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MK101 > Semi-Finals 2 > Flashcards

Semi-Finals 2 Flashcards

1
Q

It includes physical objects, services, persons, places, organizations, and ideas or mixes of these entities,

A

Product

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2
Q

Examples of Products:

A 
Services
Events
Persons
Organizations
Places
Physical Objects
Ideas
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3
Q

Form of product that consists of activities, benefits or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.

A

Services

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4
Q

Examples of Services:

A

Dermatologist
Hotels
Banking
Foot spa services

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5
Q

A company’s offer to the marketplace often includes both tangible goods and services. The continuum consists of:

A 
Pure Services
Pure Tangible Goods
Hybrid offers
Experiences
Tangible goods with accompanying services
Services with accompanying minor goods
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6
Q

Consists of physical items that can be touched and seen

A

Pure tangible goods

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7
Q

Such as an automobile that offers accompanying repair services

A

Tangible goods with accompanying services

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8
Q

Sony Philippines offers more than just appliaances, it also offers repair and maintenance services, warranties, showrooms and waiting areas and other support services

A

Tangible goods with accompanying services

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9
Q

Consists of equal parts of goods and services such as a restaurant.

A

Hybrids

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10
Q

Filipino consumers patronize Tropical Hut Hamburger for both its foods and service.

A

Hybrid offers

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11
Q

Such as an airline trips with accompanying snacks.

A

Services with accompanying minor goods

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12
Q

Philippine Airlines passengers primarily buy transportation services. The service also requires a capital-intensive good-an airplane-for its delivery, but the primary offer is service

A

Services with accompanying minor goods

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13
Q

Such as those offered by doctor’s, teachers, and opthalmologists

A

Pure Services

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14
Q

To differentiate their offers, they are developing and delivering __ wherein they’re memorable while some products and services are not.

A

Experiences

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15
Q

Levels of Product/Product Planners need to think abut products and services on three levels:

A

Core Product
Actual Product
Augmented Product

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16
Q

Core, problem-solving service, or core benefit that consumers are really buying when they obtain a product or service.

A

Core product

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17
Q

A woman buying perfume buys more than the scent but acceptance or belongingness as well.

A

Core product

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18
Q

When a business executive patronizes Philippine Plaza Hotel, he or she buys not onlty its facilities but also the hotel customer support and assistance to make sure their stay a memorable one

A

Core product

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19
Q

Five core product benefits of actual product

A 
Quality Level
Features
Design
Brand name
Packaging
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20
Q

Includes any additional consumer services and benefits built around the core and actual products

A

Augmented Product

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21
Q

It’s more than a simple set of tangible features but as a complex bundle of benefits that satisfy their needs.

A

Product

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22
Q

When developing products, marketers must:

A

Identify core consumer needs
Design actual product
Find ways to augment the product

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23
Q

Product Classifications/Characteristics:

A 
Consumer Products
Convenience Products
Shopping Products
Specialty Products
Unsought products
Industrial Products
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24
Q

Bought by final consumers for personal consumption

A

Consumer products

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25
Q

Consumer product and services that the consumer usually buys frequently, immediately, and with a minimum of comparison and buying effort

A

Convenience products

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26
Q

Low priced
Mass Advertising
Many Purchase locations
Buy frequently and immediately

A

Convenience and Shopping Products

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27
Q

Consumer products that the consumer, in the process of selection and purchase, characteristically compares on such bases such as suitability, quality, price, and style.

A

Shopping products

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28
Q

Consumers spend time and effort in gathering information about these products. These products are usually distributed through fewer outlets but have deeper sales support

A

Shopping products

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29
Q

Examples are furniture, clothing and major appliances

A

Shopping products

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30
Q

Consumer products with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.(types of cars, custom men’s suits)

A

Specialty Products

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31
Q

Buyers do not normally compare __, instead they only invest the time to reach the outlet that carries the goods.

A

Specialty Products

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32
Q

Special Purchase efforts
High Price
Unique characteristic
Few purchase locations

A

Specialty products

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33
Q

Consumer products that the consumer either does not know about or knows about but does not normally think of buying.

