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MARK 301 > Products and Brands > Flashcards

Products and Brands Flashcards

1
Q

What is a product?

A

anything offered to a market for attention acquisition, use, or consumption that may satisfy a need / want

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2
Q

What 3 levels are products evaluated at?

A

customer value, core product, augmented product

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3
Q

What are convenience goods?

frequency?
how planned?
price?
distribution?

A

Frequently purchased
little planning
low price
wide distribution

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4
Q

Types of products: shopping

A

much planning and shopping effort, higher price, comparisons

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5
Q

Types of products: speciality

A

special purchase, effort, loyalty, price insensitive

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6
Q

types of products: unsought products

A

little awareness and/or interest

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7
Q

types of products: business products

A

materials and parts, capital items, and supplies and services

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8
Q

4 distinctive characteristics of services

A

intangibility, inseparability, variability, perishability

intangibility: service cannot be seen, or felt
inseparability: services cannot be separated from their providers
variability: quality of service depends on who provides them and when, where, and how

perishability: services cannot be stored for later sale or use

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9
Q

Total product concept

what does it say? and what are the layers?

A

products have 3 different layers

most outer - augmented (additional features, or benefits)

actual - (inner layer) - physical product including branding, design and features

core - benefits delivered

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10
Q

packaging and labelling has 3 purposes

A

function (storage, protection, transportation)

communication (contents, information)

brand image (distinguishing the positioning)

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11
Q

trends in packaging and labelling

A

personalization

flexibility and right sizing

clarity

going green

mobile engagement

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12
Q

describe product line

A

group of closely related products,

length: # of items in a line

line filling refers to adding more items within the line
eg) BMW - can be done to upsell other items

line stretching refers to lengthening a particular line (down or up)

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13
Q

describe a product mix (portfolio)

A

all the product lines a company markets

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14
Q

what is the definition of a brand?

A

a name, phrase, symbol, or design uniquely given by a company to a product to distinguish it from the competition

needs to be nurtured by marketing

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15
Q

what are the 4 benefits of branding?

A

identifying and distinguishing product

communicating quality

legal protection

segmentation and targeting

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16
Q

3 types of brands

MPLN

A

manufacturer - the org. themselves

private label - owned by a retailer that contacts manufacturers – some consumers trust the stores (like canadian tire or superstore) — reseller branding —

generic - zero brand name, cheaper alternative - drugs from pharmacy

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17
Q

what is brand equity?

A

a financial value attributed to the brand based largely on intangible qualities (like status)

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18
Q

What is brand personality?

A

human attributes and the emotions they inspire toward customers: mac vs. pc

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19
Q

advantages and disadvantages of line extension

A

+ : low cost, low risk, familiarity

- : over exposure of a brand name leads to cannibalizing, the firm’s other products

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20
Q

advantages and disadvantages of brand extensions

A

+ : instant recognition for new products, advertising

- : may confuse brand image and meaning

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21
Q

advantages and disadvantages multibrands

A

+: appeal to different segments, capture market needs

  • : separate brands may be weak individually
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22
Q

advantages and disadvantages new brands

A

+ : best when new brand has no competition

- : new brands take alot of resources

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23
Q

different brand strategies and their descriptions

A

line extensions : extend a brand name to new forms

brand extensions : extend to new product categories

multi brands : different brands by the same producer

new brands: new brand names assigned to new products in new category

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24
Q

What is the product life cycle? What are the 4 stages?

