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Marketing > 4 P's - product > Flashcards

4 P's - product Flashcards

1
Q

What are the three product levels

A

Core benefit / product
Basic product
Augmented product

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2
Q

What is the core benefit / product level

A

The basic need served by the generic product

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3
Q

What is the basic product level

A

Styling
Quality
Brand name

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4
Q

What is the augmented product level

A

The add ons that are extrinsic to the product itself but which influence the decision to purchase

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5
Q

What are the two types of product

A

Consumer and B2B

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6
Q

What are the different consumer product types

A 
Durable goods
Non durable goods
Services 
Convenience goods (impulse buys, staples(everyday products), emergencies)
Shopping goods
Specialty goods
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7
Q

What are the different B2B product types

A 
Capital goods
Accessories
Raw materials
Sub assemblies / components 
Supplies
Service
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8
Q

What is a brand

A

Brands are the culmination of a users total experience with the product over many years. That experience is made of a multitude of good, neutral, and bad encounters such as the way a product performs, an advertising message, a press report, a telephone call, or a rapport with a sales assistant
Chartered institute of marketing

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9
Q

How does branding add value

A

Differentiation
Premium pricing
Perceived product

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10
Q

What is the purpose of a brand personality

A

It helps distinguish the brand from competitors

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11
Q

What is brand equity

A

The value of the brand to the customer and the additional cash flow achieved by associating a brand with the underlying product or service
Rosen sun Elliot et al (2015,p89)

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12
Q

Advantages of a strong brand

A

Ability to charge a premium price
New products have better chance of success
Competitive edge

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13
Q

Why are new products important

A

Appeal to different market segments

Increase or defend market share by offering more choice within the range

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14
Q

What are the types of new product

A 
Innovative 
Replacement 
Variant
Me too eg own brand cola
Re launched
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15
Q

What are the stages of product developmental

A 
Idea generation 
Idea screening 
Concept development and testing 
Marketing strategy development 
Business analysis 
Product development 
Test marketing 
Commercialisation
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16
Q

What are the stages of a product life cycle

A 
Introduction
Growth 
Maturity
Decline
Deletion 
(Extension strategy’s can be used as a product enters decline in order to lift the peak of sales back up for example a new flavour of crisps)
17
Q

What is the Boston matrix

A

The Boston Consulting group’s product portfolio matrix (BCG matrix) is designed to help with long-term strategic planning, to help a business consider growth opportunities by reviewing its portfolio of products to decide where to invest, to discontinue or develop products.
The Matrix is divided into 4 quadrants based on an analysis of market growth and relative market share, as shown in the diagram below.

18
Q

What are the four quadrants of the Boston matrix

A

Stars
Cash cows
Question marks
Dogs

19
Q

What is a star

A

A product that has high market share and high market growth
Eg iPhone
More likely to peak quickly

20
Q

What is a cash cow

A

They have high market growth but low market share.

Something that sells consistently eg bread milk

21
Q

What are question marks

A

Products with high market growth but low market share

Business is missing out on a potential opportunity

22
Q

What are dogs

A

Products that have low market growth and low market share

23
Q

What are important areas to consider for product

A

Industry attractiveness

Competitive strength

24
Q

Summary of product

A

More than just the basic product
Competitive edge usually comes from augmented or perceived product
Brands are valuable and must be carefully managed
Companies need innovation to stay alive but new product delvopment is risky
Product portfolios should be balanced

Marketing (7 decks)

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