Chapter 9 Flashcards
Three Goals of a Brand
Resonate with customers, differentiate from competitors, and motivate employees
New Product Development Process
Idea generation, idea screening, concept testing, marketing strategy, business analysis, product development, test marketing
Three Levels of a Product
Core product, actual product, augmented product
Types of Consumer Products
Convenience products, shopping products, specialty products, unsought products
Types of Business Products
Materials and parts, capital items, supplies and services
Product Mix
Includes all products offered by the company
Product Item
Specific version of a product
Product Line
Closely related product items competing in the same general product category
Types of Brands
Functional brands, image brands, experiential brands
The Product Life Cycle
Introduction stage, growth stage, maturity stage, decline stage
Premises of the Product Life Cycle
Products have limited life
Products and sales pass through distinct stages with different marketing implications
Sales and profits from a product vary at different stages
Products require different strategies at different life-cycle stages
Competitive Angle
Defines the severity of the problem that the product addresses and the quality of the solution the product provides compared to the competition
