Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

MKT1002 > Lecture 9 Product > Flashcards

Lecture 9 Product Flashcards

(101 cards)

Start Studying
1
Q

Define product

A

Anything that can be offered in a market for attention, acquisition, use or consumption that might satisfy a need or want

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Define service

A

A product that consists of benefits, activities, or satisfactions that is essentially intangible and does not result in the ownership of anything

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does the actual product entail?

A 
Brand name
Features
Design
Packaging
Quality level
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What does the augmented product entail?

A

After-sale service
Warranty
Product support
Delivery and credit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What are consumer products?

A

Products and services bought by the final consumers for personal consumption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Give 5 types of consumer products

A 
Convenience products
Shopping products
Speciality products
Unsought products
Industrial products
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Define convenience products

A

Customer usually buys frequently, immediately and with a minimum comparison and buying effort

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Give two examples of convenience products

A

Newspapers

Fast food

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Define shopping products

A

These are less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price and style

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Give three examples of shopping products

A

Furniture
Cars
Appliances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Define speciality products

A

Consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Give 3 examples of speciality products

A

Medical services
Designer clothes
High-end electronics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Define unsought products

A

Consumer products that the consumer does not know about or knows about but does not normally think about buying

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Give 3 examples of unsought products

A

Life insurance
Funeral services
Blood donations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Define industrial products

A

Products purchased for further processing or for use in conducting a business

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Give 3 examples of industrial products

A

Materials and parts
Capital items
Supplies and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are 4 other marketing offerings that marketers should consider when broadening the concept of a product?

A

Organisations
Persons
Places
Ideas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Define organisation marketing

A

Consists of the activities undertaken to create, maintain, or change the attitudes and behaviour of target consumers toward an organisation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Define person marketing

A

This consists of activities undertaken to create, maintain or change the attitudes or behaviour of target consumers toward particular people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Define place marketing

A

This consists of activities undertaken to create, maintain or change attitudes and behaviour toward particular places

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Define social marketing in terms of organisations, people and ideas

A

Uses commercial marketing concepts to influence individuals’ behaviour to improve their well-being and that of society

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What are three product and service attributes?

A

Quality
Features
Style and design

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Explain what is meant by the product and service attribute

A

Quality, features, style and design

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Explain what is meant by the product quality attribute

A

Total quality management, return-on-quality, quality level, performance quality, conformance quality

