Week 8

Question 1

core customer value is and marketers convert to what

Answer 1

defines the essential problem-solving benefits that consumers are seeking.

convert core customer value into an actual product.
o Like do people buy Canada goose for cold protect or fashion statement
o Attributes like brand name quality all considered

Question 2

product is first marketing need what is a product

Answer 2

anything in marketplace that can satisy a need or a want

Question 3

Product dev process 6 steps

Answer 3

1- idea generation
2- concept testing: test new product and potential customer
3- product dev: prototype
4- market testing: test actual product in few markets
5-product launch: full scale commercialization
6- eval results: product and marketing

Question 4

idea generation can be both

Answer 4

in house and external, many smal company outsource

Question 5

what is concept test and how to do it

Answer 5

 We need to select group of people who have same characteristics of target market and present just the concept not product do with qualitative research like interview or focus group

Question 6

once we have feedback we generate product type and how to test

Answer 6

come back to target market and test with quant

Question 7

service vs product 4 charecteristics

Answer 7

intangible: cant be seen
variable: diff each time
inseperable: consumed at same time as recieving
, perishable: cant be stored

Question 8

products and services attributes what is in the middle

Answer 8

Actual product: brand name, quality level, packaging, features
associated services: finanicng, product warranty, product support

core customer value in the middle

Question 9

2 categories product include

Answer 9

consumer and industrial

Question 10

consumer product is and what categories looking for

Answer 10

: its about customer for personal use and th different classification depend on the way the consumer is going consume the product
 Convince: everyday use usually like commodity, consumer not going to spend a lot of time looking for them like chocolate
 Shopping: important to use and spend more effort looking for them and eval alternative like furniture
 Specialty: willing to spend a of of time for best offer like Gucci shoes
 Unsought product: not looking for those in everyday life or necessarily think about those products like funeral service

Question 11

industrial product is

Answer 11

o Industrial products
 Materials and parts: use when producing product or service
 Capital item: buy but items become an asset
 Supplies and service: more support like accounting services

Question 12

product attributes 3 category include

Answer 12

o Physical: shape color quality size materials
o Features or functional attributes; performance and ability
o Style and design: aesthetics attributes

Question 13

what is product mix

Answer 13

companies’ complete assortment of good and services

Question 14

what is product line

Answer 14

• Product line: group of assoc items either considered similar or used together

Question 15

what is product category

Answer 15

specific product within product line

Question 16

product mix dimension

Answer 16

o Breadth: number of product lines variety offered
o Product line depth: number product within the line

Question 17

PLC 5 stages

Answer 17

product dev, intro, growth, maturitty, decline

Question 18

In PLC when start making profit and when highest profit and highets sales

Answer 18

highest sales= maturity
growth-maturity highest profits
start make profit end of intro

Question 19

what is branding

Answer 19

: promises you make. Branding is to build awareness attract new customers and extend loyalty

Question 20

different types of branding include

Answer 20

o Cobrand: collab with other company for audience
o Digital branding: prescence we have online
o Personal branding: about reputation that reputation want to have
o Country branding: more immigrant or people make business with a certain country

Question 21

what is branding process 5 steps

Answer 21

research, clarify strat, design ID, create touchpoint, managing asset

Question 22

when to start process branding

Answer 22

new company/product
name change: name no longer fits or become negative
revitalize brand: repsition and fresh, stock devalued, going global
craete integrated system: our comp look beter than us, we not present consistent face to customer
when companies merge : build brand equity merge company

Question 23

brand elements/ID include

Answer 23

o Jingles, Brand name, URL, logo, slogan, characters

Question 24

what should brand name capture

Answer 24

imagination of target market

Question 25

Branding 3 componenets

Answer 25

brand equity, brand ownership, brand name

Question 26

brand equty includes

Answer 26

o Brand awareness: how many people know the brand o Perceived value: benefit vs cost perceived o Association: mental link and brand personality  Even what age and gender assoc o Loyalty: likliehood to repeat purchase  Wjat we want

Question 27

brand ownership stratgeis

Answer 27

manufactor brand, store or private label, genericbra

Question 28

brand name stratgies

Answer 28

family brand or indiivdual

Question 29

brand awarness from? and must have what

Answer 29

word of mouth, speeches, packaging, email, word of mouth, ads, promo Must: brand elements, website, newsletter, emails, ad etc

Question 30

* Can brand change the way we behave?