A

describes the stages that a new product goes through

Introduction , Growth, Maturity, Decline

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25
Product life cycle: Introduction ``` competition? General objective? Product? Price? Place? Promotion? Profit? ```
Competition: few General Object.: awareness Product: focus on new product price: skimming, penetration strat place: limited distr. promotion: awareness profit: minimal to 0
26
product life cycle: growth ``` competition? General objective? Product? Price? Place? Promotion? Profit? ```
Competition: few more General Object.: differentiation Product: more features price: slowly reduced place: increased promotion: points of difference profit: reaching max
27
product life cycle: maturity ``` competition? General objective? Product? Price? Place? Promotion? Profit? ```
Competition: many competitors General Object.: loyalty Product: full product line, innovative price: discounts place: full distribution promotion: focus on pricing profit: maxing
28
product life cycle: decline ``` competition? General objective? Product? Price? Place? Promotion? Profit? ```
Competition: reduced competition, with some competitors leaving the market General Object.: product rationalization Product: retain only best sellers or discontinue price: low prices place: reduced promotion: only minimal promo profit: decreasing profits
29
product life cycles of...and examples of such high learning products low learning products fashion products fad products
high learning products - slow and gradual low learning - large and generally more sales over time fashion - up and down fad - large spike and drop
30
4 ways to extend the PLC
modifying the product - product improvements or line extensions modifying the market - finding new customers, increasing a use, or creating a new situation for custy to buy repositioning introducing a new product -
31
5 categories and profiles of product adopters
in this order innovators, early adopters, early majority, late majority, and laggards
32
biggest demographic in adopters of product
early majority and late majority
33
traits of innovators?
venturesome, higher educated, use multiple information sources
34
traits of early adopters?
leaders in social setting; slightly above average education
35
traits of early majority ?
deliberate; many informed social contacts
36
traits of late majority?
skeptical; below average social status
37
traits of laggards?
fear of debt; neighbours and friends are information sources
38
what is diffusion of innovation?
after the product has spread through the population
39
what are the 4 barriers to consuming a product?
usage barriers, value barriers, risk barriers, psychological barriers
40
what are usage barriers?
not compatible with existing habits
41
what are value barriers?
no incentive to change
42
what are risk barriers?
physical, economic, or social
43
what are psychological barriers?
cultural differences or image
44
what are the 4 reasons of repositioning?
reacting to competition, reaching new market, catching a rising trend, changing the value offered
45
what does changing the value offered mean?
trading up or down
46
steps on achieving brand equity
1) awareness - associating name with product 2) meaning - performance and imagery 3) feeling - emotional reaction 4) brand connection - loyalty
47
good brand names
clear benefits, memorable, company image, no legal restrictions, simple
48
what is multiproduct branding?
a branding strategy in which a company uses one name for all its products in a product class
49
what is multibranding?
each product has a distinct name
50
packaging and label designers face 4 challenges:
1) connecting with customers - continuous updates 2) environmental concerns 3) health, safety, and security issues 4) cost reduction
51
4 Ps + 3 New Ps of services marketing
product, price, place, promotion people, physical environment, process
52
what is customer experience management?
process of managing the entire customer experience (specific to the new P - people)
53
what is capacity management?
integrating service component of the marketing mix with efforts to influence consumer demand
54
what is off peak pricing?
charging different prices during different season of the year and different times of the day or days of the week to reflect variations in demand for the service
55
What is minor innovation? an example of it? and its marketing emphasis?
Requires no new learning by consumers Ex) new and improved detergents or diapers marketing emphasis: gain consumer awareness and wide distribution
56
What is continuous innovation? an example? its marketing emphasis?
Changes consumer's normal routine but does not require totally new learning ex) electric toothbrushes or digital cameras marketing emphasis: advertise points of difference and benefits to consumers
57
What is radical innovation? | ex? marketing emphasis?
requires new learning and consumption patterns by consumers ex) drones or wearables marketing emphasis? educate consumers through advertising, trial, and personal selling
58
How must this issue be addressed? | Insignificant point of difference
determine a distinctive and meaningful point of difference for the target audience conduct research with consumers and monitor competitors products/ activities
59
How must this issue be addressed? | Incomplete new concept definition
Identify consumer insights and clearly define the products features and benefits Develop a clear positioning
60
How must this issue be addressed? | Insufficient market attractiveness
Identify a target market that is large enough and has grown potential to support the product
61
How must this issue be addressed? Poor execution of the marketing mix
ensure the 4 P's are aligned and attractive to consumers focus on gaining sufficient distribution to access consumers
62
How must this issue be addressed? Bad timing
launch products when consumers are eager to purchase Monitor market conditions and competitor actions
63
7 stages of new product development
new product development strategy idea generation screening and evaluation business analysis test marketing development commercialization
64
7 stages of new product development purpose and methods: | new product development strategy
identify new product development focus that meets company objectives SWOT analysis, product, brand
65
7 stages of new product development purpose and methods: | idea generation
brainstorm ideas , ideas from employees, co workers, and consumers
66
7 stages of new product development purpose and methods: | screening and evaluation
evaluate product ideas and develop concepts. eliminating ideas that do not meet objectives. ex) internal eval.
67
7 stages of new product development purpose and methods: | business analysis
identify the product's features and its marketing strategy, and make financial projections ex) product's key features and anticipated marketing mix; asessment of production, legal and profitability issues
68
7 stages of new product development purpose and methods: test marketing
test the product and marketing strategy in the marketplace on a limited scale ex) test marketing in defined areas
69
7 stages of new product development purpose and methods: development
create the prototype and test it internally at the company and externally with consumers ex) internal company asessments and external tests on product prototypes
70
7 stages of new product development purpose and methods: commercialization
implement all areas of the marketing mix; possible regional rollout
71
Width and depth of product lines refer to....
width: # of product lines depth: # of versions of each product in the line

MARK 301 (11 decks)

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