A

Unsought products

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34
Q

Most major new innovations are unsought until the consumer knows about but does not normally think of buying.q

A

Unsought products

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35
Q

These products require a lot of promotional support to be successful. (life insurance, pension plan, educational plan, blood donation, husehold products)

A

Unsought products

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36
Q

New innovations
Product consumers don’t want to think about
Require much advertising and personal selling

A

Unsought products

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37
Q

Frequent purchase, little planning, little comparison or shopping effort, low customer involvement

A

Convenience

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38
Q

Less frequent, much planning and shopping effort, comparisons of brands on price, quality, style

A

Shopping

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39
Q

Strong brand preference and loyalty, special purchase, effort, little comparison of brands, low-price sensitivity

A

Soecialty

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40
Q

Little product awareness, knowledge, or if aware, little interest ( or negative interest)

A

Unsought

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41
Q

Low price

A

Convenience

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42
Q

Higher price

A

Shopping

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43
Q

High price

A

Specialty

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44
Q

Varies

A

Unsought

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45
Q

Widespread distribution, convenient locations

A

Convenience

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46
Q

Selective distribution in fewer outlets

A

Shopping

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47
Q

Exclusive distribution in only one or a few outlets per market area

A

Specialty

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48
Q

Bought by individuals and organization for further processing or for use in conducting a business

A

Industrial

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49
Q

Chief distinction between industrial products and consumer products

A

Purpose of Purchase

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50
Q

Groups of Industrial Products

A

Materials and Parts
Capital Items
Supplies and Services

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51
Q

Most are sold directly to industrial users

A

Materials and parts

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52
Q

These products aid in the buyer’s production or operations, including installations and accessory equipment

A

Capital Items

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53
Q

These could be operational or repair and maintenance which are under contract

A

Supplies and Services

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54
Q

“Marketable Entities”

A

Organization Marketing
Person Marketing
Place Marketing
Idea Marketing

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55
Q

Consists of activities undertaken to create, maintain, or change attitudes and behavior of target audiences toward an organization

A

Organization Marketing

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56
Q

Major Tool in Market Organizations

A

Corporate Image Advertising

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57
Q

Activities undertaken to create, maintain or change attitudes or behavior toward particular persons

A

Person Marketing

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58
Q

Involves activities undertaken to create, maintain, or change attitudes toward particular places.

A

Place Marketing

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59
Q

Also called as social marketing

A

Idea Marketing

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60
Q

Marketing of social ideas like public health campaigns, environmental concern campaigns, and such other campaigns as family planning, human rights and equality.

A

Idea Marketing

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61
Q

Includes the design, implementation and control of programs seeking to increase the acceptability of a social idea, cause or practice within targeted groups

A

Idea Marketing

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62
Q

Individual Product Decisions:

A 
Product Attributes
Branding
Packaging
Labeling
Product Support Services
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63
Q

Ability of a product to perform its functions.

A

Product Quality

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64
Q

It includes two dimensions:

A

Level

Consistency

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65
Q

Must be first chosen and it must support †he product’s position in the target market.

A

Quality Level

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66
Q

Product Quality means

A

Performance Quality

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67
Q

Freedom from defects

A

Product consistency or conformance

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68
Q

Differentiates the product from Competitors Products

A

Product Features

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69
Q

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

A

Product

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70
Q

Another way to add distinctiveness-Process of designing product’s style and usefulness/function- creating a product that is attractive, easy, safe and ineexpensive

A

Product style and design

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71
Q

Surveying buyer helps (Typical Questions)

A

How do you like the product
Which specific features of the product you like most
Which features could we add to improve the product

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72
Q

Describes the appearance of a product. It does not necessarily make a product perform or function better

A

Style

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73
Q

Goes to the heart of the product. It contributes to the product’s usefulness as well as it looks.

