Business Term 3 Final Quizs

Product mix

• All the products offered by an organization.

• A strategy for pricing products.

• The variety of products in a single category.

• The process of developing new products.

Six Steps of Product Development

• 1. Idea Development, 2. New Idea Screening, 3. Business Analysis, 4. Product Development

• 1. Idea Development, 2. Business Analysis, 3. Test Marketing, 4. Commercialization

• 1. Idea Development, 2. New Idea Screening, 3. Test Marketing, 4. Commercialization

• 1. New Idea Screening, 2. Business Analysis, 3. Product Development, 4. Test Marketing

Social classes

• The division of society into hierarchical, social categories based on economic status (e.g., upper class and middle class).

• A system that categorizes individuals based on their educational achievements.

• A classification based on geographical location and cultural practices.

• A method of organizing society based on age and gender roles.

Manufacturer Brands

• Brands that are owned/initiated by a manufacturer to identify products from production to purchase.

• Brands that are created by retailers to sell products under their own label.

• Brands that are exclusively available online and not in physical stores.

• Brands that are owned by third-party companies for distribution.

Customer benefits

• anything a buyer receives in exchange for a cost

• a marketing strategy to increase sales

• a type of customer loyalty program

• a method of product pricing

Motivation

• The inner drive that directs behavior towards goals; for example, a need for social acceptance can drive brand choice.

• A temporary feeling that influences decisions without long-term effects.

• A financial incentive provided to encourage specific behaviors.

• A social obligation that compels individuals to act in certain ways.

Product

• A tangible item that can be touched and seen.

• A complex mix of tangible and intangible attributes that provides satisfaction and benefits.

• A service that is offered to customers without any physical form.

• A marketing strategy used to promote goods and services.

Supply Chain Management (SCM)

• Maintaining a flow of products through purchasing, operations, and logistics.

• A method for increasing product prices.

• A strategy for reducing employee turnover.

• A technique for improving customer service without inventory management.

Personality

• Distinguishing traits that influence our decisions; for example, adventurous individuals might prefer brands that promote exploration.

• A fixed set of characteristics that do not change over time.

• The ability to adapt to different social situations without any influence on decision-making.

• A random selection of behaviors that have no impact on choices.

Product Development

• A prototype reveals the tangible attributes of a product as perceived by the consumer.

• If a product survives the first three steps, it is developed into a prototype that should reveal the intangible attributes it possesses as perceived by the consumer.

• A product is immediately launched after the first three steps without further development.

• The prototype is only used for internal testing and not for consumer feedback.