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2ND SEM-FINALS > MARKETING > Flashcards

MARKETING Flashcards

1
Q

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

A

Products:

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2
Q

It includes physical objects, services, persons, places, organizations, and ideas, or mixes of these entities.

A

Products:

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3
Q

________: a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.

A

Services

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4
Q

________- consist of physical items that can be touched and seen.

A

Pure Tangible Goods

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5
Q

Soap, shampoo, body cologne, T-shirt and Ipad. are example of_______

A

Pure Tangible Goods

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6
Q

_________- such as an automobile that offers accompanying repair services.

A

Tangible goods with accompanying services

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7
Q

_______: Sony Philippines offers more than just appliances. It also offers repair and
maintenance services, warranties, showrooms and waiting areas, and other support services.

A

Tangible goods with accompanying services

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8
Q

_______– consist of equal parts of goods and services such as restaurants.

A

Hybrid offers

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9
Q

_________- such as an airline trip with accompanying snacks.

A

Services with accompanying minor goods

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10
Q

______ – such as those offered by doctors, teachers and ophthalmologists.

A

Pure services

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11
Q

_______is the core, problem-solving service, a core benefit that consumers are really buying when they obtain a product or service

A

Core product

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12
Q

_____may have as many as five characteristics that are combined to deliver core product benefits.

A

Actual product

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13
Q

Actual product FIVE CHARACTERISTICS

A

a. Quality level
b. Features
c. Design
d. Brand name
e. Packaging

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14
Q

For example, a Samsung mobile phone is an ______. Its name, parts, style, features, packaging, and other attributes have all been combined carefully to deliver the _____ – high-quality way to communicate and get connected with people.

A
  1. actual product
  2. core benefit
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15
Q

________includes any additional consumer services and benefits built
around the core and actual products.

A

Augmented product

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16
Q

ENUMERATE THE CONSUMER GOODS CLASSIFICATIONS

A
  1. Convenience goods
  2. SHOPPING goods
  3. SPECIALTY goods
  4. UNSOUGHT goods
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17
Q

The consumer usually purchases ______ frequently, immediately, and with a minimum of effort.

A

CONVENIENCE goods

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18
Q

Soft drinks, soaps, and newspapers are example of?

A

CONVENIENCE goods

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19
Q

Convenience goods can be further divided:

A
  1. Staples
  2. Impulse goods
  3. Emergency goods
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20
Q

____- are goods consumers purchase on a regular basis.

A

Staples

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21
Q

_____ are purchased without any planning or search effort.

A

Impulse goods

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22
Q

______ are purchased when a need is urgent-

A

Emergency goods

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23
Q

Candy bars and magazines can be example of _____

A

impulse goods.

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24
Q

umbrellas during a rainstorm, boots and shovels during the first winter snow. these are examples of______

A

Emergency goods

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25
Q

_______ are goods that the consumer characteristically compares on
such bases as suitability, quality, price, and style.

A

SHOPPING goods:

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26
Q

Examples include furniture,
clothing, used cars, and major appliances.

A

SHOPPING goods:

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27
Q

______ have unique characteristics or brand identification for
which a sufficient number of buyers are willing to make a special purchasing
effort.

A

SPECIALTY goods:

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28
Q

Examples include cars, stereo components, photographic equipment, and
men’s suits.

A

SPECIALTY goods:

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29
Q

A Mercedes is a _____ because interested buyers will travel
far to buy one.

A

specialty good

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30
Q

_______ don’t require comparisons; buyers invest time only to reach dealers carrying the wanted products. Dealers don’t need
convenient locations, although they must let prospective buyers know their locations.

A

Specialty goods

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31
Q

______: are those the consumer does not know about or does not normally think of buying

A

UNSOUGHT goods

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32
Q

Smoke detectors, life insurance, cemetery plots, gravestones, and encyclopaedias are examples of?

A

UNSOUGHT goods

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33
Q

_______require advertising and personal-selling support.

A

Unsought goods

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34
Q

________: are those bought by individuals and organizations for further processing or for use in conducting business. Purpose of the purchase is the chief distinction between industrial products and consumer products.

