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MKT1002 > Lecture 9 Product > Flashcards

Lecture 9 Product Flashcards

1
Q

Define product

A

Anything that can be offered in a market for attention, acquisition, use or consumption that might satisfy a need or want

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2
Q

Define service

A

A product that consists of benefits, activities, or satisfactions that is essentially intangible and does not result in the ownership of anything

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3
Q

What does the actual product entail?

A 
Brand name
Features
Design
Packaging
Quality level
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4
Q

What does the augmented product entail?

A

After-sale service
Warranty
Product support
Delivery and credit

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5
Q

What are consumer products?

A

Products and services bought by the final consumers for personal consumption

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6
Q

Give 5 types of consumer products

A 
Convenience products
Shopping products
Speciality products
Unsought products
Industrial products
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7
Q

Define convenience products

A

Customer usually buys frequently, immediately and with a minimum comparison and buying effort

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8
Q

Give two examples of convenience products

A

Newspapers

Fast food

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9
Q

Define shopping products

A

These are less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price and style

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10
Q

Give three examples of shopping products

A

Furniture
Cars
Appliances

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11
Q

Define speciality products

A

Consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

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12
Q

Give 3 examples of speciality products

A

Medical services
Designer clothes
High-end electronics

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13
Q

Define unsought products

A

Consumer products that the consumer does not know about or knows about but does not normally think about buying

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14
Q

Give 3 examples of unsought products

A

Life insurance
Funeral services
Blood donations

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15
Q

Define industrial products

A

Products purchased for further processing or for use in conducting a business

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16
Q

Give 3 examples of industrial products

A

Materials and parts
Capital items
Supplies and services

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17
Q

What are 4 other marketing offerings that marketers should consider when broadening the concept of a product?

A

Organisations
Persons
Places
Ideas

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18
Q

Define organisation marketing

A

Consists of the activities undertaken to create, maintain, or change the attitudes and behaviour of target consumers toward an organisation

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19
Q

Define person marketing

A

This consists of activities undertaken to create, maintain or change the attitudes or behaviour of target consumers toward particular people

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20
Q

Define place marketing

A

This consists of activities undertaken to create, maintain or change attitudes and behaviour toward particular places

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21
Q

Define social marketing in terms of organisations, people and ideas

A

Uses commercial marketing concepts to influence individuals’ behaviour to improve their well-being and that of society

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22
Q

What are three product and service attributes?

A

Quality
Features
Style and design

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23
Q

Explain what is meant by the product and service attribute

A

Quality, features, style and design

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24
Q

Explain what is meant by the product quality attribute

A

Total quality management, return-on-quality, quality level, performance quality, conformance quality

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25
Q

Explain what is meant by the product features attribute

A

Competitive tool for differentiating a product from competitors’ products
Assessed based on the value to the customer versus its cost to the company

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26
Q

Explain what is meant by the social marketing attribute

A

This uses commercial marketing concepts to influence individuals’ behaviour to improve their well-being and that of society

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27
Q

What does product quality refer to?

A

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs

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28
Q

What are 5 factors of product quality?

A 
Total quality management
Return-on-quality
Quality level
Performance quality
Conformance quality
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29
Q

What does style describe?

A

The appearance of the product

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30
Q

What does design contribute to?

A

A product’s usefulness and its looks

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31
Q

What is brand?

A

This is the name, term, sign or design or a combination of these, that identifies the maker or seller of a product or service

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32
Q

What does packaging involve?

A

Designing and producing the container or wrapper for a product

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33
Q

What do labels do?

A

Identify the product or brand, describe the attributes and provide promotion

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34
Q

What do product support services do?

A

They augment actual products

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35
Q

What are product line decisions?

A

These are a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets or fall within given price ranges

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36
Q

What is product line length?

A

The number of items in the product line

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37
Q

What are two things that can be done to the product line length?

A

Line stretching

Line filling

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38
Q

What does the product mix consist of?

A

All the product lines and items that a particular seller offers for sale

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39
Q

What are 4 features of product mix decisions?

A

Width
Length
Depth
Consistency

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40
Q

What are the 3 main types of service industry?

A

Government
Private or not-for-profit organisations
Business organisations

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41
Q

What are the 4 features of services?

A

Intangibility
Variability
Inseparability
Perishability

42
Q

What is meant by intangibility in terms of services?

A

Services cannot be seen, tasted, felt, heard or smelled before purchase

43
Q

What is meant by variability in terms of services?

A

Quality of service depends on who provides them and when, where and how

44
Q

What is meant by inseparability in terms of service?

A

Services cannot be separated from their providers

45
Q

What is meant by perishability in terms of services?

A

Services cannot be stored for later sale or use

46
Q

What are 3 additional strategies that firms often need in addition to traditional marketing strategies?

A

Service-profit chain
Internal marketing
Interactive arketing

47
Q

What does service-profit chain marketing do?

A

It links service firm profits with employee and customer satisfaction

48
Q

What are 5 features of service-profit chain links?

A 
Internal service quality
Satisfied and productive service employees
Greater service value
Satisfied and loyal customers
Healthy service profits and growth
49
Q

What is internal marketing?

A

Promoting the organisation’s goals, products and services to the employees within the organisation so that they can advocate for the business

50
Q

What is interactive marketing?

A

This is marketing on a one-to-one basis that responds to the actions of individual customers

51
Q

What are two product development strategies?

