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Marketing 330 > Exam 2 - Chapter 11 > Flashcards

Exam 2 - Chapter 11 Flashcards

1
Q

Product

A

a good, service, or idea received in an exchange

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2
Q

Three Product Components

A

a. core product
b. symbolic and experiential benefits
c. supplemental features

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3
Q

Core Product

A

fundamental utility or main benefits

addresses the basic need of a consumer (ex: sports drink - rehydrates)

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4
Q

Symbolic and Experimental Benefits

A

experience surrounding the product or its use

ex: shopping experience at Nordstrom/symbolic meaning of Marlboro – cowboys

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5
Q

Supplemental Features

A

attributes in addition to the core

do not help the function but serve as a differentiator

ex: 10 year warrenty

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6
Q

Consumer Products (B to C)

A

products purchased to satisfy personal family wants and needs

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7
Q

Business Products (B to B)

A

products bought to use in a firm’s operations to resell or to make other products

purchased to satisfy the goals of an org

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8
Q

4 Classifications of Consumer Products

A

a. convenience products
b. shopping products
c. specialty products
d. unsought products

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9
Q

Convenience Products

A

relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort

no search, many retail outlets, heavy brand promotion – brand loyalty!

ex: coke or pepsi

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10
Q

Shopping Products

A

items for which buyers are willing to expend considerable effort in planning and making purchases; extensive searches/less frequent; fewer retail outlets; not much brand loyalty

ex: tvs or cars

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11
Q

Specialty Products

A

items with unique characteristics that buyers are willing to expend considerable effort to obtain; extensive search/high prices

ex: engagement rings/Rolex watches

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12
Q

Unsought Products

A

products purchased to solve a sudden problem, products of which customers are unaware and do not necessarily think about buying; no search; price not important; no searches; trust/relationships built prior to need

ex: car maintenance/hospital fees

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13
Q

First Moment of Truth

A

when the consumer confronts the product for the first time

ex: packaging/ads

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14
Q

Second Moment of Truth

A

when the consumer takes the product home - does it satisfy the need?

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15
Q

7 Classifications of Business Products

A

a. installations
b. accessory equipment
c. raw materials
d. component parts
e. process materials
f. MRO supplies
g. business services

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16
Q

Installations

A

products bought to use in a firm’s operation, to resell, or to make other products

facilities and non-portable equipment

ex: paper machine

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17
Q

Accessory Equipment

A

equipment that does not become part of the final physical product but is used in production or office activities

ex: calculator/file cabinet

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18
Q

Raw Materials

A

basic natural materials that become major parts of a physical product

ex: chemicals/grain

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19
Q

Component Parts

A

items that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly

ex: tires/batteries

20
Q

Process Materials

A

materials that are used directly in the production of products but are not readily identifiable

ex: wine vinegar in salad dressing

21
Q

MRO Supplies

A

maintenance, repair, and operating items that facilitate production and operation but do not become part of the finished product

ex: pencils

22
Q

Business Services

A

intangible products that many organizations use in their operations

ex: consulting accounting

23
Q

Product Item

A

a specific version of a product that is designated as a distinct offering among a firm’s products

ex: honey nut Cheerios

24
Q

Product Line

A

a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations

ex: Cherrios by GM

25
Q

Product Mix

A

the composite, or total, group of products that an organization makes available to customers

26
Q

Width of Product Mix

A

the number of product lines a company offers

27
Q

Depth of Product Mix

A

the average number of different products in each product line

28
Q

4 Stages of the Product Life Cycle

A

a. introduction
b. growth
c. maturity
d. decline

29
Q

PLC: Introduction

A

first appearance in the marketplace

sales start at zero and profits are negative

high risk of failure - only 10% of new products succeed because of high costs

30
Q

PLC: Growth

A

sales rise rapidly

profits peak and start to decline

marketers must stress brand benefits to encourage loyalty, identify segmentation, strengthen market share (**competition)

31
Q

PLC: Maturity

A

sales peak and start to decline

profits continue to fall

customers have tried/used product, has become normal and growth slows to population growth

intense competition – weak links exit market; marketers manage by finding new uses for product or increasing share of customer

ex: Arm and Hammer Baking Soda

32
Q

PLC: Decline

A

sales fall rapidly, marketers will likely eliminate/reposition items, cut promotion, eliminate marginal distributors, plan to phase out product

ex: VCR to DVD to BlueRay

33
Q

5 Stages of Production Adoption Process

A

a. awareness
b. interest
c. evaluation
d. trial
e. adoption

34
Q

Production Adoption Process: Awareness

A

the buyer becomes aware of the product

35
Q

Production Adoption Process: Interest

A

the buyer seeks info and is receptive to learning about the product

36
Q

Production Adoption Process: Evaluation

A

the buyer considers the product’s benefits and decides whether to try it, considering its value vs. the competition

37
Q

Production Adoption Process: Trial

A

the buyer examines, tests, or tries the product to determine if it meets his or her needs

ex: sampling/test drives

38
Q

Production Adoption Process: Adoption

A

the buyer purchases the product and can be expected to use it again whenever the need arises

39
Q

5 Adopter Categories

A

a. innovators
b. early adopters
c. early majority
d. late majority
e. laggards

40
Q

Innovators

A

first adopters of new products

people that have the latest things

41
Q

Early Adopters

A

people who adopt new products early, choose new products carefully, and are viewed as “the people to check with” by later adopters

tried it after innovators

42
Q

Late Majority

A

skeptics who adopt new products when they feel it is necessary

43
Q

Laggards

A

the last adopters

may distrust new products/change

ex: grandparents and tech.

44
Q

Why Some Products Fail

A

a. failure to match product to needs
b. failure to sent the right message
c. tech/design problems
d. poor timing
e. overestimate market
f. ineffective promotion

45
Q

Why do B to C fail more than B to B?

A

products are designed specifically to business needs

easier to discover/be successful with marketing mix

46
Q

Why Some Products Succeed

A

a. significant and perceivable benefits to a sizable number of customers
b. more features, ease of operation, improved tech
c. companies follow systematic, customer-focused plans

47
Q

Early Majority

A

individuals who adopt a new product just prior to the average person

Marketing 330 (16 decks)

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