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Questions and Answers
What is defined as a name, term, symbol, design, or a combination of them to identify the goods and services of one seller?
What is defined as a name, term, symbol, design, or a combination of them to identify the goods and services of one seller?
A generic product is a modified product tailored to the specifications of an individual customer.
A generic product is a modified product tailored to the specifications of an individual customer.
False
What refers to the unbranded and undifferentiated commodity?
What refers to the unbranded and undifferentiated commodity?
Generic product
The __________ product aims to enhance the value of the product through voluntary improvement.
The __________ product aims to enhance the value of the product through voluntary improvement.
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Which characteristic does durability refer to in product classification?
Which characteristic does durability refer to in product classification?
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Tangibility refers to the physical attributes of a product.
Tangibility refers to the physical attributes of a product.
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What does the term 'potential product' refer to?
What does the term 'potential product' refer to?
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Match the following terms with their definitions:
Match the following terms with their definitions:
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What is a required factor for a new product to succeed in the marketplace?
What is a required factor for a new product to succeed in the marketplace?
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All products must pass through every stage of the product life cycle.
All products must pass through every stage of the product life cycle.
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Name one reason why new products fail.
Name one reason why new products fail.
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Established customer ________ can limit the success of new products.
Established customer ________ can limit the success of new products.
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Which of the following is NOT a reason for the failure of new products?
Which of the following is NOT a reason for the failure of new products?
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What can cause a product to skip the introduction stage?
What can cause a product to skip the introduction stage?
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A poorly designed product is unlikely to generate repeat sales.
A poorly designed product is unlikely to generate repeat sales.
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Match the reasons for product failure with their descriptions:
Match the reasons for product failure with their descriptions:
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What is one of the primary reasons for packaging a product?
What is one of the primary reasons for packaging a product?
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Packaging decisions only need to be accepted by the final customer.
Packaging decisions only need to be accepted by the final customer.
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What percentage of a cosmetics product's selling price can be attributed to packaging costs?
What percentage of a cosmetics product's selling price can be attributed to packaging costs?
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Visibility in packaging design helps to capture the customer's ________ when shopping.
Visibility in packaging design helps to capture the customer's ________ when shopping.
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Match the packaging decision with its importance:
Match the packaging decision with its importance:
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Which of the following is an advantage of having a family of similar packaging?
Which of the following is an advantage of having a family of similar packaging?
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Developing new packaging can be inexpensive and simple to execute.
Developing new packaging can be inexpensive and simple to execute.
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What should packaging design incorporate to ensure it is accepted by distributors?
What should packaging design incorporate to ensure it is accepted by distributors?
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Which of the following is an example of durable goods?
Which of the following is an example of durable goods?
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Services are tangible products that can be stored and sold later.
Services are tangible products that can be stored and sold later.
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What are convenience products?
What are convenience products?
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______ goods are purchased on a regular basis and become a daily necessity.
______ goods are purchased on a regular basis and become a daily necessity.
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Which of the following is NOT a characteristic of consumer goods?
Which of the following is NOT a characteristic of consumer goods?
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Match the following types of goods with their definitions:
Match the following types of goods with their definitions:
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What is the primary focus for marketing durable goods?
What is the primary focus for marketing durable goods?
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Fast-moving consumer goods generally require high levels of personal selling.
Fast-moving consumer goods generally require high levels of personal selling.
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What is an example of a product that uses innovative packaging?
What is an example of a product that uses innovative packaging?
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Ecological packaging includes materials that can decompose over time.
Ecological packaging includes materials that can decompose over time.
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What benefits does reuse packaging offer to customers?
What benefits does reuse packaging offer to customers?
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Innovative packaging can stimulate __________ purchases.
Innovative packaging can stimulate __________ purchases.
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Match the examples with their respective packaging strategies:
Match the examples with their respective packaging strategies:
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Which aspect of labeling is NOT mentioned as helpful to sellers?
Which aspect of labeling is NOT mentioned as helpful to sellers?
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Labeling provides customers with detailed information about the product.
Labeling provides customers with detailed information about the product.
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What is one responsibility of businesses regarding ecological packaging?
What is one responsibility of businesses regarding ecological packaging?
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Study Notes
Product Definition and Characteristics
- A product satisfies customer needs and wants.
- Products possess their own identity and personality.
- A brand identifies a seller's goods and services, differentiating them from competitors.
- Symbols and visual elements enhance product recognition.
- The focal point of marketing activities is the product itself.
Types of Products
- Generic product: Unbranded and undifferentiated commodities.
- Customized product: Tailored to meet individual customer specifications.
- Augmented product: Enhanced with additional features or benefits.
- Potential product: Future advancements and refinements that could occur.
Product Classification
- Classification helps marketers position products based on durability, tangibility, and user type.
- Durability refers to the average lifespan of the product.
- Tangibility indicates the product's physical attributes.
- User type categorizes products as consumer or industrial.
Product Types Based on Durability
- Durable goods: Physical products used over several years, requiring more personal selling and service. Examples include TVs and appliances.
- Services: Intangible offerings requiring quality control, supplier credibility, and adaptability. Examples include airlines, hospitality, and banking services.
Consumer Goods Classification
- Consumer goods are for personal use, typically non-business-related, and can be perishable or durable.
- Classified based on buying habits into:
-
Convenience Products: Frequently purchased with minimal effort (e.g., soft drinks, bread).
- Staple Goods: Regularly purchased daily necessities.
-
Convenience Products: Frequently purchased with minimal effort (e.g., soft drinks, bread).
Reasons for New Product Failures
- Lack of unique selling proposition can lead to failure as consumers need incentives to switch.
- Poor product design can result in low-quality products that fail to attract repeat customers.
- Established customer loyalty can hinder new product adoption; consumers often resist switching due to habit.
Importance of Packaging
- Packaging serves several purposes:
- Protection: Safeguards products during transit and handling.
- Visibility: Attractive packaging captures customer attention.
- Added Value: Packaging can enhance usability and aesthetic appeal.
- Distributor Acceptance: Must meet retailer storage requirements.
- Cost: Represents a significant portion of selling price; smart design can reduce costs.
- Reuse/Innovative Packaging: Encourages repeat purchases through reusable designs.
- Ecological Packaging: Focuses on sustainability and reducing environmental impact.
Labelling
- Labelling is integral to marketing; it provides essential product information.
- Helps consumers make informed choices regarding quality, features, and pricing.
- Assists sellers in differentiating their products from competitors.
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Description
Test your knowledge on basic marketing concepts and terminologies related to products, branding, and differentiation. This quiz covers definitions and essential marketing principles critical for understanding market dynamics.
