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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
Shopping Products
○ Bought less ○ Higher price ○ Fewer purchase locations ○ Comparison shop ○ Consumer evaluates alternative products on the basis of suitability, quality, style, and price
26
Specialty Products
○ Special Purchase efforts ○ High price ○ Unique characteristics ○ Brand identification ○ Few purchase locations
27
Require a lot of advertising and personal selling
Unsought products
28
Unsought products
○ New innovations ○ Consumers seldom go out looking for ○ Require a lot of advertising and personal selling
29
Product mix decisions
Width, Length, Depth, Consistency
30
The number of different product lines the company carries.
Width
31
The number of items within a product line.
Length
32
The number of versions offered of each product in the line.
Depth
33
How closely related various lines are in end use
Consistency
34
group of products that a company creates under a single brand
Product Line
35
The products are similar and focus on the same market sector. Maybe their function or channel distribution are the same or similar.
Product Line
36
The process a product goes through from when it is first introduced into the market until it declines or is removed from the market.
Product Lifecycle
37
Stages of Product Lifecycle
▷Introduction ▷Growth Stage ▷Saturation Stage ▷Maturity Stage ▷Decline Stage
38
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.
▷Introduction
39
At this stage, the product is new in the market. Consequently, its demand is low and requires vigorous sales efforts.
▷Introduction
40
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.
▷Introduction
41
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.
▷Growth Stage
42
In the Growth stage, this rapid expansion can be sustained only by the _______________
maintenance of product
43
Stages of Product Lifecycle The sales volume of the product ceases to grow.
▷Saturation Stage
44
Stages of Product Lifecycle The only additional demand for the product happens to be its replacement demand.
▷Saturation Stage
45
Stages of Product Lifecycle The rate of growth of its sales decline, though the volume of sales keeps on increasing.
▷Maturity Stage
46
Stages of Product Lifecycle The firm has to spend a relatively increasing amount of sales promotion.
▷Maturity Stage
47
Stages of Product Lifecycle Its sales volume starts shifting down.
▷Decline Stage
48
Stages of Product Lifecycle The competitors have by then entered the market with substitutes and imitations, and the product distinctiveness starts diminishing.
▷Decline Stage
49
the compilation of products and services offered by the company to the target market
Product portfolio
50
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.
Product portfolio
51
Importance of product portfolio to business
● 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
can provide nuanced views on a stock type, company growth prospects, profit margin drivers, income contributions, market leadership, and operational risk
Product Portfolio Analysis
53
used to assist in planning product development and strategy
Product Portfolio Analysis
54
Used to assist in planning product development and strategy by:
○ 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
When a company markets a range of different products or services, it is required to conduct portfolio analysis ________.
periodically
56
Portfolio analysis means to analyze each product separately in terms of _________, __________, and ___________.
profitability, contribution to the company’s income, and growth potential
57
This analysis facilitates the identification of products that are _____________ at all or play poorly within the group.
not profitable
58
It might also indicate that the company must increase its investments and efforts to some star products that have a higher potential.
Portfolio analysis
59
The products are categorized by pre-defined criteria such as sales value, market share, gross profitability, contribution margin, and life cycle.
Portfolio analysis
60
consumers' perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands
Product Positioning
61
a marketing technique intended to present products in the best possible light to different target audiences
Product Positioning
62
The process marketers use to determine how to best communicate their products' attributes to their target customers.
Product Positioning
63
T/F: Effective product positioning ensures that marketing messages resonate with target consumers and compel them to take action.
TRUE
64
Decisions regarding the product, price, promotion, and distribution channels are decisions on the elements of the “marketing mix”.
Product Decision
65
Probably the most crucial as the product is the very epitome of marketing planning.
Product Decision
66
Errors in product decisions are ______
legion
67
Elements of Product Decisions
▷Production process ▷Specifications ▷Culture ▷The physical product ▷Packaging ▷Labelling ▷Branding ▷Warranty ▷Service
68
A symbol or design that identifies and differentiates a product from other products.
Product branding
69
T/F: A strong brand creates a personality for the product and differentiates a product from competitors.
TRUE
70
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.
Packaging
71
is more than just your product's pretty face
Packaging
72
T/F: Package design may affect everything from breakage rates in shipment to whether stores will be willing to stock it.
TRUE
73
Display of information about a product on its container, packaging, or the product itself.
Labeling
74
Importance of labeling
▷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
This analysis facilitates the identification of products that are not profitable at all or play poorly within the group.
Portfolio analysis

PHME MIDTERMS (5 decks)

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