Marketing V

Question 1

What is important in product labeling?

Answer 1

An instrument that regulates the product specific information to customers like:
- price
- taste
- nutrition 
or
- environmental impact
- moral / ethics

Question 2

Which label continua do you know of?

Answer 2

compulsoriness:
degree to which you are required to provide product informations.

explicitness:
degree of information detail presented to consumers

standardization:
degree to which regulations require the firm to provied Information in standardized presentation format ex. nutrition facts

Question 3

What is a product brand?

Answer 3

• It is the name, shape / design, logo or other feature of a product
• which is protected as a trademark
• uniquely and undistinguishable attributed to a certain provider.

Question 4

Why is a good product brand important?

Answer 4

1. customer retention and loyalty -> price flexibility
2. communication effects by customers (word of mouth)
3. Easier to have different strategies in various sub-market when using different brand, because customers perceive brands rather than companies. ex. Unilever.

Question 5

What are value-added services (VAS)?

Answer 5

They differentiate the organization from competitors and build binding relationships between the customer and the firm.

Question 6

What kind of Value-added serviced do you know of?

Answer 6

1. Information
2. Problem Solving
3. Sales Support
4. Field Supprt

Question 7

What are the major stages in Product development?

Answer 7

1. Idea generation
2. Idea screening
3. Concept development and testing
4. Marketing strategy
5. Business analysis
6. Product development
7. Test Marketing
8. Commercialization

Question 8

What is the Conjoint Analysis?

Answer 8

It measures the preference of consumers for alternative products by:

• Deriving values that customers attach to different product attributes

Question 9

Which factors are included in the Conjoint Analysis?

Answer 9

• package design
• price
• brand name
• guarantees
• seals

Question 10

What factors influence the Adoption process of a new product by customers on the market?

Answer 10

• Readiness to try new products of an individual in comparison to his social system:
  1. Innovators 2,5%
  2. Early adopters 13,5%
  3. Early majority 34%
  4. Late majority 34%
  5. Laggards 16%

Question 11

What factors of a new product influence the adoption process on the market?

Answer 11

Some products catch on quicker than others:

1. Relative advantage,
   the degree of innovation, compared to existing products.
2. Compatibility,
   degree of matching values / experience of individuals
3. Complexity,
   how difficult to understand
4. Divisibility,
   can it be tried on a (un-)limited basis
5. Communicability,
   are the benefits observable or describable to others