marketign quiz 3

What is a product in marketing terms?

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers.

What are the two main types of products?

Consumer products, which are bought by ultimate consumers, and business products, which assist organizations in providing other products.

Name the four types of consumer products.

Convenience products, shopping products, specialty products, and unsought products.

What defines convenience products?

Items that consumers purchase frequently with a minimum of shopping effort.

What are specialty products?

Items that consumers make special efforts to seek out and buy.

Define the four I's of services.

Intangibility, inconsistency, inseparability, and inventory.

What is the significance of 'newness' in products?

It relates to the degree of consumer learning required to use the product.

What are the factors contributing to the success of a new product?

Significant points of difference, complete market and product protocol, customer satisfaction on critical factors, and good timing among others.

What is the first step in the new product development process?

New product strategy development.

Which phase of the product life cycle involves building awareness?

The introduction phase.

What is commercialization in the context of new products?

The last stage of the new-product development process, which involves launching a new product in full-scale production and sales.

What is a test market?

Offering a product for sale on a limited basis in a defined area for a specific time period.

What is the role of branding?

helps organizations identify products and differentiate them from competitors.

What is multiproduct branding?

Using a single brand name for all products in a category.

What are the main roles of packaging?

Communication, functional, and perceptual benefits, including connecting with customers.

What adaptation is required for the four Ps in services marketing?

product, price, place, and promotion strategies due to the intangible nature of services.

What factors do marketing executives manage in the product life cycle?

Duration, sales curve trends, and consumer adoption speed.

How does a product manager manage a product's life cycle?

By modifying the product, modifying the market, and repositioning the product.

What does creating a new use situation entail?

Finding new uses or applications for an existing product.

What distinguishes a line extension from a brand extension?

one uses a current brand name to enter a new market segment within its product class.

What is the difference between trading up and trading down?

one adds value, while one reduces features or quality.

What does 'inventory' mean in the context of services?

It refers to the carrying costs related to idle production capacity.

How do service businesses utilize off-peak pricing?

By charging different prices during varying times to reflect demand fluctuations.

What is the significance of a product mix?

It consists of all the product lines offered by an organization.

What characterizes shopping products?

Items for which consumers compare several alternatives on selected criteria.

What is an 'insignificant point of difference'?

When the new product lacks unique characteristics that deliver sufficient benefits to motivate a change in consumption behavior.

What is the New Product Vitality Index?

A marketing metric showing the percentage of total company sales from new products each year.

What are two key aspects of service branding and protection?

Strong branding and recognizable logos are crucial for differentiation.

Why is packaging perception important?

It distinguishes brands and conveys the brand's positioning and equity.