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Comm 204 > Module 7: Products, Brands, and New Product Development > Flashcards

Module 7: Products, Brands, and New Product Development Flashcards

1
Q

involves managing and developing products and brands, and is a key function of marketing

A

product strategy

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2
Q

marketers need to understand how products and brands are _____ and ______ in order to develop effective marketing programs

A

defined

categorized

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3
Q

important to understand how new products are _______ and _______ by consumers

A

developed

adopted

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4
Q

goods/services or ideas consisting of tangible and intangible attributes

A

products

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5
Q

physical attributes like colour, size, material

A

tangible attributes

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6
Q

non-physical characteristics like quality, style, reliability

A

intangible attributes

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7
Q

products are divided into 3 main categories

A

non-durable goods
durable goods
services

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8
Q

consumed quickly (ex: food, gas)

A

non-durable goods

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9
Q

last for extended period of time (ex: cars and appliances)

A

durable goods

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10
Q

intangible activities, benefits, or satisfaction offered for sale (ex: baking, visits to doctor, taking vacation, going to movies)

A

services

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11
Q

often allow products to differentiate their offerings from comp while also adding value to consumers

A

supplementary services

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12
Q

offer a combination of both tangible and intangible services

A

middle of service continuum

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13
Q

means that services cannot be held, touched or seen before purchase

A

intangibility

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14
Q

means that services can vary based on the service provider and are harder to standardize

A

inconsistency (or variability)

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15
Q

means that services cannot be separated from the service provider

A

inseperability

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16
Q

the consumer is involved in the production of the service if they provide ______ or _______

A

guidance

feedback

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17
Q

means that there is fluctuating demand for services and they can’t be stored for times when demand exceeds capacity

A

inventory

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18
Q

expensive and arises when a service is available when there is little demand

A

Idle production capacity

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19
Q

formally defined as a situation when the supply of a service exceeds its demand

A

Idle production capacity

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20
Q

to deal with idle production capacity issue, the service industry uses

A

part-time employees

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21
Q

products are comprised of different elements, including (3)

A
  • total product concept
  • packaging and labelling
  • product lines and mixes
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22
Q

marketers view products as having 3 different layers

A

core product
actual product
augmented product

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23
Q

total product concept =

A

core product
actual product
augmented product

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24
Q

the benefit a consumer derives from having the product

A

core product

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25
Q

the physical g/s and includes the product’s branding, design and features

A

actual product

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26
Q

includes the additional features, attributes that accompany a product

A

augmented product

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27
Q

warranty, service contract, delivery options, installation assistance, or an app for download are examples of

A

augmented product

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28
Q

source of competitive advantage, provides functionality, communication and reinforcement of brand image

A

packaging and labelling

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29
Q

provide a function in terms of ease of use, storage and transport

A

packaging and labelling

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30
Q

what % of food/drink purchase decisions are made at point of sale

A

over 75%

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31
Q

what % of consumers make a purchase after only examining the front pack

A

90%

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32
Q

what % of consumers make a purchase without having picked up an alternative

A

85%

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33
Q

marketers often manage products in groups based on their

A

similarities

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34
Q

group of similar products that are closely related because they satisfy a similar need and are marketed to same general target market

A

product line

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35
Q

includes all the product lines marketed by a company

A

product mix

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36
Q

in small companies the product mix might be _____, while in larger orgs it may be more _______

A

simple

complex

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37
Q

the number of different product lines offered by the company

A

product mix width

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38
Q

the number of products or brands in the product line

A

product line length

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39
Q

the number of different versions of each product sold within its product lines

A

product line depth

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40
Q

products are classified as either consumer or business products depending on their

A

usage

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41
Q

4 consumer product categories

A

convenience products
shopping products
specialty products
unsought products

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42
Q

inexpensive items that are purchased frequently with minimal shopping effort or risk

A

convenience products

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43
Q

products where the consumer comparison shops, assessing attributes and prices of different products and brands

A

shopping products

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44
Q

products are more expensive then convenience products and require more time and greater assurance of purchase saisfaction

A

shopping products

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45
Q

products that require considerable time and effort to purchase

A

specialty products

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46
Q

tend to be expensive products from specialty brands that require high purchase satisfaction

A

specialty products

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47
Q

products that the consumer does not know about or isn’t interested in purchasing

A

unsought products

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48
Q

insurance, funeral services, fire extinguisher, and insulin are examples of

A

unsought products

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49
Q

major characteristic of business products is that their sales are often the result of

A

derived demand

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50
Q

business products are classified based on their use, and include (2)

A

production goods

support goods/services

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51
Q

used in the manufacturing process

A

production goods

52
Q

used to assist in production

A

support g/s

53
Q

4 types of support goods and services

A

installations
accessory equipment
supplies
services

54
Q

name or phrase uniquely given by a company to a product to identify and distinguish it in the market

A

brand

55
Q

brands can be legally protected using (3)

A

patents
copyrights
trademarks

56
Q

a right, granted by the gov to exclude others from making, using, or selling an invention

A

patents

57
Q

used for protecting technologies, processes, formulations

A

patents

58
Q

used to protect written material, music and performance

A

copyrights

59
Q

used to protect brand names, logos, colours, etc.

