MKT 300 Exam quizzes with answers
well graded 100%
Managing products - ANS✅✅-line extensions- benefits: shelf space, if you have more products in
shelf than others, less competition, more likely customers buy your brand; product modifications-
getting rid of old product
Phases of new product development - ANS✅✅Idea generation-> screening->concept testing->
business analysis->product development-> test marketing->commercialization
Phases of new product development: idea generation - ANS✅✅employees, etc.
Phases of new product development: concept testing - ANS✅✅focus groups, feedback
Phases of new product development: Business analysis - ANS✅✅does it meet what we want to
accomplish, will we break even, how much investment, will we make profit, etc.
Phases of new product development: product developing - ANS✅✅prototype, have people look at
it
Phases of new product development: Test market - ANS✅✅obscured cities, less loud (not referring
to sound) cities
Phases of new product development: Commercialization - ANS✅✅can we sell enough
Product differentiation - ANS✅✅-low price leader vs differentiation- making your product
different, vs having the lowest price
-hard rock café (different) vs discount furniture
Product Quality: performance - ANS✅✅primary operating characteristic, ex. Car- can it take you
somewhere
Product Quality: features - ANS✅✅extra things they throw into product to give it something
different and unique than other
,Product Quality: reliability - ANS✅✅what's the likely hood that it fails
Product Quality: durability - ANS✅✅the life of the product, how long does it last
Product Quality: serviceability - ANS✅✅can you fix it
Product Quality: Aesthetics - ANS✅✅the beauty of the product
Product Quality: Conformance to specifications - ANS✅✅the product meets benchmarks of the
product, ex. car says you get 19 miles per gallon, and you do or don't
Product Quality: perceive quality - ANS✅✅things we can't specifically measure, just kind of feel
and intuition
Product Quality - ANS✅✅performance, features, reliability, durability, serviceability, aesthetics,
conformance to specifications, perceive quality
Product Positioning - ANS✅✅-Creating and maintaining a certain concept of a product in
customers minds
-A products position results from customers perceptions of a products attributes relative to those of
competing products
--Marketers emphasize characteristics most desired by the target market (or segment) in advertising
-Its relative to the competition*
Essentials of effective brand positioning strategies - ANS✅✅-substantive value
-consistency
-simplicity
-distinctiveness
Essentials of effective brand positioning strategies: substantive value - ANS✅✅focusing on the
value you are presenting, ex. some people go to restaurants for the flavor and tastes which is most
important, others go for quantity of food given, etc.
, Essentials of effective brand positioning strategies: consistency - ANS✅✅be consistent
Essentials of effective brand positioning strategies: simplicity - ANS✅✅can be simple, doesn't need
to have a bunch of different products
Essentials of effective brand positioning strategies: distinctiveness - ANS✅✅being different from
others, basically differentiation, no one else is the same
Brand positioning - ANS✅✅focus on what we're giving them, what they are gaining from buying
our product rather than anything else out there
-part of brand positioning themes
User positioning - ANS✅✅positioning themselves around the user
-brand positioning themes
Competitive positioning: - ANS✅✅position yourself against the competitors, ex. we are this way,
better than..., etc.
-part of brand positioning themes
repositioning brands - ANS✅✅risky
-part of brand positioning themes
Product Deletion - ANS✅✅The process of eliminating a product from the product mix
-Reasons to remove a product:
1. Slow sales create higher unit-producing costs, inventory costs, and distribution costs
2. To prevent negative feelings from affecting the companies other products
Reasons to remove a product: - ANS✅✅1. Slow sales create higher unit-producing costs, inventory
costs, and distribution costs
2. To prevent negative feelings from affecting the companies other products
Service - ANS✅✅-Intangible performance
well graded 100%
Managing products - ANS✅✅-line extensions- benefits: shelf space, if you have more products in
shelf than others, less competition, more likely customers buy your brand; product modifications-
getting rid of old product
Phases of new product development - ANS✅✅Idea generation-> screening->concept testing->
business analysis->product development-> test marketing->commercialization
Phases of new product development: idea generation - ANS✅✅employees, etc.
Phases of new product development: concept testing - ANS✅✅focus groups, feedback
Phases of new product development: Business analysis - ANS✅✅does it meet what we want to
accomplish, will we break even, how much investment, will we make profit, etc.
Phases of new product development: product developing - ANS✅✅prototype, have people look at
it
Phases of new product development: Test market - ANS✅✅obscured cities, less loud (not referring
to sound) cities
Phases of new product development: Commercialization - ANS✅✅can we sell enough
Product differentiation - ANS✅✅-low price leader vs differentiation- making your product
different, vs having the lowest price
-hard rock café (different) vs discount furniture
Product Quality: performance - ANS✅✅primary operating characteristic, ex. Car- can it take you
somewhere
Product Quality: features - ANS✅✅extra things they throw into product to give it something
different and unique than other
,Product Quality: reliability - ANS✅✅what's the likely hood that it fails
Product Quality: durability - ANS✅✅the life of the product, how long does it last
Product Quality: serviceability - ANS✅✅can you fix it
Product Quality: Aesthetics - ANS✅✅the beauty of the product
Product Quality: Conformance to specifications - ANS✅✅the product meets benchmarks of the
product, ex. car says you get 19 miles per gallon, and you do or don't
Product Quality: perceive quality - ANS✅✅things we can't specifically measure, just kind of feel
and intuition
Product Quality - ANS✅✅performance, features, reliability, durability, serviceability, aesthetics,
conformance to specifications, perceive quality
Product Positioning - ANS✅✅-Creating and maintaining a certain concept of a product in
customers minds
-A products position results from customers perceptions of a products attributes relative to those of
competing products
--Marketers emphasize characteristics most desired by the target market (or segment) in advertising
-Its relative to the competition*
Essentials of effective brand positioning strategies - ANS✅✅-substantive value
-consistency
-simplicity
-distinctiveness
Essentials of effective brand positioning strategies: substantive value - ANS✅✅focusing on the
value you are presenting, ex. some people go to restaurants for the flavor and tastes which is most
important, others go for quantity of food given, etc.
, Essentials of effective brand positioning strategies: consistency - ANS✅✅be consistent
Essentials of effective brand positioning strategies: simplicity - ANS✅✅can be simple, doesn't need
to have a bunch of different products
Essentials of effective brand positioning strategies: distinctiveness - ANS✅✅being different from
others, basically differentiation, no one else is the same
Brand positioning - ANS✅✅focus on what we're giving them, what they are gaining from buying
our product rather than anything else out there
-part of brand positioning themes
User positioning - ANS✅✅positioning themselves around the user
-brand positioning themes
Competitive positioning: - ANS✅✅position yourself against the competitors, ex. we are this way,
better than..., etc.
-part of brand positioning themes
repositioning brands - ANS✅✅risky
-part of brand positioning themes
Product Deletion - ANS✅✅The process of eliminating a product from the product mix
-Reasons to remove a product:
1. Slow sales create higher unit-producing costs, inventory costs, and distribution costs
2. To prevent negative feelings from affecting the companies other products
Reasons to remove a product: - ANS✅✅1. Slow sales create higher unit-producing costs, inventory
costs, and distribution costs
2. To prevent negative feelings from affecting the companies other products
Service - ANS✅✅-Intangible performance
