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