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SGMA 217 > Chapter 13 > Flashcards

Chapter 13 Flashcards

1
Q

good

A

physcial tangible product

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2
Q

service

A

an intangible product or experience

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3
Q

what can be mass produced goods or services

A

only goods not all services

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4
Q

how do we judges goods and services

A

Goods: product

service: delivery + outcome

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5
Q

is it easy to classify a product?

A

not always!

sometimes the product is g+s (car fixed)
process of producing a good can be the service (starbucks)

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6
Q

2 types of produccts

A

consumer product (personal needs)
business product (resale/intermediate goods/investment)

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7
Q

can 1 good be ocnsumer and business product

A

yes! lightbulbs

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8
Q

types of consumer products

A

1) convenience
2) shopping
3)specialty

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9
Q

convenience products

A

cheap products thhat take lil effort (milk candy, bread)

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10
Q

shopping products

A

people willing to expend effort and planning (mattress, consoles, makeup)

they last gor a long time and bought less

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11
Q

specialty product

A

spend A LOTTTTTTTTTTTTT of money on them (they plan the purchase of it)

[gucci clothes]

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12
Q

unsought product

A

shopping ORRR specialty product

people dont seek it out until an ecenthappens (like life insurance)

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13
Q

what categroies can business products be separated into

A

1) raw metrial: basic material transformed into a physical product
2) component part: part of the physical product (either finished item or a big part of the finished product)
3)process material: used directly in producing a diff product ( cant identify it in finished product)
4) major equipment: large tools an dmachines for production purchase (drill machine, bulldozer)
5) accesory equipment: standardized equipment used in production/office activity (forklift,pcs)
6) supply:(helps in production but not part of final product) paper pencils
7) business service: janoritral/legal services

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14
Q

how is accesory and major equipment diff

A

accesory is CHEAPER and bought more regularly

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15
Q

component part vs process material

A

comp part: easily identify them in the finsihed good

process: ccant identify them in finished good (gllue)

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16
Q

why do companies innovate

A

to stay competitive

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17
Q

can innovation be in g and s

A

YES DUH; HELLO FRESH

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18
Q

pros of innovation

A

1) improved function + quality
2) cheap productiv
3) new experiences

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19
Q

what is failure rate for new products

A

50%

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20
Q

4 phases of product dev

A

idea generation

prodcut analysis

development and testing

commercialization

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21
Q

idea generation

A

brainstorming ideas to meet customer needs

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22
Q

product analysis

A

screen ideas pick the best one; lose the ones that do not fit product mix/dont work

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23
Q

product dev and testing

A

prototype, small production run, evaluate customer repsonse

“for a limited time only”

24
Q

commercialization

A

when you make the product big and launch it in market; large svale manufacturing

25
product life cycle
1 intro stage 2 growth stage 3 maturity stage 4 decline stage
26
plc intro stage
new product category, low competitiors, low profit & salees
27
plc growth satge
sales and profit increase, competitors enter marktet
28
PLC maturity stage
sales peak, profits decline as market becomes saturated comeptitors lower price
29
PLC decline stage
sales and profits decline (customer needs change) only those who can produce product at low cost determines who remains in the market
30
what does PLC look like
left skewed graph
31
introduction phase marketing strategy
market to early adopters; heavy promotion to generate interest + build awareness
32
growth phase marketing strategy
advertise and increase distribution + lower prices
33
maturity phase marketing strategy
add new features and styles + target competitors to make thesmelves loook good
34
decline phase marketing strategy
decrease production costs and marketing costs, maybe even discontiue the product
35
Product Mix
collection of all company products
36
how is the prodcut mix changes determined/ why would they wanna change product mix
cusotomer preferences competitor challenges stage of PLC simiplifying product mix
37
Product line
group of similar products that are related in the way they work/target audience these can often be under diff brand names chips, sports drinks, cereals
38
why are product lines good
1) clarity for consumers: makes easy for customers to pick 2) simpler branding: they already have a targeted brand 3) more effective management of product mix: certain managers per line
39
goals of pacakaging
protect product attract attention improve design/fucntion (resealable) provide info serve customer needs (travel size/bundels)
40
what affects product pricing
economic conditions - can prices be cut or raised industry- are they monopoly/oligopoly? higher prices PLC- beginning of life cycle HIGH price , Decline: low price
41
what are main pricing consideration
cost to producee, max willingnes to pay, competition in amerkt
42
breakeeven point
min number of units that must be sold to cover the costs
43
two types of costs
fixed costs : operating costs like rent that will be always the same no matter how much you prooduce variable costs: the costs of producing or purchasing one unit
44
What is total variable cost
variable cost * units produced
45
total cost
fixed +variable
46
Revenue- Variable cost=?
unit contribution / contribtuion margin this is the amount of money that is made after vbl costs paid, this money is ued to pay fixed costs
47
percentage of sale that is contribution margin
percentage of the sale = 1- (vbl cost/sales)
48
variable costs are also good
per unit costs
49
how to calculate how many units sold are needed to breakeven ?
fixed costs/ unit contribution= breakeven volume (q) OR fixed costs/ contribution margin = breakeven sales (p) either works, jus calculate p to q or vice versa
50
how to calculat contribution margin?
revenue- vbl costs
51
what are the 5 pricing objectives
maintain the status quo (match competitors) cmmunicate brand value (higher price=qulity) increase market share build loyal user base ( low prices to get long term customers) survival or liquidation (increase cash flow in short term)
52
pricing strategies
new product pricing: price skimming/ penetration pricing psychological pricing: odd number pricing/ multi unit pricing product line pricing: captive prcing/premium prciing/price lining promotional pricing: price leaders/ special event prciign/ comparison discounting
53
new product pricing
price skimming: highest possible price of a product when introduced in PLC (skims cream of market) penetration prcinig (low pricing to get large sales volume and market share b4 competitors notice)
54
psychological prcing
odd number prciing: 5 or 9 endings to make people think lower price multi unit pricingL single price for 2+ units (2 for 1) reference pricing: putting cheap and expensive things together so customer buys bundle pricng: selling goods TOGETHER!!! like packages EDLP: every day low pricing customary pricing: rpcing based on tradition like gum
55
product line prcing
changing the price of multiple products in a product line together captive prciingLthe basic product inproduct line is priced low, others are priced high! (razor blades and printer ink) premium pricing: highest quality product is the higherst price (ice cream, tv cable) price lining: selling goods only at certain preset prices that reflect definite price breaks
56
Promotional pricing
price leaders: priced below the usual, near cost of producing or below it (supermakrters) special event pricig xomparion discounting: sets price of product at specific levl and simulatneously compares w hihger price!!!

SGMA 217 (13 decks)

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