Marketing Mix Flashcards
(17 cards)
Which areas can we observe in the product decision field?
1) Innovation Management
2) Management of established products
3) Brand Managament (mainly established products and a bit of innovation)
When does product innovation takes place?
It takes place when costumers perceive it as new.
Can you give me an example of Crowdsourcing and when it is useful?
An example of crowdsourcing is Lego collecting ideas from its costumers in letting them design the new features and products they would like to have. It is useful to promote community engagement but also test the market and know their purchasing intentions.
What is Conjoint analysis? What does it mean?
Conjoint Analysis is the idea that when looking at a product consumers consider more than one variable. In doing so, there are different weights and importance given to each component. Thus, when we have a conjoint analysis we have to decompose the different elements and check for its utility within the cosumer needs.
What is the Utility Range? How do I calculate it?
The Utility range indicates the minimum and maximum score in utility between all the options given. For example: 4-gear= 0.1 5-gear=0.5 automatic =1.00. Then the utility range is the maximum 1.00-0.1
How do I calculate the Relative Utility Range?
Specific Utility Range / Sum of all utility ranges of each element
How is a product defined? How do we define its concept?
Based on its target group, its USP (unique selling proposition), its features and the target positioning ( features that distinguish x product from the competitors)
In the evaluation of our products ideas, which phases can we have?
Rough selection - Markeatability analysis, Economic feasibility, Realization
What kinds of market testing are there?
There are testings under real markets and simulations. In real markets we can attempt to propose a new packaging or alter the marketing mix (lower price, increase x thing). In simulations, we propose a real shelf and a real payment but under simulated conditions.
What is the adoption-difussion curve and why is it relevant?
The adoption difussion curve helps identify patterns and clusters within our audience. This can function as an indicator for us to match the type of product to the type of consumer.
Which individuals can we find in an adoption difussion curve?
- Innovators - Early Adopters - Early Majority - Later Majority - Laggards (16%)
What is the product mix? What are the characteristics to assess the product range?
The product mix is the range of products supplied by a company at X time.
Width of the product mix> diff types of brand lines
Depth of product mix > which variations within each of this lines (ex. BMW3 limousine version)
What are methods to expand the product mix?
Product variation - substitution of previous model with more recent one
Product differentiation - add variations to Kitkat classic to supply to specific features asked by the costumer (eg Kitkat dark)
Diversification - as for like Porsche making perfumes > completely going on another topic.
What is the Effect-Related perspective?
It is an image anchoring effect. This means that the customer, when reminding himself of the company, reminds himself of the benefits of this company over the competitors. The company is not only differentiated by its formal visible aspects but also the perspectives of the users.
What is Brand Positioning composed of?
Brand core > who I am
Brand benefits > What do I offer?
Brand personality > What are my personality traits?
Which strategic branding options are there?
1) Single brand strategy > each service one separate brand
2) Single umbrella branding strategy > all services under one brand
3) Multiple umbrella branding strategy > uniform brand for a specific product group
