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Mktg Final Ch 9
Marketing Final Ch 9
| Question | Answer |
|---|---|
| Dimensions of product quality | durable, reliable, precision, versatile, degree of pleasure, product safety, ease of use, satisfies need, *level of quality* *consistency of quality* |
| the growth stage | the 2nd stage in the product life cycle, during which consumers accept the product and sales rapidly increase |
| the introduction stage | the 1st stage of the product life cycle in which slow growth follows the introduction of a new product in the market place |
| product life cycle | a concept that explains how products go through 4 distinct stages from birth to death: Intro, Growth, Maturity, Decline |
| the maturity stage | the 3rd and longest stage in the product life cycle, during which sales peak and profit margins narrow |
| the decline stage | the final stage in the product life cycle, during which sales decrease as customer needs change |
| brand | a name, a term, a symbol, or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition |
| how to choose a good brand name ("easy" & "fit") | easy to say, easy to spell, easy to read, easy to remember. fit the target market, fit the product benefits, fit the customers culture, fit legal requirements |
| trademarks | the legal term for a bran name, brand mark, or trade character. Trademarks legally registered by a government obtain protection for exclusive use in that country |
| brand equity | a brand's value over and above the value of the generic version of the product. the value of the brand to the organization |
| why branding matters | brands build emotional attachment or bond - gives customer a connection and provides competitive advantage |
| product category managers | individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a product category |
| brand managers | an individual who is responsible for developing and implementing the marketing plan for a single brand. responsible for positioning, identifying target markets, research, distribution, sales promotion, packaging and evaluating success |
| market manager | an individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group |
| individual brands vs. family brands | using a separate unique brand for each product : "umbrella strategy" - a brand that a group of individual products or individual brands share. |
| national vs. store brands | brands that the product manufacturer owns : brands that a certain retailer or distributor owns and sells |
| co-branding | an agreement between two brands to work together to market a new product |
| licensing | an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time |
| generic brands | a strategy in which products are not branded and are sold at the lowest price possible |
| steps to manage products | 1. develop product objectives -for individual products, for product lines and mixes 2.design product strategies 3. make tactical product decisions - product branding, packaging and labeling designs |
| upward line stretch vs. downward line stretch vs. two-way stretch | adding new higher priced and higher quality products : adding new lower priced and lower quality items : adding products at the upper and lower ends at the same time |
| filling out strategy vs. contracting strategy | adds sizes or styles not previously available in a product category : getting rid of a product due to the item not being profitable |
| objectives for single products | introduce new products - Regional product: introduce nationally. Mature product: increase consumer enthusiasm for the product |
| objectives for multiple products | product line extensions: stretching - adding new items to line (downward, upward, two-way), filling - adding sizes or styles, contracting - dropping items. Product mix: increase width of product mix |
| venture teams | groups of ppl within an organization who work together to focus exclusively on the development of a new product |
| what makes a brand successful | gives desired benefits, stays relevant, properly positioned, consistent, portfolio & hierarchy make sense, coordinates activities to build equity, knows brand meaning, proper support, monitors sources of brand equity, price based on value consumer sees |
Created by:
bernabell24
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