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PPM > PRODUCT STRATEGY > Flashcards

PRODUCT STRATEGY Flashcards

1
Q

Product

A

At the core of marketing, without good product, no sales;
Anything that delivers value to
satisfy a need or want

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2
Q

Defining the Product/ Product Characteristics

A

Essential benefit: fundamental need met by the product
Core product: the physical, tangible elements
Enhanced product: additional features, innovation, design

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3
Q

Classifying Products

A

By nature: tangibilty, durability
By user: consumer, business

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4
Q

Tangibility

A

Physical aspects of the product

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5
Q

Durability

A

product usage

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6
Q

Consumer goods

A

Convinience goods, Shopping goods, specialty goods, luxury goods

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7
Q

Business goods

A

Materials, Parts, Maintenance/Repair/Operations, Capital Goods

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8
Q

Product discrimination (differentiation)

A

Form
Features
Performance
Quality
Conformance
Quality
Durability
Reliability
Repairability
Style

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9
Q

Product Line vs. Product Mix

A

Product Line: Group of products linked by customer usage / profile, price points, distribution
Product Mix: all products offered by a company

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10
Q

Product Pricing

A

Individual product in product line, good-better-best strategy
Technology companies face challenge: newer products better and cheaper

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11
Q

Marketing communications

A

Focus on product or brand, Budget allocation: line, popular products, new products

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12
Q

Product Lifecycle

A

Intro, Growth, Maturity, Decline

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13
Q

PLC: Intro

A

Objective: Build awareness, Trial purchases
Profitability: Low sales, high risk of failure, high marketing and product cost

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14
Q

PLC: Growth

A

Objective: Differentiate product from competitors, promote expansion
Profitability: Sales grow rapid, Profits get better as operations are streamlined

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15
Q

PLC: Maturity

A

Objective: get ready for steady sales instead of growth
Profitability: Sales increase slower, Cost cannot be minimized more

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16
Q

PLC: Market segment

A

Intro: Nonexistent;
Growth: New segment established;
Maturity: Approaching saturation;
Decline: Change & substitute products decrease share

17
Q

PLC: targeted consumers

A

Intro: Innovators, early adopters;
Growth: Early Adopters & Majority;
Maturity: Majority;
Decline: Laggards

18
Q

PLC: Competitive environment

A

Intro: Little competition
Growth: Many competitors
Maturity: Marginal competitors drop out
Decline: Falling demand makes market unattractive

19
Q

PLC: Competitor Reaction

A

Intro: Followers release similar products to pioneer;
Growth: Large companies acquire small ones;
Maturity: Models empathize style over function
Decline: Focus on specialty products

20
Q

PLC Introduction phase

A

Product: high quality, innovative design, new benefit
Price: skimming or penetration
Communication: Inform about features and benefits, focus on product awareness
Distribution: Wide network with limited availability

21
Q

PLC Growth phase

A

Product: more features & better design
Price penetration: new or better models move up
Price skimming: older models get cheaper
Promotion: Link brand with key features, brand advertising
Distribution: broad network to keep up with demand

22
Q

PLC Maturity phase

A

Product: Product lines extended
Price penetration: target at higher market
Price skimming: Lower price for not well-differentiated products
Promotion: short-term sales vs. brand-promotion
Distribution: reached maximum

23
Q

PLC Decline phase

A

Product: consider expenses in terms of ROI
Price penetration: Low price to stimulate demand
Price skimming: Pressure from competitors
Promotion: discontinued
Distribution: reduce channels

24
Q

New Product: Company perspective

A

New-to-the-world: disruptive innovations cause fundamental change, sustaining innovations enhance and improve existing products
Reposition existing products: Add new market segments
Cost reduction: Introduce lower-cost products with less features

25
Q

New Product: Consumer perspective

A

more narrow and self-directed, new product really now and new benefits?

26
Q

Why products fail

A

Company: Inadequate value proposition, poor marketing, not meeting customer expectations, failure to develop product
Customer: Change in priorities, higher expectations
Competition: aggressively attacking
Environment: Changes in regulations & legislation, change in societal demand, economic changes

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