Marketing Ch. 11

Front 1

Three levels of product

Back 1

1.) Class (overall category)
2.) Form (variations within class)
3.) Brand (specific type/name)

Front 2

What is the product life cycle contingent on?

Back 2

Sales

Front 3

5 adopter categories of the product life cycle

Back 3

1.) Innovators (2.5%)
2.) Early adopter (13.5%)
3.) Early majority (34%)
4.) Late majority (34%)
5.) Laggard (16%)

Front 4

4 stages of the product life cycle

Back 4

1.) Introduction
2.) Growth
3.) Maturity
4.) Decline

Front 5

Main characteristic of a product life cycle for a product with high learning

Back 5

Long introduction

Front 6

Main characteristic of a product life cycle for a product with low learning

Back 6

Quick introduction (distribution key)

Front 7

Main characteristic of a product life cycle for a fashion product

Back 7

Keeps coming back... has iterated introduction, growth, maturity, decline (like a rollercoaster)

Front 8

Main characteristic of a product life cycle for a fad product

Back 8

Quick growth and quick decline

Front 9

4 kinds of consumer barriers to adoption of new products

Back 9

1.) Usage barriers
2.) Value barriers
3.) Risk barriers
4.) Psychological barriers

Front 10

What type of consumer barrier to adoption of new products involves the product being too hard to change or use?

Back 10

Usage barriers

Front 11

What type of consumer barrier to adoption of new products involves there being no reason to change the product used?

Back 11

Value barriers

Front 12

What type of consumer barrier to adoption of new products involves there being physical, economic, and social risks?

Back 12

Risk barriers

Front 13

What type of consumer barrier to adoption of new products involves cultural and image issues?

Back 13

Psychological barriers

Front 14

5 ways consumer barriers to adoption of new products are overcome

Back 14

1.) Warranties
2.) Guarantees
3.) Instructions
4.) Demonstrations
5.) Samples

Front 15

Five characteristics of introduction stage of product life cycle

Back 15

1.) Growing sales
2.) Little profit
3.) Heavy advertising
4.) Distribution issues/problems
5.) Little variation among products

Front 16

Two kinds of pricing decision for introduction stage of product life cycle

Back 16

1.) Skimming
2.) Penetration

Front 17

3 goals for introduction stage of product life cycle

Back 17

1.) Promote awareness
2.) Stimulate trial
3.) Create primary demand

Front 18

Kind of demand that is expressed as a desire for a product class (e.g. wrist telephones)

Back 18

primary demand

Front 19

Kind of demand that is expressed as a desire for a specific brand (e.g. Sony wrist telephones)

Back 19

selective demand

Front 20

7 characteristics of growth stage of product life cycle

Back 20

1.) Rapid sales increase
2.) Profits peak
3.) Competitors enter
4.) Pricing a competitive feature
5.) Distribution a competitive feature
6.) Repeat purchasing needed
7.) New product variation from product differentiation

Front 21

8 characteristics of maturity stage of product life cycle

Back 21

1.) Sales growth slows
2.) Fewer new customers
3.) Marginal competitors exit
4.) Profits drop
5.) Heavy price competition
6.) Promotion focused on selective demand
7.) Search for cost reductions through efficiency
8.) Niche strategies

Front 22

Key measure of success in maturity stage of product life cycle

Back 22

market share

Front 23

2 characteristics of decline stage of product life cycle

Back 23

1.) Sales and profits drop
2.) Happens because of changes in the environment

Front 24

Key competing factor in decline stage of product life cycle

Back 24

CHEAP product

Front 25

2 basic strategies pursued in the decline stage of the product life cycle

Back 25

1.) Harvest strategy
2.) Deletion strategy

Front 26

2 components of harvest strategy in decline stage of the product life cycle

Back 26

1.) Maintain product, but reduce marketing costs
2.) Keep up with customer requirements

Front 27

3 ways to manage the product life cycle

Back 27

1.) Product modification
2.) Market modification
3.) Repositioning the product

Front 28

2 methods to product modification approach to managing the product life cycle

Back 28

1.) Altering product characteristics
2.) Trying to re-engage customers again (e.g. putting cameras and internet in cell phones)

