Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
26 Cards in this Set
- Front
- Back
|
Steps in Managing Products
|
Develop Product Objectives
--For individual products --For product lines and mixes Design a Product Strategy Make Tactical Product Decisions --Product branding --Packaging and labeling design |
|
|
Using Product objectives to decide on Product Strategy
|
To be effective, product-related objectives must be measurable, clear and unambiguous, feasible, and include a specific time frame.
***Value-oriented is NOT one of these! |
|
|
Product Line
|
a firm’s total product offering designed to satisfy a single need or desire of a group of target customers
|
|
|
Downward Line stretch
|
refers to adding new, lower quality/price items to an existing product line
|
|
|
Cannibalization
|
the loss of sales of an existing brand when a new item in a product line or product family is introduced
|
|
|
Quality is...
|
perceived!
|
|
|
Kansei Engineering
|
a Japanese philosophy that translates customers’ feelings into design elements.
|
|
|
Total Quality Management (TQM)
|
a management philosophy that focuses on satisfying customers thru empowering employees to be an active part of continuous quality improvement
|
|
|
ISO 9000
|
criteria developed by the International Org for Standardization to regulate product quality in Europe.
|
|
|
ISO 14000
|
standards for the International Org for Standardization concerned w/ ‘environmental management” aimed at minimizing harmful effects on the environment.
|
|
|
Malcolm Baldrige Award
|
a measurement of excellence in quality of product strategies
|
|
|
Product Life Cycle (PLC)
|
a concept that explains how products go through 4 distinct stages from birth to death: introduction, growth, maturity, and decline
|
|
|
***Sales begin to decline in the...
|
Maturity stage!
|
|
|
***Profits first become positive in the...
|
Introduction stage!
|
|
|
Marketing Communications
|
--> Reminder advertising
|
|
|
Major Elements of Brand Equity
|
• ***Satisfaction is NOT one of these elements!
|
|
|
*** “Consumer brand resonance”
|
the highest form of brand attachment discussed in the text!
|
|
|
Brand Loyalty
|
a customer’s favorable attitude toward a specific brand
|
|
|
The 3 degrees of brand loyalty include:
|
recognition --> preference --> insistence!
|
|
|
Fortitude is defined in this context as
|
“…the degree to which the consumer fights off competitive overtures on the basis of his or her allegiance to the brand and not on the basis of marketer-generated information.”
|
|
|
Brand Extensions
|
a new product sold with the same brand name as an existing brand.
|
|
|
National or Manufacturer Brands
|
brands that a manufacturer of the product owns (ex. Black & Decker).
|
|
|
Private-Label Brands
|
brands that are owned and sold by a certain retailer or distributor (ex. Sam’s choice).
|
|
|
Factors to consider when deciding on a brand name include:
|
a. The name should be easy for ALL buyers to say, spell, and recall.
b. The brand name should indicate the product’s major benefit, and, if possible, should suggest in a positive way the product’s uses and special characteristics (e.g., Gleam toothpaste) c. The brand should be distinctive to support differentiation d. A brand should be designed so that it can be used and recognized in all types of media |
|
|
Package
|
the covering or the container for a product that provides product protection, facilitates product use and storage, and supplies important marketing communication.
|
|
|
Starting in January 2006
|
the FDA will also require that all food labels list the amount of trans fat in the food, directly under the line for saturated fat content.
|
