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Product Management > Week 4-5 > Flashcards

Week 4-5 Flashcards

1
Q

It is the value of a brand, based on the extent to which it has high brand loyalty, name awareness, perceived quality, strong brand associations and other assets such as patents, trademarks and
channel relations.

A

Brand equity

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2
Q

Advantages of Brand Equity

A
  1. high consumer awareness and loyalty
  2. greater ease in launching brand extensions because of high brand credibility
  3. a good defense against fierce price competition
  4. belief in being the company’s most enduring asset
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3
Q

Packaging

A
  1. PRIMARY PACKAGE
  2. SECONDARY PACKAGE
  3. SHIPPING PACKAGE
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4
Q

main container of product

A

PRIMARY PACKAGE

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5
Q

Supports the primary container

A

SECONDARY PACKAGE

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6
Q

PROTECTS THE PRODUCT DURING SHIPMENT

A

SHIPPING PACKAGE

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7
Q

Purpose of packaging

A
  1. To protect the product
  2. To enhance the products value
  3. To stimulate sales
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8
Q

part of packaging and consist of printed information

A

Labelling

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9
Q

Function of Labelling

A
  1. It identifies the product or brand
  2. It might describe several things about product
  3. It might promote the product through attractive graphics
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10
Q

Purpose of product support services

A
  1. Good customer service is good for business.
  2. Monitor customer complaints.
  3. Set up strong customer service departments to truly give excellent service
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11
Q

Service Market Characteristic of Services

A
  1. Intangibility
  2. Inseparability
  3. Variability
  4. Perishability
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12
Q

which cannot be seen, tasted, felt, heard, or smelled before they are bought. The strategy for making the service offering more tangible is to try to draw the buyer’s attention to tangible features like place, people, price, equipment or communications that they see.

A

Intangibility

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13
Q

which are produced and consumed at the same time and cannot be separated from their providers, whether the providers are people or machines. Both the provider and the consumer affect the service outcome.

A

Inseparability

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14
Q

whose quality may vary greatly
depending on who provides them and
when, where, and how.

A

Variability

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15
Q

which cannot be stored for later sale or use. Service perishability is not a problem when demand is steady. It is, however, when demand fluctuates.

A

Perishability

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16
Q

Since the customer and the service provider interact to provide the service, the interaction must be controlled and constantly improved. (T or F)

A

True

17
Q

Successful service companies focus their attention on both their customer and their employees.

A

True

18
Q

Chain

A
  1. internal service quality
  2. satisfied and productive service employees
  3. greater service value
  4. satisfied and loyal customers
  5. healthy service profits and growth
19
Q

It is a marketing by a service firm to train and effectively motivate its customer-contact employees and all the supporting service people to work as a team to provide customer satisfaction.

A

Internal Marketing

20
Q

It is marketing by a service firm that
recognizes that perceived service quality depends heavily on the quality of buyer-seller interaction. The marketer cannot assume that they will satisfy the customer simply by providing good technical service.

A

Interactive Marketing

21
Q

3 MAJOR MARKETING TASKS

A
  1. Competitive Differentiation
  2. Service Quality
  3. Service Productivity
22
Q

This can occur by differentiating the offer, the delivery, and their
images.

A

Competitive Differentiation

23
Q

By consistently delivering higher
quality than the competition, the firm can make progress in customer retention.

A

Service Quality

24
Q

To have a good service system, the organization must:

A

a. empower front-line employees
b. be customer obsessed
c. set high service quality standards
d. watch service performance closely

25
Q

Increase productivity by training employees better. Work on quality as well as quantity of service. Use technology to help. Firms must watch pushing productivity at the expense of service quality.

A

Service Productivity

Product Management (5 decks)

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