
bb bb bb bb bb bb bb bb
enables news of a product t to spread quickly around the globe
bb bb bb bb bb bb bb bb bb bb bb bb bb
-consumers are aware of products through web pages, social media and
bb bb bb bb bb bb bb bb bb bb
smartphone apps
bb bb
new goods, services and ideas are critical to what in todays marketing environment
bb bb bb bb bb bb bb bb bb bb bb bb
- ANSWER: survival
bb bb bb bb
, -the environment places an ever-increasing emphasis on new, improved and
bb bb bb bb bb bb bb bb bb
technologically advanced product t offerings
bb bb bb bb bb bb
-many companies have fallen apart because they failed to innovate
bb bb bb bb bb bb bb bb bb
what exactly is a new product - ANSWER: one that is new to a company in any
bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb
way
bb bb
-it may be functionally different from existing products in the market or it may be
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
considered new because the company has not marketed it in its current form or
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
matter
bb
four ways to categorize new products - ANSWER: new-to-the-market products,
bb bb bb bb bb bb bb bb bb
new-category entries, product-line extensions, revamped products
bb bb bb bb bb bb
new to the market products - ANSWER: inventions that have never before been
bb bb bb bb bb bb bb bb bb bb bb bb
seen and create a new market
bb bb bb bb bb bb bb
-smallest percentage of new products, but carry the most potential for the company
bb bb bb bb bb bb bb bb bb bb bb bb
introducing them
bb bb bb
-but also carry the most risk
bb bb bb bb bb
disruptive technology - ANSWER: technology that displaces an established
bb bb bb bb bb bb bb bb
technology and shakes up the industry or a ground-breaking product that creates
bb bb bb bb bb bb bb bb bb bb bb bb
a completely new industry
bb bb bb bb bb
-cell phone vs. smart phone
bb bb bb bb
service innovation - ANSWER: new types of services
bb bb bb bb bb bb bb
- Netflix and über change the way people watch shows or get transportation
bb bb bb bb bb bb bb bb bb bb bb bb bb
changes to the way a service is processed or delivered
bb bb bb bb bb bb bb bb bb bb
-ups and fedex now partner with usps to deliver packages
bb bb bb bb bb bb bb bb bb
new category entries - ANSWER: products that are new to a company but not new
bb bb bb bb bb bb bb bb bb bb bb bb bb bb
to the marketplace
bb bb bb bb
-help companies compete better in an already-established market or enter a new
bb bb bb bb bb bb bb bb bb bb bb
market
bb bb
-important because it opens a whole new set of customers and potentially a great
bb bb bb bb bb bb bb bb bb bb bb bb bb
deal more revenue and profits
bb bb bb bb bb bb
-less risky bb
product line - ANSWER: group of related products marketed by the same firm
bb bb bb bb bb bb bb bb bb bb bb bb
product line extensions - ANSWER: products that extend and supplement a
bb bb bb bb bb bb bb bb bb bb
company established product line
bb bb bb bb bb
-add new functions, flavors or other attributes to an existing product line
bb bb bb bb bb bb bb bb bb bb bb
