Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Mktg Final Ch 8
Marketing Final Ch 8
| Question | Answer |
|---|---|
| The Core Product | all the benefits the product will provide for consumers or business customers Ex- Car provides transportation, carries cargo, enhances image, etc |
| The Actual Product | the physical good or the delivered service that supplies the desired benefit Ex-Car's engine size, color, interior, body size, model, name, options, etc |
| The Augmented Product | The actual product plus other supporting features such as a warranty, credit, deliver, installation, and repair service after the sale Ex-Car-free oil changes, 100,000 mile warranty, 2.9% interest auto loan, etc |
| classifications of business products | Equipment, Maintenance Repair & Operating (MRO) products, Raw Materials, Processed Materials, Specialized Services, Component Parts |
| classifications of consumer products | Durable, Non-durable, Convenience Products, Shopping Products, Specialty Products, Unsought Products |
| Differences in classifying business and consumer products | business products are classified by how organizational customers use them, consumer products are classified by how long they last |
| Unsought Products | goods or services for which a consumer has little awareness or interest until a need arises (retirement plans) |
| Specialty Products | a good or service that has unique characteristics and is important to the buyer and for which she will devote significant effort to acquire (rolex watch) |
| Shopping Products | a good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase (laptop) |
| Convenience Products | A consumer good or service that is usually low-priced, widely available, and purchase frequently with a minimum of comparison and effort *staple items, impulse products, emergency products* |
| durable vs non-durable goods | provide benefits over long period of time (cars, furniture) : provide benefits for a short time because they are consumed or are no longer useful (newspapers, food) |
| Continuous Innovations | a modification to an existing product that sets one brand apart from its competitors - consumers don't have to learn anything new |
| dynamically continuous innovations | a pronounced modification to an existing product that requires a modest amount of learning or change in behavior to use it - records to 8 tracks to cassettes to CDs to Mp3 |
| discontinuous innovations | a totally new product that creates major changes in the way we live - inventions of cars, planes, PC, TV, etc - tough to plan, usually only visible in hindsight |
| 3 types of innovations | continuous, dynamically continuous, discontinuous |
| product development phases | 1. idea generation 2.product concept development and screening 3.marketing strategy development 4.business analysis 5.technical development 6.test marketing 7.commercialization |
| idea generation | product development phase 1 in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission |
| product concept development & screening | 2nd phase in the new product development in which marketers test product ideas for technical and commercial success |
| marketing strategy development | 3rd phase of the new product development in which marketers develop a marketing strategy to introduce the product to the marketplace |
| business analysis | the 4th step in the new product development process in which marketers assess a product's commercial viability |
| commercialization | the final stage in the product development process in which a new product is launched into the market - launching, distribution, advertising, sales promotion, etc |
| test marketing | phase 6 in the new product development process involving testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter |
| technical development | phase 5 in the new product development process in which company engineers refine and perfect a new product |
| variability | the characteristic of a service that means that even the same service performed by the same individual can vary - mktrs respond by offering quality guarantees, institute TQM, gap analysis |
| stages in consumers adoption of a new product | awareness, interest, evaluation, trial, adoption, confirmation |
| perishability | *use it or lose it* the characteristic of a service that makes it impossible to store for later sale or consumption - mktrs try to avoid by encouraging demand or matching supply with demand (capacity management) |
| Innovators | the first segment (2.5%) of a population to adopt a new product |
| late majority vs laggards | (34%) the adopters who are willing to try new products when there is little or no risk associated w/ the purchase when the purchase becomes an economic necessity or when theres social pressure to purchase : (16%) the last consumers to adopt an innovation |
| early majority | those whose adoption of a new product signals a general acceptance of the innovation (34%) |
| early adopters | those who adopt a new product early in the diffusion process, but after the innovators (13.5%) |
| awareness | 1st step in the adoption process - educating consumers about a new product - mktrs may conduct a mediablitz or massive advertising campaign |
| interest | a prospective adopter begins to see how a new product might satisfy an existing or newly realized need |
| evaluation | we weigh the costs and benefits of the new product |
| trial | when potential buyers will actually experience or use the product for the first time |
| adoption | a prospect actually buys the product |
| confirmation | a customer weighs expected vs. actual benefits and costs |
| diffusion of innovations - adopter categories | innovators, early adopters, early majority, late majority, laggards |
| product factors affecting the rate of adoption | relative advantage, compatibility, complexity, trialability, observability |
| observability | how visible a new product and its benefits are to others who might adopt it |
| complexity | the degree to which consumers find a new product or its use difficult to understand |
| trialability | the ease of sampling a new product and its benefits |
| relative advantage | the degree to which a consumer perceives that a new product provides superior benefits |
| compatibility | the extent to which a new product is consistent with existing cultural values, customs, and practices |
Created by:
bernabell24
Popular Marketing sets