MKT 300 Exam questions with
answers well graded A+
Managing products - ANS✅✅line extensions and product modifications
Phases of New Product Development - ANS✅✅1. idea generation
2. screening
3. concept testing
4. business analysis
5. product development
6. test marketing
7. commercialization
product differentiation - ANS✅✅a positioning strategy that some firms use to distinguish their
products from those of competitors
Low Price leader (Wendys) vs Differentiation (Hard Rock)
product quality - ANS✅✅the characteristics of a product or service that bear on its ability to satisfy
stated or implied customer needs
Most important is reliability
product positioning - ANS✅✅Creating and maintaining a certain concept of a product in
customers' minds
benefit positioning - ANS✅✅a positioning option that features a distinctive customer benefit
user positioning - ANS✅✅a positioning option that focuses on a specific profile of the target user
Competitive Positioning - ANS✅✅a positioning option that uses an explicit reference to an existing
competitor to help define precisely what a brand can do
, product deletion - ANS✅✅eliminating a product from the product mix when it no longer satisfies a
sufficient number of customers
(ex: old coca cola)
service - ANS✅✅intangible activities or benefits that an organization provides to satisfy
consumers' needs in exchange for money or something else of value
Products vs. Services - ANS✅✅intangibility, inseparability, perishability, heterogeneity
customer contact - ANS✅✅the extent to which the customer is present, is actively involved, and
receives personal attention during the service process
Customer Orientation Model - ANS✅✅Providing a product that meets consumers' needs while
achieving organization's objectives.
Development of Services - ANS✅✅- Credentials (tangible cues)
- Pleasure and Pain ( Prospect Theory)
- Rituals
Promotion and Pricing of Services - ANS✅✅- Tangible Cues
- Sampling
- Supply/Demand Based Pricing
Winning Organizations - ANS✅✅- Long term focus
- Teamwork
- Lack of Entitlement
Integrated Marketing Communications (IMC) - ANS✅✅the process of managing the promotional
tools in such a way that a synergistic communications effect is created
Reasons for IMC Growth - ANS✅✅1. Fragmentation of Media
2. Database Technology
3. Consumer Empowerment
answers well graded A+
Managing products - ANS✅✅line extensions and product modifications
Phases of New Product Development - ANS✅✅1. idea generation
2. screening
3. concept testing
4. business analysis
5. product development
6. test marketing
7. commercialization
product differentiation - ANS✅✅a positioning strategy that some firms use to distinguish their
products from those of competitors
Low Price leader (Wendys) vs Differentiation (Hard Rock)
product quality - ANS✅✅the characteristics of a product or service that bear on its ability to satisfy
stated or implied customer needs
Most important is reliability
product positioning - ANS✅✅Creating and maintaining a certain concept of a product in
customers' minds
benefit positioning - ANS✅✅a positioning option that features a distinctive customer benefit
user positioning - ANS✅✅a positioning option that focuses on a specific profile of the target user
Competitive Positioning - ANS✅✅a positioning option that uses an explicit reference to an existing
competitor to help define precisely what a brand can do
, product deletion - ANS✅✅eliminating a product from the product mix when it no longer satisfies a
sufficient number of customers
(ex: old coca cola)
service - ANS✅✅intangible activities or benefits that an organization provides to satisfy
consumers' needs in exchange for money or something else of value
Products vs. Services - ANS✅✅intangibility, inseparability, perishability, heterogeneity
customer contact - ANS✅✅the extent to which the customer is present, is actively involved, and
receives personal attention during the service process
Customer Orientation Model - ANS✅✅Providing a product that meets consumers' needs while
achieving organization's objectives.
Development of Services - ANS✅✅- Credentials (tangible cues)
- Pleasure and Pain ( Prospect Theory)
- Rituals
Promotion and Pricing of Services - ANS✅✅- Tangible Cues
- Sampling
- Supply/Demand Based Pricing
Winning Organizations - ANS✅✅- Long term focus
- Teamwork
- Lack of Entitlement
Integrated Marketing Communications (IMC) - ANS✅✅the process of managing the promotional
tools in such a way that a synergistic communications effect is created
Reasons for IMC Growth - ANS✅✅1. Fragmentation of Media
2. Database Technology
3. Consumer Empowerment
