Exam 3 Review Sheet

Exam 3 Review Sheet - Marketing 301 Exam 3 Review Sheet Spring 2008 Chapter 9 Know what a product is everything both favorable and unfavorable that

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Marketing 301 Exam 3 Review Sheet Spring 2008 Chapter 9 Know what a product is- everything, both favorable, and unfavorable, that a person recieves in exchange. (tangible good, service, idea) -that a product can be a service -tangible good, or an idea, classifications of consumer products- Business product- a product used to manufacture other goods or services, to facilitate an organization's operations or to resell to other consumers Consumer product- a product bought to satisfy an individual's personal need's or wants. e.x.- convenience products- relatively in expensive item, little shopping effort shopping products- requires comparison shopping, more expensive, fewer stores specialty products- item searched extensively, reluctant to accept subsitutes for unsought products- unknown to the potential buyer, or a known product that buyer does not seek. product item- a specific version of a product that can be designated as a distinct offering among an organization's products. product line- a group of closely related product items. product mix- all products that an organization sells. Campbell's product mix example- (bold is production mix), (regular, depth of prod. lines) soups- sauces frozen entree beverage chicken mild cheese chicken a la king tomato juice veggie alfredo beef stew v-8 tomato marinara chicken lasagna v-8 splash benefits of product lines- advertising economies, package uniformity, standardized components, efficient sales and distribution, equivalent quality product mix width- the number of product lines and org. offers. Diversifies risk, capitalizes on established reputations. product line depth- the number of product items in a product line. Attracts buyers with different preferences increases sales/profits by further market segmentation capitalizes on economies of scale evens out seasonal sale patterns the ways of adjusting and modifying product lines- product modification, product repositioning, product line extension or contraction.
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Production modification - quality modification, functional modification (versatility, convenience,) style mo.(e.x. Clothing), reduce price through quality modification. Prod. Extension - adding additional products to an existing product line in order to compete more broadly in the industry. Production Contraction - symptoms: low sales, cannibalize sales of other items, items have become obsolete because of new product entries. what planned obsolescence- the practice of modifying products so that those that have already been sold become obsolete before they actually need replacement the circumstances that suggest brand repositioning- changing demographics, declining sales, changes in social environment the difference between product line extension and contraction what a brand- a name, symbol, design, term, or combination therof that identifies a seller products and differentiates them from competitors products. 3 main purposes:
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This note was uploaded on 04/29/2008 for the course MRKT 301 taught by Professor Goldman during the Spring '08 term at UMass (Amherst).

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Exam 3 Review Sheet - Marketing 301 Exam 3 Review Sheet Spring 2008 Chapter 9 Know what a product is everything both favorable and unfavorable that

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