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Marketing > Product Mix > Flashcards

Product Mix Flashcards

1
Q

PRODUCT DEVELOPMENT DECISION PROCESS

A

Idea Generation
Ideal Screening
Concept Development and Testing
Marketing Strategy and Development
Business Analysis
Product Development
Market Testing
Commercialization

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2
Q

Is the idea worth considering?

A

Idea Generation

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3
Q

Is the product idea compatible
with company objectives,
strategies, and resources?

A

Ideal Screening

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4
Q

Can we find a good concept
consumers say they would try?

A

Concept Development and Testing

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5
Q

Can we find a cost-effective,
affordable marketing strategy?

A

Marketing Strategy
Development

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6
Q

Will this product meet our profit
goal?

A

Business Analysis

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7
Q

Have we got a technically and
commercially sound product?

A

Product
Development

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8
Q

Have product sales met
expectations?

A

Market Testing

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9
Q

Are product sales meeting
expectations?

A

Commercialization

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10
Q

the heart of a great brand

A

Product

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11
Q

anything that can be offered to a market
to satisfy a want and/or need

A

Product

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12
Q

Kotler’s five product levels model

A
  1. Core
  2. Generic
  3. Expected
  4. Augmented
  5. Potential
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13
Q

Fulfills the basic benefit consumers want

A

Core

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14
Q

Provides actual product with tangible qualities

A

Generic

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15
Q

Generic product + other attributes consumers want

A

Expected

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16
Q

Product + Additional factors which set the product apart from competition

A

Augmented

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17
Q

Product + tangible and intangible features

A

Potential

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18
Q

pertains to the benefit that a
customer is buying.

A

product’s core benefit

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19
Q

E.g Anti-inflammatory ingredient, Herbal/plant origin Multivitamin ingredients

A

Core product

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20
Q

In pharmaceutical
viewpoint this pertains to choosing the correct dosage
form to deliver the core benefit

A

Generic

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21
Q

n this level, the marketer avoids misalignment and
focuses instead on market need.

A

Expected product

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22
Q

E.g Effective, great-tasting, handy, contains
a known herbal product

A

Expected product

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23
Q

Packaging without Branding

A

Expected product

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24
Q

. In this level, brand positioning and competition
take place.

A

Augmented

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25
Q

should have a strong USP
(unique selling proposition) – reason for buying despite
numerous competitors.

A

Augmented product

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26
Q

E.g. An herbal anti-inflammatory lozenge, A multivitamin in chewable softgels; or a multivitamin as oral aerosol

A

Augmented product

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27
Q

important in order to differentiate the
product from its competitors

A

Branding

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28
Q

When the product is _________, it stands out from
the other products

A

differentiated

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29
Q

Encompasses all the possible augmentations and
transformations the product or offering might undergo in the future

A

POTENTIAL

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30
Q

Here is where companies search for new
ways to satisfy customers and distinguish their offering

A

POTENTIAL

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31
Q

E.g Fast-acting property in Lozenge products is already
considered as a level 5 property

A

POTENTIAL

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32
Q

A group of diverse but related items that function in a
compatible manner

A

PRODUCT SYSTEM

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33
Q

E.g. A pharmaceutical company can have a full
Cardiovascular portfolio offering CV drugs such as
anti-hypertensives, anti-cholesterol drugs,
anticoagulant drugs

A

PRODUCT SYSTEM

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34
Q

Products that work together effectivel

A

Product system

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35
Q

Also called a product assortment

A

PRODUCT MIX

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36
Q

The set of all products and items a particular seller
offers for sale

A

PRODUCT MIX

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37
Q

E.g A pharmaceutical company can offer a full range of dosage form and strengths of a particular product.
Atorvastatin 10mg, 20mg, 40mg, 80mg

A

Product mix

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38
Q

A product mix consists of various ________

A

product lines

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39
Q

4 DIMENSIONS OF PRODUCT MIX

A

Width
Length
Depth
Consistency

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40
Q
  • refers to how many different product lines the
    company carries
A

Width

41
Q

a term used when a company
decides to offer another line of products to its
offerings

A

Brand extension

42
Q

refers to the total number of items in the mix

A

Length

43
Q

refers to the number of variants in each
product line

A

Depth

44
Q

term used when expanding an
offering of an existing product

A

Line extension –

45
Q

describes how closely related the
various product lines are

A

Consistency

46
Q

APPROACHES TO PRODUCT DIFFERENTIATION

A

Form and Style
Features
Durability
Reliability

47
Q

is a measure of the product’s
expected operating life under natural or
stressful conditions

A

Durability

48
Q

is a measure of the
probability that a product will not
malfunction or fail within a specified
time period (within declared shelf-life

A

Reliability

49
Q

Crucial part of a
differentiation program is ____________.

A

product design

50
Q

offers a potent way to differentiate and
position a company’s products

A

Product design

51
Q

the totality of features that affect how a
product looks, feels, and functions to a consumer

A

Design

52
Q

offers functional and aesthetic benefits and
appeals to both our rational and emotional sides

A

Design

53
Q

Energy, passion, danger

A

Red

54
Q

Best for action-oriented products, spped or power, or dominant or iconic brands

A

Red

55
Q

adventure and fun

A

Orange

56
Q

Attention-grabber, stimulate appetites.

