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Marketing > Chapter 9 > Flashcards

Chapter 9 Flashcards

1
Q

What are the top 5 reasons firms create new products?

A

1) Changing customers needs
2) Market Saturation
3) Managing risk through diversity
4) Fashion cycles
5) Improvising business relationships

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2
Q

a good, service, or idea consisting of a bundle of
tangible and intangible attributes that satisfies consumers’ needs
and is received in exchange for money are known as

A

Products

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3
Q

Tangible and intangible attributes make up

A

Goods

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4
Q

What type of goods are for one or few uses and are typically sold through advertising?

A

Non-durable goods

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5
Q

What type of goods lasts over many uses and are typically sold through personal selling?

A

Durable goods

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6
Q

Intangible activities or benefits are known as

A

Services

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7
Q

A thought that leads to a product or action is known as an

A

Idea

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8
Q

What type of products are classified by the amount of effort spent on a decision, the attributes used in making the decision, and the frequency of the purchase are defined as

A

Consumer Products

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9
Q

What type of product is purchased frequently, conveniently, and with minimum shopping effort?

A

Convenience product

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10
Q

What are the 3 types of convenience goods?

A

Staples
Impulse
Emergency

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11
Q

What type of convenience good is something you buy at least one a month or more?

A

Staples

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12
Q

What type of convenience good is purchased without planning?

A

Impulse

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13
Q

What type of convenience good is needed in a hurry?

A

Emergency

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14
Q

What type of product involves consumers taking more time to consider options by comparing several alternatives on criteria such as price, quality, or style before the purchase?

A

Shopping Products

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15
Q

What type of product has consumers who make a special effort to search out and buy because of unique characteristics or loyalty to a specific brand

A

Specialty Products

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16
Q

What type of products involve consumers who do not know about them or have consumers know about them but they do not initially want or have any desire to buy the product under normal circumstances

A

Unsought Products

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17
Q

What term refers to an entire category or industry?

A

Product Class

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18
Q

What term groups associated items together?

A

Product Line

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19
Q

Which term can be described as a specific product having a unique brand, size or price uses SKUs

A

Product Item

20
Q

What term describes the complete set of all products/services offered by a firm?

A

Product Mix

21
Q

The number of product lines offered by a firm is known as

A

Breadth

22
Q

The number of products within a product line is known as

A

Depth

23
Q

What are 4 ways that define a product as “new”?

A

Newness: Compared to Existing products

Newness: Based on consumer’s perspective

Newness: In legal terms

Newness: From the organization’s perspective

24
Q

What type of newness is based on the new features and capabilities compared to current offerings is known as

A

Newness: Compared to Existing Products

25
Q

What are some examples of newness: compared to existing products?

A

Flip phones to smartphones
Old chunky Nintendo to Wii

26
Q

What type of innovation requires no new learning by consumers is known as

A

Continuous Innovation

27
Q

What type of innovation disrupts consumer’s normal routine but does not require totally new learning

A

Dynamically Continuous Innovation

28
Q

What type of innovation requires new learning and consumption patterns by consumers

A

Discontinuous Innovation

29
Q

What are some examples of newness: based on consumer perspective

A

Toothpaste: Don’t need to learn how to reuse it just has different qualities

Swiffer offers a new way to mop other than traditional way

Jump to iPhone from landline

30
Q

New improved shaver, detergents, and toothpaste are all examples of which type of innovation?

A

Continuous Innovatio

31
Q

Electric toothbrush, compact disk player, and automatic flash unit for cameras
are all examples of which type of innovation?

A

Dynamically Continuous Innovation

32
Q

Wireless routers, digital video recorder, and electric cars are are all examples of which type of innovation?

A

Discontinuous Innovation

33
Q

Which type of innovation has a market strategy that aims to gain consumer awareness and wide distribution?

A

Continuous Innovation

34
Q

Which type of innovation has a market strategy that aims to advertise points of difference and benefits to customers?

A

Dynamically Continuous Innovation

35
Q

Which type of innovation has a market strategy that aims to educate consumers through product trial and personal selling

A

Discontinuous Innovation

36
Q

Products are considered new in legal terms ** months from when it enters distribution?

A

6 months

37
Q

The incremental improvement of an existing product line the company already sells is known as

A

Product Line Extension

38
Q

What are some examples of newness: from an organizational perspective

A

New flavors or varieties existing of coke or oreos

39
Q

Putting brand names on new products in an unfamiliar market can be defined as

A

Brand Extension

40
Q

T/F- It is difficult to produce a successful new product

A

True

41
Q

T/F- Most consumers buy the same 150 items

A

True

42
Q

T/F- Less than 3% of new CPG exceed 1 year sales of $50 million

A

True

43
Q

A statement before product development begins that identifies a well defined target market, specific customer needs/wants, and what the product will be and do to satisfy customers can be defined as

A

Protocol

44
Q

What are some of the key marketing reasons for new-product failures?

A
  • Insignificant point of difference
  • Incomplete market and product protocol before product development starts

-Not satisfying customer needs on critical factors

  • Bad Timing
  • No economical access to buyers
  • poor product quality
  • poor execution of the marketing mix
  • too little market attractiveness
45
Q

What is the best way to avoid a new product failure?

A

Have a protocol

Do your marketing research

46
Q
A

Marketing (31 decks)

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