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COMM 223 > session 6: developing and managing products and services > Flashcards

session 6: developing and managing products and services Flashcards

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1
Q

what is a product?

A

Anything offered to a market

can be for attention, acquisition, use, or consumption that may satisfy a want or need

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2
Q

can products include intangibles?

A

yeeee

services

events

persons (marketing activities to change a politician’s image)

places

organizations

ideas (ads against drunk driving)

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3
Q

what are services

A

Intangible activities

benefits

satisfaction

does not result in the ownership of anything

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4
Q

can a service be considered a product?

A

YEEEE

an intangible product

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5
Q

what are the three levels at which products are evaluated?

A
  1. customer core value
  2. actual product
  3. augmented product
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6
Q
  1. customer core value
A

what is the customer actually buying

e.g. iPhone is buying connectivity

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7
Q
  1. actual product
A

brand name

quality level

packaging

design

features

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8
Q
  1. augmented product
A

delivery and credit

after-sale service

warranty

product support

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9
Q

what are consumer products?

A

purchased by consumers for their personal use

not for business

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10
Q

what are the four types of consumer products

A

convenience

shopping

specialty

unsought

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11
Q

what is a convenience consumer product?

A

you don’t think about it

the customer usually buys frequently, immediately, and with a minimum comparison and buying effort

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12
Q

what is a shopping consumer product?

A

more expensive and you will actually do research and compare

less frequently purchased

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13
Q

what is a specialty product?

A

products with unique characteristics or brand identification

significant group of buyers is willing to make a special purchase effort

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14
Q

what is a unsought product?

A

you don’t know about or don’t wanna think about it

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15
Q

give examples of convenience products

A

Newspapers

Candy

Fast food

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16
Q

give examples of shopping products

A

Furniture

Television

Appliances

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17
Q

give examples of specialty products

A

Luxury goods

Designer clothes

Rolex watches

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18
Q

give examples of unsought products

A

Life insurance

Funeral services

Blood donations

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19
Q

what are industrial products?

A

those purchased for further processing or for use in conducting a business

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20
Q

what is the distinction between a consumer product and an industrial product based on?

A

the purpose for which the product is bought

If a consumer buys a lawn mower for use around home, the lawn mower is a consumer product

If the same consumer buys the same lawn mower for use in a landscaping business, the lawn mower is an industrial product

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21
Q

what are the three categories for industrial products?

A

Materials and parts: wheat, iron etc.

Capital items: buildings, installations and generators

Supplies and services: paper, pencil, legal services

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22
Q

what is new product development?

A

Development of original products, improvements, modifications, or new brands

it is expensive and risky

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23
Q

why is new product development risky?

A

Most new products fail or underperform

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24
Q

what is the diffusion of innovation theory?

A

divides people into segments according to how likely they are to adopt a new idea

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25
what is the technology adoption life cycle
starts with innovators then early adopters (opinions leaders) then early majority then late majority and ends with laggards
26
what are the steps in the new product development
1. idea generation 2. idea screening 3. concept development and testing 4. marketing strategy development 5. business analysis 6. product development 7. test marketing 8. commercialization
27
where can idea generation come from?
internal sources external sources crowdsourcing
28
who are the internal sources for idea generation
Company employees at all levels
29
who are the external sources for idea generation
Customers Competitors Distributors and suppliers
30
what is crowdsourcing?
inviting broad communities of people into the new product innovation process
31
who can be invited for crowdsourcing ?
customers employees independent scientists researchers public
32
where does crowdsourcing happen?
trade magazines and shows, advertising agencies marketing research firms laboratories
33
what is ideas screening (2)
Whole bunch of ideas but gotta narrow it down to one Keep good ideas and drop poor ones
34
what will the comitee look at when proposing new ideas for idea screening?
customer value proposition target market competition
35
what must you estimate when screening ideas?
market size price development time and costs, manufacturing costs rate of return
36
what must you evaluate when screening ideas?
Evaluate new-product ideas against a set of company criteria
37
product concept
New-product idea is stated in meaningful consumer terms e.g. a detailed description or a drawing of an idea that can be shown to potential customers
38
Concept testing
Testing new-product concepts with groups of potential consumers
39
what do you use for product development and testing (3)
product concept concept testing
40
Marketing Strategy Development (4)
initial marketing strategy Describe the target market, planned value proposition, sales, market share, and profit goals Outline the product’s planned price, distribution, and marketing budget Describe the planned long-run sales and profit goals, marketing mix strategy
41
business analysis (5)
Review of the sales, costs, and profit projections make sure it goes along with company objectives
42
what is it that triggers product development after the business analysis?
Positive review triggers product development
43
product development (6)
Develops concept into a physical product Prototypes are developed and tested
44
what is the stage in the new product development process that costs a lot of money the one that requires a large investment
the product development (6)
45
what are the three individual product decisions?
physical attributes packaging labelling (included in packaging) product support services
46
what are all the physical attributes of a product?
the quality the features the style and design
47
what are product features?
competitive tool to differentiate a product
48
what is a product style
describes the appearance of the product
49
what is a product design
contributes to a product’s usefulness as well as to it looks
50
what is the use of packaging?
Is used as a key promotional tool
51
what is a major trend regarding product packaging?
Sustainable packaging using recycled products
52
what is the use of labelling?
identify the product or brand describe attributes provide promotion
53
what are product support services?
how much support are we gonna provide to keep our customers happy
54
what is the product mix
The set of all products and items that a company markets
55
what are the four dimensions of the product mix
product width product length product depth product consistency
56
product width
the number of different product lines the company carries
57
what is a product line
group of related products all marketed under a single brand name that is sold by the same company Companies sell multiple product lines under their various brand names they try to distinguish these
58
what is product length
total number of items the company carries within its product lines fall within the scope of each product line
59
what is product depth
the number of versions offered of each product in the line
60
what is product consistency?
how closely related the various product lines are in end use, production requirements, distribution channels, etc. ex: a company dealing in just dairy products has more consistency than a company dealing in all types of electronics
61
true or false Product strategy must be adapted to suit local markets
yeee brooo don't want to accidentally offend anyone
62
what are the special characteristics of services?
intangibility inseparability variability perishability
63
service intangibility
services cannot be seen, tasted, felt, heard, or smelled before purchase
64
service inseparability
services cannot be separated from their providers
65
service perishability
services cannot be stores for later sale or use
66
service variability
quality of service depends on who provides them and when, where, and how
67
what is service profit chain?
The chain that links service firm profits with employee and customer satisfaction If the employee that deals with customer is happy, you'll make money
68
what is internal marketing
Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction
69
how does the service profit chain work
1. give good quality job to your employees 2. they will be satisfied and more productive 3. their increased productiveness will provide better service value 4. the better service value will result in happier customers 5. happier customers will want your service and you'll make profits

COMM 223 (13 decks)

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