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Marketing > Ch 7&8 > Flashcards

Ch 7&8 Flashcards

1
Q

Define product

A

Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need

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2
Q

Define service

A

An activity, benefit or satisfact offered for sale that is essentially intangible and does not result in ownership of anything

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3
Q

What are the 3 levels of products and service

A

Core customer value
Actual product : brand name etc
Augmented product: deliver, product support

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4
Q

What are the four types of consumer products

A

Convenience: frequent, low price, mass promotion

Shopping: less frequent may compare, higher price, selective distribution,

Specialty: strong brand preference and loyalty, high price, exclusive, targeted

Unsought: unaware

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5
Q

What are the 4 OTHER types of products

A

Organisation
Person
Place
Idea

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6
Q

What the the 5 elements in individual product decsions

A 
Product attributes 
Branding 
Packaging 
Labelling 
Product support services
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7
Q

What are the 3 product attributes

A

Quality: ability to satisfy customer needs

Features: differentiating company product from competitors

Style and design: appearance and usefulness

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8
Q

Define branding

A

A name, term or symbol design or combination that identifies product or service and differentiates it from competitors

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9
Q

Define packaging

A

Involves designing and producing the container or wrapper for a product

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10
Q

Define labelling

A

Range from simple gaged to complex graphics ons package

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11
Q

Define product support services

A

Some form of supper service which can be a major part of total offering

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12
Q

What is a product line

A

A group of products that are closely linked because they function similarly, sold to same customer groups or fall within the se given price

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13
Q

What are the 3 product line decisions

A

Lengthening
- profits line length: nunber of products in the line

Explaining the line

  • product line filling: adding more within the current line
  • product line stretching: lengthening the line beyond current range
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14
Q

What is stretching downward

A

Offering new low quality low price products to plus market hole and respond to competitors attack

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15
Q

What is stretching upward

A

Offering new products at a high quality and high price to add prestige

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16
Q

What is stretching both ways

A

Adding new high and low quality and prices product to broaden appeal and boost growth

17
Q

What is a product mix

A

A product portfolio which consists of all the product lines and items in that particular seller offers for sale

18
Q

What are the four product mix dimensions

A

Product mix width: number of different product lines

Product depth: versions offered of each product

Product length: total number of items a company carries

Product consistency: how closely related they are in terms of end use

19
Q

What are the 4 characteristics of services

A

Intangibility: cannot he touched before they are bought

Inseparability: can not be separated from providers

Variability: quality depends on who when where and how they are provided

Perishabikity : can not be stored for later use

20
Q

Define brand equity

A

The differential effect that knowing the brand name has on customer response to the product and its marketing

21
Q

What are the four ways to measure brand equity

A

Differentiation
Knowledge
Relevance
Esteem

22
Q

What are the 4 brand strategy decisions

A

Brand positioning: attributes, benefits, beliefs and values

Brand name

Brand name sponsorship: national brand, private brand, licenced, co-branding (2 or more companies)

Brand development: line extensions, brand extensions, multi-brand, new brand

23
Q

What are the 8 steps in the product development process

A

Idea generation: internal and external sources

Idea screening: spot good and bad ideas

Concept development and testing: detailed wetsuit of idea in meaningful consumer terms

Strategy development: target market, products planned price and distribution, planned long run sales

Business analysis: fonaincial attractiveness

Product dev: physical

Test marketing: product dev. Is out in more realising market setting

Commercialisation: full scale

24
Q

What are the 5 stages in the product life cycle

A 
Development
Introduction: awareness
Growth: maximise market share
Maturity: maximise profit 
Decline: reduce expenditure

Marketing (5 decks)

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