Chp 12 Marketing Mix: Product

Question 1

Types of products

Answer 1

Consumers good: goods provided for consumers
Consumer service: services provided by consumers

Producer good: goods produced for business, to help in the production process
Producer service: services provided to help out other business

Question 2

What makes a Successful product?

Answer 2

1 Right price and quality
2 It must meet the consumers needs and wants
3 Product must not be difficult to manufacture
4 Design is important( must be eye-catching and easy to use)

Question 3

Product development process

Answer 3

1 Generate ideas (employee suggestions, competitions products, research and development department)
2 Select the best idea
3 Viability ( Can it sell? )
4 Develop prototype
5 Test market (Launch product to a small part of the market)
6 Full launch

Question 4

What are the costs of developing a new product?

Answer 4

1 Cost of carrying out market research
2 Cost of trial products and wasted materials
3 Loss of company image if the product does not meet needs and wants
4 Lack of sales if the target market is wrong

Question 5

What are the Benefits of developing a new product?

Answer 5

1 USP
2 Diversification
3 Entering new markets
4 Entering existing markets

Question 6

Define Brand name

Answer 6

It’s the unique name given to a product that distinguishes from other brands

Question 7

Brand loyalty

Answer 7

Consumer’s continue to purchase the same brand instead of competitors

Question 8

Brand image

Answer 8

Image or identity given to a product, giving it personality distinguishing from other competitors

Question 9

The 4 roles of packaging

Answer 9

1 Protect
2 Preserve
3 To inform
4 To transport