Unit 6- P for Product

Question 0

what is the core product

Answer 0

basic benefits

Question 1

what are the “three layers” concept?

Answer 1

core product
actual product
augmented product

Question 2

what is the actual product?

Answer 2

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

Question 3

what is the augmented product

Answer 3

after sale service
warranty
product support
delivery/credit
membership/clubs

Question 4

what are the service package?

Answer 4

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

Question 5

whats the role of packaging

Answer 5

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

Question 6

what is a brand?

Answer 6

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

Question 7

what is brand equity?

Answer 7

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

Question 8

for a good brand name you need?

Answer 8

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

Question 9

what is new product development?

Answer 9

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

Question 10

what are the phases in NPD?

Answer 10

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

Question 11

what is packaging decisions?

Answer 11

the process for package development resembles that for the product itself

Question 12

what is product life cycle?

Answer 12

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

Question 13

what are the types of consumer offerings?

Answer 13

convenience, shopping, unsought, specialty

Question 14

what are convenience offerings?

Answer 14

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

Question 15

what are shopping offerings?

Answer 15

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

Question 16

what are specialty offerings?

Answer 16

more exclusive, highly differentiated, available through limited channels

Question 17

what are unsought offerings

Answer 17

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

Question 18

what is branding?

Answer 18

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

Question 19

what is primary packaging

Answer 19

holds a single retail unit of a product

Question 20

what is secondary packaging

Answer 20

holds a single wholesale unit of a product

Question 21

what is tertiary packaging

Answer 21

packaging designed specifically for shipping n efficiently handling large quantities

Question 22

what is the introduction phase

Answer 22

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

Question 23

what is in the growth stage?

Answer 23

acceptance–acceptance attracts competitors– growth requires sufficient inventories

Question 24

what is in the mature stage

Answer 24

sales level off and the market typically has many competitors

Question 25

what happens in decline stage?

Answer 25

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