lesson 8: product development for export Flashcards
1
Q
A _____ is the item offered for sale.
A _______ can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost, and each is sold at a price
A
PRODUCT
2
Q
- The main benefit that a buyer gets from purchasing the product
- Thus, the main benefit answers the question “what is the buyer really buying?”
A
CORE PRODUCT
3
Q
- Refers to the product’s brand name, quality level, packaging, design, and features.
- is the physical or tangible product which a consumer buys to get the CORE benefits that this product has in offering.
A
ACTUAL PRODUCT
4
Q
- Profit can be gained from ______
- If a consumer is impressed by a product, it will be easier for him/her to purchase it because of a simple name he/she can readily associate the product with.
A
BRAND NAME
5
Q
- Efforts should always be made to give the customer the best quality at any given price.
- ______ is important because it affects the success of the company and helps establish its reputation in customer markets
A
QUALITY LEVEL
6
Q
- Plays two important roles – to protect the product and to promote the product
A
PACKAGING
7
Q
- The product must be developed or improved continuously to suit the customers’ needs
- Its ________ must be used to create a competitive advantage
A
DESIGN AND FEATURES
8
Q
- The additional consumer services and benefits
A
AUGMENTED PRODUCT
9
Q
- The product reflects the company image
- It should enhance the company’s reputation as well
A
PRODUCT AND COMPANY IMAGE
10
Q
developing the product and company image can be very costly
A
TRUE
11
Q
- A sequence of stages in the life of a product brought about by changes in marketing situations that impact both the marketing strategies and the marketing mix
A
PRODUCT LIFE CYCLE
12
Q
four stages of product life cycle
A
introduction, growth, maturity and decline
13
Q
- Attempts to sell the product using local promotion strategy in a foreign country
A
STRAIGHT EXTENSION
14
Q
- The product remains basically the same, but its form of promotion differs
- The promotion modification cost is lower compared with the cost of redeveloping or physically changing the product
- means changing the communication for a product due to change in strategy, line extension etc.
A
COMMUNICATION ADAPTATION
15
Q
- Means modifying a product to make local conditions or preferences without changing the promotion strategy.
A
PRODUCT ADAPTATION
