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FINALS MARKETING MANAGEMENT > CHAPTER 5 > Flashcards

CHAPTER 5 Flashcards

TERMS / FILL IN THE BLANK / ENUMERATION / IDENTIFICATION. (97 cards)

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1
Q

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

A

PRODUCT

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2
Q

consists of both goods and services.

A

PRODUCT

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3
Q

is 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 LEVELS OF A PRODUCT

A

CORE CUSTOMER
ACTUAL PRODUCT
AUGMENTED PRODUCT

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5
Q

the fundamental benefit or value that a customer seeks when purchasing a product. It answers the question: What is the customer really buying?

A

Core Customer Value

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6
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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7
Q

Additional services and benefits that enhance the value of the actual product and differentiate it from competitors. These are not essential but improve customer satisfaction and loyalty.

A

Augmented Product

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8
Q

This includes the product’s features, design, brand, quality, and packaging.

ARE EXAMPLE OF:
A. CORE CUSTOMER VALUE
B. ACTUAL PRODUCT
C. AUGMENTED PRODUCT

A

B. ACTUAL PRODUCT

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9
Q

CONSUMER PRODUCTS

ENUMERATION:

A
  1. Convenience Products
  2. Shopping Products
  3. Durable Products
  4. Non-durable Products
  5. Specialty Products
  6. Unsought Products
  7. Services
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10
Q

INDUSTRIAL PRODUCTS

ENUMERATION:

A
  1. Material Parts
  2. Manufactured Materials & Parts
  3. Capital Items
  4. Supplies & Business Services
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11
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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12
Q

Items that do not need much effort of planning from customers.

A

CONVENIENCE PRODUCTS

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13
Q

They are used in a day-to-day life and are frequently required and can be easily purchased.

A

CONVENIENCE PRODUCTS

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14
Q

These products require special time and shopping efforts. They are purchased purposefully from special shops or markets.

A

SHOPPING PRODUCTS

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15
Q

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 of by one or more persons.

A

DURABLE PRODUCTS

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17
Q

Televisions, computer, refrigerator, and vehicles are few examples of ________ products.

A

DURABLE PRODUCTS

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18
Q

The _________________ have short span of life.

A

non-durable products

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19
Q

They should be used within small time once they are manufactured.

A

NON-DURABLE PRODUCTS

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20
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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21
Q

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

A

UNSOUGHT PRODUCTS

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22
Q

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

A

UNSOUGHT PRODUCTS

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23
Q

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

A

SERVICES

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24
Q

Unlike physical products, _________ cannot be touched, stored, or owned, but they still deliver value.