A

INDUSTRIALS PRODUCTS

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35
Q

Enumerate the products attributes

A
  1. FORM:
  2. FEATURES:
  3. CUSTOMIZATION:
  4. PERFORMANCE QUALITY:
  5. CONFORMANCE QUALITY:
  6. DURABILITY:
  7. RELIABILITY
  8. REPAIRABILITY:
  9. STYLE
  10. DESIGN:
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36
Q

Many products can be differentiated in _______ - the size, shape, or physical structure of a product. Consider the many possible forms taken by products such as aspirin.

A

FORM

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37
Q

____help to differentiate the product from those of the competition.

A

FEATURES

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38
Q

_____: Marketers can differentiate products by making them customized to an individual.

A

CUSTOMIZATION

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39
Q

LEGO of Billund, Denmark, has always been mass customized. Every child who has ever had a set of the most basic Legos has built his or her own unique and amazing creations, brick by plastic brick. This is an example of _______

A

CUSTOMIZATION

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40
Q

______ is the level at which the product’s primary characteristics operate or the ability of a product to perform its functions.

A

PERFORMANCE QUALITY

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41
Q

Buyers expect products to have a ______ ________ quality, which is the degree to which all the produced units are identical and meet the promised specifications.

A

CONFORMANCE QUALITY:

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42
Q

trueorfalse: Suppose a Porsche 911 is designed to accelerate to 60 miles per hour within 10 seconds. If every Porsche 911 coming off the assembly line does this, the model is said to have high conformance quality. The problem with low conformance quality is that the product will disappoint some buyers.

A

true

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43
Q

______: a measure of the products expected operating life under natural or stressful conditions.

A

DURABILITY

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44
Q

______Buyers normally will pay a premium for more reliable products.

A

RELIABILITY:

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45
Q

______ is a measure of the probability that a product will not malfunction or fail within a specified time period.

A

Reliability

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46
Q

_____is a measure of the ease of fixing a product when it malfunctions or fails.

A

REPAIRABILITY: i

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47
Q

True or False:
Ideal repairability would exist if users could fix the product themselves with little cost in money or time.

A

true

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48
Q

_____describes the product’s look and feel to the buyer. It simply describes the appearance of a product.

A

Style

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49
Q

_____is the totality of features that affect how a product looks, feels, and functions in terms of customer requirements.

A

DESIGN:

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50
Q

It contributes to the product’s usefulness as well as its looks.

A

design

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51
Q

true or false: A bad design can ruin a product’s prospects. Sony’s e-Villa Internet appliance was intended to allow consumers to have Internet access from their kitchens. But at nearly 32 pounds and 16 inches, the mammoth product was so awkward and heavy that the owner’s manual recommended customers bend their legs, not their back, to pick it up. The product was withdrawn after three months.

A

true

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52
Q

A _____(also called a product assortment) is the set of all products and items a particular seller offers for sale.

A

product mix

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53
Q

A company’s product mix has a certain____ ___ ____ ___

A
  1. width
  2. length
  3. depth
  4. consistency.
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54
Q

A _____ consists of various product lines.

A

product mix

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55
Q

The_____of a product mix refers to how many different product lines the company carries.

A

width

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56
Q

The______ of a product mix refers to the total number of items in the mix.

A

length

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57
Q

The______ of a product mix refers to how many variants are offered of each product in the line.

A

depth

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58
Q

The _______ of the product mix refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way.

A

consistency

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59
Q

_____ as all the activities of designing and producing the container for a product.

A

packaging

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60
Q

Packages three levels of material.

A
  1. primary package
  2. secondary package
  3. shipping package
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61
Q

types of packages:
Cool Water cologne comes in a bottle (_______) in a cardboard box (_______) in a corrugated box (________) containing six dozen boxes.

A
  1. primary package
  2. secondary package
  3. shipping package
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62
Q

From the perspective of both the firm and consumers, packaging must
achieve a number of objectives:enumerate

A
  1. Identify the brand.
  2. Convey descriptive and persuasive information.
  3. Facilitate product transportation and protection.
  4. Assist at-home storage.
  5. Aid product consumption.
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63
Q

To achieve the marketing objectives for the brand and satisfy the desires of consumers, marketers must choose the _____ and ______ _______of packaging correctly.

A
  1. aesthetic
  2. functional components
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64
Q

_______ relate to a package’s size and shape, material, color, text, and graphics.

A
  1. Aesthetic considerations
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65
Q

The ________ ______ must harmonize with each other and with pricing, advertising, and other parts of the marketing program.

