Chapter 2: Product concept and dimensions Flashcards

1
Q

Product concept

A

The product is the most important element and the axis around which the marketing strategy is designed.
Products are designed to satisfy a consumer’s need or wish

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

Hierarchy of value

A
  • Basic benefit
  • Basic product
  • Expected product
  • Increased product
  • Potential product
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Classification of products according to tangibility

A
  • Tangible

- Intangible

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

Classification of products according to market

A
  • Of consumption

- Organizational

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

Classification of products according to fungibility

A
  • Durable

- For immediate consumption

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

Classification of products according to convenience

A
  • Recurrents
  • Purchase by impulse
  • Of emergency
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Classification of products according to frequency and purchase of effort

A
  • Convenience
  • Sporadic buy
  • Specialty
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Key concepts in product portfolio

A
  • Range
  • Product Line
  • Product model
  • Range length
  • Width of range
  • Depth of line
  • Consistency of products
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Pros and cons of a large product range

A

In favor:

  • Increased market share
  • More choice
  • Easier negotiations with distributions
  • Reducing risks

Against:

  • Effect on product costs
  • More complex internal organization
  • Complexity with suppliers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Product portfolio strategies: width

A
  • Downward or upward extension
  • Extension in both directions
  • Creating a line that facilitates cross-selling
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Boston matrix analysis elements

A
  • Relative market share

- Growth rate

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

Elements that help differentiation

A
  • Attributes
  • Brand
  • Packaging
  • Label
  • Communication
  • Distribution channel
  • Price
  • Added services
  • Experience
  • Affinity with the buyer
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Differentiation definition

A

Highlighting the characteristics of a product that can contribute to it’s uniqueness

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Positioning definition

A

Place that a brand occupies in consumers minds in relation to competitors

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

Positioning process steps

A
  • Segmentation
  • Targeting
  • Positioning
  • Map
  • Ideal positioning
  • Define the strategy
  • Test results
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Product Life Cycle definition

A

Evolution of sales and profits from the product launch

17
Q

Product Life Cycle stages

A
  • Introduction
  • Growth
  • Maturity
  • Decline
18
Q

PCL characteristics: Introduction

A
  • Low sales
  • Great uncertainty
  • High prices
  • Scarce benefits
  • Little competition
19
Q

PCL characteristics: Growth

A
  • High sales and profit growth
  • Mass market
  • First compettitors appear
  • Reduced unit costs
20
Q

PCL characteristics: Maturity

A
  • Halted sales and profits
  • Intense competition
  • Market niches
  • Sector:
    Large companies
    Small companies
21
Q

PCL characteristics: Decline

A
  • Sales drop and substitutes appear
  • Profit decreases
  • Abandon and replace product
  • Slow withdrawal
    Relaunching
    Elimination
22
Q

Marketing in services concepts

A
  • Santesmases: Application of human or mechanical efforts to people, animals or objects
  • Kotler: A service is any action that one party can offer to other