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PHME MIDTERMS > M5 > Flashcards

M5 Flashcards

1
Q

an item offered for sale

A

Product

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2
Q

total number of product lines a company offers to its customers

A

Product mix

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3
Q

a group of related products all marketed under a single brand name that is sold by the same company

A

Product line

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4
Q

process of developing a unique name and identity for a product or business

A

Branding

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5
Q

Also known as product assortment or product portfolio.

A

Product Mix

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6
Q

Product mix is also known as

A

product assortment or product portfolio

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7
Q

It is a combination of products manufactured or sold by the same organization.

A

Product Mix

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8
Q

set of controllable marketing variables that the firm blends to produce the response it wants in the target market

A

Marketing Mix

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9
Q

4 P’s of the Marketing Mix

A

Product, Price, Promotion, and Place

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10
Q

In giant corporations like United Laboratories, Inc. a fifth “P” is included, which means

A

People

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11
Q

7 P’s of Marketing

A

Product
Place
Price
Promotion
People
Process
Physical environment

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12
Q

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

A

Product

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13
Q

Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership in anything.

A

Service

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14
Q

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

A

Intangibility

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15
Q

Services that cannot be separated from their providers.

A

Inseparability

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16
Q

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

A

Variability

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17
Q

Services that cannot be stored for later sale or use.

A

Perishability

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18
Q

Characteristics of services

A

Intangibility
Inseparability
Variability
Perishability

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19
Q

Classifications of product

A

Consumer goods & Industrial goods

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20
Q

Consumer Goods

A

○ Convenience Product
○ Shopping Product
○ Specialty Product
○ Unwholesome or Unsought Product

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21
Q

Industrial Goods

A

○ Installation
○ Accessory Equipment
○ Component Parts and Materials
○ Raw Materials
○ MRO Items

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22
Q

Brought frequently and immediately

A

Convenience products

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23
Q

Convenience products

A

○ Brought frequently and immediately
○ Low price
○ Mass advertising
○ Many purchase locations

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24
Q

Consumer evaluates alternative products on the basis of suitability, quality, style, and price

A

Shopping Products

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25
Q

Shopping Products

A

○ Bought less
○ Higher price
○ Fewer purchase locations
○ Comparison shop
○ Consumer evaluates alternative products on the basis of suitability, quality, style, and price

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26
Q

Specialty Products

A

○ Special Purchase efforts
○ High price
○ Unique characteristics
○ Brand identification
○ Few purchase locations

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27
Q

Require a lot of advertising and personal selling

A

Unsought products

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28
Q

Unsought products

A

○ New innovations
○ Consumers seldom go out looking for
○ Require a lot of advertising and personal selling

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29
Q

Product mix decisions

A

Width, Length, Depth, Consistency

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30
Q

The number of different product lines the company carries.

A

Width

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31
Q

The number of items within a product line.

A

Length

32
Q

The number of versions offered of each product in the line.

A

Depth

33
Q

How closely related various lines are in end use

A

Consistency

34
Q

group of products that a company creates under a single brand

A

Product Line

35
Q

The products are similar and focus on the same market sector. Maybe their function or channel distribution are the same or similar.

A

Product Line

36
Q

The process a product goes through from when it is first introduced into the market until it declines or is removed from the market.

A

Product Lifecycle

37
Q

Stages of Product Lifecycle

A

▷Introduction
▷Growth Stage
▷Saturation Stage
▷Maturity Stage
▷Decline Stage

38
Q

Stages of Product Lifecycle

The product is developed, keeping in view particular needs of a set of consumers and introduced in the market by initiating its commercial production.

A

▷Introduction

39
Q

At this stage, the product is new in the market. Consequently, its demand is low and requires vigorous sales efforts.

A

▷Introduction

40
Q

The promotional costs are, therefore, high at this stage, and the production costs are also not fully recovered due to the low volume of sales.

A

▷Introduction

41
Q

Stages of Product Lifecycle

There is a rapid expansion in sales as the cumulative impact of the promotional expenditure helps in the market acceptance of the product as well as the reputation of the product gains around.

A

▷Growth Stage

42
Q

In the Growth stage, this rapid expansion can be sustained only by the _______________

A

maintenance of product

43
Q

Stages of Product Lifecycle

The sales volume of the product ceases to grow.