A
  1. packaging elements
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66
Q

true or false: Functionally, structural design is crucial. For example, innovations with food products over the years have resulted in packages that are resealable, tamperproof, and more convenient to use (easy to hold, easy to open, or squeezable).

A

true

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67
Q

The______ may be a simple tag attached to the product or an elaborately designed graphic that is part of the package.

A

label

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68
Q

It might carry only the brand name, or a great deal of information. Even if the seller prefers a simple ______, the law may require more.

A

label

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69
Q

Labels perform several functions. What are they?

A
  1. the label identifies the product or brand
  2. The label might describe the product:
  3. The label might promote the product through attractive graphics
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70
Q

Sunkist stamped on oranges. What kind or type of functions

A

the label identifies the product or brand

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71
Q

who made it, where it was made, when it was made, what it contains, how it is to be used, and how to use it safely. What kind of label functions

A

The label might describe the product:

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72
Q

Identify what kind of functions: New technology allows for 360-degree shrink-wrapped labels to surround containers with bright graphics and accommodate more on-pack product information, replacing paper labels glued onto cans and bottles.

A

The label might promote the product through attractive graphics.

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73
Q

_______ are formal statements of expected product performance by the manufacturer.

A

Warranties

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74
Q

Products under _____ can be returned to the manufacturer or designated repair center for repair, replacement, or refund.

A

warranty

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75
Q

Whether expressed or implied,_______ are legally enforceable.

A

warranties

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76
Q

WHAT ARE THE NATURE AND CHARACTERISTICS OF A SERVICE

A

Service Intangibility:
Service inseparability:
Service Variability:
Service Perishability:

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77
Q

________:which cannot be stored for later sale.

A

Service Intangibility:

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78
Q

______: which are produced and consumed at the time and cannot be separated from their providers.

A

Service inseparability:

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79
Q

_______:whose quality may vary greatly depending on who provides them and when, where, and how.

A

Service Variability:

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80
Q

_______:which cannot be stored for later sale or use.

A

Service Perishability:

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81
Q

_______: is a name, sign, symbol, or design, or a combination of these that identifies the maker or seller of a product or service.

A

Brand

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82
Q

_______: is the value of a brand, based on the extent to which it has high brand loyalty, name awareness, perceived quality, strong brand associations, and other assets such as patents, trademarks, and channel relationships.

A

Brand equity

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83
Q

TYPES OF BRAND STRATEGY

A

Introduce Line Extensions:
Brand Extensions:
Introduce multi-brands:
Introduce new brands:

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84
Q

________: Existing brand names are extended to new forms, sizes, and flavors of an existing product category.

A

Introduce Line Extensions:

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85
Q

_______: Existing brand names are extended to new or modified product categories.

A

Brand Extensions:

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86
Q

_______: New brand names are introduced in the same product category.

A

Introduce multi-brands:

87
Q

________: New brand names in new categories are introduced. Advantage of this is it helps the company move away from a brand that is failing.

A

Introduce new brands:

88
Q

_____ is not just a number on a tag.

A

Price

89
Q

______ is the amount of money charged for a product or service or the sum of the values that consumers exchange for the benefits of having or using the product or service.

A

Price

90
Q

______ comes in many forms and performs many functions.

A

Price

91
Q

true or false: Rent, tuition, fares, fees, rates, tolls, retainers, wages, and commissions all may in some way be the price you pay for some good or service.

A

true

92
Q

true or false: Throughout most of history, prices were set by negotiation between buyers and seller

A

true

93
Q

______is setting one price for all buyers. It is a relatively modern idea that arose with the development of large-scale retailing at the end of the nineteenth century.

A

Fixed price policy

94
Q

TODAY BUYERS CAN:

A
  1. Get instant price comparisons from thousands of vendors.
  2. Name their price and have it met.
  3. Get products free.
95
Q

Customer can compare the prices offered by over two dozen online bookstores by just clicking ______

A

mySimon.com.

96
Q

_______ the customer states the price he wants to pay for an airline ticket, hotel, or rental car, and Priceline checks whether any seller is willing to meet that price. Volume-aggregating sites combine the orders of many customers and press the supplier for a deeper discount.

