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MKC1200 > Week 6 > Flashcards

Week 6 Flashcards

1
Q

What is a product?

A
  • A product is a good, service or idea offered to the market for exchange
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2
Q

What are the components of the total product concept?

A
  • Core → what they are buying (benefit that is wanted)
  • Expected → Can see (eg. brand names)
  • Augmented → Benefits not needed, but might distinguish
  • Potential → May be added
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3
Q

How are products classified?

A
  • Consumer products → products purchased by households and individuals for their own private consumption
  • Business-to-Business products → products purchased by individuals and organisations for use in the production of other products or for use in their daily business operations
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4
Q

What are the stages of the product life cycle?

A
  1. New product development
  2. Introduction (slow growth/loss)
  3. Growth (sales pick-up)
  4. Maturity (maximum sales revenue)
  5. Decline (sales drop)
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5
Q

What are the stages of new product development?

A
  1. Idea generation
  2. Screening → Which are good ideas now?
  3. Concept evaluation → How is it going to work?
  4. Marketing strategy → Who is our target market? Strategy?
  5. Business analysis → Will there be a profit?
  6. Product development → Does the product work?
  7. Test marketing → Trial market to see whether the product works for the target market?
  8. Commercialisation → Launch product
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6
Q

What are the stages of the product adoption process?

A
  1. Awareness
  2. Interest
  3. Evaluation
  4. Trial
  5. Adoption
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7
Q

What is the diffusion of innovations?

A
  • The concept showing that people with different characteristics buy products at different times
    • Innovators
    • Early Adopters
    • Early Majority
    • Late Majority
    • Laggards
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8
Q

What is a brand?

A
  • Brand refers to a collection of symbols, such as the name, logo, slogan and design, intended to create an image in the customer’s mind that differentiates a product from competitors’ products.
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9
Q

What is brand equity?

A
  • The added value that a brand gives a product is known as brand equity.
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10
Q

What are the different types of brand ownership?

A
  • Manufacturer brands
  • Private label brands
  • Generic brands
  • Licensing
  • Franchising
  • Co-branding
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11
Q

What are manufacturer brands?

A
  • Person who makes the product, names the product
    • eg. Ford
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12
Q

What are private label brands?

A
  • Manufacturers make products for other people, and labelled by the other people
    • eg. Woolworths Select
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13
Q

What are generic brands?

A
  • Products that are not branded
    • eg. Salts
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14
Q

What is licensing, in relation to brands?

A
  • Somebody purchases the right to use another brand name
    • eg. Disney characters
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15
Q

What is franchising, in relation to branding?

A
  • Sell the business idea to other people
    • eg. McDonalds
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16
Q

What is co-branding?

A
  • Two different businesses branding one product
    • eg. Smith/Heinz Tomato Sauce Chips
17
Q

What are the different ways products are packaged?

A
  • Primary packaging → bottle
  • Secondary packaging → box
  • Shipping package → shipping box
18
Q

What are the components of the Product/Market growth strategy matrix and what does it show?

A
  • Shows there are 4 ways businesses can grow
    1. Market penetration → We sell more of our existing product to existing customers
    2. Market development → We sell more of the existing product to new customers
    3. Product development → We sell new products to our existing customers
    4. Diversification → We sell new products to new customers
19
Q

What are the types of consumer products?

A
  • Shopping products → If you would walk past one shop to get to another
  • Unsought products → Consumers would not buy or know about
    • eg. Funeral insurance
  • Convenience products (eg. staple, impulse, emergency) → If you would not walk past one shop to get to another
    • eg. Umbrella, bandaids
  • Specialty products → Care taken in buying (Drive across town)
    • eg. Rolex watch
20
Q

What are the business-to-business products?

A
  • Parts and materials (Raw materials and components)
  • Equipment (Capital equipment and Accessory equipment)
  • Services and supplies (Business services, MRO supplies)

MKC1200 (12 decks)

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