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ADMN 960 Marketing/Building Customer Value > Week #1: Introduction & Overview Product Strategy > Flashcards

Week #1: Introduction & Overview Product Strategy Flashcards

1
Q

What is the definition of a product?

A

Anything that is offered to a market for consumption (in one form or another) and that satisfies a need.

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2
Q

What are the four hallmarks of an effective product development process?

A
  1. The voice of the customer is heard throughout the development process.
  2. Substantial work is done before physical production begins, across firms’ different functional areas (such as marketing, engineering, and manufacturing).
  3. The process has real go/no-go decision points.
  4. The process recognizes the firm’s distinctive competencies.
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3
Q

What are the product lifecycle stages?

A
  1. Development
  2. Introduction
  3. Growth
  4. Maturity
  5. Decline
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4
Q

What are the two basic functions of any business according to Peter Drucker?

A

Marketing and Innovation

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5
Q

What are the two major activities of marketing strategy?

A
  1. Select a target market and determining the desired positioning of product in target customers’ minds.
  2. Specifying the plan for the marketing activities to achieve the desired positioning.
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6
Q

What are the five Cs?

A
  1. Customer Needs
  2. Company Skills
  3. Competition
  4. Collaborators
  5. Context
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7
Q

A [BLANK] Statement answers the question: How do we want to be thought of in customers’ minds?

A

Positioning Statement

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8
Q

Neil Borden coined the term [BLANK] mix to describe the suite of marketing activities a firm engages in.

A

Marketing Mix

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9
Q

A [BLANK] is a package of benefits obtained by the customer.

A

Product

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10
Q

A [BLANK] is a set of mechanism or network via which a firm “goes to market.”

A

Marketing Channel

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11
Q

What are the 6 Ms for the tasks in planning communications strategy?

A
  1. Market: To whom is the communication to be addressed.
  2. Mission: What is the objective of the communication?
  3. Message: What are the specific points to be communicated?
  4. Media: Which vehicles will be used to convey the message?
  5. Money: How much will be spent in the effort?
  6. Measurement: How will impact be assessed after the campaign?
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12
Q

What does DMU stand for?

A

Decision-Making Unit

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13
Q

A [BLANK] pricing strategy sets prices high initially to gain profits from those willing to pay, while a [BLANK] pricing strategy focuses on creating a lower cost at first to gain more customers.

A

Skim and Penetration

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14
Q

This type of marketing adopts an “evolutionary” perspective. Parent products and evolutionary children. Niches for products to fill.

A

Biomarketing

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15
Q

What are the four Ps of product marketing?

A
  1. Product
  2. Price
  3. Promotion
  4. Place
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16
Q

What are the three product levels?

A

Level 1: Core Product
Level 2: Actual Product
Level 3: Augmented Product

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17
Q

What are the three main types of consumer products?

A
  1. Convenience Products
  2. Shopping Products
  3. Specialty Products
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18
Q

The [BLANK] mix refers to all the products and items that a particular seller offers for sale.

A

Product mix

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19
Q

[BLANK] refers to the number of different product lines the company carries.

A

Width/breadth

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20
Q

[BLANK] refers to the total number of items the company carries within its product lines.

A

Length

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21
Q

[BLANK] refers to the number of versions offered for each item.

A

Depth

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22
Q

In [BLANK] terminology, a firm “creates” value by offering a product that the consumer values at a price greater than the firm’s COGS.

A

Value-pricing

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23
Q

What are the 5 Cs of pricing?

A
  1. Customers
  2. Costs
  3. Competition
  4. Channel Members
  5. Company Objectives
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24
Q

[BLANK] are cultures that circulate in society as conventional stories.

A

Brands

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25
Q

Who are the four authors of a brand?

A
  1. Companies
  2. Popular Culture
  3. Customers
  4. Influencers
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26
Q

What are the four components of brand value?

A
  1. Reputation Value
  2. Relationship Value
  3. Experiential Value
  4. Symbolic Value
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27
Q

What are the four steps to designing a brand strategy?

A
  1. Identify goals that branding can address.
  2. Map the existing brand culture
  3. Analyze competition and environment to identify branding opportunities.
  4. Design the strategy.
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28
Q

[BLANK] is a form of rhetoric—an instrument to persuade people to think differently. [BLANK] can create considerable value. But it can also be used in an exploitative manner.

29
Q

A [BLANK] is broadly defined as a name, term, symbol, design, or a combination thereof, which identifies a seller’s products and differentiates it from a competitor’s products.

30
Q

What are the three different ways in which brand equity can be calculated?

A
  1. Financial perspective
  2. Relationship perspective
  3. Customer-based perspective
31
Q

What are the steps to achieving brand equity?

A
  1. Brand salience
  2. Brand performance/brand image
  3. Customer judgments/customer feelings
  4. Brand resonance
32
Q

[BLANK] and [BLANK] are two types of brand awareness.

A

Recall and recognition

33
Q

What are the four elements of building a brand?

A
  1. Brand name
  2. Logo
  3. Character
  4. Slogan
34
Q

What are the six important traits to consider when choosing a brand name?

