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Product & Brand Management > Chapter 1: Product Management > Flashcards

Chapter 1: Product Management Flashcards

1
Q

Product

A

sum of all tangible and intangible characteristics of a product

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2
Q

Service

A

Immaterial products (no transfer of ownership)

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3
Q

Product characteristics

A
  • Property
  • Visible
  • Tangible
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4
Q

Service characteristics

A
  • Not your property
  • Inseparable
  • Unvisible
  • Intangible
  • Variability
  • Transcience
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5
Q

Product service continuum

A

enables marketers to see the relative goods/services composition of total products.

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6
Q

Describe the three layers of a product

A
  • core product
  • actual product
  • augmented product
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7
Q

What step is involved between the core product and the actual product

A

communicating the core benefit:
- quality
- styling
- packaging
- brand name
- features

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8
Q

What step is involved between the actual product and the augmented product

A

added value:
- installation
- aftersales service
- warranty
- delivery and credit

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9
Q

Objective of developing a new product

A

VALUE CREATION to satisfy customer need

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10
Q

Durable product

A

goods that do not need to be purchased very often and last for at least three years.

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11
Q

Non durable product

A

products with a lifetime of less than three years.

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12
Q

Consumer product

A

any article produced or distributed for sale to a consumer for the use, consumption, or enjoyment of such consumer.

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13
Q

Industrial product

A

materials and services used to operate a business.

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14
Q

FMCG

A

fast moving consumer goods

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15
Q

CPG

A

consumer packaged goods

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16
Q

Segments of consumer products

A
  • convenience products
  • shopping products
  • specialty products
  • unsought products
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17
Q

What are the consumer products segmented in terms of?

A

decision & shopper process

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18
Q

Characteristics of convenience products

A
  • low involvement
  • frequently bought
  • fast moving (buying) without a lot of comparison
  • low prices/high promotion & full distribution
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19
Q

Example of convenience products

A
  • routine products (ex: detergent, coffee)
  • impulse products (ex: chocolate)
  • emergency products (ex: stain remover)
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20
Q

Characteristics of shopping product

A
  • higher involvement - more search from the point of view of the consumer
  • less frequently bought
  • time for more thorough selection + comparison of brands on price, quality, fit, style
  • often less distribution points (more exclusive) & more sales support/advice
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21
Q

Example of shopping products

A
  • furniture
  • electronics
  • clothing
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22
Q

Characteristics of specialty products

A
  • offering unique characteristics & benefits or having a special brand identity, that are triggering a substantial group of consumers (extra effort to buy product)
  • price is less important
  • less brand comparison
  • often exclusive distribution
  • more targeted promotions
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23
Q

Example of specialty products

A
  • Sports cars
  • designer clothing
  • exotic perfumes
  • luxury watches
  • famous paintings
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24
Q

Characteristics of unsought products

A
  • consumers often know the product but are less interested in buying or using the product
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25
Q

What is necessary for unsought products to succeed?

A

lots of brand communication, personal selling & other marketing activities (sometimes even rather aggressive)

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26
Q

Segments of special products

A
  • organisations product segmentation
  • people product segmentation
  • places product segmentation
  • ideas product segmentation
27
Q

Organisation segmentation

A

organisation marketing = all activities to create attitudes & behaviour towards a specific organisation –> in profit- and non-profit sector

28
Q

People segmentation

A

people marketing = all activities to create attitudes & behaviour towards a specific person

29
Q

Places segmentation

A

marketing of cities, regions = all activities to create attitudes & behaviour towards a specific place/venue

30
Q

Ideas segmentation

A

social marketing = developing and implementing marketing programs to stimulate the acceptance of a societal idea, way of living, etc.

31
Q

Name the different types of product decisions

A
  • decisions about individual products
  • product group decisions
  • decisions about the assortment/portfolio of products
32
Q

What influences decisions about individual products?

A
  • product characteristics
  • brand
  • packaging
  • labelling
  • product supporting service
33
Q

Product characteristics that should be considered when developing a new product

A
  • product quality (texture, perfume, etc)
  • functions
  • style/design
  • weight/size
34
Q

Importance of quality of a product

A
  • good quality will lead to high customer satisfaction
  • consistency of quality is important for retaining a customer base
35
Q

Importance of function of a product

A
  • USP
  • insight for product expansion possibility (complimentary goods)
36
Q

Which product characteristic, when used correctly, becomes an important weapon to compete in the market

A

product function

37
Q

Which product characteristic, when used correctly, creates a strong product positioning

A

quality

38
Q

Importance of style/design of a product

A

differentiating your product

39
Q

Characteristics of a good design

A
  • catches the attention
  • improves product performance
  • decreases production costs
  • gives a competitive advantage to the produce
40
Q

Importance of weight/size of a product

A

differentiating your product

41
Q

Name the different types of brand decisions

A
  • brand
  • no brand
42
Q

‘Brand’ brand decision

A

A brand product is sold under the name of the company.

43
Q

‘No Brand’ brand decision

A

A non-brand product is sold under the name of a shop or under the name of the product itself, rather than the name of the company that made it

44
Q

Functions of a packaging (packaging decisions)

A
  • Grab the attention (size, shape, colour, material, text, logo)
  • describe the product (information)
  • protect the product
  • selling!
45
Q

Functions of labels

A
  • provides an identity to the product or brand
  • conveys quality
  • describes different functions of the product
  • can be used to communicate a promotion
46
Q

Product supporting services

A

additional services with regard to a specific product with focus on service before/after, including maintenance, repair, …

47
Q

Product group

A

group of products that are closely linked to each other

48
Q

Characteristics of product group

A
  • Offer same function
  • are sold to same customer groups
  • meet the same needs of customer groups
  • are distributed by the same channels
  • are part of the same price category
  • have the same production process
49
Q

Assortment

A

Total range of product groups, products, product varieties and brands a company is selling

50
Q

Each product has its own marketing strategy, where decisions have to be taken with regard to:

A
  • Length (range) and depth of the product group
  • Core product in the group
51
Q

What influences length (range) of a product group

A
  • positioning strategy
  • profit targets (High profit on ST > limited length)
  • upselling
  • cross-selling
52
Q

Upselling

A

a sales strategy that involves encouraging customers to buy a higher-end version of a product than what they originally intended to purchase.

53
Q

Cross selling

A

the sales tactic whereby customers are enticed to buy items related or complementary to what they plan to purchase.

54
Q

Upselling example

A

Iphone 14 Pro, Sizes of portions (fries, wings)

55
Q

Cross selling example

A

McMenu

56
Q

Reasons to add new products

A
  • excess production capacity
  • resellers ask for more SKU’s to satisfy consumers
  • New opportunities/segments in the market
57
Q

Costs of adding new products

A
  • Development & design result in extra investments
  • Inventory costs will increase
  • Production switchers
  • Extra promotions
58
Q

Characteristics of assortment

A
  • width
  • length
  • depth
  • consistency
59
Q

Width of assortment

A

number of product groups

60
Q

Length of assortment

A

total number of articles

61
Q

Depth of assortment

A

number of varieties of each product in a product group

62
Q

Consistency of assortment

A

relationships between various products (ex: end usage, same distribution channels, …)

63
Q

NPD

A

new product development

Product & Brand Management (2 decks)

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