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Marketing 11 > Products > Flashcards

Products Flashcards

1
Q

What are the 8 stages of product development in order?

A
  • Idea Generation
  • Idea Screening
  • Concept Development
  • Market Strategy
  • Feasibility Study
  • Product Design
  • Test Marketing
  • Market Entry
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2
Q

What is the difference between innovation and invention?

A

Inventions are new devices, methods, or processes developed from study or experimentation (Ex. Lightbulb). Innovation is a product or service that uses new
technology, items or processes to:
- Change existing products
- Change the methods used to produce products
- Change the ways used to distribute products.

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3
Q

What is required from the marketing team and production team?

A

Marketers need to know whether products are possible. The production team needs to know what products are desired.

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4
Q

What is the primary and secondary market?

A

The primary market is the group that a company typically targets. The secondary market is not the business’ main market, but does result in some sales

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5
Q

What is product Utility?

A

What makes a product valuable to
the consumer (so they purchase it over
another product).
These are sometimes called “economic utilities”

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6
Q

What are the 5 types of utilities?

A
  • Form
  • Information
  • Place
  • Time
  • Possession
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7
Q

What is form utility?

A

The relationship between the function and the form. Takes into consideration the product’s scent, flavour,
colour, design, packaging and the materials used

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8
Q

What is information utility?

A

Provides the consumer with info about the benefits or features of the product. Advertising is included as it offers information about the product.

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9
Q

What is place utility?

A

Finding the most effective location to sell the product. Place utility is high if the customer can
easily purchase the product.

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10
Q

What is time utility?

A

The availability of the product when the customer wants it.

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11
Q

What is possession utility?

A

The ease at which the item can be purchased. Exchanging the product for some type of monetary value. Increasing this utility can include price reductions and options to finance.

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12
Q

What is positioning?

A

The attempt by marketers to associate their
product with an image, an attitude, a way of
life, a way of thinking, etc. in the minds of the
consumer.

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13
Q

What are the 5 types of positioning?

A
  • Target
  • Benefit
  • Price
  • Distribution
  • Service
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14
Q

What is target positioning?

A

Marketing that needs to be focused on the consumer that is likely to buy it

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15
Q

What is benefit positioning?

A

This is created by the benefit that a product offers.

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16
Q

What is price positioning?

A

High pricing can position the product as a luxury, attracting high-end consumers. Low pricing also positions products as lower quality.

17
Q

What is distribution positioning?

A

The way that a product is distributed can create positioning, Some products are only sold in certain stores. The first company to grab a new distribution channel may have quite an advantage (Amazon.com is an example).

18
Q

What is service positioning?

A

Various services offered help to position a product.

Ex. 24-hour open store

19
Q

What is branding?

A

Establishing an identity for a product that differentiates it from the competition

20
Q

What 3 parts does branding consist of?

A
  • Brand Name
  • Brand Logo
  • Brand Slogan
    (All 3 are trademarked, creates brand loyalty)
21
Q

What are the benefits of branding?

A
  • To build loyalty
  • To convey the “image” of the product
  • Retain customer’s loyalty
  • To gain a position in the market
  • To aid advertising
  • To aid promotion
22
Q

What is the logo?

A

The Logo is the part of the brand in the form of a symbol that is usually registered.

23
Q

What is the slogan?

A

The Slogan is a catchy phrase used to remind the consumer of a company or brand

24
Q

What are non-traditional product life cycles?

A
  • Fad
  • Trends
  • Niche
  • Seasonal

Marketing 11 (8 decks)

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