A

Design

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74
Q

Name, sign, symbol or design, or a combination of these that identifies that identifies the maker or seller of a product or service

A

Brand

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75
Q

Help buyers identify products that might benefit them

A

Brand names

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76
Q

Basis of the whole story about the product; they tell the buyer something about quality and insure that the quality will remain constant

A

Brand names

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77
Q

Also help the seller which makes it easier for the seller to process orders and track down problems.

A

Brands

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78
Q

Also help to provide legal protection for unique product features that might be copied

A

Brand name

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79
Q

Promotes loyalty and helps in segmenting markets

A

Brands

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80
Q

Advantages of Branding to Buyers

A

Identification

Quality and Value

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81
Q

Advantages of Branding to Seller

A

Tells a story
Provides legal protection
Helps segments markets

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82
Q

Advantages of Branding to Brand Equity

A 
Higher Brand Loyalty
Name Awareness
Perceived Quality
Strong brand associations
Patents, trademarks, channel relationships
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83
Q

Value of a brand based on the extent to which it has high brand loyalty, name awareness, perceived quality, strong brand associations and other assets such as patents, trademarks, and channel relationships

A

Brand Equity

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84
Q

Powerful brand names command

A

strong consumer preference

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85
Q

Very valuable asset

A

Brand with strong brand equity

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86
Q

Advantages of equity of the brand name

A

High consumer awareness and loyalty
Great ease in launching brand extensions
Good defense against fierce price competition

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87
Q

Major Branding Decisions:

A

Brand name Selection
Brand Sponsor
Brand strategy

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88
Q

Qualities of a good brand name:

A

Suggest product’s benefits and qualities
Easy to pronounce, recognize and remember
Distinctive
Extendible
Translate into foreign languages
Capable of registration and legal protection

(Selection and Protection)

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89
Q

Brand Sponsor (Sponsorship options)

A

Manufacturer’s brand
Private brand
Licensed brand
Co-Branding

90
Q

Brand created and owned by the producer of a product or service

A

Manufacturer’s brand or National Brand

91
Q

Brand created and owned by a reseller of a product or service.

A

Private Brand, Distributor Brand, Store Brand

92
Q

Occurs when two companies go together and manufacture one product

A

Co-branding

93
Q

Competition between manufacturer’s and private brands causes resellers to have advantages and they charge manufacturer’s slotting fees

A

The Battle of the Brands

94
Q

Payments demanded by retailers from producers before they will accept new products and find “slots” for them on the shelves.

A

Slotting fees

95
Q

Practice of suing the established brand names of two different companies on the same product

A

Co-branding

96
Q

4 choices of Brand Strategy

A

Line Extensions
Brand extensions
Multibrands
New Brands

97
Q

Existing brand names are extended to new forms, sizes and flavors of an existing product category

A

Line Extension

98
Q

Low-cost, low-risk way of introducing new products in order to:

A

Meet consumer desires
Meet excess manufacturing capacity
Simply command more shelf space

99
Q

Existing brand names extended to new or modified product categories

A

Brand extension

100
Q

New brand names introduced in the same product category

A

Multibrands

101
Q

New brand names in new product categories

A

New brands

102
Q

Advantages of Brand Extensions:

A

Enter new product categories more easily
Aid new product recognition
Save on advertising cost

103
Q

Advantages of Multibrands

A

Gain more shelf space
Offer several brands to capture “brand switchers”
Develop healthy competition within the organization
Each brand can have a separate following

104
Q

Advantages of new brands:

A

Move away from a brand that is failing
Can get new brands in new categories
Large-consumer-product marketers are now pursuing megabrand

105
Q

Protect its major brand

A

Flanker or Fighter brands

106
Q

Weaker brands are weeded out and resources are focused achieving number-one or two-market share

A

Megabrand

107
Q

Activity of designing and producing the container or wrapper for a product

A

Packaging

108
Q

Package may include

A

Primary container
Secondary package
Shipping package

109
Q

What product it contains

A

Primary container

110
Q

The box that contains the tube

A

Secondary package

111
Q

Cardboard case

A

Shipping package

112
Q

Packaging decisions are based on __ and __. Packaging now has ___.

