Week 6

Question 1

Product is

Answer 1

good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies customers needs and is received in exchange of smthing of value

Question 2

Consumer products

Answer 2

1. convenience product
2. shopping products
3. specialty products
4. unsought products

Question 3

what makes a product customer products?

Answer 3

• the efforts a customer spends on the decision
• the attributes used in making the decision
• the frequency of the purchase

Question 4

3 levels of product decision

Answer 4

• product item
• product line
• product mix

Question 5

packaging and labeling products
what is packaging and label

Answer 5

packaging is any container which a product is offered
label identifies the product

Question 6

benefits of packaging and labeling products (3)

Question 7

challenges of packaging and labeling products

Answer 7

• environmental concerns
• healthy, safety, and security issues
• cost reduction
• need a continuous update to connect with customer

Question 8

What is a new product?

Answer 8

newness compared with existing product, functionally different

Question 9

Why does new-product fail?

Answer 9

1. insufficient point of difference
2. incomplete market and product protocol before development
3. bad timing
4. not satisfying the customer’s needs
5. too little market attractiveness
6. poor execution of the marketing mix
7. no economical access to buyers
8. poor product quality

Question 10

product life cycle

Answer 10

describes the stages of new product goes through in the marketplace

Question 11

managing the product life cycle
role of product/brand manager (4)

Answer 11

• manage existing product
• new product development
• implement a marketing program
• extensive data analysis (category development index/CDI, brand development index/BDI)

Question 12

3 stages to manage product life cycle

Answer 12

1. product modification (product bundling, new characteristics)
2. market modification (new customers, increasing product use, creating a new use situation)
3. product repositioning (changing place product occupies in consumer’s mind, reacting to competitor’s position, reaching a new market, catching a rising trend, changing the value offered)

Question 13

the uniqueness of services (four i’s)

Answer 13

1. intangibility
2. inseparability
3. inconsistency
4. inventory

Question 14

7Ps in service marketing

Answer 14

1. product (service)
2. people
3. place
4. price
5. promotion
6. physical environment
7. process

Question 15

branding is

Answer 15

name, phrase, symbol, designs to identify the product and distinguish from those of competitors

Question 16

brand name is

Answer 16

word or device to distinguish a seller’s products or services

Question 17

trademark

Answer 17

a firm legally registered its brand name

Question 18

brand equity

Answer 18

added value a brand name give to a product beyond the functional benefits

Question 19

2 advantages of brand equity

Answer 19

1. competitive advantage
2. consumers are willing to pay a higher price

Question 20

valuing brand equity (2)

Answer 20

• financial advantage
• brands can be bought and be sold

Question 21

branding strategies

Answer 21

• multiproduct
• multibranding (pros n cons)
• private (pros n cons)
  -mixed

Question 22

risk of cannibalization (3)

Answer 22

1. product line extension
2. brand extension
3. subbranding

Question 23

brand dilution

Answer 23

when a customer no longer associate a brand with a specific product or service or think less favorably about the brand

Question 24

business products

Answer 24

• derived demand
• components
• support products

Question 25

product class/industry

Answer 25

group of products that are homogenous or substitutes

Question 26

product item: product line: product mix: product form:

Answer 26

product item: stock keeping unit (SKU) product line: group of product or service that are closely related product mix: all product lines offered by the organization product form: different shapes, types

Question 27

feature bloat and feature fatigue

Answer 27

feature bloat: unnecessary features or functions feature fatigue: consumers choose overly complex products

Question 28

Newness from the consumer's perspective (3)

Answer 28

1. continuous innovation 2. dynamically continuous innovation 3. discontinuous innovation

Question 29

Newness from the organization's perspective (3)

Answer 29

- product line extension - jump in innovation - brand extension

Question 30

how to avoid new product failures

Answer 30

- Groupthink - avoiding NIH problem - open innovation

Question 31

protocol is and identifies (3)

Answer 31

statement that before a product begins, identifies 1. a well defined target market 2. specific customer needs, wants, preferences 3. what the product will be and do to satisfy consumers

Question 32

7 stages in the new product leading to success

Answer 32

1. new product strategy development 2. idea generation 3. screening and evaluation 4. business analysis 5. development 6. market testing 7. commercialization

Question 33

stages of product life cycle

Answer 33

1. introduction 2. growth 3. maturity 4. decline

Question 34

harvesting means

Answer 34

continues to offer the product but reduces the marketing costs

Question 35

3 aspects - charting the product life cycle

Answer 35

1. length 2. shape - high learning - low learning - fashion - fad 3. rate

Question 36

diffusion of innovation

Answer 36

1. innovators 2. early adopters 3. early majority 4. late majority 5. laggards

Question 37

product life cycle and diffusion of innovation have barriers to adoption + how to overcome

Answer 37

1. usage - compatible with habits 2. value - incentive to change 3. risk - physical, economic, social 4. psychological - culture or image overcome these barriers, firms provide warranties, money-back guarantees, usage instructions, demonstrations, and free samples.

Question 38

brand personality

Answer 38

a set of human characteristics associated with a brand name

Question 39

creating brand equity

Answer 39

1. develop positive brand awareness 2. establish a brand's meaning for consumers 3. elicit the proper response to brand's meaning 4. create intense brand loyalty with customers

Question 40

branding strategies - multiproduct branding (4)

Answer 40

1. product line extension 2. subbranding 3. brand extension 4. co branding

Question 41

packaging and labeling advantage

Answer 41

1. communication 2. functional 3. perceptual

Question 42

services classified as (2)

Answer 42

1. equipment based 2. people based

Question 43

successful service organizations (3)

Answer 43

1. understand how consumers make a purchase decision 2. understand how consumers evaluate quality 3. determine how to present an advantage over competitors

Question 44

dimensions of service quality (5)

Answer 44

1. reliability 2. tangibility 3. responsiveness 4. assurance 5. empathy

Question 45

service blueprint

Answer 45

a tool to help teams understand how customer sees the business service process

Question 46

services in the future 3 key factors

Answer 46

1. technological development 2. understanding service delivery and consumption 3. social imperative for sustainability

Question 47

idle production capacity occurs when

Answer 47

service provider is available but there are no demand for the service