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A - Marketing spring > S2 - 1 - Product, what is a product? > Flashcards

S2 - 1 - Product, what is a product? Flashcards

1
Q

what is a product?

A

anything that can be offered to a market for attention, acquisition, use to consumption that might satisfy a want or need

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2
Q

how can products be classified in terms of users?

A

CONSUMER

  • convenience
  • SHopping
  • Speciality
  • unsought

INDUSTRIAL

(business)
- material and parts
- capital items
- supplies and services

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3
Q

what are convenience products?

A

bought frequently, immediately, little comparison or buying effort

  • toothpaste
  • soap
  • bread
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4
Q

what is the marketing mix for convenience products?

A

Price = low
Place = intensive distriibution is integral to ensure wide availability
promotion = build awareness and recognition, mass advertising, high ad budgets
point of the display and sale promotion may sway the customer decision nat last moment due to their being little comparison

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5
Q

what are shopping products?

A

bought less frequently, careful information gathering and comparison

  • trainers
  • furniture
  • tv
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6
Q

what is the marketing mix for shopping products?

A

price = higher than convenience

place = selective distribution, may be specific stores, e.g. tech

promotion = mass marketing communications i typically supported by personal selling in stores ‘could i interest you in…’

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7
Q

what are speciality products?

A

unique characteristics, limited/no comparison, special purchase effort

  • cars
  • watch
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8
Q

what is the marketing mix for speciality products

A

price = high (can increase desirability)

place = exclusive distribution which can also increase desirability

promotion = carefully targeted advertising. personal selling becomes particularly important

what is a SP for someone could be a shopping product to another

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9
Q

what are unsought products?

A

unknown or normally unconsidered, little product awareness/knwoldge
customer likely to have little interest

  • health
  • blood donation
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10
Q

what is the marketing mix for unsought products?

A

price and place varies

promotion = aggressive and personal selling (cold calling) necessary
shock tactics and emotional appeals

such as organ donation 2017 Welsh ad

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11
Q

what are the product based classifications?

A
  • durable
  • non durable
  • services
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12
Q

what are durable products?

A
  • last for many uses
  • infrequently purchased
  • relatively expensive
  • selective distribution

cars, home furniture

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13
Q

what are non durable goods?

A
  • used once / few times
  • freq purchased
  • relatively inexpensive
  • intensive distribution (conveniance products)
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14
Q

what are services?

A
  • intangible
    an act or performance offered y one party to another, although process may be tied to a physical product, the performance is essentially intangible and does not normally result in ownership of any factors of production
  • travel
  • hospitality
  • entertainment
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15
Q

how can services be characterised and why?

A

although they are products they have special characteristics and marketing needs

  • intangibility
  • inseparability (cannot be separated from providers)
  • variability (quality of the service depends on who provides them and when, where and how)
  • perishability (cannot be stored for later use, which is the issue when demand fluctuates)
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16
Q

what are the marketing services that deal with the characteristics of services

A

IT = offer clear signals of service quality to reduce uncertainty (e.g. place, people, price, advertising)

IS = improve provider customer interactions by investing significantly in staff training

V = automated systems, employee transcripts, check lists

P = try to track peaks and troughs in demand, pricing tactics to fill troughs, hire part time workers (e.g. during seasons, M&S do christmas temp roles, 3 week)

17
Q

what is the extended marketing mix?

A

Product, price, place, promotion

and
(used for services)

People = recruiting, training, motivating, managing

Processes = automating, structuring, monitoring

Physical evidence = create tangible cues e.g. uniforms, adverts

18
Q

what are the three levels of a product?

A

core customer value-> actual product -> augmented product

19
Q

what is core customer value?

A

core benefit, what is the customer really buying

e.g. different type of holidays romance vs. family vs. adventure

can be emotional vs functional

E = how will the product make you feel

F = what will the proctologist’s enable you to do?

20
Q

what is involved with actual product?

A

specific, tangible product and service features

design
quality level
packaging

tangible elements

enables the product to deliver its core value to customers

21
Q

what is augmented product?

A

additional non tangible service and benefits

important way to tailer the core or actual product to the needs of the consumer

  • user training
  • installation
  • garuntees
  • customerservice (john lewis, if laptop breaks they give you spare)
22
Q

what is a product mix?

A

set of total number of products lines that a seller offers in the market

number of product lines

has four dimensions

23
Q

what is a product line?

A

is a group of closely related brands with similar functions, customer groups, outlets and price ranges

e.g. nike product line includes footwear and sports equipment

24
Q

what are the four dimensions of the product mix?

A

width
length
depth
consistency

25
Q

what is the width in PM

A

total number go product lines that a company offers to sell

26
Q

what is the depth in PM

A

total number of products a company offers within a certain product line, there may be different in the product e.g. flavour and taste

e..g toothpaste
may have four different flavours and 2 flavours so they have eight

27
Q

what is the length in PM

A

total number of products within a companies product lines

if 3 product lines and 10 in esc then 30

total products in mix

28
Q

what is the consistency in PM

A

close relationship between different product lines
more product variation means less product consistency

normally if you have different product lines you have low consistency

29
Q

if you increase length and depth in PM strategy what are the advantages?

A

(addition of new products to PM)

  • using excess capacity
  • keep out competitors
  • filll market gaps
30
Q

if you increase length and depth in PM strategy what are the risks?

A
  • product failure
  • cannabilism
  • customer confusion
  • shell space issues -
  • inconstancy
31
Q

if you reduce length/width/depth as a M strategy what are the advantages?

A

(removing products)

  • increase consistency
  • reduce costs
  • clear positioning

this is what lego did, they created 3-5 things in a year rater than doing 1 thing 3-5 years, limited their innovation to save them

32
Q

if you reduce length/width/depth as a M strategy what are the risks?

A
  • missed opportunities

- leaves gaps for competitors

33
Q

what is a fighter brand?

A

products that band make i order to keep ups with competition
such as Quantas Jester to fight against Virgin Atlantic coming into australian ir space

A - Marketing spring (13 decks)

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