Quiz 2/19 Flashcards
Types of New Products and Services:
New to the world products
New category products
Product line extensions
Product improvements
Product repositioning
Cost reductions
How to predict success of new products:
Relative Advantage
Compatibility
Complexity
Trialability
Observability
New Product Development Process:
- Develop & Scope
- Business Case
- Develop
- Test and Validate
- Launch
Product Life Cycle stages:
Introduction
Growth
Maturity
Decline
Brand Management
A function of marketing that uses techniques to increase the perceived value of a product line or brand over time
Brand Manager
Oversees and is accountable for every aspect of the brand with a focus on driving incremental sales via brand building activities.
Brand Equity
People’s subjective and intangible feelings and perceptions about a brand.
Masterbrand Brand Architecture
Incredibly efficient, all use same name of main company
Endorsed Brand Architecture
Slightly distinct from main company. Need to add credibility, more room to grow, can be EVOLUTIONARY
Individual Brand Architecture
Sub brands that don’t attach themselves to the main brand. Very inefficient, need a lot of money, lots of room to grow
Products vs Services in how easy it is to evaluate
Products are very easy to evaluate
Services are very difficult to evaluate
Four I’s of Services:
Intangible
Inconsistent
Inseparable
Inventory
The 7 P’s of Service Marketing
Price
Product
Place
Promotion
People
Physical Environment
Process
