Comm 101 chapter 13

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Questions and Answers

What is a product?

Any physical item sold to customers
Anything a company offers to satisfy customer needs and wants, which can be a good or service. (correct)
A limited edition item that is rare
Only intangible services provided by a company

A _ is usually mass produced and stored, while a _ can't be efficiently mass-produced and stored.

product, item
good, service (correct)
commodity, material
resource, supply

A requires customization and is usually delivered to customers individually, and quality judgement is of both the and the delivery (experience) of it

good, good
service , service (correct)
service, good
good, service

A has less degree of contact with a customer, while has a higher degree of contact with a customer.

good, service (A) Signup and view all the answers

A number of products are a mix of both & _ where the process of producing the good can be the service.

goods and services (B) Signup and view all the answers

What is product classification?

Different classes of products directed at specific target markets (A) Signup and view all the answers

What are the two product classification categories?

Consumer product and business product (D) Signup and view all the answers

What are consumer products?

A product purchased to satisfy personal and family needs (A) Signup and view all the answers

What are business products?

A product bought for resale, for making other products, or for use in a business's operations (A) Signup and view all the answers

A single product can be a and product.

consumer + business product (A) Signup and view all the answers

How can consumer products be classified?

Convenience, shopping, specialty, or unsought products (D) Signup and view all the answers

What are convenience products?

relatively inexpensive, frequently purchased items that require little shopping effort (A) Signup and view all the answers

What are shopping products?

An item for which buyers are willing to expend considerable effort on planning and making the purchase (A) Signup and view all the answers

What are specialty products?

An item that possesses 1+ unique characteristics that a group of buyers are willing to spend considerable purchasing effort on. (B) Signup and view all the answers

What are unsought products?

A product that isn't actively sought out until a significant event occurs (A) Signup and view all the answers

How are business products classified?

Based on their characteristics and intended uses (C) Signup and view all the answers

What is innovation?

Any product improvement that customers value over existing choices; it includes new products and adaptations to existing products. (B) Signup and view all the answers

How do innovations benefit us?

Improves quality of life, products with improved function and quality, lower prices, and new experiences (A) Signup and view all the answers

What are the 4 phases of product development?

Idea generation, product analysis, product development & testing, and commercialization (A) Signup and view all the answers

Every product progresses through a product life cycle (PLC) which is:

A series of stages in which a product's sales revenue and profits increase, reach a peak and then decline (B) Signup and view all the answers

What are the 4 stages of the product life cycle (PLC)?

Introduction, Growth, Maturity, and Decline Stage (A) Signup and view all the answers

The introduction stage of a product life cycle is characterized by:

Little competition, high failure rate, low sales, small or negative profits, heavy promotion, high costs for production and marketing, and limited distribution (C) Signup and view all the answers

The growth stage of the product life cycle is characterized by:

Sales and profit increase, increased competition, possible lower prices to deal with competitors, advertising and increased distribution (C) Signup and view all the answers

What characterizes the maturity stage of the product life cycle?

Sales peak, profits begin to decline as the market becomes saturated, addition of new features or styles, further price cuts and global introduction of products (A) Signup and view all the answers

The decline stage in the product life cycle is characterized by:

A decline in sales and profits, elimination of most advertising and sales promotion, possible elimination of the product due to changes in consumer tastes and new product introductions. (B) Signup and view all the answers

What is a company's product mix?

The collection of all the company's products (B) Signup and view all the answers

What is a company's product line?

A group of similar products that are related to each other in the way they work or the audience they target (A) Signup and view all the answers

A companies product mix is managed by modifying, _____, or deleting products to maximize sales revenue and profits

adding Signup and view all the answers

Decisions about product mix changes may be based on: _____, challenges from competitors, the stage of the product life cycle the product is in, and to simplify the product mix.

Changes in customer preferences (B) Signup and view all the answers

What is brand loyalty?

Commitment to a brand (B) Signup and view all the answers

What is brand awareness?

How well consumers recognize a brand's name, logo, product, etc. (D) Signup and view all the answers

What is packaging?

All activities involved in developing and providing a container with graphics for a product; it can influence purchase decisions. (A) Signup and view all the answers

What are the functions of packaging?

Protect the product, attract buyer attention, provide product information, improve design or function, and better serve customer needs (C) Signup and view all the answers

Price determines: _____________, and profit expected by the company.

the cost of the product (A) Signup and view all the answers

Which of the following factors affect product prices?

Economic conditions, the industry, and the stage of a product's life cycle (C) Signup and view all the answers

Which of the following are considerations for determining prices?

Company cost for product, max price customers are willing to pay, and what competitors charge (A) Signup and view all the answers

What is a pricing strategy?

A course of action designed to achieve pricing objectives (C) Signup and view all the answers

The minimum number of units the company must sell for total revenue = total cost is called the:

break-even point (A) Signup and view all the answers

What are the two types of costs to consider?

Fixed + Variable Costs (D) Signup and view all the answers

___ costs don't vary with different levels of output, are the operating costs of a company and occur no matter how many units are produced or sold.

Fixed (C) Signup and view all the answers

Flashcards

Product Definition

Anything a company offers to satisfy customer needs and wants, including goods and services.

Goods vs. Services

Goods are mass-produced and stored, while services can't be efficiently mass-produced or stored, requiring individualized delivery.

Service Characteristics

Services require customization, delivered individually, and quality judged by both the service and its delivery.

Customer Contact in Products

Goods often have less customer interaction, while services have more direct contact.

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Combined Goods and Services

Many products are a blend of goods and services; the product's production process can also be a service.