Business 14 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Whether a consumer thinks a product provides the best value depends upon:
answer
the consumer's perceptions
question
The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:
answer
total product offer
question
What refers to a group of products offered by a firm that are physically similar or are intended for a similar market?
answer
product line
question
What is used to create real or perceived product differences?
answer
product differentiation
question
Location is very important in the marketing of _________ because consumers desire to purchase these goods with a minimum of shopping effort.
answer
convenience goods
question
Today packaging is:
answer
very important in promotion
question
In marketing today, packaging carries the added responsibility of:
answer
promotion and sales
question
Textbook publishers use a packaging strategy known as __________. Often the publisher will combine highly complementary products such as a new textbook and access code for nine software that students can use to test themselves on new concepts and principles.
answer
bundling
question
A ______________ is a name, symbol, or design that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.
answer
brand
question
A brand that has been given exclusive legal protection, such as the McDonald's golden arches, is a:
answer
trademark
question
Non branded product that sell below the price of national brands, have very basic packaging, and are backed with little or no advertising are called:
answer
generic goods
question
The degree to which customers are satisfied and are committed to future purchases of a desired brand is called:
answer
brand loyalty
question
______ presents an idea for a new product to potential customers to test their reactions.
answer
concept testing
question
Product screening is designed to:
answer
reduce new-product ideas being worked on at any one time
question
The ___________ is a theoretical model that describes the sales and profit performance of a product class over time.
answer
product life cycle
question
The product life cycle consists of ___ stages.
answer
4
question
The stages of the product life cycle are:
answer
introduction, growth, maturity, and decline
question
Pricing is:
answer
one of the 4 ps
question
__________ is the process used to determine the profitability of a product at various levels of sales.
answer
break-even analysis
question
______ costs are those costs that increase as the level of production increases.
answer
variable
