Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing > Product Decisions > Flashcards

Product Decisions Flashcards

1
Q

What is a product?

A

A product is anything that can be offered to a market to satisfy a want or need.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the layers of a product?

A

Core product
Actual product
Augmented product

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does the core product consist of?

A

It consists of all the benefits of a product will provide for consumers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What does the actual product consist of?

A

It consists of the physical goods/delivered service that supplies the desired benefit.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What does the augmented product consist of?

A

The actual product plus other supporting features such as warranty, credit, delivery, installation and repair service after the sale.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What are the four different classifications of the consumer product?

A

Convenience
Shopping
Speciality
Unsought

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are industrial products?

A

These are products that are purchased for further processing or for use in conducting a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are some examples of industrial products?

A

Materials and parts
Capital items
Supplies and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the steps in product and service decisions?

A

Product attributes
Branding
Packaging
Labelling
Product support services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is a brand?

A

A brand is a name, term, sign, symbol or design that identifies the maker of the seller of a product/service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is packaging?

A

Involves designing and producing the container or wrapper for the product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is labelling?

A

Identifies the product or brand, supports the brand’s positioning and adds personality to the brand.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the different sections of the BCG growth-market share matrix?

A

Stars
Question Marks
Cash Cows
Dogs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What are stars?

A

SBUs whose products have a dominant market share in a high-growth market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What are question marks?

A

SBUs whose products have a low market share in a high-growth market.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What are cash cows?

A

SBUs whose products have a dominant market share in a low-growth market.

17
Q

What are dogs?

A

SBUs nobody wants

18
Q

What is a new product?

A

A new product is one that is entirely new or changed significantly

19
Q

How long is a new product called new for?

A

6 months

20
Q

What is the new product development based on?

A

Categories of research and development expenditures.

21
Q

What is new and improved products in response to?

A

Changing customers needs, technology and competition.

22
Q

What are the different steps of new product development?

A

Idea generation
Product concept development
Marketing strategy development
Business analysis
Technical development
Test marketing
Commercialisation

23
Q

What is involved in the product concept stage of NPD?

A

Expanding new ideas into more complete product concepts/ describe features that the product should have/ benefits those features will provide and evaluate chance for success.

24
Q

What is involved in the marketing strategy development stage of NPD?

A

Developing a market strategy that can be used to introduce the product to the marketplace.

25
Q

What is involved in the business analysis stage of NPD?

A

Assess how a new product will fit into a firms total product mix/ evaluate whether the product can be profitable contribution for an organisations product mix.

26
Q

What is involved in the technical development stage of NPD?

A

Work with engineers to refine the design and production process.

27
Q

What is involved in the test marketing stage of NPD?

A

Trying out complete marketing plan in a small geographic area that is similar to a large target market.

28
Q

What is involved in the commercialisation stage of NPD?

A

Launching the product/ Full scale production/ distribution/ advertising/ sales promotion

29
Q

What are the four stages of PLC?

A

Introduction stage
Growth stage
Maturity stage
Decline stage

30
Q

What are the objectives of packaging?

A

Identify the brand
Convey prescriptive and persuasive info
Facilitate the product transportation and protection
Assist at home storage
Aid product consumption

31
Q

What are the factors contributing to the emphasis on packaging?

A

Self-service
Consumer affluence
Company/brand image
Innovation/opportunity

32
Q

What are the risks and returns in innovation?

A

NPD is very expensive
NPD takes time
Unexpected delays in development
Poor success record due to - lack of research/ technical issues/ timing errors

33
Q

What are the causes of new product failure?

A

Marketing
Financial support
Timing
Technical issues
Organisational issues
Environmental failure

34
Q

What are the successes of NPD?

A

Excellent knowledge of consumers/markets/competitors
Unique superior product
Well-defined product concept prior to development
Market needs
Technological + marketing synergy
Quality of execution

Marketing (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions