Lecture 7 - Product strategies

Question 1

What are the levels of a product

Answer 1

Core product - need being satisfied
Tangible product - Actual thing
Augmented product - added value

Question 2

What is difference between a durable and non-durable?

Answer 2

Durable is meant to last while when being consumed

Non-durable is meant to be used within 1-5 uses.

Question 3

What examples of consumer goods

Answer 3

Convenience, shopping, specialty, unsought

Question 4

What are examples of industrial goods?

Answer 4

Materials and parts, capital items, supplies/services

Question 5

What is difference between homogeneous and heterogeneous goods?

Answer 5

Heterogeneous - can tell difference between products

Homogeneous - cannot tell difference between products

Question 6

Product mix decisions (Assortment)

Answer 6

Width - how many different product lines
Length - how many products in a line
Depth how many variants of each product in a line
Consistency - Closely related

Question 7

What are product line decisions?

Answer 7

Length of product line
Modernizing product line
line featuring (Flagship product)
Line pruning

Question 8

Individual product decisions

Answer 8

Attributes - quality, features, style
Branding - manufacturer, licensing, private
Family branding
Mutli branding
positionning
Packaging and labelling