Brainscape's Knowledge GenomeTM

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


See full index

Marketing > Products > Flashcards

Products Flashcards

1
Q

Definition

A

anything that can be offered to a market for attention, acquisition, use or consumption that usually satisfies a need (utilitarian and hedonic)

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

Utilitarian needs

A

Usefulness. form, place, time, possession, image

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

Hedonic needs

A

satisfaction provided in use

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

Products include

A

goods, services, events, persons, places, organisations, ideas, or a mix

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

Good

A

physical tangible offering

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

Service

A

intangible offer doesn’t end in ownership

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

Industrial product

A

materials, capital items, services

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

Experience

A

sporting event, festival

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

Ideas

A

concept issue or philosophy

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

Product-service continuum

A

Pure tangible good —– pure intangible service

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

Levels of products

A

core, actual, augmented

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

Core product

A

key benefit and customer value which satisfies the need

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

Actual product

A

features, form and function of the product: features, design, quality, branding, packaging

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

Augmented product

A

additional consumer services and benefits: delivery credit, product support, after-sale, warranty, symbolic and experiential

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

Product line

A

a set of closely related product items sold to same customer groups, described by depth - number of alternatives

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

Product mix

A

all product lines and items an organisation offers, described by width and consistency

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

Expanding product line

A

filling (more variations) or stretching

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

Product line stretching

A

increasing or decreasing (or both) quality and price of a product

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

Product classifications

A

consumer and business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Consumer products

A

used for personal consumption. convenience, shopping, specialty, unsought

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Convenience products

A

minimal time or effort, frequent, widely available, inexpensive, mass promotion. Milk

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Shopping products

A

less frequent, more time, effort and money, comparison of brands, less distribution, ads and personal selling. Appliances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Specialty products

A

unique, require special effort, little distribution or comparison, strong brand preference, targeted promotion. Expensive Jewellery

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Unsought products

A

consumer is unaware of need, requires large agressive marketing effort, personal selling. Insurance

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Business products
*not talked about

A

Component parts, maintenance repair and operating, specialised service, processed materials, raw materials, equipment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Branding

A

process of make a product and organisation identifiable to customers and diffeentiate from competitors

27
Q

Brand

A

collection of symbols that identifies and communicates an organisation and its products

28
Q

Brand mark

A

symbols or designs of a brand, suggests what it is selling.

29
Q

Trademark

A

legally registered brand name or mark to secure exclusivity

30
Q

Benefits of brands to orgs

A

add value, build equity, build consumer preference and loyalty, barrier to competition, higher profit, base for extension, coordinate channel behaviour

31
Q

Benefit of brand to consumer

A

communicate features and benefits, reduce risk during purchasing, simplify purchase decision, symbolic value, assure quality and reliability

32
Q

Brand equity

A

differential effect brand name has on customers, more power means more equity/loyalty and clear positioning

33
Q

Brand equity pyramid

A

awareness - consideration - acceptance/trial - attitude - loyalty/advocacy

34
Q

Brand strength

A

differentiation, knowledge, relevance, esteem

35
Q

Brand value

A

total financial value of a brand

36
Q

Brand success

A

relevant, consistent, supportive, positioned, logical mix, varied marketing activities.

37
Q

Brand strategy

A

positioning, name selection, sponsorship, development

38
Q

Brand positioning

A

clear in target consumers’ minds. Product attributes, desirable benefit, strong beliefs and values

39
Q

Brand name

A

represents products and benefits, target market and marketing strategies

40
Q

Brand sponsorship

A

manufacturer brands, private label brands, co-brand, licensed brand

41
Q

Manufacturer brands

A

brands owned by producers, identify with product at point of sale. Kelloggs

42
Q

Private label brand

A

brands owned by resellers (wholesalers and retailers), don’t identify with manufacturer. Woolworths home brand

43
Q

Co-brand

A

two established brand names used on one product. McFlurry with M&Ms

44
Q

Licensed brand

A

company licenses names previously created or celebrities. Nirvana cotton on T-shirts

45
Q

Individual branding

A

each product branded separately. P&G

46
Q

Family branding

A

same brand on all products. Yeti

47
Q

Packaging role

A

attract customer attention, communicate benefits, recognition and personality, protection, additional benefits, help with augmentation. “protect what it sells and sell what it protects”

48
Q

Developing new products

A

making existing product range better. new and improved replacements or additions to product lines

49
Q

Reason for new product development

A

increasing competition, rapid change in technology, changing lifestyles and values

50
Q

Product life cycle definition

A

the course and management of a product’s sales and profits throughout time from being a new product

51
Q

Product life cycle

A

new product development, intro, growth, maturity, decline

52
Q

New product development

A

large marketing investment into developing new idea, no sales or profits

53
Q

Introduction

A

negative profit from investments, no sales. first time consumers (early adopters) to try

54
Q

Growth

A

rapid market acceptance. increasing sales and profits. encourage loyalty, target more segments. competition develops

55
Q

Maturity

A

longest stage. most potential buyers have accepted. use strategies to reach more customers, sell through more outlets, reinforce loyalty and repeat purchases

56
Q

Decline

A

competitors withdraw. decide whether to drop or keep. sales and profits fall.

57
Q

Product class vs form

A

Class is a type of product (soap) form is a variation (foaming cleanser). Classes have longer PLC

58
Q

PLC applications

A

styles, fashions, fads

59
Q

Style

A

basic and distinctive mode of expression, go in and out of vogue. PLC has multiple peaks and pits

60
Q

Fashion

A

current accepted style, slow growth, long maturity.

61
Q

Fad

A

temporary period of high sales from immediate popularity and enthusiasm

62
Q

Extending PLC

A

market modifications, product modifications, mix modifications

63
Q

Market modifications

A

penetrate (current market consumer more) or develop (go to new market) market

64
Q

Product modifications

A

Stretching (feature, style or quality changes) or filling (adding into line)

Marketing (6 decks)

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