8-9 Flashcards
What is “Need to Believe”?
A: Identifying a significant pain point that is personally relevant to the target audience.
Q: What is “Reason to Believe”?
A: Showing how the product solves a problem effectively with real benefits.
Q: What does “Dominate Situations” refer to?
A: The usage or buying situations where the product delivers superior value.
Q: What is “Quantifiable Support”?
A: Using facts and figures to support product claims.
Q: What is a “Unique Product Claim”?
A: Showing how a product is distinctly different, better at solving problems, and more memorable.
Q: What are the two general ways to classify products?
A: By involvement (low vs high) or durability (durable vs nondurable).
Q: What are the three types of business products?
A: Materials & parts, capital items, and supplies & services.
Q: What are the four types of consumer products?
A: Convenience, shopping, specialty, and unsought products.
Q: What is a product line?
A: Closely related products in the same category.
Q: What is a product mix?
A: All products offered by the company.
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 consumer experience.
Q: What is the goal in the growth stage?
A: Maximize market share through distinction or market development.
Q: What is the goal in the maturity stage?
A: Maximize profit through loyalty.
Q: What is the goal in the decline stage?
A: Decide to rejuvenate or let the product die.
Q: Who are the five types of product adopters?
A: Innovators, early adopters, early majority, late majority, laggards.
Q: What are the 7 stages of new product development?
A: Idea generation, idea screening, concept testing, marketing strategy, business analysis, product development, test marketing.
Q: What is idea generation?
A: Finding market pain points.
Q: What is concept testing?
A: Asking potential customers about the product idea.
Q: What is the purpose of test marketing?
A: Testing in a small segment before full launch.
Q: What does high trial + high repeat purchase mean?
A: Ready for commercialization.
Q: What are functional brands?
A: Brands focused on physical/functional benefits (e.g., food, shelter).
Q: What are image brands?
A: Brands based on image, emotion, and association.
Q: What are experiential brands?
A: Brands that focus on customer experience and feelings.