Answer 30

o Brand exposure can influence people behavior

Question 31

bradn positioning is

Answer 31

o Perception of target market and how influence them o Attributes, benefits and belief and values

Question 32

how packagin effect brand

Answer 32

o Is a communication strategy o People who see damaged packaging = negative association  But if labeled organic then negative assoc is reduced o Trend of more environmentally friendly packaging o Must communicate content of product

Question 33

5 types of products

Answer 33

Consumer Products: Used by individuals for personal use, further categorized by their usage and purchase methods: Specialty Products: Products that customers show strong preference for and are willing to spend significant effort to find (e.g., luxury cars). Shopping Products: Products that consumers spend time comparing before purchase (e.g., furniture, appliances). Convenience Products: Products bought with minimal effort (e.g., everyday groceries). Unsought Products: Products that consumers do not usually think of buying (e.g., life insurance).

Question 34

what is core customer value

Answer 34

defines the essential problem-solving benefits that consumers are seeking.

Question 35

why increase product breadth

Answer 35

firms often add new product lines to capture new or evolving markets, increase sales, and compete in new venues.

Question 36

why decrease product breadth

Answer 36

sometimes it is necessary to delete entire product lines to address changing market conditions or meet internal strategic priorities.

Question 37

why increase/ deacrease depth

Answer 37

increase: adress changing prefrences decrease: unprofitable

Question 38

value of branding includes

Answer 38

facilitate purchasing, impact market value, establish loyaty, protect form comp, reduce marketing costs, are assests

Question 39

what is brand equity mean

Answer 39

is the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service. Brand value translates to brand equity

Question 40

when is brand awarnes smost important for what freq products

Answer 40

Familiarity matters most for products that are bought without much thought. Also important for non frequent purchases

Question 41

who owns brand

Answer 41

any firm in SC Private label: owned and managed by retailers generic: without brand names usually commodities family brand: product lines are sold under one indiivudal brand, benefit from family line Individual brands: names for each of its products

Question 42

4 things consider in choosing brand name

Answer 42

1)the brand should have the descriptive and suggestive benefits 2)the brand name should be easy to pronounce recognize and rememebr 3)the name needs to be a trademark and legally protected 4)the brand name should be easy to translate to other languages.

Question 43

what is brand extension

Answer 43

refers to the use of the same brand for new products being introduced to the same or new markets

Question 44

advantages of using same brand name

Answer 44

1)name is already established 2)brand is known for high quality perception carries over 3)synergy exists between other products.

Question 45

what is brand dilution

Answer 45

occurs when the brand extension advisory affects consumer perceptions about the attributes the core brand is believed to hold

Question 46

how to prevent negative brand extension

Answer 46

eval fit, eval consumer perception of core brand, refrain from extenfing brand name to too many products, will brand extension be distance from core brand

Question 47

what is co branding

Answer 47

practice of marketing two or more brands together on the same package or promotion, enhancing perception of quality

Question 48

what is brand licencing

Answer 48

contractual arrangement between firms whereby one firm allows another to use its brand name logo, symbol and or characters in exchange for a negotiated fee.

Question 49

pakcaging is what for branding and compahy

Answer 49

last forntier of ads and percieved value, product stand out, protect product, help save costs, susatinable packaging = differentiating factor

Question 50

product label include

Answer 50

It includes ingredients, nutrition labels and other elements within the control of the manufacturer.