Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing and Sales > Chapter 10: Product Concepts > Flashcards

Chapter 10: Product Concepts Flashcards

1
Q

What is the starting point in creating a marketing mix?

A

The product offering is usually the starting point in creating a marketing mix

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define ‘product’

A

A product is everything, both favorable and unfavorable, that a person receives in an exchange. It can be tangible or intangible, such as a service or idea

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How are products classified?

A

Products can be classified as either business products or consumer products based on their inteded use

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is a business product?

A

Used to manufacture other goods/services, facilitate an organizations’ operations, or resell to other customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is a consumer products?

A

Bought to satisfy an individuals’ personal wants or needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the 7 types of business products?

A
  1. Major equipment
  2. Accessory equipment
  3. Component parts
  4. Processed materials
  5. Raw materials
  6. Supplies
  7. Services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

How are consumer products often categorized?

A

By the amount of effort required to shop fot them

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the 4 categories of consumer products?

A
  1. Convenience
  2. Shopping
  3. Specialty
  4. Unsought
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the key characteristics of convenience products?

A

Often recognized by brand name and normally require wide distribution to meet profit goals

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a convenience product?

A

A relatively inexpensive item that merits little shopping effort, often bought with little planning

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is a shopping product?

A

One that requires comparison shopping because it’s usually more expensive than convenience products and found in fewer stores

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the 2 types of shopping products?

A
  1. Homogeneous (basically similar)
  2. Heterogeneous (essentially different)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a specialty product?

A

A specialty product is a particular item for which consumers search extensively and are very reluctant to accept substitutes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is an unsought product?

A

Either unknown to the potential buyer or a known product that the buyer doesn’t actively seek

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is often used to promote specialty products?

A

Selective, status-conscious advertising

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

How are unsought products generally sold?

A

They are generally sold through salespeople, direct mail, or direct response advertising

12
Q

Define ‘product item’, ‘product line’, and ‘product mix’

A
  • Product item = specific version of a product
  • Product line = group of closely related product items
  • Product mix = all products an organization sells
13
Q

What is product mix width?

A

The number of product lines an organization offers

13
Q

What are the 3 types of product modification?

A
  1. Quality modification
  2. Functional modification
  3. Style modification
14
Q

What is product line depth?

A

Refers to the number of product items in a product line

15
Q

What is planned obsolescence?

A

The practice of modifying products so that those already sold become obsolete before they need replacement

16
Q

What is product repositioning?

A

Involves changing consumers’ perceptions of a brand

17
Q

What is branding?

A

A tool used by marketers to distinguish their products from those of the competition

18
Q

What is brand equity?

A

The value of a company/brand name, based on high awareness, perceived quality, and customer loyalty

19
Q

What is a global brand?

A

One that derives at least 1/3rd of its earnings from outside its home country and is recognizable globally

20
Q

What is the difference between a manufacturer’s brand and a private brand?

A

A manufacturer’s brand is owned by the manufacturer, while a private brand is owned by a wholesaler or retailer

21
Q

What is co-branding?

A

Placing 2 or more brand names on a product or its package

22
Q

What are the functions of packaging?

A
  1. Contain and protect products
  2. Promote products
  3. Facilitate storage, use, and convenience
  4. Facilitate recycling and reduce environmental damage
23
Q

What are the 2 main forms of labelling?

A
  1. Persuasive labelling
  2. Informational labelling
23
Q

What is greenwashing?

A

When a company gives a false impression of environmental friendliness

Marketing and Sales (12 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions