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Busn 201 - Chap 16 Test

Enter the letter for the matching Answer
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1.
What are the five stages of the buyer decision process?
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2.
What is a promotional mix?
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3.
What are the four goals of a promotional mix?
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4.
What are the three types of classifications of consumer products?
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5.
What are the 4 types of advertising?
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6.
What is the difference between branding, packaging & labeling.
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7.
What is a product mix?
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8.
What is the strategy behind the use of reminder advertising?
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9.
What are the ways that a product line can be extended instead of inventing a new product?
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10.
What is the 7 steps of the development process?
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11.
What are the classifications of industrial products?
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12.
What is the product life cycle stages (PLC)?
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13.
List the types of media used to advertise.
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14.
What is the difference between trademark, patent, & copyright?
A.
- Newspaper (historic) - TV - Direct mail - Radio - Magazines - Outdoor - Word of mouth - Internet
B.
to keep the product's name in the mind of the consumer, especially during the maturity and decline stages of the product life cycle.
C.
Advertising, personal selling, sales promotion and public relations.
D.
- 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.
E.
A group of products that a company have available for sale.
F.
- 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.
G.
- 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.
H.
- Product ideas - Screening - Concept testing - Business analysis - Prototype development - Product testing and test marketing - Commercialization (if test market is positive).
I.
- Branding: uses symbols to communicate qualities of product. - Packaging: physical container which a product is sold. - Label: identifies name, manufacturer, contents.
J.
- Buyers recognize the need - Buyers seek information about the available product - Buyers compare competing products - Buyers purchase products - Buyers evaluate products after purchase.
K.
- 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.
L.
- Expense items (consumed within a year) - Capital items (permanent such as business buildings, fixed equipment.
M.
- Communicating information - Positioning products - Adding value - Controlling sales volume
N.
- Introduction - Growth (sales climb rapidly) - Maturity (sales begin to slow, profits +) - Decline
Type the Answer that corresponds to the displayed Question.
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15.
The communications vehicle that is inexpensive, that effectively segments the customers, but is not very long lasting is:
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16.
________ attempts to build goodwill with customers by performing and publicizing a company's public service activities.
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17.
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.
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18.
The group of products a firm has for sale is known as:
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19.
A ________ strategy is a promotional strategy designed to encourage wholesalers and retailers to market those products to the consumer.
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20.
A 12-horsepower motor on a lawn mower is considered a product:
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21.
Which advertising medium has historically been the most widely used?
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22.
What type of consumer product would you classify milk to be under?
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23.
Which type of promotion is outside of the company's control?

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