Topic 4 - Marketing Mix: Product

Question 1

Product

Answer 1

Anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.

Question 2

Service

Answer 2

A form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in ownership.

Question 3

Core Benefit

Answer 3

The fundamental problem-solving benefits or service the consumer is really buying.

Question 4

Actual Product

Answer 4

The “must-have” characteristics of a product, including the brand name, features, design, packaging, quality level, and warranty.

Question 5

Augmented Product

Answer 5

Additional “good-to-have” benefits and services built around the core and actual product, such as delivery, installation, and after-sales support.

Question 6

Consumer Products

Answer 6

Those products bought by final consumers for personal consumption (B2C).

Question 7

Industrial Products

Answer 7

Those products purchased for further processing or for use in conducting a business (B2B).

Question 8

Convenience Products

Answer 8

Consumer products that the customer usually buys frequently and with minimum comparison and buying effort.

Question 9

Shopping Products

Answer 9

Consumer products that the customer compares carefully on suitability, quality, price, and style.

Question 10

Specialty Products

Answer 10

Consumer products with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Question 11

Unsought Products

Answer 11

Consumer products that the consumer does not know about or knows about but does not normally think of buying.

Question 12

Product Line

Answer 12

A group of product items that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

Question 13

Product Line Depth

Answer 13

Means how many different variations are there in that Product Line (e.g., in terms of flavors, sizes, packaging).

Question 14

Product Mix

Answer 14

The total of all the product items and product lines that the company has.

Question 15

Product Attributes/USP Features

Answer 15

1. Quality
2. Features
3. Style & Design

Question 16

Quality

Answer 16

Ability of a product to perform
its functions and free from defects

Question 17

Features

Answer 17

Differentiates a product from the
competition; assessed based on
value and cost

Question 18

Style & Design

Answer 18

Style describes the appearance of
product. Design contributes to a
product’s usefulness and its looks

Question 19

Packaging (Individual Product Decisions)

Answer 19

Designing and producing the container or wrapper for a product. Packaging concept, Package elements, Product safety, Environmental concerns

Question 20

Labeling (Individual Product Decisions)

Answer 20

Printed information
appearing on or with the
package

Question 21

Persuasive labelling

Answer 21

Focuses on promotional theme. Promotes the product through attractive graphics or sales promo messages. Information is secondary.

Question 22

Informational labelling

Answer 22

Helps make proper selections Lowers after purchase ‘Angst’ As everything is stated! Includes use/care.

Question 23

Product Support Services (Individual Product Decisions)

Answer 23

Assess the value of current services and obtain ideas for new services. Assess the cost of providing the services.

Question 24

Product Life Cycle (PLC)

Answer 24

The course of a product’s sales and profits over its lifetime.

Question 25

Introduction Stage (PLC)

Answer 25

The stage in the PLC when the new product is first launched.

Question 26

Growth Stage (PLC)

Answer 26

The stage in the PLC when the new product satisfies the market and sales are rapidly rising.

Question 27

Maturity Stage (PLC)

Answer 27

The stage in the PLC when the new product attains maximum sales/profits, and the slowdown in sales begins.

Question 28

Decline Stage (PLC)

Answer 28

The stage in the PLC when product is on the ‘way out’ and customers are beginning to get tired of the product/brand.

Question 29

Brand

Answer 29

A name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.

Question 30

Brand Positioning

Answer 30

The act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market.

Question 31

Unique Selling Proposition (USP)

Answer 31

Something of value to the customers and distinct to a specific brand of product or service.

Question 32

Manufacturer’s Brand

Answer 32

A brand created and owned by the producer of a product.

Question 33

Private Brand (Retailer’s Brand or Private Labels)

Answer 33

A brand created and owned by a reseller of a product or service.

Question 34

Licensed Brand

Answer 34

A brand whose name and symbols have been previously created by other manufacturers, names of celebrities, or well-known characters for a fee.

Question 35

Co-Brand

Answer 35

The practice of using the established brand names of two different companies on the same product.

Question 36

Line Extension

Answer 36

Introduction of additional items in a given product category under the same brand name.

Question 37

Brand Extension

Answer 37

Using a successful brand name to launch a new or modified product in a new category.

Question 38

Multibrands

Answer 38

Introduction of additional brands in the same product category.

Question 39

New Brands

Answer 39

Developed for new product categories or when the power of an existing brand is perceived to be waning.

Question 40

Intangibility (Services)

Answer 40

Services cannot be seen, tasted, felt, heard, or smelled before they are bought.

Question 41

Inseparability (Services)

Answer 41

Services are produced and consumed at the same time and cannot be separated from their providers.

Question 42

Variability (Services)

Answer 42

The quality of services may vary greatly depending on who provides them and when, where, and how they are provided.

Question 43

Perishability (Services)

Answer 43

Services cannot be stored for later sale or use.