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Marketing > Cours 8 > Flashcards

Cours 8 Flashcards

1
Q

What are continuous innovations?

A

They propose new characteristics that do not necessarily call for redefining the product category.

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2
Q

What is an example of continuous innovation?

A

A new Colgate toothpaste

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3
Q

What is a discontinuous innovation?

A

Discontinuous innovations are new products, ideas, or services that disrupt established habits or create a new category. It is rare. (ex computers)

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4
Q

What are the categories of adopters of innovations?

A
  • Innovators (2.5%)
  • Early adopters (13.5%).
  • Early majority (34%)
  • Late majority (34%)
  • Laggards (16%)
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5
Q

What are innovators?

A
  • They appreciate innovation for its own sake.
  • They are motivated by the status of agents of change in their social circles.
  • They seek out communities of innovators.
  • They accept and tolerate imperfections of innovation.
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6
Q

What are early adopters?

A
  • They adopt and use innovations to make significant improvements (revolution).
  • The significant risks and rewards of innovations attract them.
  • They are insensitive to price.
  • They may demand personalized solutions and quick and efficient support.
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7
Q

What is the early majority?

A
  • They are motivated by evolution, change, and improving productivity.
  • They want proven, tested solutions.
  • They want to reduce risks.
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8
Q

What is the late majority?

A
  • They adopt innovations to keep up to date.
  • They do not want to take risks.
  • They are not very interested in technology.
  • They are price sensitive.
  • They seek solutions that are ready to use, and very certain.
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9
Q

What are the laggards?

A
  • They want to preserve the status quo.
  • They don’t think innovations improve productivity.
  • They purchase the product only when all other options are less interesting.
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10
Q

What five factors are usually identified as facilitating or hindering adoption?

A
  • Relative advantage: the product’s relative advantage is the first facilitator.
  • Compatibility: compatibility with the usual way of doing things.
  • Triability: how easily the innovation can be tried out.
  • Observability: observability of innovations also facilitates their diffusion.
  • Perceived complexity: a new product that seems complicated to use discourages potential users.
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11
Q

Give examples of failures related to a product.

A
  • Overestimation of the market.
  • Flawed design.
  • Poor positioning on the market.
  • Pricing errors.
  • Ill-designed sales communication.
  • Production orientation rather than customer orientation.
  • Cost overruns.
  • Competition
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12
Q

What is a product?

A

It is a basket of benefits offered to consumers.

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13
Q

What is a service?

A

It is an action or effort offered by one party to another.

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14
Q

What characteristics of services differentiate them from other types of products?

A
  • Intangibility: the service cannot be touched
  • Inseparability is when production is tied to consumption, often linked to a particular provider.
  • Variability: It implies that the quality depends on who offers the service and when, where, and how it is provided.
  • Perishability: it comes from the fact that a service, such as a portion of a concert, cannot be stored until demand increases.
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15
Q

What is the core product?

A

It is what is concretely offered to consumers to provide the benefits they seek. It consists of design, packaging, quality, and brand attributes.

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16
Q

What is the packaging?

A

The concept of packaging includes the function and form of the container that holds the product.

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17
Q

What are the 2 angles to define product quality?

A

Technical and perceptual dimensions.

18
Q

Describe the technical dimension.

A
  • Performance: the product’s capacity to adequately perform the tasks for which it was designed.
  • Reliability: the likelihood that a product will fail.
  • Conformity: the capacity to meet the product design specifications.
  • Durability: how long the product can be used before it deteriorates.
19
Q

What is the perceived quality?

A

It is the gap between consumers’ expectations and the qualities they observe.

20
Q

What are the five important dimensions in evaluating the quality of service regarding SERVQUAL?

A
  • Reliability: in a service context, this refers to the ability to perform the promised service dependably and accurately.
  • Responsiveness: willingness to help customers and provide prompt service.
  • Assurance: knowledge and courtesy of employees and their ability to convey trust and confidence.
  • Empathy: provision of caring, individualized attention to customers.
  • Tangibles: the appearance of physical facilities, equipment, personnel, and communication materials.
21
Q

What is a brand?

A

All materials signs allow a product, business, or organization to differentiate its offer from the competition.

22
Q

What are related services?

A

They include guarantees, installation, delivery, credit, and after-sales service.

23
Q

What is a product portfolio?

A

They are all products offered by a company.

24
Q

What are product ranges?

A

It is a set of products of the same category or that meet the same need. A range is made up of product lines.

25
Q

What is a product line?

A

It is a group of products intended for a specific market, or that solve a particular problem for the consumer.

26
Q

How can you describe a range?

A
  • Width: number of lines that make up that range.
  • Depth: number of models per line.
  • Length: total number of products in the range.
27
Q

What is marketing cannibalization?

A

It is the current product sales drop caused by sales of a new product launched by the same company.

28
Q

What is a private label?

A

It is a brand developed by and marketed for a retailer and distributed in that retailer’s stores exclusively.

29
Q

What are the types of approaches for a brand’s equity?

A
  • Customer-based approach.
  • Price differential approach.
  • Income-based approach.
30
Q

What is a brand’s equity?

A

It is the added value that a brand gives a product.

31
Q

Describe the customer-based approach.

A

This approach can involve surveys to directly evaluate loyalty, awareness, perceived quality, and brand associations.

32
Q

Describe the differential price approach.

A

This more indirect approach measures the price differential associated with a specific brand.

33
Q

Describe the income-based approach.

A

It determines the proportion of the company’s future income attributable to the brand.

34
Q

What are the two types of brand portfolio management?

A
  • Umbrella brand: a brand whose name and signs appear on all products a particular company sells.
  • House of brands: each brand in the portfolio is treated independently.
35
Q

What is cobranding?

A

It is a particular case f extension where at least 2 brands partner to market a new product, line, or range.

36
Q

What is the main phase of a product life cycle?

A
  • Introduction phase
  • Growth phase
  • Maturity phase
  • Decline phase
37
Q

What is the introduction phase?

A

It is a phase where sales usually progress slowly, and profits are limited. It can also lead to financial loss.

38
Q

What is the growth phase?

A

More consumers join innovators, and competition intensifies.

39
Q

What is the maturity phase?

A

Maret growth begins to stagnate; some competitors leave due to declining profits. The late majority buys the product, and previous segments may rebuy it.

40
Q

Describe the declining phase and its 4 options.

A

It is the most difficult phase to manage because it’s the decline of a product category. The four options are:
- Take advantage of the competitive advantage if there is one.
- The company may decide to boost its profits by investing as little as possible in the products.
- A company may shrink its ranges to serve a more worthwhile niche.
- A company may withdraw from the market by selling a brand.

Marketing (9 decks)

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