10.2 develop effective products and services Flashcards Preview

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Flashcards in 10.2 develop effective products and services Deck (32):
1

analyzing existing information gathered for another purpose but used to solve a current problem

secondary research

2

provides a unique identification for a company's products

brand name

3

true or false

most new products introduced by companies are not totally new, but are improvements on existing products

true

4

many ideas for product improvements result from ____ of consumers and from their experience in using current products

many ideas for product improvements result from ideas of consumers and from their experience in using current products

5

true or false

the first step in marketing research is to develop a data collection procedure

false

 

first step - define the marketing problem

6

additions and improvements to the basic product are known as _____

product features

7

services are ____, meaning that the availability of a service must match the demand for that service at a specific time

perishable

8

____ product planning is a costly and time consuming process, companies invest several million dollars and spend years developing these products

new product planning is a costly and time consuming process, companies invest several million dollars and spend years developing these products

9

What are the components of a product?

  • basic product
  • product features
  • options
  • brand name
  • packaging
  • guarantee/warranty

10

everything a business offers to satisfy a customer's needs

product

 

a product is made up of several components

11

studies carried out to gather new information specifically directed at a current problem

primary research

12

collect information by recording the actions of consumers rather than asking them questions, done by marketing researchers

observations

13

What are the 5 steps in a marketing research study?

  1. define the marketing problem
  2. study the situation
  3. develop a data collection prodedure
  4. gather and analyze information
  5. propose a solution

14

 a way to build customer confidence in a company's products is by offering a ___

guarantee or warranty

 

if the product breaks or does not meet customer expectations, the company will repair, replace or provide a refund

15

tangible items you can see and examine

products

ex.  books, boats, hamburgers

16

services are _____, meaning that they are consumed at the same time they are produced

inseparable

17

provides protection and security for the product before it is used, may also make product storage and use easier

packaging

18

services are ____, meaning they have no physical form

intangible

19

a research method where a small number of consumers take part in a group discussion

focus group

 

this is a less structured way of gathering the ideas, experiences and opinions of consumers

20

the simplest form of a product

basic product

 

is not unique and is usually available from several companies

21

_____ gather information from people using a carefully planned set of questions

surveys

22

the availability of a service must match the demand for that service at a specific time because it is:

  • heterogeneous
  • perishable
  • inseparable
  • intangible

perishable

23

an ____ presents two carefully controlled alternatives to subjects in order to determine which is preferred or has better results

experiment

24

services are _____, meaning that there will be differences in the type of quality of service provided

heterogeneous

25

all marketing research studies involve gathering and analyzing ______

information

26

activities that are consumed at the same time they are produced

services

27

finding solutions to problems through carefully designed studies involving consumers

marketing research

28

What are the stages of new product planning?

 

 

  • idea development - creative process to generate new product ideas.  ideas come from scientists, suggestions of salespeople & other employees, from consumer surveys, and consumer focus groups
  • idea screening - companies have lots of new ideas then evaluate all of them to see if there is a demand for each product
  • strategy development - develop a full marketing strategy for one of the ideas, target market for the product is studied, alternative marketing mixes developed
  • production and financial planning - company develops a production procedure and identifies the facilities, equipment and people that will be needed to produce the product.  costs of production and marketing are determined and a financial plan is developed to make sure product will make a profit
  • limited production and test marketing - company produces a limited quantity of the product and test it in a small part of the market.  this allows the company to make sure the product can be produced and marketed as planned before a large investment is made for full production
  • full scale production - if a product is successful in all prior steps then a full scale production and marketing is done for the product.   company continues to gather info on production and sales to be sure financial projections are being met.  competitors also watch because they will probably introduce competitive products

29

when customers are offered choices of features, the choices are known as ____

options

 

when buying car, can choose color, engine size, navagation, etc

30

Most surveys are sent to consumers through the ____, or by using the ____, or done over the _____

most surveys are sent to consumers through the mail, by using the internet, or done over the phone

31

most products that are identified as new in a company's advertising _____ (are/are not) new at all

most products that are identified as new in a company's advertising are not new at all

 

most 'new' products are really just old products with minor or major improvements

32

In what ways are services different from products?

  • products can be seen and examined, services cannot
  • services are intangible, inseparable, perishable and heterogeneous