A

Cost
Production factors
promotional value

113
Q

Steps in Developing a good package:

A

Establish packaging concept
Decide specific elements of the package
Tie together elements

114
Q

Also part of packaging and consists of printed information appearing on or with the package.

A

Labeling

115
Q

Functions of Labeling:

A

Identifies the product
Describe the product
Promote the product

116
Q

Have effects on labeling product:

A

Unit Pricing
Open dating
Nutritional Labeling

117
Q

Services that augment actual products

A

Product support services

118
Q

Companies use this as a major tool in gaining competitive advantage

A

Product support services

119
Q

Steps in Product Support Services:

A

Survey customers
Assess cost
Develop a package of services

120
Q

Product Strategy calls for buikding–

A

Product Kine

121
Q

Group of products that are closely related because they function in a similar manner.

A

Product line

122
Q

They are sold to the same customer group and marketed through same types of outlets and fall within given price ranges

A

Product line

123
Q

Number of items in the product line.

A

Product line length

124
Q

Influenced by company objectives which tends to lengthen over time

A

Product line length

125
Q

Product lines can be lengthen:

A

Product line stretching

Product-line filling

126
Q

Which is increasing the product line by lengthening it beyond the current range

A

Product line stretching

127
Q

Product Line Stretching:

A

Downward stretch
Upward Stretch
Two-way stretch

128
Q

Occurs when the company moves from the high end of the market to lower end

A

Downward stretch

129
Q

This is done when companies at the lower end of the market want to enter the higher end

A

Upward stretch

130
Q

Occurs when companies in the middle range of the market may decide to stretch their lines in both directions

A

Two-way stretch

131
Q

Increasing the product line by adding more items within the present range of the line

A

Product-line filling

132
Q

Consists of all the product lines and items that a particular seller offers for sale

A

Product mix or Product assortment

133
Q

A company’s product mix can be described in the following ways:

A

Width
Length
Depth
Consistency of the product mix

134
Q

Refers to the number of different product lines the company carries

A

Width

135
Q

Refers to the total number of items the company carries within its product lines

A

Length

136
Q

Refers to the number of versions offered of each product in the line

A

Depth

137
Q

Refers to how closely related to the various product lines are in end use, production requirements, distribution channels, or in some other way

A

Consistency of the product mix

138
Q

Nature and Characteristics of a service

A

Service Intangibility
Service Inseperability
Service Variability
Service Perishability

139
Q

Cannot be stored for later sale. Services cannot be seen, tasted, felt, heard or smelled before they are bought.

A

Service intangibility

140
Q

The strategy for making the service offering more tangible is to try to draw the buyer’s attention to tangible features like place, people, price, equipment or communications that they can see

A

Service intangibility

141
Q

Which are produced and consumed at the same time and cannot be separated from their providers, whether the providers are people or machines. Both the provider and the consumer affect the service outcome

A

Service inseperability

142
Q

Special feature of services marketing

A

Provider-customer

143
Q

Whose quality may vary greatly depending on who provides them and when, where, and how

A

Service variability

144
Q

Which cannot be stored for later sale or use.

A

Service perishability

145
Q

It is not a problem when demand is steady. It is, however, when demand fluctuates

A

Service perishability

146
Q

Chain that links service firm profits with employee and customer satisfaction

A

Service-profit chain

147
Q

The chain has five links:

A 
Internal Service Quality
Satisfied and productive service employees
Greater service value
Satisfied and loyal customers
Healthy service profits and growth
148
Q

Marketing by a service firm to train and effectively motivate its customer-contact employees and all the supporting service people to work as a team to provide customer satisfaction

A

Internal Marketing

149
Q

Marketing by a service firm that recognizes that perceived service quality depends heavily on the quality of buyer-seller interaction

A

Interactive marketing

150
Q

Service companies face three major marketing tasks:

A

Competitive differentiation
Service Quality
Service Productivity

151
Q

This can occur by differentiating the offer, the delivery and their images

A

Competitive differentiation

152
Q

By consistently delivering higher quality than the competition, the firm can make progress in customer retention

