10-11 Flashcards
Q: What are the 5 questions to improve the competitive angle?
Need to Believe – What pain point does this solve?
Reason to Believe – Can the product demonstrate its effectiveness?
Dominate Situations – Where does the product deliver superior value?
Quantifiable Support – Are there supporting facts and figures?
Unique Product Claim – How is this product different and more memorable?
Q: What are the two main ways to classify products?
A: 1) By involvement (low vs. high) and 2) By durability (durable vs. nondurable).
Q: What’s the difference between business and consumer products?
A: Business products are used in operations; consumer products are for personal use.
Q: What are the three types of business products?
Materials & Parts – used in manufacturing.
Capital Items – aid in operations.
Supplies & Services – maintenance and supporting services.
Q: What are the four types of consumer products?
Convenience Products – inexpensive, frequently purchased.
Shopping Products – higher consideration and price.
Specialty Products – unique, high-involvement.
Unsought Products – not actively sought (e.g., life insurance).
Q: What is a product line?
A: A group of related products in the same category.
Q: What is a product mix?
A: All products offered by a company.
Q: What are the three levels of a product?
Core Product – personal benefit.
Actual Product – tangible attributes.
Augmented Product – services and extras (e.g., warranty).
Q: What are the four stages of the product life cycle?
A: Introduction, Growth, Maturity, Decline.
Q: What is the goal in the Introduction stage?
A: Build awareness and encourage trial.
Q: What are the five types of product adopters?
Innovators (2.5%) – first users, risk-takers.
Early Adopters (13.5%) – opinion leaders.
Early Majority (34%) – adopt once proven.
Late Majority (34%) – skeptical, need affordability.
Laggards (16%) – resist change.
Q: What are the 7 stages of new product development?
Idea Generation
Idea Screening
Concept Testing
Marketing Strategy
Business Analysis
Product Development
Test Marketing
(+ Commercialization)
Q: What does concept testing involve?
A: Getting feedback from potential customers.
Q: What are the three main brand types?
Functional – solves practical needs.
Image – builds emotional/social identity.
Experiential – focuses on customer experience.
Q: What are some additional brand types?
Attitude Brands – based on emotion (e.g., Nike).
Cult Brands – create community (e.g., Costco).
Sub-brands – economy versions under parent brand.
Q: What are the types of brand names?
functional brands, image, experiential
Q: How do you enhance brand stickiness?
A: Combine a great name with a meaningful catchphrase and a personal connection.
Q: What are the three goals of branding?
Resonate with customers
Differentiate from competitors
Motivate employees
Q: What are the four characteristics of services?
Intangibility
Inseparability
Variability
Perishability
Q: What are the 7 Ps of service marketing?
Product, Price, Place, Promotion, People, Process, Physical Environment.
Q: What are the five dimensions of service quality?
Reliability – do it right the first time.
Responsiveness – quick help.
Assurance – knowledge, trust, courtesy.
Empathy – personalized attention.
Tangibles – physical appearance.
