Brainscape's Knowledge GenomeTM

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


See full index

Marketing > Chapter 4: Product > Flashcards

Chapter 4: Product Flashcards

0
Q

What does attributes does a product have

A

Tangible

Intangible

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

What is a product?

A

Good
Service
Idea

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

The attributes can

A

Deliver benefits

Satisfy consumers want

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

For something to be considered a product,

A

A form of exchange made

Money or unit of value

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

What are the tangible benefits?

A

Function
Features
Design

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

What is function?

A

What you can do with the product

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

What is feature?

A

The characteristics of product in tangible form

Supports functions

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

What is design?

A

Aesthetic characteristics

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

Intangible benefits are

A

Brand

Education

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

A product has how many levels?

A

3

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

What are the levels of product?

A

Core
Actual
Augmented

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

What is the core product?

A

It is the benefit of the product that meets consumers needs

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

What is the actual product?

A

It is the physical and tangible aspects of the product (features)

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

What is augmented product?

A

Additional benefits not tied directly to the main product

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

What are the variations of product?

A 
Product range
Product line
Product breadth
Product width
Product item
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What is product range also known as?

A

Product mix

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is product range?

A

Full set of products offered for sale

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What is product line?

A

Group of products
Similar physical characteristics
Similar purpose

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

What is a product breadth

A

The number of product lines marketed in a firm

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

What is product breadth also known as?

A

Product width

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

What is product depth

A

Variety of
Sizes
Colors
Models

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

What is product item

A

Individual version of product

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

How do you classify products? What is the basis?

A

Frequency
Relative cost
Time and effort

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

The 3 classifications are?

A

Convenience
Shopping
Specialty

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

Different classes of products are affect differently by

A

Fad or fashion
Distribution
Substitute

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

Convenience goods’ characteristics are

A

Not usually affected by fad or fashion
Marketers usually provide wide distribution (make it convenient to purchase)
Consumers are generally willing to accept substitutes if choice is not available

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

Shopping goods are

A

relatively higher priced
Purchased not as frequently
Time and effort on comparing several alternatives on criteria

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

Characteristics of shopping goods are

A

Usually affected by fad or fashion
Selective distribution in retail outlets (relative convenient)
Several substitutes for comparison

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Specialty goods are items that

A

Consumer have strong brand preference
Very specific need
They will spend a lot of time and effort to buy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
30
Q

Characteristics of a specialty good are

A

Exclusive distribution: ensure control of presentation
Consumers will give up more accessible substitutes
Brand is of utmost importance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
31
Q

Unsought goods are

A

New products consumers not aware of

Products that consumer are aware of, but do not immediately want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
32
Q

New products are necessary because

A

Technological advances make products obsolete
Competitors can copy successful products
New products to better meet needs are demanded all the time

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
33
Q

The classifications of new product are

A

True innovation
Innovative replacements
Imitative products

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
34
Q

True innovations are products that

A

Have dramatic improvement
Create a new product class
Exceed how current product can meet needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
35
Q

Innovative replacements are products that

A

Have significant improvement

To better meet needs of consumers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
36
Q

Imitative products have

A

A small improvement
New to the company
Not new to the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
37
Q

What to consider when adding a new product?

A

Sufficient demand
Financial fitness
Regulations
Marketing support

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
38
Q

New products take time to be adopted? How are they adopted?

A

Yes. Different groups of people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
39
Q

What are the adopters?

A 
Innovators 
Early adopters
Early majority
Late majority
Laggards
40
Q

How many % of adopters are innovators?

A

3%

41
Q

The characteristics of innovators are

A

Young
Adventurous
Trendsetters
Enjoy taking risks

42
Q

How many % of adopters are early adopters?

A

13%

43
Q

What are the characteristics of early adopters?

A

Young
Alert and sensitive to trends
Adopt for recognition

44
Q

How many % of adopters are early majority?

A

34%

45
Q

What are the characteristics of the early majority?

A

Deliberate
Cautious
Adopt only after certain degree of success

46
Q

How many % of adopters fall into late majority?

A

34%

47
Q

What are the characteristics of late adopters?

A 
Older
Less exposed to outside influences
Lower income 
Skeptical: More resistant to change 
Wait until most people have switched over
48
Q

What is the % of adopters who are laggards?

A

16%

49
Q

What are the characteristics of laggards?

A

Traditional bound
Little media exposure
Live in suburban or rural areas
Avoid change unless they have no other choice

50
Q

What do you call the process in which an individual adopts a product

A

Consumer adoption process

51
Q

What are the stages of the consumer adoption process?

