Chapter 10 Flashcards
(31 cards)
Which 3 elements will a consumer use to judge a product?
- Product features and quality
- Service mix
- Quality and price
Define product
Anything that can be offered to a market to satisfy a need or want
What are 5 product levels of market offering?
- Core benefit (service of benefit consumer is buying)
- Basic product (core benefit in object/product)
- Expected product (expected by consumer of product)
- Augmented product (exceed expectation of consumer)
- Potential product (transformations in the future)
What are 3 product classifications?
- Durability and tangibility
- Consumer goods
- Industrial goods
Name 5 product differentiation possibilities
- Form
- Features
- Customization
- Performance quality
- Conformance quality
What can one do when a product is not easily differentiated?
- Add value servies and improve their quality
Define design
Totality of features that affect how a product feels, looks, functions to a customer
Define product system
Group of diverse but related items that function in a compatible manner
Define product map
Visualization to see which competitors’ items are competing against yours
Define line stretching
Offering a product line to more market segments
Define line filling
Adding more products to a product line
Define product-mix marketing
Search for a set of prices that maximize profits
Define co-branding
Two or more well-known brands are marketed together (BaCo)
What are advantages and disadvantages of co-branding?
Advantage: reduce costs, learn from other company
Disadvantage: Risks, consumer expectations are high)
Define packaging
All activities of designing and producing the container for a product
Give 4 functions for a label:
- Identification
- Grading
- Describing
- Promoting
Define warranties
Formal statements of expected performance by producer and legally enforcable
Define incremental innovation
Entering new markets by tweaking existing products
What are the 9 stages of product development?
- Idea generation
- Idea screening
- Concept development
- Concept testing
- Marketing strategy development
- Business analysis
- Product development
- Market testing
- Commercialization
Define innovation
Any good, service or idea that someone perceives as new
What are the 5 steps of the consumer-adoption process?
- Awareness
- Interest
- Evaluation
- Trial
- Adoption
Define the consumer-adoption process
Mental steps through which an individual passes from hearing about an innovation to final adoption
What are the 5 categories of innovativeness of a person?
- Innovators
- Early adopters
- Early majority
- Late majority
- Laggards
What 5 factors influence an innovation rate of adoption
- Relative advantage (superiority to alternatives)
- Compatibility (matching values with consumer)
- Complexity (difficult to understand)
- Divisibility (testing on limited basis)
- Communicability (benefits observable and describable)
