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chapter 14 Flashcards

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1
Q

important
What is a total product offer or value package?

A

everything consumers evaluate when deciding to buy something

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2
Q

what is a product line?

A

group or set of products that are physically similar

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3
Q

what is the product mix?

A

the set of all products & items that a seller offers for sale

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4
Q

what is product differentiation?

A

The creation of real or perceived product differences

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5
Q

what are convenience goods and services?

A

products the consumer wants to purchase frequently and with a minimum of effort

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6
Q

what are specialty goods and services?

A

products with unique characteristics and brand identity

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7
Q

what are unsought goods and services?

A

Products consumers are unaware of, haven’t necessarily thought of buying, or suddenly find they need to solve an unexpected problem

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8
Q

marketing tasks for convenience goods

A

make them readily available & create the proper image

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9
Q

marketing task for shopping goods

A

promoted through a combination of price, quality and service

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10
Q

marketing task for specialty goods

A

reaching special market segments through advertising

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11
Q

marketing task for unsought goods

A

personal selling or online services

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12
Q

what are industrial goods/business goods/B2B goods

A

Products used in the production of other product

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13
Q

components of a total product offer

A
  1. packaging
  2. convenience
  3. brand name
  4. price
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14
Q

important
what is packaging

A

the process of designing and creating the container or wrapper for a product

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15
Q

important
why is packaging important

A
  1. Attract the buyer’s attention.
  2. Protect the goods inside from damage
  3. Describe and give information about the contents.
  4. Give some indication of price, value, and uses.
  5. Sustainability
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16
Q

important
visual and sensory elements that can evoke emotions

A
  1. Color Psychology
  2. Typography and Visual Elements
  3. Structure, Form, Material and Texture
  4. Brand Storytelling
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17
Q

important
Examples of companies with Sustainable, Biodegradable, and Eco-friendly Packaging

A
  1. nestle
  2. juhayna
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18
Q

important
Juhayna uses which type of packaging for their products?

A

tetra pack

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19
Q

important
Which company uses compostable bags made from plant-based materials?

A

egypt foods group

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20
Q

important
Which multinational company has taken steps to reduce plastic waste by introducing eco-friendly refills for their products?

A

Unilever

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21
Q

important
what is branding

A

the process of creating a unique identity and image for a product, company, or organization in the minds of consumers

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22
Q

important
importance of brand name for buyer

A

quality
reduces search time
adds prestige to purchases

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23
Q

important
importance of brand name for seller

A

help promotional efforts
add to repeat purchases
Emotional connection
differentiate products so that prices can be set higher

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24
Q

important
what is brand equity

A

the intangible value and assets associated with a brand and related symbols

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25
important what is brand awareness
how quickly or easily a brand name comes to mind when someone mentions a product category
26
important what contributes to brand equity
consistent branding efforts positive customer experiences delivering on brand promises
27
important what is a logo
a visual representation of a brand. It is a unique and recognizable symbol, icon, or design that represents the brand
28
important importance of a logo
1.brand identity 2.Memorability 3.Differentiation
29
important what is a slogan
A catchphrase representing a product and a company, communicating the key message you want consumers to associate with your brand
30
important What is the difference between Branding, logo, and Slogan?
Branding is the overall process of creating an identity and image for a product or company. A logo is a visual symbol that represents the brand; a slogan is a phrase that communicates the brand's key image
31
What are the possible reasons for business failures?
Insufficient Marketing Research lack of differentiation  Failure to have a competitive advantage Poor packaging
32
what is new product development?
the step-by-step approach that companies follow to innovate and bring new products to the market.
33
new product development process
idea generation product screening product analysis development testing commercialization
34
what happens in product screening?
In this step, the generated ideas are evaluated
35
what happens in product analysis
This step involves conducting a thorough analysis of the potential market
36
what happens in product development and testing
develop a prototype, or sample, so that consumers can try
37
example of product development and testing
KFC tested the market for 3 years the president says "we had to get it right"
38
what happens in commercialization
Promoting the product to distributors & retailers to get wide distribution
39
important what is the product life cycle
the stages a product goes through from its introduction to its eventual decline in the market. 
40
important stages of product life cycle
Introduction Growth  Maturity Decline 
41
important what happens in the introduction
The product is launched into the market.  Sales are typically low due to limited customer awareness and high marketing costs
42
important marketing mix in the introduction
Companies focus on creating product awareness and building brand recognition. 
43
important what happens in growth
the product gains acceptance, and sales start to increase rapidly
44
important marketing mix in growth
Companies concentrate on building market share and increasing sales
45
important what happens in maturity
stabilized sales and intense competition.  Market saturation occurs, and competitive pricing becomes more common
46
important marketing mix in maturity
Companies focus on differentiation strategies, customer retention, and maximizing profitability. 
47
important what happens in decline
sales and profits decline as the product loses relevance
48
important marketing mix in decline
Companies may choose to discontinue or reposition the product
49
important What is the primary marketing strategy in the decline stage of the product life cycle?
Focus on niche markets
50
what is pricing
the process of determining the value of a product or service and setting a price that customers are expected to pay
51
pricing objectives
obtain profit building traffic greater market share
52
what is breakeven analysis?
a financial tool used to determine the point at which a company's total revenue equals its total costs, resulting in neither profit nor loss. 
53
bep formula
fixed cost/price-variable cost
54
important what is cost-based pricing
adding a markup percentage to the cost of production to determine the selling price
55
important advantage of cost-based pricing
It ensures that costs are covered and provides a desired profit margin
56
important disadvantage of cost-based pricing
prices may be set too high, so customers won't buy
57
important demand-based pricing
1. estimating the selling price that customers would be willing to pay for a product 2. the desired profit margin is subtracted from this price 3. the remaining amount will be the maximum allowable cost for producing the item
58
important what is competition-based pricing
Is a strategy based on what all the other competitors are doing. the price can be at, above, or below competitors' prices.
59
important what is price leadership
a strategy where one or more dominant firms set prices that all competitors in an industry follow.
60
important what is a skimming pricing strategy
setting higher prices for products or services to create a perception of superior quality, exclusivity, or luxury
61
important advantage of skimming pricing strategy
help recover R&D costs and make as much profit as possible
62
important the disadvantage of skimming pricing strategy
Once other companies notice the profitability of the product, they might introduce similar offerings or alternatives
63
important what is the penetration strategy
to price the new products at a lower price, then eventually increase it
64
important advantage of a penetration strategy
Low prices will attract more buyers
65
important what is everyday low pricing (EDLP)
Setting prices lower than competitors and then not having any special sales.
66
important what is a high-low pricing strategy
Setting prices that are higher than EDLP stores but having many special sales where the prices are lower than competitors.
67
Important what is psychological pricing
Pricing goods and services at price points that make the product appear less expensive than it is
68
important what is bundle pricing
offering multiple products or services as a package for a lower price compared to purchasing them individually

key concepts (7 decks)

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