A

On Priceline.com

97
Q

TYPES OF Consumer Psychology and Pricing

A
  1. Reference prices:
  2. Price-quality references
  3. Price endings
98
Q

____is cool and serene

A

Blue

99
Q

, ____ is active and lively

A

red

100
Q

, _____is medicinal and weak

A

yellow

101
Q

, ______ are feminine

A

pastel colors

102
Q

______ are masculine.

A

dark colors

103
Q

_______ is the amount of money charged for a product or service or the sum of the values that consumers exchange for the benefits of having or using the product or service.

A

Price

104
Q

_____ comes in many forms and performs many functions. Such as rent, tuition, fares, fees, rates, tolls, retainers, wages, and commissions all may in some way be the price you pay for some good or service

A

Price

105
Q

______ is setting one price for all buyers. It is a relatively modern idea that arose with the development of large-scale retailing at the end of the nineteenth century.

A

Fixed price policy

106
Q

Enumerate the Consumer Psychology and Pricing

A
  1. Reference prices
  2. Price-quality references
  3. Price endings
107
Q

Research has shown that although consumers may have fairly good knowledge of the range of prices involved, surprisingly few can accurately recall specific prices of products. This refers to what consumer psychology and pricing

A

Reference prices

108
Q

Many consumers use price as an indicator of quality. Image pricing is especially effective with ego-sensitive products such as perfumes, expensive cars, and Armani T-shirts. This refers to what consumer psychology and pricing

A

Price-quality references

109
Q

Many sellers believe prices should end in an odd number. This refers to what consumer psychology and pricing

A

Price endings

110
Q

TODAY BUYERS CAN:

A
  1. Get instant price comparisons from thousands of vendors. Customer can compare the prices offered by over two dozen online bookstores by just clicking mySimon.com.
  2. Name their price and have it met. On Priceline.com, the customer states the price he wants to pay for an airline ticket, hotel, or rental car, and Priceline checks whether any seller is willing to meet that price. Volume-aggregating sites combine the orders of many customers and press the supplier for a deeper discount.
  3. Get products free.
111
Q

Enumerate the Consumer Psychology and Pricing

A
  1. Reference prices
  2. Price-quality references
  3. Price endings
112
Q

Consumer Psychology and Pricing: Research has shown that although consumers may have fairly good knowledge of the range of prices involved, surprisingly few can accurately recall specific prices of products.

A

Reference prices

113
Q

Consumer Psychology and Pricing: Many consumers use price as an indicator of quality. Image pricing is especially effective with ego-sensitive products such as perfumes, expensive cars, and Armani T-shirts.

A

Price-quality references

114
Q

Consumer Psychology and Pricing: Many sellers believe prices should end in an odd number. Customers see an item priced at $299 in the $200 rather than the $300 range. Research has shown that consumers tend to process prices in a “left-to-right” manner rather than by rounding.

A

Price endings

115
Q

Enumerate General Pricing Approaches

A
  1. Cost-based pricing:
  2. Value based pricing
  3. Competition based pricing
116
Q

_______: an approach that adds a standard markup to the cost of the product.

A

Cost-based pricing

117
Q

_______: is setting prices based on buyers perceptions of value rather than on the seller’s cost.

A

Value based pricing

118
Q

________: Here prices are set based largely on following competitor’s prices rather than on company costs or demand.

A

Competition based pricing

119
Q

Enumerate the New-product pricing strategies

A
  1. Market Skimming Prices
  2. Market Penetration Pricing
120
Q

________: It involves setting a high price for a new product to skim maximum revenue from the segments willing to pay the high price. This approach makes sense under certain condition:
a. The product’s quality and image support its higher price and enough buyers must want the product’s at that price.
b. Competitors should not be able to enter the market easily and undercut the high price.

A

Market Skimming Prices

121
Q

_______: Means setting a low price for a new product in order to attract a large number of buyers and a large market share. This approach makes sense under certain conditions:
a. The market must be highly price-sensitive
b. The low price must help keep out competition.

A

Market Penetration Pricing

122
Q

Enumerate the Product-mix pricing strategies

A
  1. Product Line Pricing
  2. Optional Product Pricing
  3. Captive-Product Pricing
  4. Product Bundle Pricing
123
Q

_______: It involves setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors’ prices.
For example, Johnsons & Johnson’s Pure Essentials line of products like cologne of different scents and facial powder for different facial-skin features offer different prices for different variants.

A

Product Line Pricing

124
Q

_________: It involves the pricing of optional or accessory products along with a main product. For example, a car buyer may choose to order power windows, a stereo with CD player.