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Explain what is meant by the product features attribute
Competitive tool for differentiating a product from competitors' products Assessed based on the value to the customer versus its cost to the company
26
Explain what is meant by the social marketing attribute
This uses commercial marketing concepts to influence individuals' behaviour to improve their well-being and that of society
27
What does product quality refer to?
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
28
What are 5 factors of product quality?
``` Total quality management Return-on-quality Quality level Performance quality Conformance quality ```
29
What does style describe?
The appearance of the product
30
What does design contribute to?
A product's usefulness and its looks
31
What is brand?
This is the name, term, sign or design or a combination of these, that identifies the maker or seller of a product or service
32
What does packaging involve?
Designing and producing the container or wrapper for a product
33
What do labels do?
Identify the product or brand, describe the attributes and provide promotion
34
What do product support services do?
They augment actual products
35
What are product line decisions?
These are a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets or fall within given price ranges
36
What is product line length?
The number of items in the product line
37
What are two things that can be done to the product line length?
Line stretching | Line filling
38
What does the product mix consist of?
All the product lines and items that a particular seller offers for sale
39
What are 4 features of product mix decisions?
Width Length Depth Consistency
40
What are the 3 main types of service industry?
Government Private or not-for-profit organisations Business organisations
41
What are the 4 features of services?
Intangibility Variability Inseparability Perishability
42
What is meant by intangibility in terms of services?
Services cannot be seen, tasted, felt, heard or smelled before purchase
43
What is meant by variability in terms of services?
Quality of service depends on who provides them and when, where and how
44
What is meant by inseparability in terms of service?
Services cannot be separated from their providers
45
What is meant by perishability in terms of services?
Services cannot be stored for later sale or use
46
What are 3 additional strategies that firms often need in addition to traditional marketing strategies?
Service-profit chain Internal marketing Interactive arketing
47
What does service-profit chain marketing do?
It links service firm profits with employee and customer satisfaction
48
What are 5 features of service-profit chain links?
``` Internal service quality Satisfied and productive service employees Greater service value Satisfied and loyal customers Healthy service profits and growth ```
49
What is internal marketing?
Promoting the organisation's goals, products and services to the employees within the organisation so that they can advocate for the business
50
What is interactive marketing?
This is marketing on a one-to-one basis that responds to the actions of individual customers
51
What are two product development strategies?
Acquisition | New product development
52
What is meant by acquisition in terms of it being a product development strategy?
This refers to the buying of a whole company, patent or license to produce someone else's product
53
What are the 8 steps in the new product development process?
``` 1- idea generation 2- idea screening 3- concept development and testing 4- marketing strategy development 5- business analysis 6- product development 7- test marketing 8- commercialization ```
54
What is involved in idea generation?
Creating lots of good new product ideas
55
What is involved in commercialization?
These are the remaining steps that reduce the number of ideas and develop only the best ones into profitable products
56
Define idea generation
The systematic approach to search for new product ideas
57
Who can be involved in idea generation?
Internal External Crowdsourcing
58
Define idea screening
Identifying good ideas and dropping poor ideas
59
What framework is used in idea screening?
R-W-W
60
What does R-W-W stand for?
Is it real, can we win, is it worth doing?
61
Define concept development and testing
This refers to testing new product concepts with groups of target consumers
62
What are 3 components of concept development and testing?
Product idea Product concept Product image
63
What is meant by product idea in terms of concept development and testing?
A possible product that the company can see itself offering to the market
64
What is meant by product concept in terms of concept development and testing?
A detailed version of the idea stated in meaningful consumer terms
65
What is meant by product image in terms of concept development and testing?
This is the way in which consumers perceive an actual or potential product
66
Define marketing strategy development
Designing an initial marketing strategy for a new product based on the product concept
67
What is involved in the marketing development strategy?
Target market description Value proposition planned Sales, market-share, and marketing mix
68
Define marketing strategy development
This is designing an initial marketing strategy for a new product based on the product concept
69
What does the marketing strategy statement consist of?
Target market description Value proposition planned Sales, market share and marketing mix
70
What is business analysis?
This is a review of the sales, costs and profit projections for a new product to find out whether these factors satisfy the companies objectives
71
Define product development
This is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering
72
Define test marketing
This is the stage of new product development in which the product and its proposed marketing program are tested in realistic market settings
73
What are the 5 stages of a product lifecycle?
``` Product development Introduction Growth Maturity Decline ```
74
What are the characteristics of the introduction stage in the product lifecycle?
``` Low sales High cost per customer Negative profits Customers are innovators Few competitors ```
75
What are the characteristics of the growth stage in the product lifecycle?
``` Rapidly rising sales Average cost per customer Rising profits Customers are early adaptors There are a growing number of competitors ```
76
What are the characteristics of the maturity stage in the product lifecycle?
``` Peak sales Low cost per customer High profits Customers are mainstream adopters Stable number of competitors that are starting to decline ```
77
What are the characteristics of the decline stage in the product life cycle?
``` Declining sales Low cost per customer Declining profits Customers are lagging adaptors Declining number of competitors ```
78
What is the main marketing objective in the introduction stage?
Create product engagement and trial
79
What is the main marketing objective in the growth stage?
Maximise market share
80
What is the main marketing strategy in the maturity stage?
Maximise profit whilst defending market share
81
What is the main marketing strategy in the decline stage?
Reduce expenditure and milk the brand
82
What sort of product is offered in the introduction stage?
Basic product offered
83
What sort of product is offered in the growth stage?
Offer product extensions, service and waranty
84
What sort of product is offered in the maturity stage?
Diversify brand and models
85
What sort of product is offered in the decline stage?
Phase out weak items
86
What sort of price is offered in the introduction stage?
Use cost-plus
87
What sort of price is offered in the growth stage?
Price to penetrate the market
88
What sort of price is offered in the maturity stage?
Price to match or beat competitors
89
What sort of price is offered in the decline stage?
Cut price
90
What sort of distribution is offered in the introduction stage?
Build selective distribution
91
What sort of distribution is offered in the growth stage?
Build intensive distribution
92
What sort of distribution is offered in the maturity stage?
Build more intensive distribution
93
What sort of distribution is offered in the decline stage?
Go selective and phase out unprofitable outlets
94
What sort of advertising is needed in the introduction stage?
Build product awareness among early adopters and dealers
95
What sort of advertising is needed in the growth stage?
Build engagement and interest in the mass market
96
What sort of advertising is needed in the maturity stage?
Stress brand differences and benefits
97
What sort of advertising is needed in the decline stage?
Reduce to a level needed to retain hard core loyals
98
What sales promotion is needed in the introduction stage?
Use heavy sales promotion to entice trail
99
What sales promotion is needed in the growth stage?
Reduce to take advantage of heavy customer demand
100
What sales promotion is needed in the maturity stage?
Increase to encourage brand switching
101
What sales promotion is needed for the decline stage?
Reduce to minimal level

MKT1002 (17 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions