Product and Brand Flashcards
1
Q
3 Levels of Product
A
Core Benefit (drill & holes)
Actual Product
Augmented Product
2
Q
Types of Consumer Products
A
Convenience
Shopping
Speciality
Unsought (auto insurance)
3
Q
Core Product
A
tangible; primary benefit
4
Q
Augmented Product
A
intangible, often go along with core products; brand, service
5
Q
Benefits of Augmented Products
A
As competition enters industry, firms can use augmentations – like brand equity or service – to create a sustainable and differentiated offering.
6
Q
Product Mix
A
includes all product lines
7
Q
Dimensions of a Product Line
A
Length - # of products
Depth - # of versions of each product
8
Q
4 Criteria for New Product Development
A
- voice of consumer is heard throughout
- substantial work before physical dev.
- real go/no-go decisions
- process recognizes firm’s competencies
9
Q
Product Life Cycle
A
Development Introduction Growth Maturity Decline
