Marketing - Product Concepts and Life Cycle Flashcards

Flashcards covering the definitions, components, classifications, and life cycle stages of products as described in the marketing lecture notes.

Product (Marketing Definition)

Goods or services which are visible or invisible, of any size, quality/character, or quantity, that consumers use for the satisfaction of their needs.

Core Product

The basic element or generic constituent of a product, such as the soap itself in the case of Dove.

Product Features

Associated features besides the core ingredient, such as fragrance, moisturizing ability, and color, which help distinguish a product from competitors.

Brand Name

A name, term, symbol, design, or combination intended to identify the goods and services of one seller and differentiate them from competitors.

Trade Mark

A brand with legal protection, ensuring its exclusive use by one seller.

Logo

The brand mark or symbol that acts as an essential aspect of the product, supporting brand identification and recall.

Package

A component that ensures protection to the product, provides information, and increases aesthetics and sales appeal.

Label

The part of a package providing written information about the product's nature, features, composition, and performance.

Product Development Process

The process of translating a good idea into a product that can be produced in volume, has a quality level that will sell, and will be profitable.

Product Concept

The proposal that consumers will prefer products that have better quality, performance, and features compared to a normal product.

Product (William J. Stanton)

A complex of tangible and intangible attributes, including packaging, color, price, manufacturer's prestige and retailer's prestige and manufacturer's and retailer's services which the buyer may accept as offering satisfaction of wants and needs.

Product (American Marketing Association)

Anything that can be offered to market for attention, acquisition or consumption including physical object, services, personalities, Organizations and desires.

Core Benefit

The fundamental need or want that the customer satisfies when they buy a product, such as rest or sleep in a hotel.

Generic Product

The basic version of a product made up of only those features necessary for it to function.

Expected Product

The set of features that customers expect when they buy a product, such as Wi-Fi and clean sheets in a hotel.

Augmented Product

Product variations, extra features, or services that help differentiate the product from its competitors, such as a concierge service.

Potential Product

All augmentations and transformations a product might undergo in the future to continue to surprise and delight customers.

Marketability

The interest in a product in the marketplace based on it being unique and not available elsewhere.

Consumer Goods

Goods purchased for personal consumption, categorized into convenience, shopping, specialty, and unsought goods.

Staple Goods

Convenience products purchased on a regular basis where the decision to buy is programmed, such as bread, milk, and eggs.

Impulse Goods

Goods purchased without planning or search efforts, often located where they are easily noticed, like chocolates and magazines.

Emergency Goods

Goods purchased to fulfill an urgent need, often resulting in the consumer paying more, such as a toothbrush at a tourist destination.

Shopping Goods

Goods where customers make comparisons on quality, price, style, and suitability before purchasing, such as furniture or clothes.

Homogeneous Products

Shopping products that are alike, leading sellers to engage in price wars while trying to distinguish based on design or services.

Heterogeneous Shopping Products

Products considered unlike or non-standardized where consumers shop for quality and style, making price secondary.

Specialty Goods

Goods for which consumers are habitually willing to make a special purchasing effort, characterized by high brand identification, such as Rolex watches.

Unsought Goods

Goods the consumer does not know about or normally think of buying, like burial insurance or encyclopedias.

Industrial Goods

Products used as inputs to produce consumer products or for non-personal and business purposes, such as raw materials and machinery.

Capital Items

Goods used in producing finished goods, including installations (lifts, mainframes) and equipment (fax machines, laptops).

Durable Goods

Tangible goods that normally survive many uses and are used up slowly, such as refrigerators or furniture.

Non-Durable Goods

Tangible goods normally consumed in one or a few uses and purchased frequently, such as beer, soap, or salt.

Intangible Goods

Services provided to consumers or organizational buyers that provide want/need satisfaction, such as banking or medical treatment.

Product Life Cycle (PLC)

The period from a product's first launch into the market until its final withdrawal, typically consisting of introduction, growth, maturity, and decline stages.

Market Skimming

A pricing strategy involving high prices to take advantage of early entry and product novelty in the introductory stage.

Market Penetration

A pricing strategy involving low prices to achieve good market coverage and minimize competition.

Introduction Stage

The PLC stage characterized by low sales, financial losses, minimal competition, and high investment to create demand.

Growth Stage

The PLC stage where demand and profits increase, competition intensifies, and distribution expands.

Maturity Stage

The PLC stage where demand reaches a saturation point, competition is high, and the focus is on maintaining market share and extending the cycle.

Decline Stage

The PLC stage where sales and profits fall, the market is saturated, and the firm may reposition, maintain, or exit the market.

Packaging

The science, art, and technology of enclosing or protecting products for distribution, storage, sale, and use.

Labeling

A piece of paper, plastic, or other material affixed to a container or product providing written information or symbols.

ROI

Return On Investment.