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ProductPlanning&Mgmt
CLEP PRINCIPLES OF MARKETING CH 4
| Question | Answer |
|---|---|
| product planning & mgmt | product development & mgmt decision making to meet changing mkt demand |
| product classification: consumer products | targeted toward individuals & households for final consumption |
| product classification: industrial or business products | purchased for resale, operational needs, or use in further production |
| product types that consumer goods can be classified into | *convenience goods *shopping goods *specialty goods |
| convenience goods | items purchased often w/ little shopping effort (low involvement decision-making) |
| shopping goods | items typically compared at several stores before buying (high-involvement) |
| specialty goods | emote brand loyalty; characterized by "doing whatever it takes" to find & purchase the brand |
| unsought goods | items for which no demand exists because of newness or lack of want |
| product types that business goods can be classified into | *raw&component materials *fab parts *accessory equip *installations *supplies |
| business goods to produce finished goods or become part of them | *raw materials *component materials *fabricated parts |
| classes of business goods that are used in the production process | accessory equipment & installations |
| operating supplies | low-cost items aiding in the production process: lubes, pencils, cleaners |
| services | tasks performed by one individual or firm for another |
| characteristics of services | *often intangible *usually perishable *frequently inseparable from the provider |
| tangible product | those features that can be precisely specified (e.g., color, size, weight) |
| extended or augmented product | both the tangible and intangible (brand image etc) elements of a product |
| product mix | all the product lines that a firm offers |
| new product opportunities | modification of existing products or the development of new product innovations |
| points on the new product opportunity spectrum | *imitative/"me too" *modifications *minor innovations *major innovations |
| idea generation | the process of searching for new product opportunities |
| brainstorming | technique that encourages small groups to voice creative ideas on a specific topic |
| product screening | new product planning phase sorting potential products by pros & cons |
| concept testing | after the screening phase; customers given products to determine interest |
| business analysis | products passing the concept testing phase are evaluated for commericial feasibility |
| product development | products are made tangible & the initial mktg strategy is created |
| test marketing | experimental studies to test the acceptance of the product & mktg strategy |
| commercialization | start of full production & mktg; corresponds to the intro stage of the PLC |
| product adoption process | stages that consumers go through in learning about new products |
| product adoption | takes place when the buyer decides to continue using the product regularly |
| diffusion process | typical rate of adoption by consumers in response to new products |
| categories of the diffusion process | *innovators *early adopters *early majority *late majority *laggards |
| innovators | 3% of pop. 1st to buy a new product. younger, affluent, cosmopolitan |
| early adopters | 13% of pop. 2nd set to buy new product. locally oriented, respected in community, influencers |
| early majority | 34% of pop. above avg income |
| late majority | 34% of pop. less risk taking. middle aged + less affluent |
| laggards | 16% of pop. last to buy. low income. product in maturity stage |
| product positioning | process of developing a product or image in the consumer's mind |
| position | consumer perception relative to competing brands/products |
| ideal points | identify consumers' perception of the perfect bundle or combo of attributes |
| mix expansion | adding new product lines or increasing depth of existing; provides opp for growth |
| contracting | eliminating or reducing lines to weed out low profiters |
| wide product mix | represents a diversification strategy; offering several different product lines |
| deep product mixes | smaller # of product lines; allows the development of several products within each line |
| product life cycle (plc) | pattern of change for most products from inception to departure |
| stages of product life cycle | *introduction *growth *maturity *decline |
| plc introduction | failure rate high. sales grow/profits negative. little competition. initial buyers |
| growth | profitability becomes positive. sales increase, new firms enter mkt |
| maturity | slowing sales level off as mkt saturates; demand peaks; greater price competition |
| decline | sales decline; firms leave mkt; in general plc getting shorter |
| manufacturer brands | "nat'l brands" created by manufacturers |
| characteristics of good brand names | *suggests benefits *simple *pleasant *memorable distinctive *allows additions *available |
| brand familiariarity | brand: *insistence *preference *recognition *non-recognition *rejection |
| brand insistence | absolute brand loyalty; no subs |
| brand preference | target consumers will usually choose |
| brand recognition | when consumers remember brand name |
| brand non-recognition | consumers do not recall the brand name |
| brand rejection | consumers recognize but refuse to buy specific brands |
| family brand | hte same brand is applied to several products |
| individual brands | a different brand for each product due to variation in type |
| licensed brand | well-established name others pay to use |
| trademarks | indentifying brand names, marks, or characters; legally protected-exclusive to owner |
| function of product packaging | *protection *promotion *information |
| how do services differ from manufactured goods | *intangible *inseparability *perishability *variability |
| intangible | not experienced by buyers until furnished; trouble setting price & communicating info |
| inseparability | cannot be separated from the person providing |
| perishable | cannot be inventoried, returned, or resold |
| variable | not the same way each and every time; raises level of perceived risk for buyers |
Created by:
forrestree71
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