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13 Cards in this Set

  • Front
  • Back
What is the core, actual and augmented product?
Core: Basic use, benefit, problem -solving dimension
Actual: Tangible, physical product (intangible service)
Augmented: Non physical part that adds value
What is a convenience product?
Product purchased frequently with minimum effort
What is a shopping product?
Compared on bases such as suitability, quality, price style.
What is an unsought good?
Unknown or not normally considered for purchase?
What is a specialty good?
Products with unique characteristics or identification with buyers and specifically sought by customers.
What is an industrial product?
Goods purchased for further processing or conducting business.
What is product line stretching filling and featuring?
Stretching - lengthening product line
Filling - adding items within product range
Featuring - selecting items to receive special attention
What are the characteristics of services?
Intangibility
High involvement and personal nature
Perishability
Synchronous delivery and consumption
Variability of encounters
Characterisitics of PLC intro stage?
Heavy promotion
Low/negative profits
Skimming/penetration strategies
Characteristics of PLC maturity stage?
Slow growth
Modify: Market to increase consumption
Product to attract users
Marketing mix to improve competitive postion
Characteristics of PLC decline stage?
Cost may exceed products
Management may keep brand as competitors drop out
Harvest brand by reducing costs for short term profit
Divest (drop) the product
What are the three ways to manage a product during its decline stage?
Product modification
Market modification
Product repositioning
What are the steps of the adoption process?
Awareness
Interest
Evaluation
Trial
Adoption