Front 29

3 methods to market modification approach to managing the product life cycle

Back 29

1.) Get people to use more of the product as it is
2.) Find new uses for the existing product
3.) Finding new users/customers for the existing product

Front 30

2 methods to reposition the product in managing the product life cycle

Back 30

1.) Change the marketing mix (4 P's: product, price, promotion, place)
2.) Change how the customer thinks about your product in relation to competitors' products

Front 31

4 reasons to reposition the product in managing the product life cycle

Back 31

1.) React to a competitor (Progresso soup "time to grow up" vs. Campbell's)
2.) Reach a new market ("Ensure" for "active adults" - not seniors)
3.) Take advantage of a trend (Oats in Cheerios - heart-healthy trend)
4.) Change the value offered

Front 32

3 ways to change the value offered in repositioning the product in managing the product life cycle

Back 32

1.) Trade up (more features)
2.) Trade down (fewer features)
3.) Downsize (less in package without changing size or price)

Front 33

Name, phrase, design, symbol to identify a product or distinguish it from others

Back 33

Brand, brand name, logo (can't be pronounced)

Front 34

5 criteria for a good brand name

Back 34

1.) Describes product benefits
2.) Memorable, distinctive, and positive
3.) Fits the product and company image
4.) No legal restrictions
5.) Simple and appeals to emotions

Front 35

Added value of a brand beyond what it does... also known as functional benefits

Back 35

Brand equity

Front 36

4 levels of the brand equity pyramid (from bottom to top)

Back 36

1.) Brand salience
2.) Brand performance and imagery
3.) Consumer judgments and feelings
4.) Consumer brand resonance

Front 37

Level of the brand equity pyramid characterized by brand awareness and identity... who are you?

Back 37

brand salience

Front 38

Level of the brand equity pyramid characterized by brand associations and meaning... what are you?

Back 38

brand performance and imagery

Front 39

Level of the brand equity pyramid characterized by brand responses... who is the brand to me?

Back 39

Consumer judgments and feelings

Front 40

Level of the brand equity pyramid characterized by brand relationships... "us."

Back 40

Consumer brand resonance

Front 41

5 kinds of manufacturer branding (list in order, with the first 4 listed in the textbook)

Back 41

1.) Multiproduct branding
2.) Multibranding
3.) Private-label branding
4.) Mixed branding
5.) Co-branding

Front 42

3 characteristics of multiproduct branding

Back 42

1.) One name for all products - "family" name
2.) Encourages line extensions
3.) Encourages brand extensions

Front 43

This kind of extension uses the current product name to introduce a similar new product in the SAME product class

Back 43

Line extensions

Front 44

This kind of extension uses the current product name to introduce new products in DIFFERENT product classes

Back 44

Brand extensions

Front 45

2 characteristics of multibranding

Back 45

1.) Different names for each product (same product maker)
2.) Each product aimed at different segment

Front 46

Pairing two brand names of two different manufacturers on one product

Back 46

Co-branding

Front 47

Main advantage of co-branding

Back 47

Enter a new product class with strength of known brand with them

Front 48

3 characteristics of private-label branding

Back 48

1.) Sell under wholesaler/retailer name
2.) Shift promotional costs to retailer
3.) Manufacturer has another outlet for the produced product

Front 49

2 characteristics of mixed branding

Back 49

1.) Sells multiple products under manufacturer AND retailer names
2.) Appeals to different segments

Front 50

3 entities that packaging provides

Back 50

1.) Communications
2.) Function
3.) Perceptual

Front 51

3 communication purposes of packaging

Back 51

1.) Explain directions on how to use the product
2.) Disclose ingredients in the product
3.) Show brand personality

Front 52

3 functional purposes of packaging

Back 52

1.) Convenience
2.) Protection
3.) Storage

Front 53

3 perceptual purposes of packaging

Back 53

1.) Shows general buyer's status
2.) Shows economic level
3.) Shows quality of product

Front 54

4 contemporary packaging challenges

Back 54

1.) Continuing need to connect with customers
2.) Physical environmental concerns
3.) Health, safety, security issues
4.) Cost reduction