Module 7: Products, Brands, and New Product Development Flashcards Preview

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Flashcards in Module 7: Products, Brands, and New Product Development Deck (126)
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1

involves managing and developing products and brands, and is a key function of marketing

product strategy

2

marketers need to understand how products and brands are _____ and ______ in order to develop effective marketing programs

defined
categorized

3

important to understand how new products are _______ and _______ by consumers

developed
adopted

4

goods/services or ideas consisting of tangible and intangible attributes

products

5

physical attributes like colour, size, material

tangible attributes

6

non-physical characteristics like quality, style, reliability

intangible attributes

7

products are divided into 3 main categories

non-durable goods
durable goods
services

8

consumed quickly (ex: food, gas)

non-durable goods

9

last for extended period of time (ex: cars and appliances)

durable goods

10

intangible activities, benefits, or satisfaction offered for sale (ex: baking, visits to doctor, taking vacation, going to movies)

services

11

often allow products to differentiate their offerings from comp while also adding value to consumers

supplementary services

12

offer a combination of both tangible and intangible services

middle of service continuum

13

means that services cannot be held, touched or seen before purchase

intangibility

14

means that services can vary based on the service provider and are harder to standardize

inconsistency (or variability)

15

means that services cannot be separated from the service provider

inseperability

16

the consumer is involved in the production of the service if they provide ______ or _______

guidance
feedback

17

means that there is fluctuating demand for services and they can't be stored for times when demand exceeds capacity

inventory

18

expensive and arises when a service is available when there is little demand

Idle production capacity

19

formally defined as a situation when the supply of a service exceeds its demand

Idle production capacity

20

to deal with idle production capacity issue, the service industry uses

part-time employees

21

products are comprised of different elements, including (3)

- total product concept
- packaging and labelling
- product lines and mixes

22

marketers view products as having 3 different layers

core product
actual product
augmented product

23

total product concept =

core product
actual product
augmented product

24

the benefit a consumer derives from having the product

core product

25

the physical g/s and includes the product's branding, design and features

actual product

26

includes the additional features, attributes that accompany a product

augmented product

27

warranty, service contract, delivery options, installation assistance, or an app for download are examples of

augmented product

28

source of competitive advantage, provides functionality, communication and reinforcement of brand image

packaging and labelling

29

provide a function in terms of ease of use, storage and transport

packaging and labelling

30

what % of food/drink purchase decisions are made at point of sale

over 75%