Principles of Marketing - Product Strategy

These flashcards cover key vocabulary and concepts related to product strategy in marketing.

Product

A good, service, or idea that satisfies consumers’ needs and is received in exchange for money or something else of value.

Consumer Products

Products purchased by the ultimate consumer, including Convenience, Shopping, Specialty, and Unsought Products.

Convenience Products

Items that are purchased frequently, conveniently, and with minimal shopping effort.

Shopping Products

Items for which consumers compare alternatives based on price, quality, or style.

Specialty Products

Items that consumers make a special effort to search out and buy.

Unsought Products

Items that consumers do not currently know about or want.

Business Products

Products that assist in producing other goods and services, divided into Components and Support Products.

Product Life Cycle (PLC)

The stages a new product goes through in the marketplace: Introduction, Growth, Maturity, and Decline.

New Product Development Process

A 7-stage process that includes New-product strategy development, Idea generation, Screening and evaluation, Business analysis, Development, Market testing, and Commercialization.

SWOT Analysis

A strategic planning tool that evaluates Strengths, Weaknesses, Opportunities, and Threats related to a business or product.

Brand Equity

The added value a brand name gives to a product beyond its functional benefits.

Multiproduct Branding Strategy

A branding strategy where one name is used for all products in a class, also known as family branding.

Multibranding Strategy

A strategy where a company gives each product a distinct brand name.

Private Branding Strategy

A strategy in which companies manufacture products but sell them under the brand name of a wholesaler or retailer.

Mixed Branding Strategy

A strategy where a firm markets products under its own name and that of a reseller, targeting different segments.

Market Testing

The stage in the product development process that involves exposing actual products to prospective consumers under realistic purchase conditions.