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36 Cards in this Set
- Front
- Back
- 3rd side (hint)
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product |
a good, idea or service that can be offered to the market for exchange |
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The total product concept |
Core Expected Augmented Potential |
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Core product |
fundamental benefit that responds to the customer's problem of an unsatisfied need or want |
water |
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Expected |
attributes thar deliver the benefit that forms core product |
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Augmented Product |
Delivers more benefits that may not fulfil the basic needs of the product |
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Potential Product |
All features that could become expected or augmented product |
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Types of Consumer Products |
Shopping Convenience Specialty Unsought |
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Shopping Products |
irregular purchases and require med-high decison process |
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Convenience Products |
inexpensive, frequently purchased, with little engagement in deciding |
soap |
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Specialty Products |
highly desired with unique characteristics that require a lot of effort to purchase |
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Unsought products |
products people don't consider purchasing or don't know about |
home security |
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Types of Business Products |
Parts and Materials Equipment Service and Supplies |
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Parts and materials |
products that are part of the business's product |
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Equipment |
used in production of business's product |
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Service and Supplies |
products essential to business operations |
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Product Life Cycle |
New product development Introduction Growth Maturity Decline |
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Product adoption process |
the sequential process of awareness, interest, evaluation, trial and adoption through which a consumer decides to purchase a new product. |
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What is part of the diffusion of innovation |
Innovators Early Adopters Early Majority Late Majority Laggards |
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Innovators |
first adopters of a new product, willing to try new things |
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Early Adopters |
more careful and are often opinion leaders |
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Early Majority |
more deliberate in choice of new product, avoids taking risks |
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Late Majority |
more cautious and sceptical of new products. Purcharses after most people have |
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Laggards |
prefers products that are familar and last to adopt a new product |
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List the 5 components of the product adoption process |
Awareness Interest Evaluation Trial Adoption |
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Brand |
a collection of symbols, intended to create an image in the customer's mind that differentiate a product from it's competitors' products. |
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List Three types of brand strategies |
Individual Branding Family Branding Brand Extension |
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Individual Branding |
a branding approach in which each product is branded separately |
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Family Branding |
a branding approach that uses the same brand on several of the organisation's product |
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Brand Extension |
giving an existing brand name to a new product in a different category |
doing what to an exisiting brand name?? virgin |
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List four types of brand ownership |
Manufacurer brands Private Label brands Generic Brands Licensing |
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Manufacturer Brands |
brands owned by producers and are clearly identified with the product at point of sale |
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Private Label brands |
brands owned by resellers and not identified with the manufacturer |
e.g Coles & David Jones |
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Generic Brands |
products only indicate product category (no brand name and plain) |
salt |
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Licensing |
an agreement in which a brand owner permits another party to use its brand on products |
star wars |
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Co-branding |
the use of two or more brand names on the same product |
dominos pizza & the biggest loser |
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List three types of packaging |
Primary Packaging Secondary Packaging Shipping Packaging |
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