ME Unit 7 Test Review

Match the following vocabulary words to their correct definition.

• Business Products

• Purchased by a company to produce their own offerings or to operate their business. These are also known as industrial products

• Service

• An intangible offering purchased by a customer

• Consumer Products

• Tangible items purchased by a customer who is the end user of the product

Match the following product mix dimensions to their correct definition.

• Depth

• The number of product lines the company sells

• Width

• The total number of variations for each product type

• Length

• How related your product lines are to each other

• Consistency

• The total number of product types in a product line

Match each type of utility to its correct definition.

• Place

• How well a finished product meets a customer's needs

• Possession

• The value of having a product available at a convenient time

• Form

• Provides customers with easier ways to gain possession of a product

• Time

• The value of having a product available at a convenient location

Match the following vocabulary words to their correct definition.

• Core Product

• Additional items and/or services that support the core product

• Total Product Concept

• The main product is that being purchased; typically it is the physical product itself

• Augmented Product

• The way of viewing a product as a total of value and benefits provided to the customer

A product is least profitable in which stage of the product life cycle?

• Introduction

• Growth

• Maturity

• Decline

Which scenario best describes a product that has reached the maturity stage of the product life cycle?

• A photo editing app continues to be a best-seller in the app store

• A line of frozen meals is rapidly starting to make a profit

• A movie theater that is struggling due to outdated decorations

• A new board game that has just entered the market

Match the following vocabulary words to their correct definition.

• Brand Loyalty

• The positive association that customers attach to an offering, resulting in purchase commitments

• Brand Association

• The value that results from the customer’s perceptions of a brand rather than the product itself

• Brand Equity

• The attributes that first come into customers’ minds when your product or service is seen or mentioned

A ​ (a)   is a physical characteristic of a product that can be touched, smelled, seen, heard, tasted, or measured. A ​​ (b)   is the satisfaction that a customer gets from a product.

• feature
• benefit