A 
Awareness stage
Interest stage
Evaluation stage
Trial stage
Adoption stage
Post adoption confirmation stage
52
Q

In the awareness stage, adopters

A

Get exposed to the product through promotional messages

53
Q

In the interest stage, adopters

A

Are aroused enough to start looking for information

54
Q

In the evaluation stage, consumers

A

Start comparing the product with competitive products

55
Q

In the trial stage, consumers

A

Try a sample

Purchase product for the first time

56
Q

In adoption stage, consumers start to

A

Use the product on a regular basis

57
Q

In post adoption confirmation stage,

A

Consumers assess the product
On a continual basis
Talk to others about it

58
Q

‘How long does it take for people to go through the adoption process’ What is it called

A

Rate of adoption

59
Q

The rate of adoption is affected by

A 
Relative advantage
Compatibility
Complexity
Ability to trial
Observability
60
Q

Convenience goods are

A

Purchased frequently
Relatively low cost
Little time and effort to purchase

61
Q

What is relative advantage?

A

Degree of innovation superiority

62
Q

What is compatibility?

A

Degree of innovation consistency with values and experience of adopter

63
Q

What is complexity??

A

How user friendly

64
Q

What is ability to trial?

A

Degree new idea can be sampled on limited basis

65
Q

What is observability?

A

Innovation seen to work

66
Q

What are the four stages in PLC?

A

Introduction
Growth
Maturity
Decline

67
Q

What are the respective objectives for each stage?

A

Gain awareness
Stress differentiation
Maintain brand loyalty
Harvesting or deletion

68
Q

What are the criterias to analyze in each stage?

A

4Ps
Competition
Sales and profit
Aim/action

69
Q

Why are sales and profits are low in introduction stage

A

Low awareness

R&D cost

70
Q

Why are places limited in introduction stage?

A

High risks of new products

May not sell well

71
Q

In growth stage, what rises rapidly?

A

Sales and profits

72
Q

Why is there a large increase in competitors?

A

Profit outlook attractive

73
Q

At what stage are prices dropped? Why?

A

Growth
Economies of scale, COP drop, drop prices
Thwart competition

74
Q

Primary and secondary demand are met in what stages?

A

Introduction

Growth

75
Q

When do profits begin to fall? Who experiences this?

A

Maturity

Producer and retailer

76
Q

How do producers act in maturity?

A

Broaden product line
New models
Extra services

77
Q

When do sales begin to fall?

A

Decline

78
Q

How to keep profits afloat in decline stage?

A

Cost control

79
Q

Why are there smaller number of competitors in decline?

A

They withdraw from market

80
Q

What is deletion?

A

Dropping product out of product line

81
Q

What is harvesting?

A

Continue to offer product
Reduce costs of marketing
More profits earned

82
Q

Deletion is a drastic strategy that affects

A

Residual core of loyal customers

83
Q

What type of products affect PLC?

A

Fad product
High/low amount of learning
Fashion

84
Q

What is a fad product?

A

Novelty product
Rapid sales, short season
PLC short

85
Q

What is a product with high learning?

A

Large amount of education

Extended introductory period

86
Q

What are products that require low amounts of learning?

A

Benefits are understood
Competitors can imitate
Introduction and growth short

87
Q

What is a fashion product?

A

Comeback

Gets popular, declines, popular after some time

88
Q

How to extend PLC?

A

Modify the:
Product
Market

Reposition product

89
Q

How to modify the product?

A 
Change 
Features
Functions
Design
Appearance
Quality
Performance

Increase value
Increase appeal

90
Q

How to modify the market?

A

Find new users:
Those in target segment haven’t bought
Who are buying from direct competitors

Find new segments
Target consumers in new market niches/segments

Increase the usage:
Promote frequent consumption

Creating new use situation:
Identify new applications

91
Q

What is repositioning a product?

A

Changing the perception of brand occupied in consumers mind relative to competitive products

92
Q

What does repositioning move away from

A

Strong competitor

93
Q

What does repositioning move closer to?

A

New market

Move closer to what consumer perceive a brand that meets needs

94
Q

Products are repositioned when there is a change in

A

Consumer trend

95
Q

Products can be repositioned by changing

A

Value offered

96
Q

What does changing value offered involve?

A

Trading up: adding value through additional features, higher quality materials

Trading down: reduce no. of features, quality, price or down sizing

Marketing (9 decks)

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