A

SERVICES

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25
_________ are often part of a company’s core offering or complement its tangible goods.
SERVICES
26
used as the inputs by manufacturing companies for further processes on the products or manufacturing other products.
INDUSTRIAL PRODUCTS
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Natural resources or unprocessed materials that are used in manufacturing or production processes.
RAW MATERIALS
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It falls into two major groups which include farm products (wheat, cotton, livestock, fruits, vegetables) and natural products (fish, lumber, crude petroleum, iron ore).
RAW MATERIALS
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Products that become part of the finished product during the manufacturing process. Example 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
30
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
32
The ___________ or product assortment refers to the complete range of goods and services that a company offers to its customers.
PRODUCT MIX
33
It represents the diversity of offerings within a company’s portfolio and is analyzed through its four dimensions:
PRODUCT MIX
34
PRODUCT MIX IS ALSO CALLED ____________________
PRODUCT ASSORTMENT
35
WHAT ARE THE FOUR MARKETING MIX? ENUMERATION
WIDTH LENGTH DEPTH CONSISTENCY
36
the number of product lines the company has to offer and sell to customers.
WIDTH
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The 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
39
Describe how closely related the product lines are in terms of use, production, and distribution channels.
CONSISTENCY
40
Is the 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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Example: Procter and Gamble (P&G) deals in various categories of products which consists of shampoo, soap, hair conditioner, etc. ARE EXAMPLE OF _____________
PRODUCT LINE
43
- is a marketing strategy of making product inimitable, distinctive and uniquely valuable to be noticeable compared with competitors.
PRODUCT DIFFERENTIATION
44
Types of Product Differentiation ENUMERATION:
1.Product form 2.Product Feature 3.Performance Quality if the Product 4.Product Durability 5.Product Reliability 6.Product Style 7.Service
45
product can be differentiated on the basis of ______________ such as physical structure, size and shape.
PRODUCT FORM
46
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.
PERFORMANCE QUALITY
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48
Differentiates 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
50
The consistency of a product in delivering promised performance without failure.
PRODUCT RELIABILITY
51
The visual appearance, design, or aesthetic appeal of the product. Differentiates products based on looks and sensory appeal.
PRODUCT STYLE
52
the support, convenience, and additional value offered with the product.
SERVICE
53
Differentiates products based on pre-sale, during-sale, or after-sale services.
SERVICE
54
A ______ is prepared by a company and can be bought by a consumer in return for money.
product
55
________ is the identity and perception of a product or company, expressed through elements such as names, symbols, designs, or values.
brand
56
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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___________ defines the associated personality of a brand as a set of: 1.Human Demographic Characteristics 2.Human Lifestyle Characteristics 3.Human Personality Traits
Jennifer Aaker
59
is the total value of the brand as a distinct asset. A brand may have a __________that could either be positive and negative.
BRAND EQUITY
60
WHAT ARE THE TYPES OF BRAND EQUITY? ENUMERATION:
BRAND AWARENESS BRAND LOYALTY BRAND PREFERENCE BRAND ASSOCIATION PERCEIVED QUALITY BRAND EXPERIENCE
61
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
65
physical features, quality, and functionality of the product, Price, packaging, or distribution.
ATTRIBUTES
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In brand association practical ______ of using the product
BENEFITS
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IN BRAND ASSOCIATION: - overall perceptions or beliefs about the brand.
ATTITUDE
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One of the chief basics of building strong brand equity is the realization of the brand promise.
PERCEIVED QUALITY
69
Customers evaluate the brand by contrasting its offering against the offerings of the competitors based on assured qualitative and quantitative factors.
PERCEIVED QUALITY
70
The holistic impression formed by a customer based on all interactions with the brand.
BRAND EXPERIENCE
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Customers with excellent ______________________ will surely consider the brand superior over other and will prefered over other brands.
BRAND EXPERIENCE
72
The degree to which consumers favor one brand over its competitors when making purchasing decisions.
BRAND PREFERENCE
73
Customers who have ________________ would look for a definite product even if it meant paying more to get the product with the preferred brand.
BRAND PREFERENCE
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The degree of commitment customers show toward a brand, often reflected in repeat purchases.
BRAND LOYALTY
75
A ___________ person constantly selects one brand over the others offering identical product. Even if the other brand are obtainable at lesser price or premium quality.
BRAND LOYALTY
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Most tangible products have to be boxed up and labeled.
PACKAGING
77
___________ and _________ can also be essential elements of the product strategy, which are often shown on the package.
Warranties guarantees
78
__________ consists of all the activities of designing and producing the container for a product.
PACKAGING
79
It plays a critical role in attracting customers, providing necessary information, and ensuring the safety of the product.
PACKAGING
80
Benefits of packaging: ENUMERATION:
1. Protect Products 2. Attract Consumers 3. Provide Information 4. 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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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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A _____________ is a promise made by a manufacturer or seller regarding the quality or performance of a product.
guarantee
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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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A __________ is a written guarantee from the manufacturer or seller to repair or replace a product if necessary within a certain period.
warranty
93
____________ 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 (NPM)
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NEW PRODUCT MANAGEMENT (NPM ENUMERATION:
1 .New-to-the-world products 2 .New product lines 3 .Additions to existing product lines 4 .Improvement and revisions to existing products 5.Repositioned products 6.Lower-priced products

FINALS MARKETING MANAGEMENT (6 decks)

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