PCtoDMP Flashcards
(37 cards)
the _________ refers to the understanding of what a product is, how
it fulfills customer needs, and how it is positioned and managed in the market.
product concept
in marketing research focus on ensuring that research practices respect the rights and privacy of participants
Ethical issues
_____________ is the fundamental benefit or service that the customer receives. It’s the primary reason why the customer buys the product.
_____________ refers to the tangible aspects of the product that deliver the core benefit, such as design, brand, and packaging.
_____________ includes additional services and benefits that enhance the consumer experience and differentiate the product from competitors.
Choices:
Actual Product
Augmented Product
Core Product
Answers:
Core Product
Actual Product
Augmented Product
helps businesses understand which marketing strategies will
work best for different types of products.
Product classification
Types of Consumer Products
_____________ are items bought frequently with minimal effort, usually low-cost and widely available.
_____________ are items consumers compare carefully on quality, price, and style before purchasing.
_____________ are unique items that consumers make a special effort to find and buy.
_____________ are products that consumers do not usually consider until a need arises, such as emergency items.
Choices:
Specialty Products
Convenience Products
Unsought Products
Shopping Products
Answers:
Convenience Products
Shopping Products
Specialty Products
Unsought Products
Product Classification
A. Consumer Products
B. Industrial Products
__________ are goods and services purchased by individuals for personal use.
__________ are products bought by businesses for further processing or for use in operations.
Choices:
Industrial Products
Consumer Products
Answers:
Consumer Products
Industrial Products
__________ are products that help in the production process or in business operations.
__________ are items used to operate the business but don’t form part of the final product.
__________ are products that consumers may not think about regularly or don’t actively seek out unless there is an immediate need.
Choices:
Unsought Products
Capital Items
Supplies and Services
Answers:
Capital Items
Supplies and Services
Unsought Products
is a concept that describes the stages a product goes through from its introduction to its eventual decline. The _____ model helps marketers
identify the strategic decisions required at each stage to maximize product success.
The Product Life Cycle (PLC)
A. Stages of the Product Life Cycle
- Introduction Stage
- Growth Stage
- Maturity Stage
- Decline Stage
_____ is a key factor in maintaining competitive advantage and extending the life cycle of a product
Innovation
_______ refers to the process of creating new
products or improving existing ones to meet consumer needs and stay relevant in the marketplace.
Product development
New Product Development (NPD) Process
__________: Brainstorming new ideas from various sources (e.g., customers, employees, competitors, and market trends).
__________: Filtering out unfeasible or unprofitable ideas to focus on the most promising ones.
__________: Developing detailed concepts for the selected ideas and testing them with potential customers.
__________: Assessing the financial and market viability of the product.
__________: Creating prototypes and refining the product design.
__________: Testing the product in selected markets to understand consumer reactions and adjust accordingly.
__________: Launching the product nationwide or globally, supported by a marketing strategy.
Choices:
Business Analysis
Product Development
Market Testing
Commercialization
Concept Development and Testing
Idea Generation
Idea Screening
Answers:
Idea Generation
Idea Screening
Concept Development and Testing
Business Analysis
Product Development
Market Testing
Commercialization
Types of Innovation
__________: Creating new products or significantly improving existing ones.
__________: Innovating the ways in which products are created or delivered to consumers.
__________: Changing the way a company operates or delivers value (e.g., subscription models, direct-to-consumer).
Choices:
Product Innovation
Process Innovation
Business Model Innovation
Answers:
Product Innovation
Process Innovation
Business Model Innovation
____ is how a product is perceived relative to competing products in the minds of consumers. Effective positioning can create a unique space for a product in the
market and foster customer loyalty
Positioning
Steps in Product Positioning
__________: Understand the demographic, geographic, and psychographic profiles of your target audience.
__________: Highlight the unique features or benefits that make the product stand out from competitors.
__________: Create a concise statement that communicates the product’s target audience, benefits, and differentiation.
__________: Deliver the positioning message consistently across all marketing channels (advertising, packaging, sales).
Choices:
Identify Target Market
Define the Product’s Unique Selling Proposition (USP)
Positioning Statement
Marketing Communication
Answers:
Identify Target Market
Define the Product’s Unique Selling Proposition (USP)
Positioning Statement
Marketing Communication
Answers:
Identify Target Market
Define the Product’s Unique Selling Proposition (USP)
Positioning Statement
Marketing Communication
____ plays a critical role in shaping the perception of a product. It’s about creating a unique identity and emotional connection with consumers that influence their
purchasing decisions.
Branding
Importance of Branding
__________: Helps distinguish products from competitors in the marketplace.
__________: Strong brands build trust and loyalty among consumers.
__________: Consumers often perceive branded products as higher quality or more reliable than unbranded alternatives.
Choices:
Customer Loyalty
Differentiation
Perceived Value
Answers:
Differentiation
Customer Loyalty
Perceived Value
Elements of Branding
__________: The name by which the product or company is known.
__________: Visual elements that make the brand easily recognizable.
__________: The human traits attributed to the brand (e.g., fun, serious, sophisticated).
__________: The value a brand adds to a product, based on consumer perceptions, loyalty, and the overall brand image.
Choices:
Brand Equity
Brand Name
Brand Personality
Logo and Symbols
Answers:
Brand Name
Logo and Symbols
Brand Personality
Brand Equity
__________ involves the
creation of new products or improvement of existing ones, while _____________
focuses on overseeing the product’s life cycle, from introduction to discontinuation.
Product development, product management
Stages of the Product Development Process
- Idea Generation
- Idea Screening
- Concept Development and Testing
- Business Analysis
- Product Development
- Market Testing
- Commercialization
- Post-Launch Evaluation
Stages of the Product Development Process
Fill in the Blanks
Directions: Identify the source of each idea. Choose between Internal sources or External sources.
__________ – R&D teams, employees, sales staff, or company executives.
__________ – Customers (via surveys, focus groups, social media)
__________ – Competitors
__________ – Suppliers
__________ – Technological advances
Answer Key:
Internal sources
External sources
External sources
External sources
External sources
Purpose: To eliminate ideas that are not viable or
aligned with company goals.
- Idea Screening
__________ – Once an idea is approved, it is developed into a detailed product concept. This includes defining the product’s features, benefits, and target market.
__________ – Companies test the product concept with a sample of potential customers to assess interest, appeal, and potential market acceptance.
Concept Development
Concept Testing
Answer Key:
Concept Development
Concept Testing