A

Optional Product Pricing

125
Q

_________: It involves setting a price for products that must be used along with a main product.

A

Captive-Product Pricing

126
Q

________: It involves combining several products and offering the bundle at a reduced price.

A

Product Bundle Pricing

127
Q

Enumerate the Price adjustment strategies

A
  1. Discount and Allowance Pricing
  2. Segmented Pricing
128
Q

________: A discount is a straight reduction in price on purchases during a stated period of time.

A

Discount and Allowance Pricing

129
Q

________: Companies often adjust their prices to allow for differences in customers, products, and locations.

A

Segmented Pricing

130
Q

a. ________ – when different customers pay different prices for the same product or service, for example, museum tickets to students and the elderly.

A

Customer Segment Pricing

131
Q

b. _______ is when different locations are priced differently, even though the cost of offering each location is the same, like universities charging in-state and out-out-of-state tuition.

A

Location pricing

132
Q

c. _______ is when prices vary by the season, the month, the day, or even the hour for example movie times charging for matinee versus the evening.

A

Time pricing

133
Q

Why Price Cuts?

A
  1. Excess Capacity
  2. Falling Market Share
  3. Dominate Market through lower costs
134
Q

Why does the price increase?

A
  1. Cost Inflation
  2. Over demand
135
Q

________ – company can’t supply all customers’ needs

A

Over demand

136
Q

_______: A company’s total marketing communication mix

A

The promotional mix

137
Q

______ is a specific mix of advertising, personal selling, sales promotion, public relations and direct marketing tools that a company uses to pursue its advertising and marketing objectives.

A

The promotional mix

138
Q

ENUMERATE THE FIVE MAJOR TOOLS OF PROMOTIONAL MIX

A
  1. Advertising
  2. Sales promotion
  3. Public Relations
  4. Personal selling
  5. Direct Marketing
139
Q

_______ is any aid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor. It reaches many buyer, repeats message many times, impersonal, expensive

A

Advertising

140
Q

Advertising objectives can be classified by primary purpose as:

A
  1. Informative advertising,
  2. Persuasive advertising,
  3. Comparative advertising,
141
Q

______ which is advertising used to inform consumers about a new product or feature and to build primary demand.

A

Informative advertising

142
Q

_______ which is advertising used to build selective demand for a brand by persuading consumers that it offers the best quality for their money.

A

Persuasive advertising,

143
Q

_____which is advertising that compares one brand directly or indirectly to one or more other brands.
Reminder advertising, which is advertising used to keep consumers thinking about a product.

A

Comparative advertising,

144
Q

______ is short-term incentives to encourage the purchase or sale of a product or service. It is a wide assortment of tools, rewards quick response, efforts short lived

A

Sales promotion

145
Q

_______ is a mass communication technique that offers short-term incentives to encourage purchase or sales of a product or service.

A

Sales promotion

146
Q

______ offers reasons to buy now. Many tools are available to stimulate consumer purchasing and dealer effectiveness.

A

Sales promotion

147
Q

ENUMERATE THE MAJOR SALES PROMOTION TOOLS

A
  1. Samples –
  2. Coupons
  3. Cash refund offers or rebates
  4. Price packs or cents-off deals
  5. Premiums –
  6. Advertising specialties -
  7. Patronage rewards –
  8. Point of purchase promotions –
  9. Contests, sweepstakes and games –
148
Q

______offer consumers of a trial amount of a product.

A

Samples –

149
Q

_____ certificates that give a buyer a savings when they purchase a specified product.

A

Coupons

150
Q

________offers to refund part of the purchase price of a product to consumers who can send a proof of purchase to the manufacturer.

A

Cash refund offers or rebates

151
Q

_______reduced prices that are marked by the producer directly on the label or package.

A

Price packs or cents-off deals

152
Q

_______ goods offered either free or at low cost as an incentive to buy a product.

A

Premiums –

153
Q

________useful articles imprinted with an advertiser’s name that are given as gifts to consumers.

A

Advertising specialties -

154
Q

________ cash or other rewards for the regular use of a certain company’s products or services.

A

Patronage rewards –

155
Q

_________ displays and demonstrates that take place at the point of purchase or sale.

A

Point of purchase promotions –

156
Q

_________ promotional events that give consumers the chance to win something (e.g, cash trips, or goods) by luck or through extra effort.

