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MGT 103 > Week 4 > Flashcards

Week 4 Flashcards

1
Q

What is cannibalization?

A

when a company offers a new product and it only gets bought by your current buyers so you end up taking away sales from yourself

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2
Q

What are some examples of one product, multiple market segments?

A

harry potter books, finding dory, frosted flakes cereal

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3
Q

What does one product, multiple market segments mean?

A

one product is hitting various different demographics

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4
Q

What is multiple products, multiple market segments?

A

one company makes multiple products under multiple market names in order to reach multiple market segments

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5
Q

What are some examples of multiple products, multiple market segments?

A

gap’s banana republic, gap, and old navy brands

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6
Q

What is segments of one, mass customization?

A

taking a product and allowing the customer to make it exactly what they need

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7
Q

What are some examples of segments of one, mass customization?

A

nike custom shoes on the app, mini cooper cars, invisalign

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8
Q

What are segmentation variables?

A

characteristics of individuals, groups, or organizations used to divide a market into segments

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9
Q

What are the four segmentation variables?

A

demographic, geographic, psychographic, behavioristics

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10
Q

What are some demographic variables?

A

genders, income levels, age

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11
Q

What are some geographic variables?

A

urban v rural, east coast v west coast

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12
Q

What are some psychographic variables?

A

values, lifestyle, individual differences

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13
Q

What are some behavioral variables?

A

usage pattern, benefits sought

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14
Q

What is the target market process?

A

segmentation, targeting, positioning

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15
Q

What is positioning?

A

the act of designing the company’s offer and image so that it occupies a distinct and valued place in the target customer’s minds

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16
Q

What are points of parity?

A

attributes that inform the consumer that you are capable of providing something that might work

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17
Q

What is head to head strategy?

A

competing directly with competitors on similar product attributes in the same target market

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18
Q

What is differentiation strategy?

A

what makes your brand unique in a way that matters to the consumer

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19
Q

What is the product positioning statement?

A

describes the product and the market in which they compete

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20
Q

What is customer value proposition?

A

a statement that a company uses to convince a customer to purchase its products or services over others

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21
Q

What is the intangible characteristic of a service?

A

cant touch it, hold it so they try to promote aspects of it that feel tangible

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22
Q

What is the inseperability characteristic of a service?

A

cant separate services from those who “create/manufacture” the service

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23
Q

What is the inconsistency characteristic of a service?

A

difficult to standardize

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24
Q

What is the no inventory characteristic of a service?

A

unused service capacity from on time time period cannot be stored for future use

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25
Q

What are search attributes?

A

customers can readily evaluate prior to purchase (ex: size, price, quality)

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26
Q

What are experience attributes?

A

can only be evaluated after the purchase, or once customer has experiences (ex: haircut, flight, meal)

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27
Q

What are credence attributes?

A

can never really be confidently evaluated, even after purchase (ex: psycho-therapy, religious services, acupuncture)

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28
Q

What is a product?

A

a good, service, or idea that satisfies needs

29
Q

What are durable products?

A

products that maintain their use even after you use them (ex: a remote control)

30
Q

What are non durable products?

A

products that waste as you use them (ex: food, toothpaste, fuel)

31
Q

What is customer value propostion?

A

cluster of benefits that an organization promises customers to satisfy their needs

32
Q

What are convenience products?

A

products that you can find in many locations and you will buy them quickly and often (ex: food, toothpast)

33
Q

What are shopping products?

A

these are products that are available in fewer locations and are more thought about when buying because they are less frequent (ex: laptop, mattress)

34
Q

What are specialty products?

A

these are products that you have to hunt for when you are trying to buy them (ex: rolex, bentley)

35
Q

What are unsought products?

A

products that you need but dont realize you need (ex: life insurance, a fire extinguiser)

36
Q

What is a product item?

A

a specific product with a unique brand, size, or price

37
Q

What is a product line?

A

a group of products or services that satisfy a class of needs

38
Q

What is a product mix?

A

consists of all product lines offered by an organization(ex: apple has mac, iphone, ipad etc)

39
Q

What is innovation?

A

a product that customers perceive to be new and different from existing products

40
Q

What is the lowest level of innovation?

A

continuous innovation; requires no new learning by consumers

41
Q

What is an example of continuous innovation?

A

new and improved shaver, detergent, etc.

42
Q

What is a medium level of innovation?

A

dynamically continuous innovation; disrupts consumer’s normal routine but does not require totally new learning

43
Q

What is an example of dynamically continuous innovation?

A

electric toothbrush, LED HDTVs

44
Q

What is the highest level of innovation?

A

discontinuous innovation; requires new learning and consumption patterns by consumers

45
Q

What is an example of discontinuous innovation?

A

wireless router, electric car

46
Q

What is the product life cycle?

A

introduction, growth, maturity, decline

47
Q

What are the types of product adopters?

A

innovators, early adopters, early majority, late majority, and laggards

48
Q

What is an innovator adopter?

A

higher educated, uses multiple information sources

49
Q

What is an early adopter?

A

leaders in social setting; slightly above average education

50
Q

What are early majority adopters?

A

deliberate; many informal social contacts

51
Q

What are late majority adopters?

A

skeptical; below average social status

52
Q

What are laggard adopters?

A

fear of debt; neighbors and friends are information sources

53
Q

What is relative advantage?

A

degree to which consumers perceive the new product as offering superior benefits

54
Q

What is compatibility in rate of adoption?

A

consistent with existing cultural values, customs and practices

55
Q

What is complexity in rate of adoption?

A

is this product difficult to understand and use?

56
Q

What is trailability in rate of adoption?

A

ease if sampling a new product and its benefits

57
Q

What is observability in rate of adoption?

A

degree to which others can witness the new product and benefits

58
Q

What is a brand?

A

the emotional connection people have with your business or product, and their perception is reality

59
Q

What are the four elements of brand equity?

A

brand name awareness, perceived brand quality, brand associations, and brand loyalty

60
Q

What is brand equity?

A

a brand’s financial value to its organization; the added value a brand name gives to a product beyond the functional benefits provided

61
Q

What is individual branding?

A

separate brands for each product or product line

62
Q

What are some examples of individual branding?

A

chevrolet, buick, and cadillac are all brands of GM

63
Q

What is umbrella/family branding?

A

Costco - Kirkland Signature

64
Q

What are some advantages of individual branding?

A

allows company to serve multiple segments without diluting the image of the brands

65
Q

What are some advantages of umbrella branding?

A

leverages equity of existing brand, instant recognition

66
Q

What is product repositioning?

A

change essential aspect of product, often to increase relevance

67
Q

What are brand extensions?

A

strategy of using establish brand in different context

68
Q

What is an example of a brand extension?

A

dyson vacuum -> dyson hairdryers/stylers

MGT 103 (7 decks)

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