A

trademarks

60
Q

term used to describe the value of a brand that results from the favourable exposure, interactions, associations, and experiences that consumer have with a brand overtime

A

brand equity

61
Q

degree consumers insist on purchasing a specific brand

A

brand loyalty

62
Q

marketers try to form ______ between brands and consumers so that brand loyalty remains high

A

connections

63
Q

association of human characteristics with a brand

A

brand personality

64
Q

brands play a role in

A

economies and societies

65
Q

help consumers by easing the purchase decision process, being consistent and allowing customers to quickly associate a product with a company name

A

brands

66
Q

should be memorable, distinctive, and positive

A

brand name

67
Q

should fit the company/ product image, suggest product benefits, be legally protected and be simple to spell

A

brand name

68
Q

brands can be based on (3)

A
  • product line and mix
  • brand owner
  • how they market the brand
69
Q

brands are classified as either

A

individual brands

family brands

70
Q

their brand name has been extended to cover more than 1 product

A

family brand

71
Q

refers to only one product or product line

A

individual brands

72
Q

includes a product mix with a variety of product lines

A

family brands

73
Q

when new g/s are introduced under an existing brand name

A

brand extension

74
Q

when g/s uses both family brand name and its own name (often used in automobile industry)

A

sub-brand

75
Q

owned and produced by the manufacturer and are distributed through various marketing channels

A

manufacturer’s brand (national brands)

76
Q

owned by retailers who contract their manufacturers and sell products under their own label, exclusively at their own store

A

private label brands

77
Q

essentially unbranded products produced as cheaper altnertives to manufacturers or private label brands

A

generic brands

78
Q

most commonly found in the pharmaceutical industry

A

generic brands

79
Q

most important element of a brand

A

trustworthiness

80
Q

encompasses the consistently dependable image that consumers have for a brand and fosters confidence recommending it to others

A

trustworthiness

81
Q

encourage brand loyalty by creating interactions

A

engagement

82
Q

brands that stand out are often unique, innovative, and forward-thinking

A

learning edge

83
Q

brands that are caring have the ability to connect with consumers by installing pride

A

corporate citizenship

84
Q

brands need to have a high profile with consumer and stand out from the crowd

A

presence

85
Q

brand elements: (5)

A 
trustworthiness
engagement
learning edge
corporate citizenship
presence
86
Q

describes the stages a new product goes through in the market place

A

product life cycle

87
Q

4 stages of the product life cycle

A

introduction
growth
maturity
decline

88
Q

marketing objective is to create consumer awareness and get customers to try the product for first time

A

introduction stage

89
Q

in the introduction stage, companies spend heavily on

A

marketing

90
Q

building relationships with _____ takes time

A

stakeholders

91
Q

characterized by increased competition and a rapid increase in sales

A

growth stage

92
Q

profits peak during this stage

A

growth stage

93
Q

profits peak during the growth stage as a result of (2)

A

economies of scale

increased demand

94
Q

product and promotional efforts in the growth stage focus on

A

brand and product differentiation

95
Q

characterized by a slow-down in growth and increased focus on price competition to differentiate products in the market

A

maturity stage

96
Q

promotional efforts in maturity stage focus on

A

price

97
Q

weaker competitors tend to start leaving the market at this stage

A

maturity stage

98
Q

category sales begin to decline and many competitors fall out of the market

A

decline stage

99
Q

little promotional support other than price discounts during this stage

A

decline stage

100
Q

where there is an extended introductory period due to significant efforts required to educate customer on usage and benefits of product

A

high-learning product

101
Q

short introductory stage

A

low-learning product

102
Q

benefits of purchasing these products are self-evident and very little learning is required

A

low-learning products

103
Q

the product life cycle is cyclical

A

fashion products

104
Q

a product with a very short product life cycle

A

fad

105
Q

experiences immediate rapid growth, followed by equally rapid decline (no real maturity stage)

A

fad

106
Q

4 strategies used to extend the product life cycle

A
  1. modifying the product
  2. modifying the market
  3. repositioning a product
  4. introducing new product
107
Q

approach used by marketers for products with strong brand equity and a loyal customer base

A

modifying the market

108
Q

once product reaches this stage it if often in need of some newness

A

maturity stage

109
Q

categorized depending on degree of newness involved, and how much time a consumer need to learn to use the product

A

new products

110
Q

3 types of innovations

A

minor innovations
continuous innovations
radical innovations

111
Q

product mods that require no adjustments by the consumer

A

minor innovations

112
Q

marketers work to build awareness of the innovation and market along current lines

A

minor innovation

113
Q

new products that include minor improvement but don’t require radical changes by consumers

A

continuous innovation

114
Q

require extensive product development by the company

A

continuous innovation

115
Q

involve the introduction of products that are entirely new to the market

A

radical innovation

116
Q

extensive advertising and public relations efforts are often needed for these products

A

radical innovation

117
Q

the acceptance of a new product in the market can be explained using the

A

adoption curve

118
Q

most common approaches to product innovation are (2)

A

market penetration

product development

119
Q

focusing on current market with existing products

A

market penetration

120
Q

developing a new product for current consumers (existing market)

A

product development

121
Q

targeting new markets with current products

A

market development

122
Q

moving into new market with new products

A

diversification

123
Q

suggests that a business attempts to grow depend on whether it markets new or existing products in new or existing markets

A

Ansoff Matrix

124
Q

looks at new and existing markets for possible growth opportunity

A

Ansoff Matrix

125
Q

selling the product on a limited basis to determine potential sucess

A

test marketing

126
Q

launching the product with full sales and marketing support

A

commercialization

Comm 204 (7 decks)

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