Marketing Final Exam

A consumer receives in an exchange a product may be a

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Unformatted text preview: ional labeling, which is designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase. PTS: 1 REF: 167 Thinking KEY: CB&E Model Product OBJ: 10-5 TOP: AACSB Reflective MSC: BLOOMS Application ESSAY 1. How would a marketer define the term product? ANS: A product is everything, both favorable and unfavorable, that a consumer receives in an exchange. A product may be a tangible good, a service, an idea, or any combination of these three. PTS: 1 REF: 157 Communication KEY: CB&E Model Product OBJ: 10-1 TOP: AACSB MSC: BLOOMS Synthesis 2. Products can be classified as either business/industrial or consumer products. Explain what distinguishes business products from consumer products and why it is important to understand this distinction. ANS: A product’s classification depends on the buyer’s intentions. Business products are purchased (1) for use in the manufacture of other goods or services, (2) to facilitate an organization’s operations, or (3) to resell the products to other customers. Consumer products are purchased to satisfy an individual’s personal wants. The same item can be classified as either a business or a consumer product depending on the intended use. It is important to know about these product classifications because business and consumer products are marketed differently. These two target markets require different distribution, promotion, and pricing strategies. PTS: 1 REF: 158 Communication KEY: CB&E Model Product OBJ: 10-2 TOP: AACSB MSC: BLOOMS Synthesis 3. What is the difference between a homogeneous shopping product and a heterogeneous shopping product? Give specific examples of products that fit into each category to help illustrate your answer. ANS: HOMOGENEOUS SHOPPING PRODUCTS are those that consumers see as being basically the same. The main purpose of shopping is to find the lowest-priced product that has the required features. Appliances and televisions are homogeneous shopping products for many people. HETEROGENEOUS SHOPPING PRODUCTS are those that consumers see as different in terms of quality, style, suitability, and lifestyle compatibility. Comparisons among heterogeneous shopping products are difficult because the alternatives possess unique features as well as different prices and quality levels. These products may include furniture, clothing, housing, and the choice of a university. PTS: 1 REF: 158 Communication KEY: CB&E Model Product OBJ: 10-2 TOP: AACSB MSC: BLOOMS Synthesis 4. Name and briefly define the four categories of consumer products. For each category, list three specific examples of products that would most likely be classified in that category. ANS: CONVENIENCE PRODUCTS are relatively inexpensive items that require little shopping effort. The products are bought regularly, usually without significant planning. Convenience products may include candy, soft drinks, aspirin, small hardware items, dry cleaning, car wash services, and s...
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This document was uploaded on 09/29/2013.

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