Brainscape's Knowledge GenomeTM

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


See full index

key concepts > chapter 14 > Flashcards

chapter 14 Flashcards

1
Q

important
What is a total product offer or value package?

A

everything consumers evaluate when deciding to buy something

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

what is a product line?

A

group or set of products that are physically similar

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

what is the product mix?

A

the set of all products & items that a seller offers for sale

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

what is product differentiation?

A

The creation of real or perceived product differences

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

what are convenience goods and services?

A

products the consumer wants to purchase frequently and with a minimum of effort

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

what are specialty goods and services?

A

products with unique characteristics and brand identity

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

what are unsought goods and services?

A

Products consumers are unaware of, haven’t necessarily thought of buying, or suddenly find they need to solve an unexpected problem

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

marketing tasks for convenience goods

A

make them readily available & create the proper image

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

marketing task for shopping goods

A

promoted through a combination of price, quality and service

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

marketing task for specialty goods

A

reaching special market segments through advertising

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

marketing task for unsought goods

A

personal selling or online services

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

what are industrial goods/business goods/B2B goods

A

Products used in the production of other product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

components of a total product offer

A
  1. packaging
  2. convenience
  3. brand name
  4. price
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

important
what is packaging

A

the process of designing and creating the container or wrapper for a product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

important
why is packaging important

A
  1. Attract the buyer’s attention.
  2. Protect the goods inside from damage
  3. Describe and give information about the contents.
  4. Give some indication of price, value, and uses.
  5. Sustainability
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

important
visual and sensory elements that can evoke emotions

A
  1. Color Psychology
  2. Typography and Visual Elements
  3. Structure, Form, Material and Texture
  4. Brand Storytelling
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

important
Examples of companies with Sustainable, Biodegradable, and Eco-friendly Packaging

A
  1. nestle
  2. juhayna
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

important
Juhayna uses which type of packaging for their products?

A

tetra pack

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

important
Which company uses compostable bags made from plant-based materials?

A

egypt foods group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

important
Which multinational company has taken steps to reduce plastic waste by introducing eco-friendly refills for their products?

A

Unilever

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

important
what is branding

A

the process of creating a unique identity and image for a product, company, or organization in the minds of consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

important
importance of brand name for buyer

A

quality
reduces search time
adds prestige to purchases

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

important
importance of brand name for seller

A

help promotional efforts
add to repeat purchases
Emotional connection
differentiate products so that prices can be set higher

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

important
what is brand equity

A

the intangible value and assets associated with a brand and related symbols

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

important
what is brand awareness

A

how quickly or easily a brand name comes to mind when someone mentions a product category

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

important
what contributes to brand equity

A

consistent branding efforts
positive customer experiences
delivering on brand promises

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

important
what is a logo

A

a visual representation of a brand. It is a unique and recognizable symbol, icon, or design that represents the brand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

important
importance of a logo

A

1.brand identity
2.Memorability
3.Differentiation

29
Q

important
what is a slogan

A

A catchphrase representing a product and a company, communicating the key message you want consumers to associate with your brand

30
Q

important
What is the difference between Branding, logo, and Slogan?

A

Branding is the overall process of creating an identity and image for a product or company. A logo is a visual symbol that represents the brand; a slogan is a phrase that communicates the brand’s key image

31
Q

What are the possible reasons for business failures?

A

Insufficient Marketing Research
lack of differentiation
Failure to have a competitive advantage
Poor packaging

32
Q

what is new product development?

A

the step-by-step approach that companies follow to innovate and bring new products to the market.

33
Q

new product development process

A

idea generation
product screening
product analysis
development
testing
commercialization

34
Q

what happens in product screening?

A

In this step, the generated ideas are evaluated

35
Q

what happens in product analysis

A

This step involves conducting a thorough analysis of the potential market

36
Q

what happens in product development and testing

A

develop a prototype, or sample, so that consumers can try

37
Q

example of product development and testing

A

KFC tested the market for 3 years the president says “we had to get it right”

38
Q

what happens in commercialization

A

Promoting the product to distributors & retailers to get wide distribution

39
Q

important
what is the product life cycle

A

the stages a product goes through from its introduction to its eventual decline in the market.

40
Q

important
stages of product life cycle

A

Introduction
Growth
Maturity
Decline

41
Q

important
what happens in the introduction

A

The product is launched into the market.
Sales are typically low due to limited customer awareness and high marketing costs

42
Q

important
marketing mix in the introduction

A

Companies focus on creating product awareness and building brand recognition.

43
Q

important
what happens in growth

A

the product gains acceptance, and sales start to increase rapidly

44
Q

important
marketing mix in growth

A

Companies concentrate on building market share and increasing sales

45
Q

important
what happens in maturity

A

stabilized sales and intense competition.
Market saturation occurs, and competitive pricing becomes more common

46
Q

important
marketing mix in maturity

A

Companies focus on differentiation strategies, customer retention, and maximizing profitability.

47
Q

important
what happens in decline

A

sales and profits decline as the product loses relevance

48
Q

important
marketing mix in decline

A

Companies may choose to discontinue or reposition the product

49
Q

important
What is the primary marketing strategy in the decline stage of the product life cycle?

A

Focus on niche markets

50
Q

what is pricing

A

the process of determining the value of a product or service and setting a price that customers are expected to pay

51
Q

pricing objectives

A

obtain profit
building traffic
greater market share

52
Q

what is breakeven analysis?

A

a financial tool used to determine the point at which a company’s total revenue equals its total costs, resulting in neither profit nor loss.

53
Q

bep formula

A

fixed cost/price-variable cost

54
Q

important
what is cost-based pricing

A

adding a markup percentage to the cost of production to determine the selling price

55
Q

important
advantage of cost-based pricing

A

It ensures that costs are covered and provides a desired profit margin

56
Q

important
disadvantage of cost-based pricing

A

prices may be set too high, so customers won’t buy

57
Q

important
demand-based pricing

A
  1. estimating the selling price that customers would be willing to pay for a product
  2. the desired profit margin is subtracted from this price
  3. the remaining amount will be the maximum allowable cost for producing the item
58
Q

important
what is competition-based pricing

A

Is a strategy based on what all the other competitors are doing. the price can be at, above, or below competitors’ prices.

59
Q

important
what is price leadership

A

a strategy where one or more dominant firms set prices that all competitors in an industry follow.

60
Q

important
what is a skimming pricing strategy

A

setting higher prices for products or services to create a perception of superior quality, exclusivity, or luxury

61
Q

important
advantage of skimming pricing strategy

A

help recover R&D costs and make as much profit as possible

62
Q

important
the disadvantage of skimming pricing strategy

A

Once other companies notice the profitability of the product, they might introduce similar offerings or alternatives

63
Q

important
what is the penetration strategy

A

to price the new products at a lower price, then eventually increase it

64
Q

important
advantage of a penetration strategy

A

Low prices will attract more buyers

65
Q

important
what is everyday low pricing (EDLP)

A

Setting prices lower than competitors and then not having any special sales.

66
Q

important
what is a high-low pricing strategy

A

Setting prices that are higher than EDLP stores but having many special sales where the prices are lower than competitors.

67
Q

Important
what is psychological pricing

A

Pricing goods and services at price points that make the product appear less expensive than it is

68
Q

important
what is bundle pricing

A

offering multiple products or services as a package for a lower price compared to purchasing them individually

key concepts (7 decks)

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