Exam3-MKTG3401 ALL ANSWERS 100% CORRECT FALL-2021/2022 SOLUTION GUARANTEED GRADE A+

Chapter 7 1. How companies develop and manage products and brands. a. Product line- A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. b. Product mix (or product portfolio) - The set of all product lines and items that a particular seller offers for sale. c. Brand- A name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors. d. Brand development- A company has four choices when it comes to developing brands. It can introduce line extensions, brand extensions, multi brands, or new brands (pgs. 228-230). e. Managing brands- Communicate the brand’s positioning, manage all brand touch points, and train employees to live the brand, audit the brands’ strengths and weaknesses. 2. What is a product and the major classifications of products and services? a. Product- Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. b. Consumer product- A product brought by final consumers for personal consumption.MKTG 3401 EXAM 3 SWEETY LAW c. Convenience product- A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort. d. Shopping product- A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. e. Unsought product- A consumer product that the consumer either does not know about or knows about but does not normally consider buying. f. Industrial product- A product bought by individuals and organizations for further processing or for use in conducting a business. 3. The four characteristics that affect the marketing of a service. a. Service intangibility- Services cannot be seen, tasted, felt, heard, or smelled before they are bought. b. Service inseparability- Services are produced and consumed at the same time and cannot be separated from their providers. c. Service variability- The quality of services may vary greatly depending on who provides them and when, where, and how they are provided. d. Service perishability- Services cannot be stored for later sale or use Variability Quality of services depends on who provides them and when, where, and how Inseparability Services cannot be separated from their providers Intangibility Services cannot be seen, tasted, felt, heard, or smelled before purchase services Perishability Services cannot be stored for later sale or use The additional marketing considerations that services require (pgs. 216-220). a. Internal marketing- Orienting and motivating customer contact employees and supporting employees to work as a team to provide customer satisfaction. b. Interactive marketing- Training service employees in the fine art of interacting with customers to satisfy their needs.MKTG 3401 EXAM 3 SWEETY LAW Test marketing Product development Concept devlopment and testing Marketing strategy development Idea generation Commercialization Business analysis Idea Screening What is product strategy -- The decisions companies make regarding their individual products and services, product lines, and product mixes. Branding – the decisions companies make in building and managing their brands. Chapter 8 1 How companies find and how companies develop new-product ideas. a. A firm can obtain new products in two ways. One is through acquisition - by buying a whole company, a patent, or a license to produce someone else's product. The other is through the firm's new own new product development efforts. By new products we mean original products, product improvements, product modifications, and new brands that the firm develops through its own research and development (R&D) efforts. 2 The steps in the new-product development process - purpose and major considerations of each step in managing this process. a. New product development starts with idea generation- the systematic search for new product ideas. A company typically generates hundreds- even thousands- of ideas to find a few good ones. Major sources of new product ideas include internal sources and external sources such as customers, competitors, distributors, and suppliers, and others. Using internal sources, the company can find new ideas through formal R&D. However, in a recentMKTG 3401 EXAM 3 SWEETY LAW study, only 33 % of companies surveyed rated traditional R&D as a leading source of innovation ideas. In contrast, 41% of companies identified customers as a key source, followed by heads of company business units (35%), employees (33%), and the sales force (17%). Companies can also obtain good new product ideas from any of a number of external sources. For example, distributors and suppliers can contribute ideas. Distributors are close to the market and can pass along information about consumer problems and new product possibilities. Suppliers can tell the company about new concepts, techniques, and materials that can be used to develop new products. Competitors are another important source. Companies watch competitors’ ads to get clues about their new products. They buy competing new products, take them apart to see how they work, analyze their sales, and decide whether they should bring out a new product of their own. The most important sources of new product ideas are customers themselves. The company can analyze customer questions and complaints to find new products that better solve consumer problems. Or it can invite customers to share suggestions and ideas. Crowdsourcing: Inviting broad communities of people-customers, employees, independent scientists and researchers, and even the public at large-into the new product innovation process. b. Idea Screening: Screening new product ideas to spot good ones and drop poor ones as soon as possible