A

Service Quality

153
Q

Good service system:

A

Empower front line employees
Customer-obssessed
High service quality standards
Watch service performance closely

154
Q

By training employees better, work on quality as well as quantity of service. Use technology to help. Firms must watch pushing productivity at the expense of service quality

A

Service productivity

155
Q

The product life-cycle presents two major strategies:

A

New product development

Product life-cycle strategies

156
Q

A firm can obtain new products in two ways:

A

Acquisition

New product development

157
Q

Strategies for obtaining new product ideas:

A 
Acquired companies
Product Improvements
Original Product
Product Modifications
Acquired Patents
New Brands
Acquired Licenses
158
Q

80% new consumer packages products FAIL
40% new customer products are around for 5 years
WHY?

A 
Overestimation of market size
Product designer problems
Product incorrectly positioned
Product may have been pushed
Costs of product development
Competitive actions
159
Q

Success factors:

A 
Unique superior product
Well-defined product concept
Senior management commitment
Relentless innovation
Smoothly functioning new product
160
Q

Major stages in new product development:

A 
Idea Generation
Idea Screening
Concept development and Testing
Marketing Strategy Development
Business Analysis
Product Development
Test Marketing 
Commercialization
161
Q

Systematic search for new product ideas

A

Idea Generation

162
Q

Idea Generation:

A

Customer
Competitors
Distributors
Suppliers

163
Q

Generate questions and complaints which can be perceived as potential solution alternatives

A

Customers

164
Q

Where formal research and development, company scientists, engineers, manufacturing, executives, and salespeople can contribute to new product ideas

A

Internal Sources

165
Q

Helps company to create an innovation-oriented company culture and helps to yield a larger number of ideas, thereby giving a larger field from which to choose

A

Idea Manager

166
Q

Involves screening new product ideas in order to spot good ideas and drop poor ones as soon as possible

A

Idea Screening

167
Q

Apply systems for rating and screening ideas which estimate:

A 
Market Size
Product Size
Develop time and cost
Manufacturing costs
Rate of returns
168
Q

Concept development and testing forms:

A

Product idea
Product Concept
Product image

169
Q

Idea for possible product that the company can see itself in the market

A

Product idea

170
Q

Detailed version of the new product idea started in meaningful consumer terms

A

Product concept

171
Q

Way consumers perceive an actual or potential product

A

Product Image

172
Q

Involves developing product ideas into some alternative product concept, finding out how attractive each concept is to consumers and choosing the best one

A

Concept development

173
Q

Involves testing the concepts with a group of target consumers to find out if the concepts have strong consumer appeal (symbolically or physically)

A

Concept Testing

174
Q

Involves designing an initial marketing strategy for new product based on the product concept

A

Marketing strategy development

175
Q

Shall be produced. This is a statement of the planned strategy for a new product that outlines the intended target market, the planned product positioning, and the sales, market share, and profit goals for the first few years

A

Marketing Strategy Statement

176
Q

Part One Describes Overall

A

Target Market
Planned Product Positioning
Sales, Market Share and Profit goals

177
Q

PartTwo Describes First-Year:

A

Product’s Planned Price
Distribution
Market Budget

178
Q

Part Three Describes Long-Run:

A

Sales and Profit goals

Marketing Mix Strategy

179
Q

Involves a review of the sales, costs and profit projections for a new product to find out whether these factors satisfy the company’s objectives

A

Business Analysis

180
Q

If not eliminate product concept.

If yes, move on to product development

A

Business Analysis

181
Q

This involves developing the product concept into physical product in order to ensure that the product idea can be turned into a workable product

A

Product Development

182
Q

This step calls for a large jump in investment

A

Product Development

183
Q

The product and marketing program are introduced into more realistic marketing settings

A

Test Marketing

184
Q

It lets the marketer get experience with marketing the product

A

Test Marketing

185
Q

Product and marketing program are introduced into more realistic market settings (can be very expensive and time consuming)

A

Test marketing

186
Q

Test the following:

A 
Positioning strategy
Advertising
Distibution
Pricing
Branding
Packaging
Budget Levels
187
Q

Introducing a new product into the market

A

Commercialization

188
Q

Commercialization:

A

When is the right time to introduce new product?

