Lecture 9: Product Decisions

Question 1

what are two elements of a marketing strategy

Answer 1

target market + marketing mix

Question 2

what is a product?

Answer 2

anything of value to a consumer and can be offered through a marketing exchange; satisfies a need or want

Question 3

what are first movers

Answer 3

the first to create a market or product category (advantage: become readily recognizable to consumers and command greater market share over longer time)

Question 4

what is the customer adoption cycle

Answer 4

shows # of users of an innovative product or service spreads through population over a period of time

Question 5

what are the groups of the customer adoption cycle

Answer 5

• innovators
• early adopters
• early majority
• late majority
• laggards

Question 6

factors affecting product diffusion speed (4 things)

Answer 6

• relative advantage
• compatibility
• observability
• complexity and trialability

Question 7

relative advantage

Answer 7

if a product is perceived to be better than substitutes, diffision will be relatively quick

Question 8

compatibility

Answer 8

depends on various consumer features including international cultural differences (new vacuum with american version and asian version that’s smaller and quiet)

Question 9

observability

Answer 9

to physically show the benefits of uses to enhance diffusion process (e.g., showing how a blender blends on YouTube)

Question 10

complexity and trialability

Answer 10

less complex products are easy to to try

Question 11

product development process (6 things)

Answer 11

1. idea generation
2. concept testing
3. product development
4. market testing
5. product launch
6. evaluation of results

Question 12

concepts

Answer 12

when ideas with potential are turned into brief written descriptions of the product

Question 13

concept testing

Answer 13

process in which a concept statement is presented to potential buyers for reactions

Question 14

levels of produtcs and services

Answer 14

actual product:
- brand-name
- quality level
- packaging
- features/design

surround core customer value

associated services:
- financing
- product warranty
- product supprt

Question 15

product classifications

Answer 15

consumer products vs. industrial products (won’t be tested on industrial)

Question 16

cosumer product classifications

Answer 16

• convenience products (not a lot of time spent looking into research or brands)
• shopping products
• specialty products (e.g., luxury goods)
• unsought products (not aware you need these kinds e.g., funeral)

Question 17

product mix breadth

Answer 17

of product lines (variety) offered by firm (e.g., macs, iPhones, watches)

Question 18

product mix

Answer 18

all products available for purchasing (e.g., iPhone 11, MacBook 12)

Question 19

product line depth

Answer 19

of products within a product line (5 iPhones in a line)

Question 20

branding process

Answer 20

1. conducting research
2. clarify strategy
3. designing identity
4. creating touchpoints
5. managing assets

Question 21

brand ownership

Answer 21

whether manufacturer, private label/store brand, or generic

Question 21

brand equity

Answer 21

• awareness of the brand
• perceived value
• associations
• loyalty

Question 22

brand name

Answer 22

family brand or individual

Question 23

can brands change the way we behave?

Answer 23

yes like how people exposed to Disney perform tasks more creatively than those exposed to IBM

Question 24

co-branding

Answer 24

partnership between brands in marketing campaign

Question 25

what are some considerations for packaging?

Answer 25

manufacturer: product storage, protection and transporation
brands: brand identity, values, and consumer emotions
consumers: practical, easy-to-use
retailers: promote produtcs on floor of store