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What type of consumer product would you classify milk to be under?
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A 12-horsepower motor on a lawn mower is considered a product:
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Busn 201 - Chap 16
Developing and Promoting Goods & Services
| Question | Answer |
|---|---|
| What type of consumer product would you classify milk to be under? | Convenience good. |
| A 12-horsepower motor on a lawn mower is considered a product: | A feature. |
| The group of products a firm has for sale is known as: | The product mix. |
| A ________ strategy is a promotional strategy designed to encourage wholesalers and retailers to market those products to the consumer. | Push strategy. |
| What is the strategy behind the use of reminder advertising? | to keep the product's name in the mind of the consumer, especially during the maturity and decline stages of the product life cycle. |
| During this stage of a product's life cycle sales begin to climb and the product begins to show a profit. Competitors introduce similar products. This is the ________ stage of a product's life cycle. | Growth cycle. |
| ________ attempts to build goodwill with customers by performing and publicizing a company's public service activities. | Public relations. |
| Which advertising medium has historically been the most widely used? | Newspaper. |
| The communications vehicle that is inexpensive, that effectively segments the customers, but is not very long lasting is: | Radio. |
| Which type of promotion is outside of the company's control? | Publicity. |
| What are the three types of classifications of consumer products? | - Convenience goods: Inexpensive and purchased frequently. - Shopping goods: more expensive, purchased less frequently and customers evaluate alternatives. - Specialty goods: (Wedding gowns) and customers have strong preferences. |
| What are the classifications of industrial products? | - Expense items (consumed within a year) - Capital items (permanent such as business buildings, fixed equipment. |
| What is a product mix? | A group of products that a company have available for sale. |
| What is the 7 steps of the development process? | - Product ideas - Screening - Concept testing - Business analysis - Prototype development - Product testing and test marketing - Commercialization (if test market is positive). |
| What is the product life cycle stages (PLC)? | - Introduction - Growth (sales climb rapidly) - Maturity (sales begin to slow, profits +) - Decline |
| What are the ways that a product line can be extended instead of inventing a new product? | - Product extension: global market - Product adaptation: adjusting the way the product is viewed globally. - Reintroduction: reviving new market products that are obsolete in older markets. |
| What is the difference between trademark, patent, & copyright? | - Trademark: exclusive legal right to use a brand name. - Patent: Exclusive legal right to use and license a manufactured item. - Copyright: Exclusive ownership for books, articles, designs, illustrations. |
| What is a promotional mix? | Advertising, personal selling, sales promotion and public relations. |
| What are the five stages of the buyer decision process? | - Buyers recognize the need - Buyers seek information about the available product - Buyers compare competing products - Buyers purchase products - Buyers evaluate products after purchase. |
| What are the 4 types of advertising? | - Informative: usually in the introduction stage. - Persuasive: Influence the product over another. - Comparative: directly compare two products. - Reminder: usually in maturity stage to keep the name in the minds of customers. |
| List the types of media used to advertise. | - Newspaper (historic) - TV - Direct mail - Radio - Magazines - Outdoor - Word of mouth - Internet |
| What is the difference between branding, packaging & labeling. | - Branding: uses symbols to communicate qualities of product. - Packaging: physical container which a product is sold. - Label: identifies name, manufacturer, contents. |
| What are the four goals of a promotional mix? | - Communicating information - Positioning products - Adding value - Controlling sales volume |
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