A

Contests, sweepstakes and games –

157
Q

_______ is building good relations with the company’s various publics by obtaining favorable publicity, building up a good “corporate image” and handling or heading off unfavorable rumors, stories, and events. A promotion that is very believable, dramatize a company or product, underutilized

A

Public Relations

158
Q

Enumerate the Major Tools in Marketing Public Relations

A
  1. Publications
  2. Events
  3. Sponsorships
  4. News
  5. Speeches
  6. Public Service Activities
  7. Identity Media:
159
Q

______ Companies rely extensively on published materials to reach and influence their target markets. These include annual reports, brochures, articles, company newsletters and magazines, and audiovisual materials.

A

Publications

160
Q

______Companies can draw attention to new products or other company activities by arranging special events such as news conferences, seminars, outings, trade shows, exhibits, contests and competitions, and anniversaries that will reach the target publics.

A

Events -

161
Q

_______ Companies can promote their brands and corporate name by sponsoring sports and cultural events and highly regarded causes.

A

Sponsorships -

162
Q

______One of the major tasks of PR professionals is to find or create favorable news about the company, its products, and its people and to get the media to accept press releases and attend press conferences.

A

News -

163
Q

________Increasingly, company executives must field questions from the media or give talks at trade associations or sales meetings, and these appearances can build the company’s image.

A

Speeches -

164
Q

_______ Companies can build goodwill by contributing money and time to good causes.

A

Public Service Activities -

165
Q

________Companies need a visual identity that the public immediately recognizes. The visual identity is carried by company logos, stationery, brochures, signs, business forms, business cards, buildings, uniforms, and dress codes.

A

Identity Media:

166
Q

_______ is personal presentation by the firm’s sales force for the purpose of making sales and building relationships. A Personal interaction, relationship building, expensive.

A

Personal selling

167
Q

_________ is the most effective tool at later stages of the buying process, particularly in building up buyer preference, conviction, and action.

A

Personal selling

168
Q

Personal selling has three distinctive qualities what are they:

A
  1. Personal interaction -
  2. Cultivation -
    3.Response -
169
Q

_______Personal selling creates an immediate and interactive episode between two or more persons. Each party is able to observe the other’s reactions.

A

Personal interaction -

170
Q

____Personal selling also permits all kinds of relationships to spring up, ranging from a matter-of-fact selling relationship to a deep personal friendship.

A

Cultivation -

171
Q

_______ The buyer may feel under some obligation for having listened to the sales talk.

A

Response -

172
Q

WHAT ARE THE ROLE OF THE SALES FORCE

A
  1. Represents the company to customers to produce company profit
  2. Serves as a critical link between a company and its customer since they represent the customer to the company to produce customer satisfaction.
173
Q

__________direct communications with carefully targeted individual consumers to obtain an immediate response through use of mail, telephone, fax, e-mail, and other non-personal tools to communicate directly with specific consumers. A Non-public, immediate, customized, interactive.

A

direct marketing

174
Q

Today, there is a trend toward more narrowly targeted or one-to-one marketing. This is called ________

A

direct marketing

175
Q

________consists of direct communication with carefully targeted individual consumers to obtain an immediate response and cultivate lasting customer relationships.

A

Direct marketing

176
Q

True or false: Direct marketers communicate with consumers, often on a one-to-one, interactive basis.

A

True

177
Q

True or false: Today, improved database technologies and new media, such as computers, modems, fax machines, e-mail, the Internet, and online services, permit more sophisticated direct marketing.

A

True

178
Q

True or false: Beyond brand and image building, direct marketers seek a direct, immediate, and measurable consumer response.

A

True

179
Q

True or false: Every product seems to go through a life cycle – it is born, goes through several phases, and eventually dies as newer products come along that better serve consumer needs.

