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ba 370 (marketing) > chapter 6 (unit 2) > Flashcards

chapter 6 (unit 2) Flashcards

1
Q

QUIZ: Which of the following is NOT included in the product attribute levels?
* Add-on attributes
* Core benefit
* Necessary attributes
* Expected attributes

A
  • Necessary attributes
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2
Q

QUIZ: The basic attributes that are necessary to deliver the benefits are called?
* Expected attributes
* Core benefits
* Add-on attributes
* Both expected attributes and core benefits

A
  • Expected attributes
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3
Q

QUIZ: The chapter discussed a few specific subtypes of convenience products. Which of the following is considered a subtype of convenience product?
* Impulse product
* Consumer packaged good (CPG)
* Staple product
* All of these

A
  • All of these
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4
Q

QUIZ: True or False: A product life cycle describes the typical pattern that an
unsuccessful new product takes, from development to the end of its
life.

A

false

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5
Q

QUIZ: are easily explained and quickly adopted by consumers.
* Low-learning products
* High-learning products
* Benefits
* Convenience products

A
  • Low-learning products
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6
Q

QUIZ: True or False: A key component of a product - especially in consumer goods - is the product packaging.

A

true

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7
Q

QUIZ: What kind of packaging holds a number of individual units to form a wholesale unit?
* Tertiary packaging
* Secondary packaging
* Primary packaging
* None of these

A
  • Secondary packaging
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8
Q

QUIZ: In the __ stage, product sales have leveled off and profits are beginning to decline.
* Decline
* Product development
* Maturity
* Growth

A
  • Maturity
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9
Q

QUIZ: Which type of good is consumed quickly and often?
* Impulse product
* Emergency product
* Staple product
* Consumer packaged good

A
  • Consumer packaged good
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10
Q

QUIZ: __ products have a short life cycle that is cyclical.
* Fad
* Fashion
* High-learning
* Low-learning

A
  • Fashion
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11
Q

product attributes

A

The characteristics by which product are identified and differentiated

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12
Q

levels of attributes:

A

in a circle

Inner:
core benefits
expected attributes
add-on attributes
Outer:

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13
Q

core benefits

A

the main benefit a consumer gets from a product

EX: convenient communication

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14
Q

expected attributes

A

the basic attributes necessary for delivering benefits or that have become expected

EX: hd filming and good phone reception

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15
Q

add-on attributes

A

unexpected extra attributes

EX: color of phone and large storage for pictures

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16
Q

four product categories

A

convenience
shopping
speciality
unsought

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17
Q

convenience products

A

purchased frequently, widely available, priced affordably

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18
Q

shopping products

A

consumers spend more time thinking about and purchasing a shopping product

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19
Q

speciality products

A

have unique attributes

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20
Q

unsought products

A

products that the consumers have no awareness of until an external cue

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21
Q

durable products

A

These products last a long time and are not consumed quickly

22
Q

non-durable products

A

Only valuable for a short period of time; they are consumed quickly or lose value quickly

23
Q

staple products

A

Basic items that most people need; they usually are widely available

24
Q

consumer packaged good (CPG)

A

Consumed quickly and often; most food items at the grocery store would qualify

25
impluse products
Low cost and purchased with little thought – or on impulse
26
emergency product
Purchased during an immediate need or emergency EX: . For example, imagine that you are competing at a sporting event in hot weather. You realize that you have left all the water and food at home. It suddenly becomes very important that you have sufficient hydration. You notice that the concession stand is selling water, but it’s $3 a bottle. You are willing to pay more for items
27
product life cycle (PLC)
The typical pattern that a successful new product takes, from development to the end of its life
28
(PLC) product class
A group of products that are generally considered as substitutes for one another EX: automobiles
29
(PLC) product form
Smaller segment of the product class It refers to the different types of products or variations within the product class EX: pickup trucks
30
(PLC) product brand
The specific product offered by a company EX: Toyota Tundra pickup truck
31
most profits and sales occur
during growth and maturity breakeven is at the beginning of growth
32
product life cycle stage: 1. product development
The product is still being developed and tested During this product development stage, it’s important for a marketer to do any preliminary marketing research to determine customer needs
33
product life cycle stage: 2. introduction
The product is first offered for sale commercially Marketing should focus on increasing brand awareness by informing and educating consumers about the product The company begins selling the product and begins recovering investment costs. For a successful product, the sales are sufficient to recover the investment costs and reach a break-even point (the point where total revenue and expenses are equal). There is little market competition at this stage.
34
product life cycle stage: 3. growth
Here sales increase and profits rise The marketing strategy here is to communicate to consumers why that they should buy your product This relates back to the concept of positioning: At this stage, consumers already know about a product, but they also have new options from which to choose.
35
product life cycle stage: 4. maturity
Product sales have leveled off and profits are beginning to decrease The marketing strategy here shifts from gaining market share to maintaining it and the promotion focuses on reminding customers about the product Companies with products that aren’t as competitive or profitable are beginning to leave the market. At this stage, many companies have now developed a full product line to appeal to consumers. Any brand loyalty that has been built can help here in maintaining product sales. The company can also look to extend the life cycle in this stage
36
product life cycle stage: 5. decline
In the decline stage, profits are dropping off dramatically and companies are exiting the market No further money is invested into product development or advertising
37
extending the product life cycle: market modification
Increase efforts for more frequent use in current market Find new uses for current market Find new users modyfing the product itself
38
extending the product life cycle: product modification
Modifying the product itself: the company will add new product features or even slightly change the size of the product or packaging
39
decline: high-learning product
Takes longer to explain to the public so the product is understood
40
decline: low-learning product
Easily explained and quickly adopted by consumers
41
decline: fashion
A short life cycle curve that is cyclical
42
decline: fad
Experiences fast growth and and a sharp decline
43
functions of packaging
To communicate the brand and its benefits To protect the product from damage or leakage To present any government-required warning or information labels
44
levels of packaging: primary
Holds one single unit of a product usually seen on store shelves
45
levels of packaging: secondary
Holds a number of individual units to form a wholesale unit seen in retail stores (box of canned soup, open it up and put individual cans on shelves)
46
levels of packaging: tertiary
Designed to carry a number of wholesale units and ship everything company may shup several of its product lines on one large pallet to a retail store
47
unboxing defined and its experience
definition: The act of opening the package of a newly purchased product, removing the product, and looking through all of the features or items that came with the product experience: An unboxing experience is a way for sellers to differentiate and brand products and to connect with customers It can create a wow factor, which helps bring positive word-of-mouth advertising Especially useful for online sales 40 percent of shoppers say they would be somewhat more likely or much more likely to purchase again if they ordered a package online and it came in a gift-like or premium package.”
48
different stages of the product life cycle call for..
Different marketing strategies
49
different products or services may cause..
Variations to the standard product life cycle
50
following trends with packaging and labeling can cause
A significant benefit and increase in future purchases

ba 370 (marketing) (16 decks)

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