Product management chapter 5- session 6 Flashcards
what is a product
A product is a basket of attributes (features, function, benefits, uses and experiences) that generally combine tangible and intangible forms
what type of form is a touch screen from a cellphone
Tangible form
What type of form is a reliable service from a cellphone service provider
intangible form
Is the core benefits differe from one person to another. Is so, why
Yes since people buying a product are looking to an internal advantages that motivate them to buy such as: utility of the product itself, self rewarding, prestige, reconnaissance.
What kind of variation can we see in the minimal form
Beyond a product’s core benefit and usual form, consumers’ expectations are flexible and evolve over time. Example: a car is still a car with/without an intangible consumer service or warranty.
What are prestige, reputation and quality examples of
Added-value. (chose que le prof de mkt n’a pas..) Augmented element (or added-value) consist of product design and packaging, quality and brand.
What is a line extension
A new product launched within an existing product category-
a new size of an existing product, a new flavour, a new model.
ex: nouvelle pate a dent spiderman de crest, (p&g exsit, crest exist, product exist but new flavour)
Give example of A product line
Is a set of products (toothpaste) in the same category marketed by a company (Procter and gamble) to a given market ..–> satisfy one need
Give an example of Product mix
Refers to all the product lines (shampoo, deodorant, toothpaste) offered by one company (p&G)
What kind of add-value does Apple possess
Product design, (aesthetic)
Why does commitment to quality and durability to important in a product quality?
Because consumer will follow the brand or the product, to always have the best product available, ex: apple.
Give examples of factors that might affect the product quality perception of a consumer
Country and origin. ex: silk scarf signed made in italy vs. made in china.
What is a symbol or special feature example of
These are examples of an added-value of branding.
Tia maria is an example of what type of brand
Product brand
General motors is an example of what type of brand?
Family brand
L’oréal is an example of what type of brand
individual brand
What is a line Brand
one brand with similar product; with example different packaging but one product
Apart distinguishing from competition, what functions brands can have?
add a symbol of belonging, promise to meet specifics expectations, convenience.
When is brand equity exists
when the brand is able to create loyalty among customers
- awareness
- positive and unique association
Why would an existing company create a new brand instead of using its existing one
many reasons including the association and confusion it would create
What is the most popular branding strategy
Brand extension
what is brand extension
launching a new product under an exiting brand name, ex: virgin airline, weight watcher frozen entrée
What are the 3 steps involved in developing a new product
- idea generation
- Testing
- Launch
what are the mkt strategy in each phase of product development
1-launch: promotion to innovators
2- growth :boost product; ex. customer service, offer complementary product
3-maturity: reduce prices, modify product.
5- Decline: stop all efforts
