Devoloping And Managing Products Ans Services

Question 1

What’s a product?

Answer 1

Anything that can be offered to a market for attention, acquisition, use(etc) that might satisfy needs and want

Question 2

Service (what is?)

Answer 2

A benefit, activity or satisfaction offered for sale

Question 3

Products and services classification (there are 6)

Answer 3

1. Consumers products (purchased for personal use)
2. convenience products (minimum comparison and buying effort)
3. Shopping products (less frequent / compare more)
4. Specialty product (unique characteristics)
5. Unsought product (things that consumers don’t think about buying / do not know about the product)
6. Industrial products (products for further processing)

Question 4

New product development strategies (two ways)

Answer 4

1. Acquisition (buying a whole company, patent or licence)

2. New product development efforts (new to the world)

Question 5

Diffusion of innovations theory

Answer 5

Field of experience that limit people to understand why a product is benefiticial

Question 6

Technology adoption life cycle theory

Answer 6

Proposes that marketers must cross a chasm (significant gap) between members of the early adopters and Marjorie segments before the product becomes successful

Question 7

Major strategies (new product development) (8 steps)

Answer 7

1. Idea generation
2. Idea screening
3. Concept development / test
4. Marketing strategy
5. Business analysis
6. Product development
7. Test marketing
8. Commercialization

Question 8

Idea screening (define)

Answer 8

Process of checking ideas and identify which ones are good and bad

Question 9

Product concept ( define )

Answer 9

Detailed version of the new product in meaningful consumers terms

Question 10

Marketing strategy development

Answer 10

InDesign a initial marketing strategy based on the new products concepts

Question 11

Business analysis (new product) define

Answer 11

Review of the sales, coast, and profit projections (check if it satisfy the company’s objectives)

Question 12

Test marketing (new product) define

Answer 12

Tested in realistic marketing settings

Question 13

Commercialization (final step)

Answer 13

If the company decides to sell the product, they start to heavily invest in ads and promotion

Question 14

Product life cycle stages (5)

Answer 14

1. Product development
2. Introduction
3. Growth
4. Maturity
5. Decline

Question 15

Fad (meaning)

Answer 15

Period of unusual high sales driven by consumers enthusiasm

Question 16

Products and services attributes are: (4)

Answer 16

1. Quality
2. Features
3. Style
4. Design (packaging included)

Question 17

Service intangibility (meaning)

Answer 17

Service cannot be seen, tasted, felt, heard or smelled before the purchase

Question 18

Service inseparability (define)

Answer 18

They are produced and consumed at the same time and cannot be separated from their providers

Question 19

Service perishability ( meaning)

Answer 19

Cannot be stored for later sales or use

Question 20

Service variability ( meaning)

Answer 20

Quality of service depends on who is providing it

Question 21

Each product offer can be viewed on three levels

Answer 21

1. Core costumer value: core problem solving
2. The actual product: exists around the core (quality level, features, design)
3. Augmented product: actual products + the various services and benefits offered with it (free delivery, warranty, installation, etc