marketing 120 quiz #2
PART 1 – SHORT ANSWER
1. Products and services fall into two broad classes based on the types of consumers that use them. They are called consumer products and industrial products. Consumer products are bought by final consumers, and are classified according to consumer shopping habits. Industrial products are purchased for further processing or to be used in conducting a business. There are also differences in quantity. Consumer goods are usually much smaller in quantity. The type of materials used by each class also differs.
2. The four key characteristics of services are intangibility, inseparability, variability, and perishability. Service Intangibility lacks tangible assets which can be seen, touched, smelt, heard, or tasted prior to purchase. Examples of such would be education or a sporting event. Service Inseparability involves the simultaneous production and consumption which characterizes most services. Inseparable services are produced, sold, and then consumed simultaneously, therefore making them inseparable. The provider and the buyer are linked, both having to be present in order for the service to be rendered. Service Variability is determined by the circumstances surrounding the service. The value of the service comes from the quality of the experience, who provided it, when they provided it, where they provided it, and how they provided it. Service Perishability is also one of the four key characteristics of services. Perishable services must be rendered on the spot and cannot be stored for later sale or use.
3. Price, Quality, and Service
4. Ad expenditures are high for products in the introductory stage of the product life cycle in order to rapidly increase customer awareness of the product and to target the early adopters.
5. Markets can move products in the maturity or decline stages back into the growth stage by repositioning their products, and changing how customers mentally categorize them. Marketers can rejuvenate
1. Products and services fall into two broad classes based on the types of consumers that use them. They are called consumer products and industrial products. Consumer products are bought by final consumers, and are classified according to consumer shopping habits. Industrial products are purchased for further processing or to be used in conducting a business. There are also differences in quantity. Consumer goods are usually much smaller in quantity. The type of materials used by each class also differs.
2. The four key characteristics of services are intangibility, inseparability, variability, and perishability. Service Intangibility lacks tangible assets which can be seen, touched, smelt, heard, or tasted prior to purchase. Examples of such would be education or a sporting event. Service Inseparability involves the simultaneous production and consumption which characterizes most services. Inseparable services are produced, sold, and then consumed simultaneously, therefore making them inseparable. The provider and the buyer are linked, both having to be present in order for the service to be rendered. Service Variability is determined by the circumstances surrounding the service. The value of the service comes from the quality of the experience, who provided it, when they provided it, where they provided it, and how they provided it. Service Perishability is also one of the four key characteristics of services. Perishable services must be rendered on the spot and cannot be stored for later sale or use.
3. Price, Quality, and Service
4. Ad expenditures are high for products in the introductory stage of the product life cycle in order to rapidly increase customer awareness of the product and to target the early adopters.
5. Markets can move products in the maturity or decline stages back into the growth stage by repositioning their products, and changing how customers mentally categorize them. Marketers can rejuvenate