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84 Cards in this Set
- Front
- Back
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Product assortment/Mix
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the complete set of all products offered by the firm
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Product Lines
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groups of associated items such as those that consumers use together or think of as a part of a group or similar products.
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Breadth
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Number of product lines offered by a firm/Variety
Oral care- personal care home care |
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Depth
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the number of categories within a product line
home care 1 2 3 4 |
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SKU
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Individual products within each line
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Manufacturing Brand
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National Brands, owned and manufactured by the company
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Private-label brands
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Store brands, house brands, own brands
Premium brand-costco Generic |
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Product Forms
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Goods-Tangible
Services-health care-most money spent IDEAS-going green PLACES-Columbus for a good time PERSONALITIES- Oprah ENTIRE ORG.-how you feel about the entire company. |
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Product defined
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Anything that satisfies a need or a want and can be offered in exchange.
"Products is a bundle of benifits" |
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Bundle Product def
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Bundle of physical, service, and symbolic attributes designed to provide buyers wants and satisfactions.
Tangible service espn |
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THE TOTAL PRODUCT CONCEPT
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3 levels
CORE (benefits) Tangible Augmented |
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TPC-CORE-
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Benefits
Care caring cure comfort convenience cost control quality |
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TPC-Tangible
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Size
color package physical characteristics features |
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TPC-Augmented
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Intangible/services
service credit delivery reputation important if all pieces are the same |
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Convenience products
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vending machine
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Shopping Products
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Homogenous- Price based, where to get best deal
Heterogenous- attribute based, everything besides the price. |
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Specialty products
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Raybans because of the brand
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Unsought Product
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Life insurance.
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Types of convience products
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Staples-Nessisitys (milk)
Impulse- unplanned, 70% of what we buy is unplanned Emergency-crisis |
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"New"
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new to the world 10%, 1 n 10,-Pioneers or breakthroughs
nostly improvments and renevations 26% and additions 26% |
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Pressures for new products
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Market saturation
New substitutes Change in taste styles Intensified competition-most general factor |
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Early adopters-
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2nd consumers in the diffusion of innivation model. not as risky as inovators but wait to purchase the goods after a REVIEW
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Early majority-
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3rd group- waits till the bugs are worked out, 34%
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LATE MAJORITY
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last group of buyers to enter a new product market, product has already achieved full market potential
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Laggard
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Consumers who avoid chance and rely on tradtional products until they are no longer available.
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Deffusion of innovation theory predictions
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Relative advantage-Percieved better than substitutes diffusion will be quick
compatibility- coffe in us, fast Observability- Complexity of product, coffe new car |
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idea gen-R&D consortia
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groups of other firms that work together to solve problems for the common good market
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Idea gen-Licensing
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buying the rights to use the technology
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idea gen-brainstorming
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group brainstorming
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Idea Gen-competitors products
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Reverse Engineering
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Idea Gen Customer input
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listening to customers, 85% of new ideas comes from customers input.
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Concept testing
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concept statement is described to people to get their reactions
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explanations for new growth
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lifeblood
growth diversification use of excess capacity, bi products exploiting strong channel relationships the bottom line expected profits. |
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Alpha/Beta testing
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an attempt by the firm to determine whether a product will preform according to its design.
Beta- having potential customers test the product and give opinions and reviews. |
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Market testing.
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Pre market test-conducted before a product or service is brought to market to determine how many customers will try and then continue to use it.
Test marketing Introduces a new product to a small geographical area prior to national launch. |
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Product launch
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Promotion
Pace price- |
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slotting allowance
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fees firms pay to retailers simply to get new products into stores or to gain more or better shelf space for their products.
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how firms develop new products
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Idea generations
Concept testing Product development Market testing Product launch Evaluation of results |
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Product life cycle
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Introduction
growth maturity decline |
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Introduction Stage
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Stage when innovators start to buy the product
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Growth stage
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Stage when product gains acceptance and demand starts to grow
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Maturity
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when the product reaches its sales peak and firms begin to rejuvinate by adding new features or promotions
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decline stage
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when sales decline and the product eventually exits the market.
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Service
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any intangible offering that involves a deed, performance, or effort that cannot be physically possesed.
42% of gdp less expensive household duties specialized high value convenience |
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Services are...
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intangible
inseparable variable perishable |
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Service-inseparable
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it is produced and consumed at the same time.
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service- variability
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intangible services can vary depending on how many people take part in giving the service.
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Service- Perishable
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cannot be stored for use in the future.
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Service gap
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Service fails to meet customer expectations
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Knowledge gap
Standards gap delivery gap communication hap |
Firms expectations does not sync with what the customer expects
Diffrence between the firms perception of customer expectations and the service standard it sets Difference between firms the firms service standards and the actual service it provides to customers. gap between the service provided and the promotion that the firm advertised. |
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Service quality building blocks
Reliability |
the ability to perform the service dependably and accurately
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Service quality building blocks
Responsiveness |
the willingness to help customers and provide prompt service.
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Service quality building blocks
assurance |
the knowledge of and courtesy by employees and their ability to convey trust and confidence.
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Service quality building blocks
empathy |
the caring, individualized attention provided to customers
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Service quality building blocks
Tangibles |
the appearance of physical facilities, equipment, personnel, and communication materials
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zone of tolerance
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What customer expects and what the customer will accept before going elsewhere
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Causes of service intensified competition
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de regulation
franchising budget crunches technology new supply demand conditions changing standards |
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Marketing of professionals
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1st thought
most offensive controversial least important and effective |
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Steps in planning/executing add campaign
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identify target audience
set advr objectives determine the advr budget convey the message evaluate and select media create advertisements assess impact |
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Pull strategy
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advertising to consumers to pull the product into the supply chain.
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push strategies
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focusing on wholesalers, distributors and sales people
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Informative advertising
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communicate and create brand awareness, with the ultimate goal of moving the consumer through the buying process.
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Persuasive advertising
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used to motivate customers to take action.
growth maturity stage |
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reminder advertising
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communication used to remind or prompt repurchases.
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Focus of Advr
two dichotomy |
Product focused advertisements
institutional advertisements |
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Product-focused advertisements
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Focus on informing persuading or reminding consumers about products.
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Institutional advertisements
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Inform people about places, politics etc..
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public service advertising
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public welfare and generally is sponsered by non profits.
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Unique selling proposition
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Redbull...it gives you wings
tnt...we know drama |
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The appeal
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logos ethos pathos
logical ethical emotional |
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Information apeals
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help make consumers buy based on factual information. logos
anti viral kelnex |
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emotional appeals
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satisfy emotional concerns instead of there ultilitaian needs
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media planning
media mix media buy |
evaluating and selecting media mix, the combination of the media used and the frequent of advr in each median.
the actial purchase of air time. |
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advr schedule
continuous fighting pulsing |
steady
spurts maintaining constant but increasing at certain times. |
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promotion mean communicating objectives to..
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inform
persuade remind reinforce |
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the affects of most ads are
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screened out
cluttered out competed out |
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online potential advertising
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interactive
inexpensive identification involving |
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Common advertising appeals
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Humor
comparative ads use of celebrities fear |
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ability to communicate involves
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clearly
concisely convincingly |
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In sales people, customers want
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Representation
creativity professional like them |
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steps of sale
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prospecting- find
preparation- homework approach- first contact presentation- selling handling questions and objections closing folowup |
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sales management
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run team, recruit, dont necessarily sale.
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personal selling
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two way flow of communication between a buyer or buyers and a seller that is designed to influence the buyers purchase decision
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relationship selling
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process that emphasis maintain the relationship over the long term and investing in opportunities that are mutually beneficial.
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