A

Orange

57
Q

Value and discounts.

A

Orange

58
Q

Sunny warmth and cheerines. Stimulate mental activity - wisdom and intellect

A

Yellow

59
Q

Products for sports or social activities, or content looking to garner attention

A

Yellow

60
Q

Cleanliness, freshness, renewal, evironmental frinedliness

A

Green

61
Q

color that is overused in the marketplace

A

Green

62
Q

Wholesome attributes, organic or recycled product, health and wellness

A

Green

63
Q

security, efficiency, productivity and a clearness of mind. Ceanliness, openness, relaxation

A

Blue

64
Q

High-tech industy,cleaning and personal care products to spas and vacation destination

A

Blue

65
Q

Nobility and wealth

A

Purple

66
Q

Luxury brand and products, air of mystery and uniqueness

A

Purple

67
Q

frilliness and warmth, soft, peaceful and comforting qualities

A

Pink

68
Q

Personal care products, baby-related products, sugary treats

A

Pink

69
Q

honesty and dependability

A

Brown

70
Q

classic and strong. luxury, sophistication and authority

A

Black

71
Q

purity and cleanliness, innovation and modernity

A

White

72
Q

includes all the activities of designing and
producing the container for a product.

A

Packaging

73
Q

the buyer’s first encounter with the
product.

A

Package

74
Q

can act as five-second commercials

A

Packaging

75
Q

5 Objectives of packaging

A
  1. Identify the brand
    2.Convey descriptive and persuasive information
    3.Facilitate product transportation and protection
    4.Assist at-home storage
    5.Aid product consumption
76
Q

Factors affecting growth in use of packaging:

A

Self-service
.Consumer affluence
Company & brand image
.Innovation opportunity

77
Q

a label performs several
functions:
○ It identifies the _______________
○ It _______________ the product – provide sense of being
standard or premium
○ It _______________ the product – manufacturer, importer,
net content, warnings, precautions.
○ It _______________ the product through attractive graphics
(like packaging)

A

○ It identifies the product or brand
○ It grades the product – provide sense of being
standard or premium
○ It describes the product – manufacturer, importer,
net content, warnings, precautions.
○ It promotes the product through attractive graphics
(like packaging)

78
Q

list the attributes of product and
modify each attribute.

A

Attribute listing

79
Q

An NSAID suspension has attributes such as
color, flavor, packaging

A

Attribute listing

80
Q

list several ideas and consider
each in relationship to each of the others

A

Forced relationship

81
Q

An NSAID for headache and Caeine for people
suffering from Caeine-dependence = an NSAID
with Caffeine for people experiencing
cafeine-dependence induced headache

A

Forced relationship

82
Q

start with a problem, think of
dimensions, and create different possible combinations
of solutions to that problem

A

● Morphological analysis

83
Q

list all the normal
assumptions about a product and then reverse them.
Instead of assuming that a consumer would always
want a tablet form of a product, reverse them

A

Reverse assumption analysis

84
Q

is a necessary but not sufficient
step for new product success

A

Concept development

85
Q

helps the company to decide on
how to design the product.

A

perceptual map

86
Q

DIMENSIONS OF PRODUCT COMMERCIALIZATION

A

Timing
Geographic Strategy
Target-Market Prospects
Introductory Market Strategy

87
Q

Factors Affecting Geographic Strategy:

A

Market potential
Company’s local reputation
Cost of filling the pipleline
Cost of communication media
Competitive penetration

88
Q

are new product enthusiasts and enjoy
tinkering with new products. They usually report on
early weaknesses

A

Innovators

89
Q

are opinion leaders. They are less
price sensitive and willing to adopt the product if given
personalized solutions and good service support.

A

Early adopters

90
Q

consumers who adopt the new
technology when its benets are proven and a lot of
adoption has already taken place. They make up the
mainstream market

A

Early majority

91
Q
  • are skeptical conservatives who are risk
    averse, technology shy, and price sensitive.
A

Late majority

92
Q

are tradition-bound and resist the
innovation until the current product they are using is no
longer defensible.

A

Laggards

93
Q

is an individual’s decision to become a regular
user of a product and is followed by loyalty to the
product.

A

Adoption

94
Q

STEPS IN CONSUMER ADOPTION PROCESS:

A

Awareness
Interest
Evaluation
Trial
Adoption

95
Q
  • the consumer becomes aware of the
    innovation but lacks information about it.
A

Awareness

96
Q

the consumer is stimulated to seek
information about the innovation

A

Interest

97
Q
  • the consumer tries the innovation to improve his
    or her estimate of its value
A

Trial

98
Q

the consumer decides to make full and
regular use of the innovation.

A

Adoption

99
Q

8 MAJOR CAUSES OF PRODUCT FAILURE

A
  1. Ignored or misinterpreted market research
  2. Overestimation of market size
  3. High development costs
  4. Poor design or poor product performance
  5. Incorrect positioning, advertising, or price
  6. Insufficient distribution suppor
  7. Competitors who fight back hard
  8. Inadequate payback (return profit

Marketing (3 decks)

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