Quiz 2/19 Flashcards

1
Q

Types of New Products and Services:

A

New to the world products

New category products

Product line extensions

Product improvements

Product repositioning

Cost reductions

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2
Q

How to predict success of new products:

A

Relative Advantage

Compatibility

Complexity

Trialability

Observability

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3
Q

New Product Development Process:

A
  1. Develop & Scope
  2. Business Case
  3. Develop
  4. Test and Validate
  5. Launch
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4
Q

Product Life Cycle stages:

A

Introduction
Growth
Maturity
Decline

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5
Q

Brand Management

A

A function of marketing that uses techniques to increase the perceived value of a product line or brand over time

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6
Q

Brand Manager

A

Oversees and is accountable for every aspect of the brand with a focus on driving incremental sales via brand building activities.

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7
Q

Brand Equity

A

People’s subjective and intangible feelings and perceptions about a brand.

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8
Q

Masterbrand Brand Architecture

A

Incredibly efficient, all use same name of main company

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9
Q

Endorsed Brand Architecture

A

Slightly distinct from main company. Need to add credibility, more room to grow, can be EVOLUTIONARY

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10
Q

Individual Brand Architecture

A

Sub brands that don’t attach themselves to the main brand. Very inefficient, need a lot of money, lots of room to grow

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11
Q

Products vs Services in how easy it is to evaluate

A

Products are very easy to evaluate

Services are very difficult to evaluate

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12
Q

Four I’s of Services:

A

Intangible
Inconsistent
Inseparable
Inventory

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13
Q

The 7 P’s of Service Marketing

A

Price
Product
Place
Promotion

People
Physical Environment
Process

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