Unit 6- P for Product Flashcards

0
Q

what is the core product

A

basic benefits

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1
Q

what are the “three layers” concept?

A

core product
actual product
augmented product

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2
Q

what is the actual product?

A

attributes, characteristics by which products are identified and differentiated
package/labeling
brand name
style and design

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3
Q

what is the augmented product

A
after sale service
warranty
product support
delivery/credit
membership/clubs
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4
Q

what are the service package?

A

supporting facilities – physical space
facilitating goods- food
explicit services- how & by whom they are served
implicit services- friendliness & responsiveness of the staff

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5
Q

whats the role of packaging

A

containment, protection, safety, display, information, and persuasion

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6
Q

what is a brand?

A

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

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7
Q

what is brand equity?

A

a brands value to its organization over and above the value of the generic version of the product

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8
Q

for a good brand name you need?

A

creates a positive connotation & is memorable
is easy( to say, spell, read, & remember)
fits (the target market, product benefits, customer’s culture, & legal requirements)

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9
Q

what is new product development?

A

set of activities beginning w/the perception of the marketing opportunity & ending in the production, sale & delivery of the product

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10
Q

what are the phases in NPD?

A
  1. idea generation
  2. idea screening
  3. feature specification
  4. development
  5. testing
  6. launch
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11
Q

what is packaging decisions?

A

the process for package development resembles that for the product itself

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12
Q

what is product life cycle?

A

the way products go through four distinct stages from birth to death– introduction, growth, maturity & decline

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13
Q

what are the types of consumer offerings?

A

convenience, shopping, unsought, specialty

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14
Q

what are convenience offerings?

A

include life’s necessities (bread, milk, fuel) little differences across brands

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15
Q

what are shopping offerings?

A

goods vary & consumers develop strong preferences for some brands versus others.

16
Q

what are specialty offerings?

A

more exclusive, highly differentiated, available through limited channels

17
Q

what are unsought offerings

A

challenge for marketers bc customers do not want to have to shop for them until they need them

18
Q

what is branding?

A

is the set of activities designed to create a brand n position it in the minds of consumers

19
Q

what is primary packaging

A

holds a single retail unit of a product

20
Q

what is secondary packaging

A

holds a single wholesale unit of a product

21
Q

what is tertiary packaging

A

packaging designed specifically for shipping n efficiently handling large quantities

22
Q

what is the introduction phase

A

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

23
Q

what is in the growth stage?

A

acceptance–acceptance attracts competitors– growth requires sufficient inventories

24
what is in the mature stage
sales level off and the market typically has many competitors
25
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