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16 Cards in this Set
- Front
- Back
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Define product |
Anything that a person receives in exchange for payment It could be: 1. A service 2. Idea 3. Person 4. Place 5. Combination of the above |
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Components of a product |
Core product Formal product Need satisfying product Product image Total product |
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Types of products |
Convenience Shopping Specialty Unsought |
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Define branding |
A mark that is unique to the product items or ranges produced and marketed by a business and it distinguishes them |
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Benefits of branding |
Product identification Repeat sales Enhancing non product sales |
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Define brand equity |
The monetary value of brand names leading to high awareness, perceived quality and brand loyalty. |
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Define packaging decisions |
Group of activities concerned with the design, manufacturing and filling of a container with products so it can be protected, stored, identified, transported and marketed. |
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Kinds of packaging |
Family Specialty Reusable |
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Importance of new products |
To pursue growth and profitability goals To replace declining products Product obsolescence To remain competitive Keep up with changing consumer needs |
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Categories of new products |
New to the world New product line Additions to existing product lines Improvements or revisions Repositioned products Lower priced products |
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New product decisions |
1. Development of product 2. Screening of product ideas 3. Elimination of product ideas 4. Pyscial prototype made by production division |
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Why products fail |
Poor match of needs and product specifications No superior vale Overestimation of market size Incorrect positioning High/low pricing Competition Poor marketing Poor distribution Inferior product |
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Product life cycle |
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Adaptation of new products |
Innovation Diffusion |
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Rate of acceptance of new products depends on |
Complexity Compatability Relative advantage Observability Triability |
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Implications of adaption process |
Word of mouth communication Marketer to adopter communication |