A

True

180
Q

The product life-cycle presents two major challenges WHAT ARE THEY:

A
  1. Because all products eventually decline, the firm must find new products to replace aging ones. This is the problem of new product development.
  2. The firm must be good at adapting its marketing strategies in the face of changing tastes, technologies, and competition as products pass through life-cycle stages. This becomes the problem of product-life cycle strategies.
181
Q

A firm can obtain new products in two ways:

A
  1. One way is by acquisition where the firm buys a whole company, a patent, or license to produce someone else’s product.
  2. The other way is through new product development.
182
Q

Enumerate the Causes of new product failures:

A
  1. Overestimation of market size
  2. Product designer problems
  3. Product incorrectly positioned, priced, or advertised
  4. Product may have been pushed despite poor marketing research findings
  5. Costs of product development
  6. Competitive actions
183
Q

Success factors are thought to be:

A
  1. Unique superior product: one with higher quality, features and value in use
  2. A well-defined product concept: a defined target market, product requirements, and benefits
184
Q

Enumerate the Major Stages in New Product Development

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
185
Q

____ systematic search for new product ideas.

A

Idea Generation -

186
Q

Enumerate the Sources for New Product Ideas:

A
  1. Internal Sources, where formal research and development,
    company, scientists, engineers, manufacturing, executives,
    and salespeople can contribute to new product ideas.
  2. Competitors. It is a good idea to watch competitor’s ads and
    other communications to get clues about new products.
  3. Distributors, Suppliers, and others in the distribution
    chain as sources of information.
187
Q

_____ It involves screening new product ideas in order to spot good ideas and drop poor ones as soon as possible.

A

Idea Screening:

188
Q

________ It involves testing the concepts with a group of target consumers to find out if the concepts have strong consumer
appeal.

A

Concept Development and Testing:

189
Q

_______ It involves designing an initial
marketing strategy for a new product based on the product concept.

A

Marketing Strategy Development:

190
Q

________ It involves a review of the sales, costs, and profit
projections for a new product to find out whether these factors satisfy the company’s objectives.

A

Business Analysis:

191
Q

________ It involves developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product.

A

Product Development:

192
Q

_______The product and marketing program are introduced into more realistic marketing settings.

A

Test Marketing:

193
Q

_______ This is Introducing a new product into the market.

A

Commercialization:

194
Q

Enumerate the PRODUCT LIFE CYCLE (PLC)

A
  1. pre-stage
  2. Introduction stage
  3. Growth Stage
  4. Maturity Stage
  5. The decline stage
195
Q

Product development stage begins when the company finds and develops a new product idea. During product development, sales are zero and the company’s investment costs mount. This is a ______

A

pre-stage

196
Q

______period of slow sales growth as the product is being introduced in the market. Profits are nonexistent in this stage because of heavy expenses of product introduction.

A

Introduction stage –

197
Q

______ period of rapid market acceptance and increasing profits.

A

Growth Stage –

198
Q

_______period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profits level off or decline because of increased marketing outlays to defend the product against competition.

A

Maturity Stage –

199
Q

_____the period when sales fall off and profits drop.

A

The decline stage –

200
Q

PLC can be applied to ___, ____, and _____

A
  1. styles
  2. fashions
  3. fads
201
Q

A_________is a basic and distinctive mode of expressions. For example, clothing could be formal, business, or casual. Once a style is invented, it may last for generations, coming in and out of vogue.

A

style

202
Q

______ is a currently accepted or popular style in a given field, for example, the “preppie look” in clothing. It tends to grow slowly, remain popular for a while and then decline slowly.

A

Fashion

203
Q

A _______ is a fashion that enters quickly, is adopted with fast zeal, peaks early, and declines away fast. It only last only for a short time and attack a limited following.

A

fad

204
Q

Examples of Discount and Allowance pricing

A

a. Cash discount
b. A quantity discount
c. A seasonal discount

205
Q

______is a price to buyers who pays their bills promptly.

A

Cash discount

206
Q

________is a price reduction to buyers who buy large volumes.

A

A quantity discount

207
Q

__________is a price reduction to buyers who buy merchandise or services out of the season.

A

A seasonal discount

208
Q

Enumerate the types of Segmented Pricing

A

a. Customer Segment Pricing
b. Location pricing
c. Time pricing

209
Q

__________when different customers pay different prices for the same product or service, for example, museum tickets to
students and the elderly.

A

Customer Segment Pricing

210
Q

________is when different locations are priced differently, even though the cost of offering each location is the same, like universities charging in-state and out-out-of-state tuition.

A

Location pricing

211
Q

___________is when prices vary by the season, the month, the day, or even the hour for example movie times charging for matinee versus the evening.

A

Time pricing

212
Q

Because all products eventually decline, the firm must find new
products to replace aging ones. This is the problem of ____________

A

new product development.

213
Q
A

2ND SEM-FINALS (8 decks)

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