chapter 7 - class notes march 14th Flashcards

1
Q

Product Mix

A

The complete set of all products offered by a firm

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2
Q

Product Lines

A

Groups of associated items, such as those that consumers use together or think of as part of a group of similar products.

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3
Q

Product Category

A

an assortment of items that the customers sees as reasonable substitutes for one another

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4
Q

Brands

A

Names, terms, designs, symbols or any other features that identify that one seller’s good or service as distinct from those of other sellers.

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5
Q

what does it mean to increase breadth?

A

Add new product lines

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6
Q

what does it mean to decrease breadth?

A

Delete entire product lines

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7
Q

the value of a promise consistently kept

A

branding

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8
Q
  • Names
  • Logos
  • Symbols
  • Characters
  • Slogans
  • Jingles
  • Distinctive packages
A

branding examples

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9
Q
  • Measures how many consumers in a market are framilar with a brand
  • What the brand stands for as well as an opinion on the brand
A

Brand Equity - Awareness

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10
Q

what are the 4 types of products sold to consumers?

A
  1. speciality
  2. shopping
  3. convenience
  4. unsought
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11
Q

the products benefit to the consumer, OG purpose

A

core product

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12
Q

extra service of benefit that the consumer may enjoy when they purchase product/service

A

augmented product

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13
Q

*Use of the same brandname for new products.

*Well established name

*Perception of high quality carries over

*Lower marketing costs

*Synergy among complementary products

*Boost sales of the core brand

A

brand extension benefits

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14
Q

when a company uses one of its established brand names on a new product or new product category

A

brand extension

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15
Q

*Too many extensions results in brand dilution

*Ensure the brands can be distanced from one another if need be

*Core brand & new extension may not ‘fit’ well together

*Brand associations between the two may not be similar

A

brand extension negative consequences

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16
Q

Loyalty is a deeply held commitment to re-buy or repatronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior.

A

brand loyalty

17
Q

2 ways that companies use packaging to create value?

A
  • labeling:
  • new product development
18
Q

why do firms create new products?

A
  • New market offerings provide value to both firms & customers
  • Firms MUST innovate in order to stay in business and current
  • Innovation – transformation of ideas into new products and services
19
Q
  • refers to adding new products to allow firms to create & deliver value by satisfying changing needs of
    current & new customers
  • Sometimes firms take a well-known product, such as a vacuum, & make it much more interesting such as Dyson
  • For example fashion cycles and trends in the fashion industry
A

changing customer need

20
Q
  • New products do not always target end consumers; sometimes they function to improve relationships with suppliers.
    – i.e. - Walmart
A

improving business relationships

21
Q

the process by which the use of an innovation, whether a product or as
service, spreads throughout a market group over time and over various categories of adopters.

A

diffusion of innovation

22
Q

types of adoption of innovation:

A
  • diffusion of innovation
  • pioneers
  • ## first movers
23
Q

New product introductions that
establish a completely new market or radically change both the rules
of competition and consumer preferences in a market…aka
breakthroughs.

A

pioneers

24
Q

what are the 4 factors effecting product diffusion?

A
  • compatability
  • observability
  • relative advantage
  • complexity and trialability
25
Q
  • If a product is perceived to be
    better than substitutes, then
    the diffusion will be relatively
    quick
A

relative advantage

26
Q
  • To make the product more compatible with the needs of people in different cultures, it is made in various sizes
A

compatability

27
Q
  • When products are easily observed, their benefits or uses are easily communicated to others, which enhances the diffusion process
A

observability

28
Q

 The more complex the product the longer it takes to diffuse.

 Products that can be sampled will diffuse faster

A

complexity and trialability

29
Q

the product like cycle

A
  • introduction
  • growth
  • maturity
  • decline
30
Q
  • develop new uses
  • Modify product
  • Increase frequency of use
  • increase # of users
  • Find new users
  • Reposition product
  • Tweak marketing strategy
A

Strategies for Extending the Product Life Cycle