A

▷Saturation Stage

44
Q

Stages of Product Lifecycle

The only additional demand for the product happens to be its replacement demand.

A

▷Saturation Stage

45
Q

Stages of Product Lifecycle

The rate of growth of its sales decline, though the volume of sales keeps on increasing.

A

▷Maturity Stage

46
Q

Stages of Product Lifecycle

The firm has to spend a relatively increasing amount of sales promotion.

A

▷Maturity Stage

47
Q

Stages of Product Lifecycle

Its sales volume starts shifting down.

A

▷Decline Stage

48
Q

Stages of Product Lifecycle

The competitors have by then entered the market with substitutes and imitations, and the product distinctiveness starts diminishing.

A

▷Decline Stage

49
Q

the compilation of products and services offered by the company to the target market

A

Product portfolio

50
Q

It comprises all the set of products offered right from the ones that were launched and offered during the inception of the brand to the ones that are launched currently along with ones that are in the pipeline.

A

Product portfolio

51
Q

Importance of product portfolio to business

A

● Innovation
● Tax benefits
● Aligns projects with the business strategy
● Visualize the entire portfolio
● Effective allocation of resources
● Data for the key members of the management
● Cash flow management
● Synergy within the internal team
● Proper selection of the target market

52
Q

can provide nuanced views on a stock type, company growth prospects, profit margin drivers, income contributions, market leadership, and operational risk

A

Product Portfolio Analysis

53
Q

used to assist in planning product development and strategy

A

Product Portfolio Analysis

54
Q

Used to assist in planning product development and strategy by:

A

○ analyzing an existing portfolio to decide which products should receive more or less investment

○ adding new products to the portfolio or deciding which products and businesses should be eliminated

55
Q

When a company markets a range of different products or services, it is required to conduct portfolio analysis ________.

A

periodically

56
Q

Portfolio analysis means to analyze each product separately in terms of _________, __________, and ___________.

A

profitability, contribution to the company’s income, and growth potential

57
Q

This analysis facilitates the identification of products that are _____________ at all or play poorly within the group.

A

not profitable

58
Q

It might also indicate that the company must increase its investments and efforts to some star products that have a higher potential.

A

Portfolio analysis

59
Q

The products are categorized by pre-defined criteria such as sales value, market share, gross profitability, contribution margin, and life cycle.

A

Portfolio analysis

60
Q

consumers’ perceptions of a product’s attributes, uses, quality, and advantages and disadvantages relative to competing brands

A

Product Positioning

61
Q

a marketing technique intended to present products in the best possible light to different target audiences

A

Product Positioning

62
Q

The process marketers use to determine how to best communicate their products’ attributes to their target customers.

A

Product Positioning

63
Q

T/F: Effective product positioning ensures that marketing messages resonate with target consumers and compel them to take action.

A

TRUE

64
Q

Decisions regarding the product, price, promotion, and distribution channels are decisions on the elements of the “marketing mix”.

A

Product Decision

65
Q

Probably the most crucial as the product is the very epitome of marketing planning.

A

Product Decision

66
Q

Errors in product decisions are ______

A

legion

67
Q

Elements of Product Decisions

A

▷Production process
▷Specifications
▷Culture
▷The physical product
▷Packaging
▷Labelling
▷Branding
▷Warranty
▷Service

68
Q

A symbol or design that identifies and differentiates a product from other products.

A

Product branding

69
Q

T/F: A strong brand creates a personality for the product and differentiates a product from competitors.

A

TRUE

70
Q

The wrapping material around a consumer item that serves to contain, identify, describe, protect, display, promote, and otherwise make the product marketable and keep it clean.

A

Packaging

71
Q

is more than just your product’s pretty face

A

Packaging

72
Q

T/F: Package design may affect everything from breakage rates in shipment to whether stores will be willing to stock it.

A

TRUE

73
Q

Display of information about a product on its container, packaging, or the product itself.

A

Labeling

74
Q

Importance of labeling

A

▷Provides identification
▷To exaggerate the product
▷To grab the attention of the audience
▷To encourage potential buyers to purchase the product
▷Used for convenience and information transmission
▷Makes product grading easy
▷Provides information as per law
▷Protects customers from getting cheated
▷Helps in marketing

75
Q

This analysis facilitates the identification of products that are not profitable at all or play poorly within the group.

A

Portfolio analysis

PHME MIDTERMS (5 decks)

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