Lesson 6

Question 1

is anything offered to people to meet their needs or wants. It can be a thing, service,
place, group, or idea.

Answer 1

product

Question 2

• The basic benefit the buyer is looking for.

Answer 2

Core Product

Question 3

• Extras that add value and make the product stand
  out.

Answer 3

Supporting Product (Expected Product)

Question 4

• What’s needed to use the core product.

Answer 4

Facilitating Product (Generic Product)

Question 5

• Extra features like access, atmosphere, and how customers interact.

Answer 5

Improved Product

Question 6

The feel of the place through senses:

Answer 6

Sight: color, size
Sound:volume, pitch
Smell:scent, freshness
Touch: texture, temperature

Question 7

Customer Interaction with Service System - Three stages:

Answer 7

Joining:first contact
Consumption: using the service
Detachment: leaving the service

Question 8

• Involving guests in service delivery helps reduce costs and boost satisfaction.

Answer 8

Coproduction

Question 9

means giving a product identity that makes it different from others.

Answer 9

Branding

Question 10

is a name logo, or symbol that helps identify and set a product apart.

Answer 10

brand

Question 11

• The added value a brand gives based on how people think, feel, and act
  toward it.

Answer 11

Brand Equity

Question 12

Brands can be positioned based on:

Answer 12

Attributes (what it has)
Benefits (what i t gives)
Beliefs/values (what it stands for - strongest level)

Question 13

• What the brand commits to deliver to customers.

Answer 13

Brand Promise

Question 14

• A good name supports the product’s success. It should reflect the
  product, audience, and strategy.

Answer 14

Brand Name Selection

Question 15

• Using an existing brand in partnerships (co-branding) or inside
  products (ingredient branding).

Answer 15

Maximizing Brands

Question 16

A set of brands under one company to target different markets or needs.
Why offer many brands?

Answer 16

Brand Portfolios

Question 17

• Keep promoting the brand, train staff on the brand promise, and
  regularly check the brand’s strength.

Answer 17

Managing Brands

Question 18

• Collecting ideas from the public.

Answer 18

Crowdsourcing

Question 19

• Get ideas from staff, customers, rivals, or partners.

Answer 19

Idea Generation

Question 20

• Choose the good ideas and drop the bad ones early.

Answer 20

Idea Screening

Question 21

Steps in New Product Development:

Answer 21

Idea Generation
Crowdsourcing
Idea Screening

Question 22

Concept Development and Testing

Answer 22

Product ldea: A possible product
Product Concept: A clear description
Product Image: How customers see it

Question 23

• Review sales, cost, and profit forecasts to see if it’s worth doing.

Answer 23

Business Analysis

Question 24

• Turn idea into a real product.

Answer 24

Product Development

Question 25

- Try out the product and marketing in real settings.

Answer 25

Market Testing

Question 26

- Launch the product.

Answer 26

Commercialization

Question 27

Commercialization Decide:

Answer 27

When to launch Whereto launch To whom it should be promoted How to introduce it with a full marketing plan

Question 28

Big companies may buy small restaurant chains instead of creating new ones.

Answer 28

Product Development through Purchase

Question 29

They may also buy struggling brands and try to fix them.

Answer 29

Product Development through Purchase

Question 30

- Create a new idea,

Answer 30

Product Development

Question 31

Life-Cycle Stages:

Answer 31

Introduction Growth Maturity Decline

Question 32

-Sales are low and profits are negative.

Answer 32

Introduction

Question 33

- Sales and profits increase quickly. Improve quality, add models Target new customers Promote for buying, not just awareness Lower prices to attract more buyers

Answer 33

Growth

Question 34

- Sales slow down as most people already bought.

Answer 34

Maturity

Question 35

Sales and profits fall sharply.

Answer 35

Decline

Question 36

- Removing outdated or poor-selling products.

Answer 36

Product Deletion

Question 37

: Gradual and orderly removal

Answer 37

Phase-out

Question 38

: Sell remaining stock then stop

Answer 38

Run-out

Question 40

: Immediate removal due to risk or customer issues

Answer 40

Drop