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Marketing Chapter 10
Test Questions
26
Marketing
02/07/2011

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Term
product
Definition
A _________ is anything tangible offered to a market by a business to satisfy needs.
Term
product line
Definition
A _______________ is a group of similar products with slight variations in the product mix to satisfy different needs in a market.
Term
product assortment
Definition
A __________________ is the complete set of all products a business offers to its market.
Term
trademark
Definition
A __________is the legal protection of the words or symbols for use by a company.
Term
licensed brand
Definition
A ___________ is a well known name or symbol established by one company and sold for use by another company to promote its products.
Term
consumer markets
Definition
Individuals or socially related groups who purchase products for personal consumption are known as ____________.
Term
Direct demand
Definition
_____________ is the quantity of a product or service needed to meet the needs of the consumer.
Term
business markets
Definition
Companies and organizations that purchase products for the operation of a business or the completion of a business activity are known as ______________.
Term
Derived demand
Definition
______________ is the quantity of a product or service needed by a business in order to operate at a level that will meet the demand of its customers.
Term
new product
Definition
A __________ must be entirely new or changed in an important and noticeable way.
Term
Non-recognition
Definition
Consumer are unable to identify the brand
Term
Rejection
Definition
Consumers will not purchase the product because of the brand
Term
Recognition
Definition
Consumers can recall the brand name, but it has little influence on purchases.
Term
Preference
Definition
Consumers view the brand as valuable and will choose it if it is available
Term
Insistence
Definition
Consumers value the brand to the extent that they reject other brands
Term
Capital Equipment
Definition
Includes a business’s land, buildings, and major pieces of equipment. They are usually the most expensive and the most important.
Term
Operating Equipment
Definition
Smaller, less-expensive equipment used in the operation of the business or in the production and sale of products and services are ___________.
Term
Supplies
Definition
The products and materials consumed in the operation of the business are __________.
Term
Raw Materials
Definition
_________ are unprocessed products used as basic materials for the products to be produced.
Term
Component Parts
Definition
__________ have been either partially or totally processed by another company.
Term
Idea Development
Definition
The most difficult step in new product development is usually finding ideas for new products.
Term
Idea Screening
Definition
Once a number of ideas have been identified, the second step is to carefully screen them to select those that have the greatest chance for success.
Term
Strategy Development
Definition
After determining that the product idea seems reasonable, the business will create and test a sample marketing strategy. Research is done to clearly identfy an appropriate target market and ensure that customers exist with the need and money for the product.
Term
Financial Analysis
Definition
The company will complete a financial analysis. Costs of production and marketing, sales projections for the target market and resulting profits will be carefully calculated.
Term
Product Development and Testing
Definition
For a manufacturer, this step involves the production process, obtaining the needed equipment and materials, and training personnel. For a retailer, it involves identifying a producer or manufacturer to supply the products and negotiating a contact for the production.
Term
Product Marketing
Definition
The last step is a full-scale introduction into the market.