product and services Flashcards

1
Q

product-service continuum

A

products and services have elements of both tangible goods and services (eg: computer tangible but requires warranty and updates)

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2
Q

product lines

A

group of related products offered by a firm (eg: Nike shoes or Boeing airplanes)

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3
Q

product mix

A

assortment of all products a firm offers (samsung electronics and appliances)

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4
Q

corporate product lines and product mix

A

manage the overall portfolio

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5
Q

brand level product lines

A

firms that emphasize individual product lines and variations under a specific brand (eg: Virgin Group uses the Virgin name for airlines & hotels

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6
Q

product life cycle: stages

A

introduction, growth, maturity, decline

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7
Q

product life cycle: introduction

A

high costs, low sales, limited competition

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8
Q

product life cycle: growth

A

rapid sales growth, higher competition, focus on brand differentiation

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9
Q

product life cycle: maturity

A

sales plateau, intense competition, price warsp

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10
Q

product life cycle: decline

A

sales drop to newer innovations or changing consumer preferences

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11
Q

product life cycle: revitalization

A

strategies to reposition or target new uses for a product

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12
Q

product life cycle: implications

A

companies must adapt marketing strategies (eg: focusing on cost efficiency in mature or niche markets in decline)

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13
Q

break-even analysis

A

focus on understanding when revenue will cover total costs (bigger pictures helps in pricing and investment)

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14
Q

types of brands

A

national (broadly recognized), private labels (owned by retailers), generic (low-cost alternatives)

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15
Q

sources of brand value: brand equity

A

value added due to brand reputation

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16
Q

source of brand value: brand personality

A

human-like traits associated with a brand

17
Q

co-branding

A

collaboration between brands to enhance value

18
Q

brand extensions

A

using an established brand name for a new product category

19
Q

genericide

A

when a brand name becomes synonymous with the product category

20
Q

main brand

A

parent identity (toyota)

21
Q

subbrand

A

specific product line under the main brand (prius under toyota)

22
Q

multi-sided (two sided) platforms

A

services connecting two distinct groups without providing the service themselves (Uber: drivers and riders) (eBay: buyers and sellers)

23
Q

chicken-and-egg problem

A

challenges when one side of a depends on the other to adopt first

24
Q

jumpstarting

A

strategies to overcome the chicken and egg problem, including subsidies and focusing marketing to high-demand areas

25
Q

types of innovation

A

continuous, dynamically continuous, discontinuous

26
Q

continuous innovation

A

minor improvements (such as updated car models)

27
Q

dynamically continuous innovation

A

product form changes, but function remains similar (aka cell phones evolving into smartphones)

28
Q

discontinuous innovation

A

radical innovation requiring behavior change

29
Q

diffusion of innovation

A

new products tend to be adopted first by consumers who are more innovative than others and willing to pay a premium price + take risks

30
Q

diffusion example: ride sharing

A

overcame chicken-and-egg with increased popularity of smart phones

31
Q

diffusion example: MP3 players

A

ipod users became real-life advertisements through visible white earbuds

32
Q

diffusion example: GPS systems

A

became popular as people could rent cars and try them there

33
Q

diffusion examples: qr codes

A

critical mass adoption after smartphones became widespread

34
Q

diffusion phenomena

A

likelihood that an innovation will spread successfully

35
Q

diffusion phenomena: observability

A

easily noticed by others

36
Q

diffusion phenomena: trialability

A

easy to try before commitment

37
Q

diffusion phenomena: imitation

A

adoption influenced by seeing others succeed

38
Q

diffusion phenomena: network economies

A

value increases with user base growth (aka Venmo)