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COMM 223 > session 6: developing and managing products and services > Flashcards

session 6: developing and managing products and services Flashcards

1
Q

what is a product?

A

Anything offered to a market

can be for attention, acquisition, use, or consumption that may satisfy a want or need

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2
Q

can products include intangibles?

A

yeeee

services

events

persons (marketing activities to change a politician’s image)

places

organizations

ideas (ads against drunk driving)

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3
Q

what are services

A

Intangible activities

benefits

satisfaction

does not result in the ownership of anything

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4
Q

can a service be considered a product?

A

YEEEE

an intangible product

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5
Q

what are the three levels at which products are evaluated?

A
  1. customer core value
  2. actual product
  3. augmented product
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6
Q
  1. customer core value
A

what is the customer actually buying

e.g. iPhone is buying connectivity

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7
Q
  1. actual product
A

brand name

quality level

packaging

design

features

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8
Q
  1. augmented product
A

delivery and credit

after-sale service

warranty

product support

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9
Q

what are consumer products?

A

purchased by consumers for their personal use

not for business

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10
Q

what are the four types of consumer products

A

convenience

shopping

specialty

unsought

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11
Q

what is a convenience consumer product?

A

you don’t think about it

the customer usually buys frequently, immediately, and with a minimum comparison and buying effort

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12
Q

what is a shopping consumer product?

A

more expensive and you will actually do research and compare

less frequently purchased

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13
Q

what is a specialty product?

A

products with unique characteristics or brand identification

significant group of buyers is willing to make a special purchase effort

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14
Q

what is a unsought product?

A

you don’t know about or don’t wanna think about it

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15
Q

give examples of convenience products

A

Newspapers

Candy

Fast food

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16
Q

give examples of shopping products

A

Furniture

Television

Appliances

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17
Q

give examples of specialty products

A

Luxury goods

Designer clothes

Rolex watches

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18
Q

give examples of unsought products

A

Life insurance

Funeral services

Blood donations

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19
Q

what are industrial products?

A

those purchased for further processing or for use in conducting a business

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20
Q

what is the distinction between a consumer product and an industrial product based on?

A

the purpose for which the product is bought

If a consumer buys a lawn mower for use around home, the lawn mower is a consumer product

If the same consumer buys the same lawn mower for use in a landscaping business, the lawn mower is an industrial product

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21
Q

what are the three categories for industrial products?

A

Materials and parts: wheat, iron etc.

Capital items: buildings, installations and generators

Supplies and services: paper, pencil, legal services

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22
Q

what is new product development?

A

Development of original products, improvements, modifications, or new brands

it is expensive and risky

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23
Q

why is new product development risky?

A

Most new products fail or underperform

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24
Q

what is the diffusion of innovation theory?

A

divides people into segments according to how likely they are to adopt a new idea

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25
Q

what is the technology adoption life cycle

A

starts with innovators

then early adopters (opinions leaders)

then early majority

then late majority

and ends with laggards

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26
Q

what are the steps in the new product development

A
  1. idea generation
  2. idea screening
  3. concept development and testing
  4. marketing strategy development
  5. business analysis
  6. product development
  7. test marketing
  8. commercialization
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27
Q

where can idea generation come from?

A

internal sources

external sources

crowdsourcing

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28
Q

who are the internal sources for idea generation

A

Company employees at all levels

29
Q

who are the external sources for idea generation

A

Customers

Competitors

Distributors and suppliers

30
Q

what is crowdsourcing?

A

inviting broad communities of people into the new product innovation process

31
Q

who can be invited for crowdsourcing ?

A

customers

employees

independent scientists

researchers

public

32
Q

where does crowdsourcing happen?

A

trade magazines and shows,

advertising agencies

marketing research firms

laboratories

33
Q

what is ideas screening (2)

A

Whole bunch of ideas but gotta narrow it down to one

Keep good ideas and drop poor ones

34
Q

what will the comitee look at when proposing new ideas for idea screening?

A

customer value proposition

target market

competition

35
Q

what must you estimate when screening ideas?

A

market size

price

development time and costs,

manufacturing costs

rate of return

36
Q

what must you evaluate when screening ideas?

A

Evaluate new-product ideas against a set of company criteria

37
Q

product concept

A

New-product idea is stated in meaningful consumer terms

e.g. a detailed description or a drawing of an idea that can be shown to potential customers

38
Q

Concept testing

A

Testing new-product concepts with groups of potential consumers

39
Q

what do you use for product development and testing (3)

A

product concept

concept testing

40
Q

Marketing Strategy Development (4)

A

initial marketing strategy

Describe the target market, planned value proposition, sales, market share, and profit goals

Outline the product’s planned price, distribution, and marketing budget

Describe the planned long-run sales and profit goals, marketing mix strategy

41
Q

business analysis (5)

A

Review of the sales, costs, and profit projections

make sure it goes along with company objectives

42
Q

what is it that triggers product development after the business analysis?

A

Positive review triggers product development

43
Q

product development (6)

A

Develops concept into a physical product

Prototypes are developed and tested

44
Q

what is the stage in the new product development process that costs a lot of money

the one that requires a large investment

A

the product development (6)

45
Q

what are the three individual product decisions?

A

physical attributes

packaging

labelling (included in packaging)

product support services

46
Q

what are all the physical attributes of a product?

A

the quality

the features

the style and design

47
Q

what are product features?

A

competitive tool to differentiate a product

48
Q

what is a product style

A

describes the appearance of the product

49
Q

what is a product design

A

contributes to a product’s usefulness as well as to it looks

50
Q

what is the use of packaging?

A

Is used as a key promotional tool

51
Q

what is a major trend regarding product packaging?

A

Sustainable packaging

using recycled products

52
Q

what is the use of labelling?

A

identify the product or brand

describe attributes

provide promotion

53
Q

what are product support services?

A

how much support are we gonna provide to keep our customers happy

54
Q

what is the product mix

A

The set of all products and items that a company markets

55
Q

what are the four dimensions of the product mix

A

product width

product length

product depth

product consistency

56
Q

product width

A

the number of different product lines the company carries

57
Q

what is a product line

A

group of related products all marketed under a single brand name that is sold by the same company

Companies sell multiple product lines under their various brand names

they try to distinguish these

58
Q

what is product length

A

total number of items the company carries within its product lines

fall within the scope of each product line

59
Q

what is product depth

A

the number of versions offered of each product in the line

60
Q

what is product consistency?

A

how closely related the various product lines are in end use, production requirements, distribution channels, etc.

ex: a company dealing in just dairy products has more consistency than a company dealing in all types of electronics

61
Q

true or false

Product strategy must be adapted to suit local markets

A

yeee brooo

don’t want to accidentally offend anyone

62
Q

what are the special characteristics of services?

A

intangibility

inseparability

variability

perishability

63
Q

service intangibility

A

services cannot be seen, tasted, felt, heard, or smelled before purchase

64
Q

service inseparability

A

services cannot be separated from their providers

65
Q

service perishability

A

services cannot be stores for later sale or use

66
Q

service variability

A

quality of service depends on who provides them and when, where, and how

67
Q

what is service profit chain?

A

The chain that links service firm profits with employee and customer satisfaction

If the employee that deals with customer is happy, you’ll make money

68
Q

what is internal marketing

A

Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction

69
Q

how does the service profit chain work

A
  1. give good quality job to your employees
  2. they will be satisfied and more productive
  3. their increased productiveness will provide better service value
  4. the better service value will result in happier customers
  5. happier customers will want your service and you’ll make profits

COMM 223 (13 decks)

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