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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
Q

Product life cycle: Introduction

competition? 
General objective? 
Product? 
Price?
Place? 
Promotion?
Profit?
A

Competition: few

General Object.: awareness

Product: focus on new product

price: skimming, penetration strat
place: limited distr.
promotion: awareness
profit: minimal to 0

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26
Q

product life cycle: growth

competition? 
General objective? 
Product? 
Price?
Place? 
Promotion?
Profit?
A

Competition: few more

General Object.: differentiation

Product: more features

price: slowly reduced
place: increased
promotion: points of difference
profit: reaching max

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27
Q

product life cycle: maturity

competition? 
General objective? 
Product? 
Price?
Place? 
Promotion?
Profit?
A

Competition: many competitors

General Object.: loyalty

Product: full product line, innovative

price: discounts
place: full distribution
promotion: focus on pricing
profit: maxing

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28
Q

product life cycle: decline

competition? 
General objective? 
Product? 
Price?
Place? 
Promotion?
Profit?
A

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

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29
Q

product life cycles of…and examples of such

high learning products

low learning products

fashion products

fad products

A

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
Q

4 ways to extend the PLC

A

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
Q

5 categories and profiles of product adopters

A

in this order

innovators, early adopters, early majority, late majority, and laggards

32
Q

biggest demographic in adopters of product

A

early majority and late majority

33
Q

traits of innovators?

A

venturesome, higher educated, use multiple information sources

34
Q

traits of early adopters?

A

leaders in social setting; slightly above average education

35
Q

traits of early majority ?

A

deliberate; many informed social contacts

36
Q

traits of late majority?

A

skeptical; below average social status

37
Q

traits of laggards?

A

fear of debt; neighbours and friends are information sources

38
Q

what is diffusion of innovation?

A

after the product has spread through the population

39
Q

what are the 4 barriers to consuming a product?

A

usage barriers,
value barriers,
risk barriers,
psychological barriers

40
Q

what are usage barriers?

A

not compatible with existing habits

41
Q

what are value barriers?

A

no incentive to change

42
Q

what are risk barriers?

A

physical, economic, or social

43
Q

what are psychological barriers?

A

cultural differences or image

44
Q

what are the 4 reasons of repositioning?

A

reacting to competition,

reaching new market,

catching a rising trend,

changing the value offered

45
Q

what does changing the value offered mean?

A

trading up or down

46
Q

steps on achieving brand equity

A

1) awareness - associating name with product
2) meaning - performance and imagery
3) feeling - emotional reaction
4) brand connection - loyalty

47
Q

good brand names

A

clear benefits, memorable, company image, no legal restrictions, simple

48
Q

what is multiproduct branding?

A

a branding strategy in which a company uses one name for all its products in a product class

49
Q

what is multibranding?

A

each product has a distinct name

50
Q

packaging and label designers face 4 challenges:

A

1) connecting with customers - continuous updates
2) environmental concerns
3) health, safety, and security issues
4) cost reduction

51
Q

4 Ps + 3 New Ps of services marketing

A

product, price, place, promotion

people, physical environment, process

52
Q

what is customer experience management?

A

process of managing the entire customer experience (specific to the new P - people)

53
Q

what is capacity management?

A

integrating service component of the marketing mix with efforts to influence consumer demand

54
Q

what is off peak pricing?

A

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
Q

What is minor innovation? an example of it? and its marketing emphasis?

A

Requires no new learning by consumers
Ex) new and improved detergents or diapers
marketing emphasis: gain consumer awareness and wide distribution

56
Q

What is continuous innovation? an example? its marketing emphasis?

A

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
Q

What is radical innovation?

ex? marketing emphasis?

A

requires new learning and consumption patterns by consumers
ex) drones or wearables
marketing emphasis? educate consumers through advertising, trial, and personal selling

58
Q

How must this issue be addressed?

Insignificant point of difference

A

determine a distinctive and meaningful point of difference for the target audience

conduct research with consumers and monitor competitors products/ activities

59
Q

How must this issue be addressed?

Incomplete new concept definition

A

Identify consumer insights and clearly define the products features and benefits

Develop a clear positioning

60
Q

How must this issue be addressed?

Insufficient market attractiveness

A

Identify a target market that is large enough and has grown potential to support the product

61
Q

How must this issue be addressed?

Poor execution of the marketing mix

A

ensure the 4 P’s are aligned and attractive to consumers

focus on gaining sufficient distribution to access consumers

62
Q

How must this issue be addressed?

Bad timing

A

launch products when consumers are eager to purchase

Monitor market conditions and competitor actions

63
Q

7 stages of new product development

A

new product development strategy

idea generation

screening and evaluation

business analysis

test marketing

development

commercialization

64
Q

7 stages of new product development purpose and methods:

new product development strategy

A

identify new product development focus that meets company objectives

SWOT analysis, product, brand

65
Q

7 stages of new product development purpose and methods:

idea generation

A

brainstorm ideas , ideas from employees, co workers, and consumers

66
Q

7 stages of new product development purpose and methods:

screening and evaluation

A

evaluate product ideas and develop concepts. eliminating ideas that do not meet objectives.
ex) internal eval.

67
Q

7 stages of new product development purpose and methods:

business analysis

A

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
Q

7 stages of new product development purpose and methods:

test marketing

A

test the product and marketing strategy in the marketplace on a limited scale
ex) test marketing in defined areas

69
Q

7 stages of new product development purpose and methods:

development

A

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
Q

7 stages of new product development purpose and methods:

commercialization

A

implement all areas of the marketing mix; possible regional rollout

71
Q

Width and depth of product lines refer to….

A

width: # of product lines
depth: # of versions of each product in the line

MARK 301 (11 decks)

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