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Marketing > Module 3 > Flashcards

Module 3 Flashcards

1
Q

What is a product?

A

A good, service or idea

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2
Q

What is defined as something that is purchased to satisfy personal and family needs?

A

Consumer Products

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3
Q

What type of consumer product is characterized as relatively inexpensive and frequently bought?

A

Convenience Products

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4
Q

What type of consumer product is characterized as more effort when planning or purchasing?

A

Shopping Products

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5
Q

What type of consumer product is characterized as a product with unique characteristics?

A

Specialty Products

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6
Q

What type of consumer product is characterized as something not typically purchased by choice?

A

Unsought Products

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7
Q

What type of product is purchased to use for operations, to resell, or to use in manufacturing?

A

Business Products

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8
Q

What are some examples of business products?

A

Consulting, Legal Services, Installations, Repairs, etc

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9
Q

In the product hierarchy what type of product is characterized as the physical or intangible product that a customer receives?

A

Core Product

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10
Q

In the product hierarchy what type of product is characterized by the core product plus the characteristics that allow the consumer to differentiate it from other similar products?

A

Branded Product

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11
Q

In the product hierarchy what type of product is characterized by having characteristics that enhance value beyond that of the basic product?

A

Augmented Product

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12
Q

What is defined as all the products a company sells?

A

Product Mix

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13
Q

What is defined as all the closely related products marketed by an organization?

A

Product Line

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14
Q

What is defined as the number of items in a product line?

A

Product Line Depth

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15
Q

What is defined as the number of different lines that a company markets in a particular category?

A

Product Line Width

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16
Q

What are the four stages of the Product Life Cycle?

A

Introduction, Growth, Maturity, Decline

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17
Q

What are some characteristics of the introduction stage in the PLC?

A

Low Sales, High Costs, No Profits

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18
Q

What are some characteristics of the growth stage in the PLC?

A

Increasing Sales, Reducing Costs, Some Profits

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19
Q

What are some characteristics of the maturity stage in the PLC?

A

Constant Sales, Reducing Costs, Increasing Profits

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20
Q

What are some characteristics of the decline stage in the PLC?

A

Reducing Sales, Constant Costs, Reducing Profits

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21
Q

What are four different ways to extend the life cycle of a product?

A

Selling to new segments, promoting more varied use, stimulate more frequent use, encourage more use per occasion

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22
Q

What is defined as changing the perspective of how consumers view the use for a product?

A

Repositioning

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23
Q

What is defined as modifications to a product formula or service process?

A

Improvement

24
Q

What are the alternatives to new product development?

A

Line Extensions, Product Modifications, and Brand Extensions

25
What is defined as a product developed that is closely related to one or more products in an existing product line but designed to meet a somewhat different need?
Line Extensions
26
What is defined as changing one or more of the product's characteristics and the original product is removed from the product line?
Product Modifications
27
What is defined as a product developed that is not closely related to one or more existing products?
Brand Extensions
28
What is the Product Adoption Process for consumers?
Awareness, Interest, Evaluation, Trial, and Adoption
29
What are the five types of product adopters?
Innovators, Early Adopters, Early Majority, Late Majority, and Laggards
30
What are three reasons consumers don't adopt new products?
Losses versus gains, the endowment effect, and the status quo bias
31
How much of US employment is in services
82 percent
32
Why is good service important?
It is the number one reason for consumer switching behavior
33
What are some factors contributing to growth in services?
Aging population, increased leisure time, higher per capita income, changing social and cultural values
34
What are the 4 characteristics of services?
Intangibility, Perishability, Inseparability, Heterogeneity
35
What are some strategy implications for the problem of intangibility?
Stress tangible cues, price-quality relationship, customer referrals
36
What are some strategy implications for the problem of perishability
Manage supply and demand, strategic pricing, and promotions
37
What are some strategy implications for the problem of inseparability?
Employees are key, physical environment, and other customers are a factor
38
What are some strategy implications for the problem of heterogeneity?
Standardize a service, managing risk and expectations
39
What are the 3 additional P's related to service marketing?
People, Process, and Physical Environment
40
How do people play into services?
A feeling of belonging, sometimes people are the service
41
What are some strategies for recovering from a service failure?
Zero defects, act quickly, encourage complaints, contingency plan
42
What is defined as a name, term, design, symbol, or other feature that identifies the marketer's product as distinct from those of other marketers?
Brand
43
What is defined as the part of a brand that is not made up of words such as a symbol or design?
Brand Mark
44
What is defined as a legal designation of exclusive use of a brand?
Trademark
45
What are the 3 different levels of brand loyalty?
Recognition, Preference, Insistence
46
What is defined as the marketing and financial value associated with a brand's strength in a market?
Brand Equity
47
What are the 4 things that determine a brand's equity?
Brand name awareness, perceived brand quality, brand associations, brand loyalty
48
What branding strategy is defined as exploring a different product category?
Brand Extension (Tide to-go pens)
49
What branding strategy is defined as using an established brand in an unfamiliar market?
Brand Stretching (Yamaha)
50
What branding strategy is defined as when two brands are presented together?
Co-branding (Hershey's and Betty Crocker cake mix)
51
What branding strategy is defined as when the brand name is so recognized people use it instead of the actual product name?
Generalized Brands (Kleenex, Band-Aids)
52
What is the upstream part of the supply chain?
Raw Materials
53
What is the downstream part of the supply chain?
Retail Stores
54
What type of retailer is defined as having a wide variety of items at discount prices?
Big Box Retailers
55
What type of retailer is defined as a big box retailer that focuses on one or a few product categories?
Category Killers

Marketing (3 decks)

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