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BATES MGT 103 MIDTER M 2 WITH
COMPLETE SOLUTION
Question :product positioning
Correct answer:-relative position on where your product
sits in the consumers mind in comparison to others -determines how best to communicate their products benefits to target consumers and satisfy there needs and wants
Question :increasing customer lifetime value
Correct answer:-more often and larger purchases
-loyalty -lower the cost to serve -move loyal customers to lower cost channels ex/golf ball aimed at future group
Question :brand loyalty
Correct answer:process designed to telescope in on the
core consumer
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-focus on most involved consumers -80% of sales come from 20% of consumers
Question :durable goods
Correct answer:personal, relationship built, typically
$
Question :nondurable goods
Correct answer:consumer, advertising, need to be
replaced
Question :convenience products
Correct answer:-consumer purchases them frequently,
convienentley, and with minimum effort -no personal investment
Question :shopping products
Correct answer:-consumer compare alt types; price,
quantity, and style
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-brand is a little more important
Question :speciality products
Correct answer:-consumer makes special effort to search
and get -brand insistence!!-higher priced and harder to find -brand promotion focus
Question :unsought products
Correct answer:-consumer doesn't know bout until they
need -dont initially want
Question :product class
Correct answer:ex/ running shoes
Question :product form
Correct answer:-specific version of product class
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ex/ hard surface running shoes
Question :product line
Correct answer:-all the products that brand has in one
form ex/ different colors or styles ex/ apple MacBook- air, pro, etc
Question :product mix
Correct answer:assortment of product lines
ex/ apple- product types -each product has unique barcode called SKU
Question :new products
Correct answer:- some functional difference from existing
Question :product concept
Correct answer:1. core (value)
- expected layer (growth)