Unit 6- P for Product Flashcards
what is the core product
basic benefits
what are the “three layers” concept?
core product
actual product
augmented product
what is the actual product?
attributes, characteristics by which products are identified and differentiated
package/labeling
brand name
style and design
what is the augmented product
after sale service warranty product support delivery/credit membership/clubs
what are the service package?
supporting facilities – physical space
facilitating goods- food
explicit services- how & by whom they are served
implicit services- friendliness & responsiveness of the staff
whats the role of packaging
containment, protection, safety, display, information, and persuasion
what is a brand?
a name, term, symbol, or any other unique element that identifies one firm’s product and sets it apart from the competition
logo, trade marks
what is brand equity?
a brands value to its organization over and above the value of the generic version of the product
for a good brand name you need?
creates a positive connotation & is memorable
is easy( to say, spell, read, & remember)
fits (the target market, product benefits, customer’s culture, & legal requirements)
what is new product development?
set of activities beginning w/the perception of the marketing opportunity & ending in the production, sale & delivery of the product
what are the phases in NPD?
- idea generation
- idea screening
- feature specification
- development
- testing
- launch
what is packaging decisions?
the process for package development resembles that for the product itself
what is product life cycle?
the way products go through four distinct stages from birth to death– introduction, growth, maturity & decline
what are the types of consumer offerings?
convenience, shopping, unsought, specialty
what are convenience offerings?
include life’s necessities (bread, milk, fuel) little differences across brands
what are shopping offerings?
goods vary & consumers develop strong preferences for some brands versus others.
what are specialty offerings?
more exclusive, highly differentiated, available through limited channels
what are unsought offerings
challenge for marketers bc customers do not want to have to shop for them until they need them
what is branding?
is the set of activities designed to create a brand n position it in the minds of consumers
what is primary packaging
holds a single retail unit of a product
what is secondary packaging
holds a single wholesale unit of a product
what is tertiary packaging
packaging designed specifically for shipping n efficiently handling large quantities
what is the introduction phase
marketing costs are higher in this stage
profits are low or non existent due to R&D and other costs
distribution channels are limited to early adopters
pricing strategies can vary, and may be based on skimming or penetration objectives
what is in the growth stage?
acceptance–acceptance attracts competitors– growth requires sufficient inventories
what is in the mature stage
sales level off and the market typically has many competitors
what happens in decline stage?
company must decide whether to keep the product, harvest & reduce the spending on it until all inventory is sold or divest & get rid of the product
