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Marketing 330 > Exam 2 - Chapter 12 > Flashcards

Exam 2 - Chapter 12 Flashcards

1
Q

Managing Existing Products

A

must be able to adjust products’ features in response to changes in customers’ needs

develop, alter and maintain marketing mix

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2
Q

Line Extensions

A

the development of a product closely related to existing products in the line but designated specifically to meet different customer needs

increase sales; take market share from competitors

ex: cheerios

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3
Q

Product Modification

A

changing one or more characteristics of a product

differs from a line extension because original product is dropped from the line

ex: Windows 8

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4
Q

Quality Modifications

A

changes to a product’s dependability and durability

ex: cars lasting longer

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5
Q

Functional Modifications

A

changes that affect a product’s versatility, effectiveness, convenience, or safety

ex: camera in cars

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6
Q

Aesthetic Modifications

A

changes to the sensory appeal of a product

ex: fasion

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7
Q

3 Types of Product Modifications

A

a. quality
b. functional
c. aesthetic

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8
Q

Developing New Products

A

enhances a product mix and adds depth to a product line

can be risky and expensive

only about 10% make it

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9
Q

New Product

A

a. never been sold by any organization/completely new
b. modified product that existed previously
c. product a specific company has not marketed previously but similar products have been available from other companies
d. brought to one or more markets from another market

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10
Q

7 Steps of the New-Product Development Process

A

a. idea generation
b. screening
c. concept testing
d. business analysis
e. product development
f. test marketing
g. commercialization

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11
Q

New-Product Development Process: Step 1

A

Idea Generation

the activity of seeking product ideas to achieve organizational objectives

can come from internal departments or franchisees, customers, competitors, advertising agencies, consultants or even outsourcing

**hardest step

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12
Q

New-Product Development Process: Step 2

A

Screening

check stage - is this product appropriate for our company? does it need work?

**step where most products are rejected

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13
Q

New-Product Development Process: Step 3

A

Concept Testing

seeking a sample of potential buyers’ responses to a product idea

focus groups/which ideas passed?

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14
Q

New-Product Development Process: Step 4

A

Business Analysis

involves evaluating the potential impact of a product idea on the firm’s sales, costs, and profits

what effect will this have on our company?

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15
Q

New-Product Development Process: Step 5

A

Product Development

determining if producing a product is technically feasible and cost effective

can we deliver the product to the consumer at a price where we can expect to make money??

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16
Q

New-Product Development Process: Step 6

A

Test Marketing

a limited introduction of a product in geographic areas chosen to represent the intended market

**expensive

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17
Q

New-Product Development Process: Step 7

A

Commercialization

refining and finalizing plans and budgets for full-scale expansion/marketing

18
Q

Product Differentiation

A

creating and designing products so customers perceive them as different from competing products

customer perception is critical (quality, design and features, support services)

19
Q

Level of Quality

A

the amount of quality a product possesses

too much could lead to over engineering

20
Q

Consistency of Quality

A

the degree to which a product has the same level of quality over time

21
Q

Product Design

A

how a product is conceived, planned, and produced

22
Q

Syling

A

the physical appearance of a product

23
Q

Product Features

A

specific design characteristics that allow a product to perform certain tasks

add or subtract to differentiate

24
Q

Components of a Product

A

a. core
b. symbols of excellence
c. supplement

25
Q

Product Support and Customer Services

A

human or mechanical efforts or activities that add value to a product

ex: deliver/installation, customer training, repairs, financing, websites, etc.

26
Q

Product Prositioning

A

the decisions and activities intended to create and maintain a certain concept of the product in customers’ mind

(how do I get my customers to automatically recognize my product and it’s benefits on their own?)

27
Q

Perceptual Maps

A

created by questioning a sample of consumers about their perceptions of many similar products, brands, and organizations with respect to two or more dimensions such as types of pain killers for expensive, inexpensive, for headaches, for body aches, etc. (think Punnet Square)

28
Q

Head to Head Basis for Positioning

A

best when products are equal and if price is lower or if product is better

29
Q

Avoid Competition Basis for Positioning

A

brand has unique characteristics and uses those to differentiate

ex: safety and Volvo

30
Q

Specific Feature Basis for Positioning

A

marketing position based on specific product attributes or features such as price, quality, or benefits

31
Q

Repositioning

A

a brand’s market share and profitability may be strengthened by product repositioning of existing products

ex: Marlboro or DrPepper 10

32
Q

Product Deletion

A

eliminating a product from the product mix when it no longer satisfies a sufficient number of customers

**many complications

33
Q

Types of Product Deletion

A

a. phase out
b. run out
c. immediate drop

34
Q

Phase-Out

A

allows a product to decline without a change in marketing strategy

35
Q

Immediate Drop

A

used when losses are too great to finish anything

36
Q

Run-Out

A

explits any strengths left in the product not spent

37
Q

Product Manager

A

the person within an organization who is responsible for a product, a product line, or several distinct products that make up a group

38
Q

Brand Manager

A

the person responsible for a single brand

39
Q

Market Manager

A

the person responsible for managing the marketing activities that serve a particular group of customers

40
Q

Venture Team

A

a cross-functional group that creates entirely new products that may be aimed at new markets

Marketing 330 (16 decks)

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