A
  1. Memorable
  2. Meaningful
  3. Appealing
  4. Adaptable
  5. Protectable
  6. Expandable
35
Q

What are the six types of brand names?

A
  1. Descriptive
  2. Suggestive
  3. Compounds
  4. Classical
  5. Arbitrary
  6. Fanciful
36
Q

[BLANK] is how a company structures its brand portfolio.

A

Brand sponsorship

37
Q

What are the two types of logos?

A
  1. Word marks

2. Abstract logos

38
Q

[BLANK] branding is when one of the suppliers pushes the manufacturers to put their name on the finished product. Examples include Intel, Dolby Digital, Visa, Lycra, and Teflon.

A

Ingredient

39
Q

What are the communications options under the direct control of the company?

A
  1. Media
  2. Direct Response
  3. Consumer
  4. Trade
  5. Personal Selling
40
Q

What are the communications options NOT under direct control of the company?

A
  1. Event marketing sponsorships

2. Publicity and public relations

41
Q

What are the seven steps in the hierarchy of effects leading to a purchase decision?

A
  1. Unaware of product
  2. Awareness
  3. Knowledge
  4. Liking
  5. Preference
  6. Conviction
  7. Purchase
42
Q

[BLANK] is defined as how we communicate our product offerings to the world.

A

Integrated marketing communications

43
Q

What are the six components of integrated marketing communications?

A
  1. Advertising
  2. Public Relations
  3. Personal Selling
  4. Direct Marketing
  5. Sales Promotions
44
Q

What are the six types of integrated marketing communications media?

A
  1. Television
  2. Radio
  3. Newspaper
  4. Magazines
  5. Outdoor
  6. Internet
45
Q

[BLANK] consists of dividing the market into groups of (potential) customers called market segments—with distinct characteristics, behaviors, or needs.

A

Market segmentation

46
Q

What are the type types of related segmentation strategies?

A
  1. Segmentation based on benefits sought by customers.

2. Segmentation based on observable characteristics of customers.

47
Q

[BLANK] involves evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter. It is the next logical step following segmentation.

A

Target market selection

48
Q

[BLANK] is defined as the marketer’s effort to identify a unique selling proposition for the product. It is arranging for a product to occupy a clear, distinctive, and attractive position relative to competing products in the minds of target consumers.

A

Positioning

49
Q

A good positioning statement answers what three questions?

A
  1. Who are the customers?
  2. What is the set of needs that the product fulfills?
  3. Why is the product the best option to satisfy those needs?
50
Q

What are the three main reasons why segmentation initiatives have failed?

A
  1. Excessive interest in consumers’ identities
  2. Too little emphasis on actual consumer behavior
  3. Undue absorption in the technical details of devising segmentations
51
Q

STP stands for what?

A

Segmentation, Targeting, and Positioning

52
Q

What are the four conventional market segmentation approaches?

A
  1. Geographic
  2. Demographic (most common)
  3. Psychographic
  4. Behavioral
53
Q

[BLANK] strategy is going where not one else is on the positioning map.

A

Blue ocean strategy

54
Q

Approximately what percentage of new products fail in the commercialization process?

55
Q

A [BLANK] new product is one the supplier sees as incremental but the consumer sees as breakthrough.

56
Q

A [BLANK] new product is one the supplier sees as an incredible breakthrough but the customer is lukewarm to it.

A

Delusionary

57
Q

What are the three product and service types?

A
  1. Shopping
  2. Convenience
  3. Specialty
58
Q

What are the steps of the new product development funnel?

A
  1. Ideation
  2. Technical Feasibility Screening
  3. Business Feasibility Analysis
  4. Prototype Development
  5. Market Research & Testing
  6. Launch
59
Q

What are the five steps of the new product/service life cycle management?

A
  1. Development
  2. Introduction
  3. Growth
  4. Maturity
  5. Decline
60
Q

What are the five groups of product adopters?

A
  1. Innovators
  2. Early Adopters
  3. Early Majority
  4. Late Majority
  5. Laggards
61
Q

A [BLANK] is a blueprint by which the firm plans to compete.

A

Marketing strategy

62
Q

DMP stands for what?

A

Decision-making process

63
Q

What are the six major roles when it comes to decision-making units (DMUs)?

A
  1. Initiators
  2. Gatekeepers
  3. Deciders
  4. Influencers
  5. Purchasers
  6. Users
64
Q

A [BLANK] is intended to get the whole organization aligned regarding the aspiration decision.

A

Positioning statement

65
Q

In [BLANK], a company develops a concept and then a prototype, which is put in front of the customer for feedback, and then revised based on the customer’s feedback.

A

Spiral development

66
Q

[BLANK] moment of truth is when the customer stands before the display in the grocery store.

A

First moment of truth

67
Q

[BLANK] moment of truth is when the customer uses the product at home

A

Second moment of truth

68
Q

[BLANK] moment of truth means, according to Google, advocating for better understanding of customers as they begin their information search.

A

Zero moment of truth

69
Q

Pricing customization can be based on what three factors?

A
  1. Buyer characteristics
  2. Transaction characteristics
  3. Product line variations

ADMN 960 Marketing/Building Customer Value (1 decks)

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