- Information
- AI Chat
BUS 1750 - Chapter 12 EOC Questions
Business Enterprise (BUS 1750)
Western Michigan University
Recommended for you
Students also viewed
- Gross Margin Spreadsheet Spring 2024
- Marketing Functions
- Business homework : Exploring Business #2 – Entrepreneurship
- I know over time we have heard so much about investing and Investments
- BUS 1750 Syllabus-CRN42073
- BUS 1750 - Lecture Notes on Chapter 14 - Management, Motivation, and Leadership- Bringing Business to Life
Related documents
Preview text
Chapter 12 EOC Questions
- Review the marketing definition of product. Why do you think marketers define product so broadly? How does the definition of product affect quality?
The marketing definition of product is anything that an organization offers to satisfy consumer needs and wants, including both goods and services. I think marketers define product so broadly because they see many possibilities in satisfying consumers needs and wants that not only include physical goods, but also services and ideas. The definition of product affects quality because marketers have to carefully consider each element of the product to ensure that they are maximizing value without sacrificing profitability.
- Draw a goods and services spectrum, and determine where to place the following products along the spectrum: a nightclub, a new motorcycle, a designer shoe store, an Internet search engine, a new snowboard, and a photography class. What are the reasons for your choices?
A goods and services spectrum can provide a valuable tool for analyzing the relationship between the two. At one extreme, pure goods don’t include any services. At the other extreme, pure services don’t include any goods. I would place a nightclub in the middle between pure goods and pure services because a nightclub offers both goods (food and drinks) and services (area to dance and employees to help). I would place a new motorcycle at the pure goods extreme because it is only a good. I would place a designer shoe store would be in the middle between pure goods and pure services because a designer shoe store offers both goods (shoes) and services (sales associates to help you find the perfect pair). I would place an Internet search engine at the pure services extreme because it is only a service with no good involved. I would place a new snowboard at the pure goods extreme because it is only a good no service involved. I would place a photography class at the pure services extreme because it is only a service with no good involved.
- List five examples of products that are commonly purchased as either business products or consumer products. How would the classification impact the marketing strategy?
Five examples of products that are commonly purchased as business products are installations, accessory equipment, raw materials, component parts and processed materials, and business services. Five examples of products that are commonly purchased as consumer products are convenience products, shopping products, specialty products, and unsought products. The classification impacts the marketing strategy because the marketing of products depending on whether they are classified as consumer products or as business products. Marketers further divide consumer and business products into several different
subcategories and these subcategories help marketers develop better strategies for promoting their products.
- Would it ever make sense for a firm to offer a new product line that they know would cannibalize an existing line? Explain your answer.
It would make sense for a firm to offer a new product line that they know would cannibalize an existing line. This is because it is a way for firms to reach completely new customers that they wouldn’t have been able to reach before. If you want to create a new line, you need to include a range of different products designed to meet the needs of their specific customers. It can be dangerous introduced items that may be more attractive than products you have offered in the past, but if the company carefully monitors the cannibalization issue and works to differentiate its lines as fully as possible it can be good for the company and actually help them grow.
- What are the three different levels of product innovation? Which is most common? Can a business survive long term with only continuous innovation? Why or why not?
The three different levels of product innovation are discontinuous innovation, dynamically continuous innovation, and continuous innovation. The most common is continuous innovation. A business can’t survive long term with only continuous innovation. This is because you can’t continually making slight modifications of an existing product because eventually the customers will get tired of the same basic product. Businesses also need to use dynamically continuous and discontinuous innovation once in a while to keep customers interested and bring in new customers.
- What are the four stages of the product life cycle? How does product life cycle stage impact marketing strategy?
The four stages of the product life cycle are introduction, growth, maturity, and decline. The product life cycle impacts the marketing strategy by helping marketers plan effective strategies for existing products and identify profitable categories for new products. It can help marketers extend the profitable run of an individual brand as long as possible by finding new uses for products, changing the product, and changing the marketing mix.
- How has marketing promotion evolved over the past decade? How has technology contributed to the changes?
The marketing promotion has evolved over the past decade because consumer expectations and empowerment have skyrocketed, consumer tolerance for impersonal corporate communication has fallen, and digital technology has surged forward at a breakneck speed. Technology contributed to the change because it has given many new tools. Technology has
The role that follow-up plays is a crucial role in future sales from the same customer and those sales are much easier than finding brand-new prospective prospects. The stage that I believe is most important is the last stage, follow-up. This is because it is key to keep those customers because it is much easier to keep them for future sales than to look for new customers and these relationships also lead to testimonials and referrals that build momentum for long-term sales success.
BUS 1750 - Chapter 12 EOC Questions
Course: Business Enterprise (BUS 1750)
University: Western Michigan University
This is a preview
Access to all documents
Get Unlimited Downloads
Improve your grades
Why is this page out of focus?
Students also viewed
- Gross Margin Spreadsheet Spring 2024
- Marketing Functions
- Business homework : Exploring Business #2 – Entrepreneurship
- I know over time we have heard so much about investing and Investments
- BUS 1750 Syllabus-CRN42073
- BUS 1750 - Lecture Notes on Chapter 14 - Management, Motivation, and Leadership- Bringing Business to Life