Unit 1_ Worksheet Sample Answer.pdf

Marketing Unit 1: Product Planning Student Worksheet Name: _________________________________________ Class: _________ Date: _______ Lesson 1: Product Life Cycle 1. Define product. ______________________________________________________________ A product is anything that can be offered to a market...

Marketing Unit 1: Product Planning Student Worksheet Name: _________________________________________ Class: _________ Date: _______ Lesson 1: Product Life Cycle 1. Define product. ______________________________________________________________ A product is anything that can be offered to a market that satisfy a want or needs________ 2. List and describe the four stages of the product life cycle. Introduction Stage – the product is first placed on the market________________________ Growth Stage – sales and profits increase, competitors appear_____________________ Maturity Stage – sales slow down, profits often fall due to competition________________ Decline – sales drop, product are often discontinued or revitalized____________________ 3. What is a product line? ________________________________________________________ A group of products that are closely related to each other__________________________ 4. What is a product mix? ________________________________________________________ All product lines offered for sale by a company___________________________________ 5. What is the width of the product mix? _____________________________________________ The number of different product lines sold by a company___________________________ 6. What is the length of the product mix? ____________________________________________ The total number of products sold in all lines____________________________________ 7. What is a line extension? ______________________________________________________ A line extension is based on an existing product line______________________________ 8. What are some risks of adding a new product? _____________________________________ New products fail at a high rate and they can be time-consuming and expensive to develop 9. Why would a business add a new product? ________________________________________ To reach new customers and keep up with the competition_________________________ 10. Why do businesses need to manage their product mix? _____________________________ Because with too few items a company may miss out on sales and with too many items__ company can be spending unwisely.___________________________________________ Page 1 of 3 Copyright © 2021 Applied Educational Systems Marketing Unit 1: Product Planning Student Worksheet Name: _________________________________________ Class: _________ Date: _______ Lesson 2: Classification of Products 1. Explain the difference between goods and services. __________________________________ Products that you can touch are called goods. Products that you cannot touch are called services._______________________________________________________________ 2. What is the difference between customers and consumers? ___________________________ Customers buy products and consumers use products.____________________________ ________________________________________________________________________ 3. What is a consumer product? ___________________________________________________ Consumer products are sold to individuals and families.____________________________ ________________________________________________________________________ 4. What are the three categories of consumer products and describe each. Convenience – purchased frequently, not expensive, brand not important, little time______ planning purchase_________________________________________________________ Shopping – more expensive, buyer often comparison shops, lasts longer, purchased less_ frequently._______________________________________________________________ Specialty – often requires a sales person, brand name plays a role, buyer won't accept___ substitutions._____________________________________________________________ 5. What is a business-to-business product? __________________________________________ These a products sold to businesses to make other products, resell or use in the________ businesses operations._____________________________________________________ Page 2 of 3 Copyright © 2021 Applied Educational Systems Marketing Unit 1: Product Planning Student Worksheet Name: _________________________________________ Class: _________ Date: _______ Lesson 3: Branding and Packaging 1. Define brand and describe why businesses use branding. A brand is a product's identity. A business uses branding to distinguish its products from all other competitors._________________________________________________________ 2. A _brand name___________ is the verbal component of a product’s identity, and a __brand mark___________ is the visual component. 3. What is the difference between generic and brand name products? A generic product has no brand name recognition. It is sold at a reduced price compared to its brand competitor. Additionally, minimal product promotion is done on a generic____ product. This reduces the cost of the generic product compared to its brand competitor.__ 4. List the potential purposes of packaging. To make the product stand out from the competition______________________ To make a product safer____________________________________________ To make the product easier to use____________________________________ To protect a product during shipping__________________________________ To help the customer make a buying decision based on packaging labels_____ Page 3 of 3 Copyright © 2021 Applied Educational Systems