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[Finals] MARKETING MANAGEMENT > Chapter 5 > Flashcards

Chapter 5 Flashcards

PRODUCT STRATEGY (98 cards)

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1
Q

one of the significant elements of marketing mix (4P’s)

A

PRODUCT

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2
Q

consist of both goods and services

A

PRODUCT

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3
Q

a package of benefits both physical and psychological that a marketer wants to present, or pack of expectations that consumers desire to realize

A

PRODUCT

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4
Q

THREE LEVES OF PRODUCT

A
  1. CORE CUSTOMER VALUE
  2. ACTUAL PRODUCT
  3. AUGMENTED PRODUCT
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5
Q

The fundamental benefit or value that a customer seeks when purchasing a product.

A

CORE CUSTOMER VALUE

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6
Q

It answers the question: What is the customer really buying?

A

CORE CUSTOMER VALUE

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7
Q

The tangible or physical product that delivers the core benefit. This includes the product’s features, design, brand, quality, and packaging.

A

ACTUAL PRODUCT

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8
Q

Additional services and benefits that enhance the value of the actual product and differentiate it from competitors.

A

AUGMENTED PRODUCT

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9
Q

These are not essential but improve customer satisfaction and loyalty.

A

AUGMENTED PRODUCT

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10
Q

2 TYPES OF PRODUCT

A

CONSUMER PRODUCTS
INDUSTRIAL PRODUCTS

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11
Q

TYPES OF CONSUMER PRODUCTS

A

Convenience Products
Shopping Products
Durable Products
Non-Durable Products
Specialty Products
Unsought Products
Services

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12
Q

TYPES OF INDUSTRIAL PRODUCTS

A

Material Parts
Manufactured Materials & Parts
Capital Items
Supplies & Business Services

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13
Q

Items which are used by ultimate consumers or households, and they can be used without further commercial and engineering processes.

A

CONSUMER PRODUCTS

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14
Q

Items that do not need much effort of planning from customers. They are used in day-to-day life and are frequently required and can be easily purchased.

A

CONVENIENCE PRODUCTS

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15
Q

These products require special time and shopping efforts. They are purchased purposefully from special shops or markets. Quality, price, brand, style and others are essential standards to be considered.

A

SHOPPING PRODUCTS

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16
Q

Can be used for an extended time and can be repetitively made used by one or more persons. Televisions, computers, refrigerator, and vehicles are few examples.

A

DURABLE PRODUCTS

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17
Q

The products that have a short span of life. They should be used within a small time once they are manufactured.

A

NON-DURABLE PRODUCTS

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18
Q

Unique or high-end products for which consumers are willing to make a special effort to purchase

A

SPECIALTY PRODUCTS

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19
Q

These are items customers are not aware of or do not often think about.

A

UNSOUGHT PRODUCTS

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20
Q

New products that have no brand recognition fall under this classification.

A

UNSOUGHT PRODUCTS

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21
Q

Refers to intangible offerings provided by businesses to fulfill customer needs and wants.

A

SERVICES

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22
Q

Unlike physical products, they cannot be touched, stored, or owned, but they still deliver value. They are often part of a company’s core offering or complement its tangible goods.

A

SERVICES

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23
Q

Used as the inputs by manufacturing companies for further processes on the products or manufacturing other products.

A

INDUSTRIAL PRODUCTS

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24
Q

Natural resources or unprocessed materials that are used in manufacturing or production processes