A

Acquisition

New product development

52
Q

What is meant by acquisition in terms of it being a product development strategy?

A

This refers to the buying of a whole company, patent or license to produce someone else’s product

53
Q

What are the 8 steps in the new product development process?

A 
1- idea generation
2- idea screening
3- concept development and testing
4- marketing strategy development
5- business analysis
6- product development
7- test marketing
8- commercialization
54
Q

What is involved in idea generation?

A

Creating lots of good new product ideas

55
Q

What is involved in commercialization?

A

These are the remaining steps that reduce the number of ideas and develop only the best ones into profitable products

56
Q

Define idea generation

A

The systematic approach to search for new product ideas

57
Q

Who can be involved in idea generation?

A

Internal
External
Crowdsourcing

58
Q

Define idea screening

A

Identifying good ideas and dropping poor ideas

59
Q

What framework is used in idea screening?

A

R-W-W

60
Q

What does R-W-W stand for?

A

Is it real, can we win, is it worth doing?

61
Q

Define concept development and testing

A

This refers to testing new product concepts with groups of target consumers

62
Q

What are 3 components of concept development and testing?

A

Product idea
Product concept
Product image

63
Q

What is meant by product idea in terms of concept development and testing?

A

A possible product that the company can see itself offering to the market

64
Q

What is meant by product concept in terms of concept development and testing?

A

A detailed version of the idea stated in meaningful consumer terms

65
Q

What is meant by product image in terms of concept development and testing?

A

This is the way in which consumers perceive an actual or potential product

66
Q

Define marketing strategy development

A

Designing an initial marketing strategy for a new product based on the product concept

67
Q

What is involved in the marketing development strategy?

A

Target market description
Value proposition planned
Sales, market-share, and marketing mix

68
Q

Define marketing strategy development

A

This is designing an initial marketing strategy for a new product based on the product concept

69
Q

What does the marketing strategy statement consist of?

A

Target market description
Value proposition planned
Sales, market share and marketing mix

70
Q

What is business analysis?

A

This is a review of the sales, costs and profit projections for a new product to find out whether these factors satisfy the companies objectives

71
Q

Define product development

A

This is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering

72
Q

Define test marketing

A

This is the stage of new product development in which the product and its proposed marketing program are tested in realistic market settings

73
Q

What are the 5 stages of a product lifecycle?

A 
Product development
Introduction
Growth
Maturity
Decline
74
Q

What are the characteristics of the introduction stage in the product lifecycle?

A 
Low sales
High cost per customer
Negative profits
Customers are innovators
Few competitors
75
Q

What are the characteristics of the growth stage in the product lifecycle?

A 
Rapidly rising sales
Average cost per customer
Rising profits
Customers are early adaptors
There are a growing number of competitors
76
Q

What are the characteristics of the maturity stage in the product lifecycle?

A 
Peak sales
Low cost per customer
High profits
Customers are mainstream adopters
Stable number of competitors that are starting to decline
77
Q

What are the characteristics of the decline stage in the product life cycle?

A 
Declining sales
Low cost per customer
Declining profits
Customers are lagging adaptors
Declining number of competitors
78
Q

What is the main marketing objective in the introduction stage?

A

Create product engagement and trial

79
Q

What is the main marketing objective in the growth stage?

A

Maximise market share

80
Q

What is the main marketing strategy in the maturity stage?

A

Maximise profit whilst defending market share

81
Q

What is the main marketing strategy in the decline stage?

A

Reduce expenditure and milk the brand

82
Q

What sort of product is offered in the introduction stage?

A

Basic product offered

83
Q

What sort of product is offered in the growth stage?

A

Offer product extensions, service and waranty

84
Q

What sort of product is offered in the maturity stage?

A

Diversify brand and models

85
Q

What sort of product is offered in the decline stage?

A

Phase out weak items

86
Q

What sort of price is offered in the introduction stage?

A

Use cost-plus

87
Q

What sort of price is offered in the growth stage?

A

Price to penetrate the market

88
Q

What sort of price is offered in the maturity stage?

A

Price to match or beat competitors

89
Q

What sort of price is offered in the decline stage?

A

Cut price

90
Q

What sort of distribution is offered in the introduction stage?

A

Build selective distribution

91
Q

What sort of distribution is offered in the growth stage?

A

Build intensive distribution

92
Q

What sort of distribution is offered in the maturity stage?

A

Build more intensive distribution

93
Q

What sort of distribution is offered in the decline stage?

A

Go selective and phase out unprofitable outlets

94
Q

What sort of advertising is needed in the introduction stage?

A

Build product awareness among early adopters and dealers

95
Q

What sort of advertising is needed in the growth stage?

A

Build engagement and interest in the mass market

96
Q

What sort of advertising is needed in the maturity stage?

A

Stress brand differences and benefits

97
Q

What sort of advertising is needed in the decline stage?

A

Reduce to a level needed to retain hard core loyals

98
Q

What sales promotion is needed in the introduction stage?

A

Use heavy sales promotion to entice trail

99
Q

What sales promotion is needed in the growth stage?

A

Reduce to take advantage of heavy customer demand

100
Q

What sales promotion is needed in the maturity stage?

A

Increase to encourage brand switching

101
Q

What sales promotion is needed for the decline stage?

A

Reduce to minimal level

MKT1002 (17 decks)

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