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