Marketing Exam 3 ... Ch. 10, 11, 12, 13, 14
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Exam Date: April 14th
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54 Terms
product classifications…
depends on buyer’s intentions
satisfies an individual’s personal wants
consumer products
used to manufacture other goods/services to facilitate operations
business products
inexpensive, little shopping effort
convenience product
what is are examples of convenience product?
candy, soft drinks, magazines
comparing, more expensive, found in fewer stores
shopping product
what are examples of shopping product?
washers, dryers, TVs, branded clothing
unique, no substitute, extensive search
specialty product
what are examples of specialty product?
expensive cars, high-end restaurants, customizable accessories
unknown to the potential buyer, or known product that the buyer does not actively seek
unsought product
what are examples of unsought products?
new products, insurance, burial plots
specific version of a product that can be designated as a distinct offering
product item
group of closely related product lines
product item
number of product items in a product line
product line depth
all products that an organization sells
product mix
number of product lines an organization offers
product mix width or breadth
why do product lines and mixes need adjustments?
responds to changes in environment
changes in product’s effectiveness, convenience, or safety
product modifications
aesthetic product change
style modification
changes a product’s dependability / durability
quality modification
reducing durability to allow company to lower prices to target markets
quality modification
increasing durability to make product more competitive
quality modification
changes consumers’ perception of the brand
repositioning
helps company compete more broadly in industry, but may suffer overstepping
product line extension or contraction
what is makes a brand global?
at least 1/3 earnings come from outside home country
brand name of manufacturer
manufacturer’s brand
manufactured by 3rd party for an exclusive retailer without evidence of retailer’s affiliation
captive brand
owned by wholesaler / retailer
private brand
which type of brand spends lots of money on ads which causes them to have the highest price?
manufacturer’s brands
It’s possible for a company to have a brand mix (ex: 48% private brand and 52% manufacturer brand)
True
For branding strategies, the following are apart of Manufacturer’s Brand:
individual brand, family brand, and combination brand
how can a lack of a brand be a selling point?
a generic product generally has the lowest prices
different brand for different products
individual brand
common names for different products
family brands
Which of the following is considered a ‘family’ brand?
Apple’s iPhone, iPad, Apple Music
two ore more brand names on a product or its package
cobranding
identifies the brand of the parts that make up the product
ingredient branding
two brands receive equal treatment in the context of advertisement
cooperative branding
products advertised or marketed together to suggest a usage
complementary branding
Disney’s Crocs
complementary branding
AMD processors in Lenovo laptops
ingredient branding
New product lines
High newness to company; Low newness to market
Improvements/revisions to existing products
Medium newness to company; Low newness to market
lower-priced products
Low newness to company; Low newness to market
Additions to existing product lines
Medium newness to company; Medium newness to market
Repositionings
Low newness to company; Medium newness to market
New-to-world products
High newness to company; High newness to market
To achieve successful new product development, company needs to make long-term commitment to support innovation & new product development