What is a product? Provide an example of each type of product.
What will be an ideal response?
A product is a good, a service, or an idea received in an exchange. It can be either tangible or intangible and includes functional, social, and psychological utilities or benefits. It also includes supporting services, such as installation, guarantees, product information, and promises of repair or maintenance. A good is a tangible physical entity, such as an iPad or a Subway sandwich. A service, in contrast, is intangible; it is the result of the application of human and mechanical efforts to people or objects. Many intangible products try to make their products more tangible to consumers through advertising and tangible images. An idea is a concept, philosophy, image, or issue. Ideas provide the psychological stimulation that aids in solving problems or adjusting to the environment. For example, Mothers Against Drunk Driving (MADD) promotes safe consumption of alcohol and stricter enforcement of laws against drunk driving.
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Consumers usually know a good deal about ________ and are loyal to specific brands
A) specialty products B) unsought products C) impulse products D) MRO products E) emergency products
A Janus statement consists of a(n) ______.
A. explanation B. review and preview C. calendar for January D. deduction
Research indicates that winning community support for organizations is ________
A) quite easy B) automatic with good wages C) no easy matter D) usually impossible
Edvard works at a ski shop. He has just gotten a shipment of new snowboards and realizes that the company has priced its snowboards higher than the rest of the boards in his shop. Since Edvard took a marketing class in college, he knows that the company is most likely using ________.
A. product line pricing B. captive pricing C. price bundling D. reference pricing E. prestige pricing