Where do you launch a new product?

189
Q

Course of a product’s sales and profits over its lifetime

A

Product Life Cycle

190
Q

Product Life Cycle Stages (PLC)

A 
Product Development Stage
Introduction Stage
Growth Stage
Maturity Stage
Decline Stage
191
Q

Begins when the company finds and develops a new product idea

A

Product Development Stage

192
Q

Sales are zero and the company’s investment costs mount. This is a pre-stage

A

Product Development Stage

193
Q

Period of slow sales growth as the product is being introduced in the market

A

Introduction Stage

194
Q

Profits are nonexistent in this stage because of heavy expenses of product introduction

A

Introduction Stage

195
Q

Period of rapid market acceptance and increasing profits

A

Growth stage

196
Q

Period of slowdown in sales growth because the product has achieved acceptance by most potential buyers

A

Maturity stage

197
Q

Profits level off or decline because of increased marketing outlays to defend the product against competition

A

Maturity Stage

198
Q

Periods when sales fall off and profits drop

A

Decline Stage

199
Q

PLC concept can describe:

A

Product Classes
Product Forms
Brand’s Life cycle

200
Q

Have the longest life cycles

A

Product Classes

201
Q

Tends to have the standard PLC shape

A

Product Form

202
Q

Which can change quickly because of changing competitive attacks and responses

A

Brand’s life cycle

203
Q

Basic and distinctive mode of expression

A

Style

204
Q

Currently accepted or popular style in a give field

A

Fashion

205
Q

Fashion that enters quickly, is adopted with fast zeal, peaks early and declined away fast

A

Fad

206
Q

Problems in the PLC

A

Trouble identifying which stage of the PLC product is in
Difficult to forecast sales level
Strategy is both a cause and result of the PLC

207
Q

This stage is when the product is new and first distributed and made available for purchase

A

Introduction stage

208
Q

Must launch its product with a strategy that is consistent with a long-term focus on the market rather than a quick profit gain

A

Market pioneer

209
Q

Introduction stage

A 
Sales:Low
Cost: High
Profits: Negative or Low
MO: Create product awareness and trial
Product: Offer a basic product
Price: High
Distribution: High
Advertising: Spending is high
210
Q

Which a product’s sales start climbing quickly

A 
Sales: Rapidly rising
Cost: Average
Profits: Rising
MO: Maximize market share
Product: New
Price: Remain or fall slightly
Distribution: Increasing
Advertising: Educating consumers and meeting competition
211
Q

When sales growth slows or levels off

A

Maturity stage

212
Q

Approach in which the company tries to increase the consumption of the current product

A

Market modification

213
Q

It looks for new users and market segments

A

Market modification

214
Q

It tries to increase usage among present customers and reposition the brand to appeal to a larger or faster-growing segment

A

Market Modification

215
Q

Approach To change product characteristics

A

Product Modification

216
Q

This can be accomplished by quality improvement, feature improvement or style improvement

A

Product modification

217
Q

Approach in which the product manager tries to improve sales by changing one or more marketing mix elements

A

Marketing mix modification

218
Q

Maturity Stage

A 
Sales: Begin to slow
Cost: Low
Profits: High then low
MO: Maximize while defending market share
Product: May modify
Price: May decline
Distribution: Build amore intensive
Advertising: Stress brand differences and benefits
219
Q

Reasons decline stage:

A

Technological advances
Shifts in consumer tastes
Increased competition

220
Q

Decline Stage

A 
Sales: Declining
Cost: Low
Profits: Declining
MO: Reduce expenditure and maintain harvest
Product: Phase out weak items
Price: Cut
Distribution: Selective
Advertising: Reduce to level needed

MK101 (4 decks)

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