Brainscape's Knowledge GenomeTM

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


See full index

Product and Brand Management > Product Management > Flashcards

Product Management Flashcards

1
Q

What is a product?

A

The sum of all tangible and intangible characteristics of a product
Anything you can launch on a market for consumption and/or usage answering a specific need
Material objects, persons, places, organisations and ideas

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

What is a service?

A

Immaterial products (no transfer of ownership)

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

What are the characteristics of a product?

A

property
visible
tangible and intangible

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

What are service characterstics?

A

intangible
not your property
inseperable
unvisible
variation
transience

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

Name the 3 product layers

A

inner core product
actual product
augmented product

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

What is the objective of product layering?

A

Define and evaluating products

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

What is the objective of product development?

A

value creation to satisfy customers

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

What are the specific marketing tasks for developing a product?

A

determining core needs of target consumer
new product solutions via NPD
expand product through line extensions etc

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

What are ways to segment a product?

A

Durability (durable or nondurable)
consumer product (FMCG CPG) )or industrial product

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

Name the 4 four different consumer goods

A

convenience product
shopping product
specialty product
unsought product

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

Define a convenience product

A

bought frequently
low price and high promotion
low effort to obtain and no comparison

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

Name further segmentations of convenience products

A

routine products (detergent, coffee)
impulse products (chocolate, licorice)
emergency products (stain remover)

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

Define shopping products

A

higher customer involvement through search
bought less frequently
time for more comparison and selection based on price, style, quality, and fit
less distribution points
more sales support and advice

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

What are speciality products?

A

offers unique benefits characteristics or special brand identity attracting substantial consumer group. make extra effort to buy
less focused on price
less brand comparison
exclusive distribution
targeted promotions

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

define unsought products

A

consumers know product but less interested in buying or using
lots of brand communication
personal selling
other aggressive marketing activities

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

what are ways to further segment specialty products?

A

organisation marketing to create attitudes toward specific organisations (NGO or for profit)
people marketing all activities to create attitude to specific person (stromae, trump)
ideas through social marketing to stimulate acceptance of societal idea or lifestyle (old money)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What decisions do product managers have to make about individual products?

A

product characteristics
brand
packaging
labeling
product support

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Explain product characteristic decisions

A

define benefits product offers and make it tangible by quality style design weight and size

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Why is overall quality important?

A

consistency of product creates high consumer satisfaction through internal and external checks and strong market positioning

20
Q

Explain the importance of functions

A

Every product is unique as it is offering different functions. By adding or adapting functions you can launch new products/models

21
Q

Explain importance of packaging

A

not only protects goods but also makes it easy to recognise for consumers. describes the product
primary and secondary packaging (multipack) and transport packaging

22
Q

What are trends in packaging?

A

less waste (refill packs)
recycling
product safety

23
Q

Explain importance of style and design

A

differentiates products from the rest
style is external appearance whilst design goes further by impacting function

24
Q

A good design must

A

Catch the attention
Improves product performance
Decreases production costs
Gives a competitive advantage to the product

25
Q

Explain importance of weight and size

A

Format strategy= bigger products in Cash & Carry
Different sizes= product appearance in different sizes

26
Q

What are the decisions product managers must make regarding branding?

A

branded or not
Branded house versus House of brands
Brand name
Brand positioning
Brand strategy
Repositioning of brands

27
Q

Explain the importance of branding to consumers

A

Trust (product quality, service)
Convenience (easy to find in the shop)
Innovations
Status - Exclusivity

28
Q

What are labels used for?
what is the function of labels?

A

provide identity to product or brand
quality
functions
communicate promotion
warnings

29
Q

What are some of the legal guidelines and restrictions of labelling?

A

claims on packaging
best before date
nutritional info
content and weight

30
Q

Define what are product supporting services?

A

additional services with regard to specific product before or after. augmented product

important tool for differentiation and cheaper to maintain existing customer relationship different packages to fulfill needs of different target customers and can earn more

31
Q

What are product group decisions

A

decisions made to a group of products rather than indivuduals

32
Q

What is a product group?

A

products that are closely linked to each other

33
Q

Name product group characteristics

A

Offers same functions
Sold to same customer groups
Meets same needs of customers
Are distributed by the same channels
Are part of the same price category
Have the same production process

34
Q

What is a product group ?

A

set of individual products, groups, variants, and brands offered by same company

35
Q

What decisions are there to make in a product group and why?

A

each product has own marketing strategy and decisions include length, width, and core products in group

36
Q

What influences product assortment length?

A

positioning strategy
profit
upselling
cross selling

37
Q

What is upselling?

A

sells consumers larger batches or portions

38
Q

What is cross selling?

A

sells combination of products in assortment

39
Q

What is product length?

A

the amount of products in the assortment

40
Q

What are reasons to add new products and extend product length?

A

capacity left
reseller SKU demand increase
new opportunities and market segment

41
Q

What are the costs of adding new products and extending product length?

A

inventory costs
research and development
production switches
promotion during introduction

42
Q

what is a product assortment?

A

Total range of product groups, products, product varieties and brands a company is selling

43
Q

What are the components used to create, modify, and influence a product assortment?

A

width: number of product groups
length: total number of articles
depth: number of varieties in a product group
consistency: relation between various products in group (use, needs, channels)

44
Q

What are the reasons for NPD?

A

increased compeitition
more customer demands
growth strategies of companies
fast changing technologies
need for continuous innovation

45
Q

What are the NPD approaches?

A

buying a product
in-house process

46
Q

What is the risk of NPD?

A

financial investment
time and market unpredictability
delays during the development

47
Q

What is the NPD process?

A

Strategy (& environment needed) for new products
Idea generation
Idea screening
Concept development & testing
Strategy & marketing mix development
Business plan (investments needed, profitability)
Pre-production
Market test
Production & Launch
Evaluation

Product and Brand Management (5 decks)

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