Lesson 5 Flashcards
1
Q
What categories can PRODUCT be classified in the consumer market?
A
- convenience goods (milk, rice…)
- shopping (more durable, appliances, furniture…)
- specialty (cruises, designer clothes)
2
Q
What categories can PRODUCT be classified for B2B?
A
- raw materials
- components (been through process like intel processors)
- supplies (cleaning materials, stationary)
- accessories (office equipment, furniture)
- installations (capital goods like machinery)
3
Q
What is the core product?
A
Core benefit or service
4
Q
What is the tangible product?
A
The packaging, features, styling, quality, brand name, etc
5
Q
What is the augmented product?
A
The installation, after sales service, warranty, delivery & credit
6
Q
What is the product life cycle?
A
Development ➡️ Introduction ➡️ Growth ➡️ Maturity ➡️ Decline
7
Q
What are the stages of the NPD (New Product Development) process?
A
- idea generation
- idea screening
- concept testing
- business analysis
- product development
- test marketing
- launch & commercialisation
8
Q
What is important when considering Place in the marketing mix?
A
Distribution channels (agents, distributors, wholesalers, retailers, direct routes)
9
Q
What affects the consumer decision process?
A
- personal influences
- psychological
- demographic
- situational
- social factors
