Developing and Promoting Goods & Services
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| What type of consumer product would you classify milk to be under? | Convenience good.
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| A 12-horsepower motor on a lawn mower is considered a product: | A feature.
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| The group of products a firm has for sale is known as: | The product mix.
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| A ________ strategy is a promotional strategy designed to encourage wholesalers and retailers to market those products to the consumer. | Push strategy.
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| What is the strategy behind the use of reminder advertising? | to keep the product's name in the mind of the consumer, especially during the maturity and decline stages of the product life cycle.
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| During this stage of a product's life cycle sales begin to climb and the product begins to show a profit. Competitors introduce similar products. This is the ________ stage of a product's life cycle. | Growth cycle.
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| ________ attempts to build goodwill with customers by performing and publicizing a company's public service activities. | Public relations.
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| Which advertising medium has historically been the most widely used? | Newspaper.
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| The communications vehicle that is inexpensive, that effectively segments the customers, but is not very long lasting is: | Radio.
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| Which type of promotion is outside of the company's control? | Publicity.
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| What are the three types of classifications of consumer products? | - Convenience goods: Inexpensive and purchased frequently.
- Shopping goods: more expensive, purchased less frequently and customers evaluate alternatives.
- Specialty goods: (Wedding gowns) and customers have strong preferences.
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| What are the classifications of industrial products? | - Expense items (consumed within a year)
- Capital items (permanent such as business buildings, fixed equipment.
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| What is a product mix? | A group of products that a company have available for sale.
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| What is the 7 steps of the development process? | - Product ideas
- Screening
- Concept testing
- Business analysis
- Prototype development
- Product testing and test marketing
- Commercialization (if test market is positive).
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| What is the product life cycle stages (PLC)? | - Introduction
- Growth (sales climb rapidly)
- Maturity (sales begin to slow, profits +)
- Decline
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| What are the ways that a product line can be extended instead of inventing a new product? | - Product extension: global market
- Product adaptation: adjusting the way the product is viewed globally.
- Reintroduction: reviving new market products that are obsolete in older markets.
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| What is the difference between trademark, patent, & copyright? | - Trademark: exclusive legal right to use a brand name.
- Patent: Exclusive legal right to use and license a manufactured item.
- Copyright: Exclusive ownership for books, articles, designs, illustrations.
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| What is a promotional mix? | Advertising, personal selling, sales promotion and public relations.
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| What are the five stages of the buyer decision process? | - Buyers recognize the need
- Buyers seek information about the available product
- Buyers compare competing products
- Buyers purchase products
- Buyers evaluate products after purchase.
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| What are the 4 types of advertising? | - Informative: usually in the introduction stage.
- Persuasive: Influence the product over another.
- Comparative: directly compare two products.
- Reminder: usually in maturity stage to keep the name in the minds of customers.
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| List the types of media used to advertise. | - Newspaper (historic)
- TV
- Direct mail
- Radio
- Magazines
- Outdoor
- Word of mouth
- Internet
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| What is the difference between branding, packaging & labeling. | - Branding: uses symbols to communicate qualities of product.
- Packaging: physical container which a product is sold.
- Label: identifies name, manufacturer, contents.
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| What are the four goals of a promotional mix? | - Communicating information
- Positioning products
- Adding value
- Controlling sales volume
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