A

RAW MATERIALS

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25
2 TYPES OF RAW MATERIALS
1. FARM PRODUCTS 2. NATURAL PRODUCTS
26
Products that become part of the finished product during the manufacturing process. Examples are engine parts, screws, circuit boards, and glass for windows.
COMPONENTS & PARTS
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Durable goods used in the production process but not part of the final product. Examples are machinery, tools, buildings, and vehicles.
CAPITAL GOODS
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Products used in the daily operations of a business but not part of the final product. Examples are lubricants, cleaning supplies, office stationery and protective gear.
SUPPLIES & CONSUMABLES
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Intangible offerings that aid in the operation or maintenance of a business. Examples are equipment repair, IT support, logistics services, and consulting.
INDUSTRIAL SERVICES
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Product mix is also called as?
PRODUCT ASSORTMENT
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refers to the complete range of goods and services that a company offers to its customers.
PRODUCT MIX
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It represents the diversity of offerings within a company’s portfolio and is analyzed through its four dimensions
PRODUCT MIX
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FOUR DIMENSIONS OF PRODUCT MIX
WIDTH LENGTH DEPTH CONSISTENCY
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The number of product lines the company has to offer and sell to customers
WIDTH
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he total number of products in all the product lines
LENGTH
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The variety of versions or options for each product in a product line
DEPTH
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describe how closely related the product lines are in terms of use, production, and distribution channels.
CONSISTENCY
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Distinctive product a company offers.
PRODUCT LINE
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Is a group of products that are closely related to each other by function, customer group, market or price range.
PRODUCT LINE
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Is a marketing strategy of making product inimitable, distinctive and uniquely valuable to be noticeable compared with competitors.
PRODUCT DIFFERENTIATION
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TYPES OF PRODUCT DIFFERENTIATION
1. PRODUCT FORM 2. PRODUCT FEATURES 3. PERFORMANCE QUALITY 4. PRODUCT DURABILITY 5. PRODUCT RELIABILITY 6. PRODUCT STYLE 7. SERVICE
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Product can be differentiated on the basis of product form such as physical structure, size and shape
PRODUCT FORM
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Specific characteristics or functionalities that a product offers beyond its basic purpose. Enhances usability and value for customers.
PRODUCT FEATURES
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The product’s ability to perform its core function effectively and meet customer expectations. Differentiate products based on superior functionality or efficiency.
PERFORMANCE QUALITY
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The ability of a product to withstand wear and tear or last over time. Attracts customers seeking long-lasting products.
PRODUCT DURABILITY
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The consistency of a product in delivering promised performance without failure.
PRODUCT RELIABILITY
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The visual appearance, design, or aesthetic appeal of the product. Differentiates products based on looks and sensory appeal
PRODUCT STYLE
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The support, convenience, and additional value offered with the product. Differentiates products based on pre-sale, during-sale, or after-sale services.
SERVICE
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prepared by a company and can be bought by a consumer in return for money
PRODUCT
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identity and perception of a product or company, expressed through elements such as names, symbols, designs, or values. It creates emotional and psychological connections with customers
BRAND
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Is the unique and long lasting personification of a brand. It includes personality features/characteristics.
BRAND PERSONALITY
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Who defines the associated personality of a brand as a set of: Human Demographic Characteristics Human Lifestyle Characteristics Human Personality Traits
JENNIFER AAKER
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WHAT ARE THE BRAND PERSONALITIES
PURIST PIONEER SOURCE CONQUEROR REBEL WIZARD STRAIGHT SHOOTER SEDUCER PROTECTOR IMAGINEER EMPEROR
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Wholesomeness, honest, ethical, values-driven
PURIST
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Innovative, trailblazing, visionary
PIONEER
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Values such as truth, objectivity, education, discipline and commitment.
SOURCE
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associated with resilience, ambitious, competitive
CONQUEROR
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Independence, controversy, freedom and nonconformity
REBEL
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Values such as imagination, surprise and curiosity. Specialize in transforming ordinary into extraordinary.
WIZARD
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Brands value authenticity, honesty, and frankness
STRAIGHT SHOOTER
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Values such as beauty, pleasure, passion, desire
SEDUCER
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Embody compassion, kindness, care, love
PROTECTOR
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Original thinking, vision, artistry, and creativit
IMAGINEER
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Leadership, determination, respect, dominance
EMPEROR
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Is the total value of the brand as a distinct asset.
BRAND EQUITY
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The extent to which consumers recognize or recall a brand under different conditions.
BRAND AWARENESS
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Once the product category is cited, the customers recognize the brand from the lists of brands made known.
AIDED AWARENESS
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On citing the product category, that first brand that comes first on the mind of customers is the brand.
TOP OF MIND AWARENESS OR IMMEDIATE BRAND RECALL
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The mental links that consumers form between a brand and its attributes, benefits, or emotions.
BRAND ASSOCIATION
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TYPES OF BRAND ASSOCIATION
ATTRIBUTES BENEFITS ATTITUDE
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Physical features, quality, and functionality of the product, price, packaging or distribution.
ATTRIBUTES
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Practical benefits of using the product
BENEFITS
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Overall perceptions or beliefs about the brand
ATTITUDE
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One of the chief basics of building strong brand equity it the realization of the brand promise
PERCEIVED QUALITY
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Customers evaluate the brand by contrasting its offering against the offerings of the competitors based on assured qualitative and quantitative factors.
PERCEIVED QUALITY
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The holistic impression formed by a customer based on all interactions with the brand.
BRAND EXPERIENCE
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Customers with excellent brand experience will surely consider the brand superior over others and will preferred it over other brands.
BRAND EXPERIENCE
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The degree to which consumers favor one brand over its competitors when making purchasing decisions.
BRAND PREFERENCE
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The degree of commitment customers show toward a brand, often reflected in repeat purchases
BRAND LOYALTY
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constantly selects one brand over the others offering identical products. Even if the other brands are obtainable at lesser price or premium quality.
BRAND LOYAL PERSON
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Consists of all the activities of designing and producing the container for a product. It plays a critical role in attractive customers, providing necessary information, and ensuring the safety of the product.
PACKAGING
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BENEFITS OF PACKAGING
PROTECT PRODUCTS ATTRACT CONSUMERS PROVIDE INFORMATION REINFORCE BRANDING AND LOGO
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The printed or written information on the product or its packaging
LABELING
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It provides essential details about the product and helps consumers make informed decisions.
LABELING
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TYPES OF LABELING
DRY PEEL LABELS FOLD-OUT LABELS RESEAL LABELS EXPANDABLE RESEAL BOOKLET SPECIALTY DIE-CUT LABELS TAG&BOARD PACKAGING PRIME LABELS
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Can be peeled away or removed from the product container or package
DRY PEEL LABELS
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Provide additional content
FOLD-OUT LABELS
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Able to reseal the packaging or container
RESEAL LABELS
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Can be foldout and reseal
EXPANDABLE RESEAL BOOKLET
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Have a unique shape of outline
SPECIALTY DIE-CUT LABELS
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Use thicker board stock as the printing material
TAG & BOARD PACKAGING
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Primary label on a container or packaging
PRIME LABELS
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Is a promise made by a manufacturer or seller regarding the quality or performance of a product.
GUARANTEES
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It assures customers that the product will meet certain standards, and if not, the company will offer compensation or a replacement.
GUARANTEES
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Is a written guarantee from the manufacturer or seller to repair or replace a product if necessary within a certain period.
WARRANTIES
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typically cover defects in materials, workmanship, or functionality.
WARRANTIES
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is a process of producing a goods or services from idea to bringing it to the market
NEW PRODUCT MANAGEMENT
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NEW PRODUCT MANAGEMENT (6 ENUMERATION)
New-to-the-world products New product lines Additions to existing product lines Improvement and revisions to existing products Repositioned products Lower-priced products

[Finals] MARKETING MANAGEMENT (1 decks)

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