Product, Branding, and Packaging
What type of consumer goods are generally inexpensive, frequently purchased, and doesn’t require much involvement?
convenience goods
The process in which new goods or services are accepted in the marketplace is known as the _____ process.
diffusion
What is the process of collecting and using information for marketing and decision-making?
Market research
Set of three or more companies directly linked by one or more of the upstream and downstream flows of products, services, finances, and information from a source to a customer.
supply chain
Four P's of Marketing
Product, price, place, promotion
Brand loyal customers are typically _____ sensitive to price changes.
If a new product has a competitive advantage, then it will most likely be adopted _____.
quickly
Information collected for the first time specifically for a marketing research study is known as?
Primary data
Movement of goods toward the final customer
Downstream flow
What are the four stages in the product life cycle?
Introduction, Growth, Maturity, Decline
What is the added value that a brand name gives to a product in the marketplace?
brand equity
What category of the diffusion process would someone who is very hesitant to buy new products fall under?
laggard
Would this provide qualitative or quantitative data:
Interviewing a potential student about their likelihood of attending and why they would attend Southern Miss.
Qual
Company makes goods based on a sales forecast, puts those goods into storage, and waits for a customer to order the product through the marketing channel
Push strategy
What term refers to the unique combination of features that make a product distinct and desirable to its target market?
Product Differentiation
If two major brands partnered with each other to create a product, it would be considered:
co-branding
In what stage of the new product development process, are products introduced to a limited market to see how well they sell and how consumers react?
Stage 5: Test Marketing
Name two places where one might find reliable secondary data.
Internal (sales records, website analytics), government (Census), industry (trade associations), Research / syndicated services
Part of the supply chain that plans, implements, and controls the flow of goods, services, and information between the point of origin and the final customer.
Logistics
What type of market research involves gathering information directly from consumers through surveys, interviews, or focus groups?
Primary Market Research
In what stage of the Product Life Cycle are marketer's main objectives profitability and maintaining the firm's market share?
Maturity stage
Example: Coke, Hefty trash bags
Name one of the two very high risks that a new product faces:
1. product fails to meet needs and wants of consumers
2. product proves to be dangerous or defective
What are the three ways to collect primary data?
Observation, survey, test marketing
Name four different transportation modes for supply chain transportation.
Rail, Truck, Air, Water, Pipeline, Digital, or any variation of these.
What is the primary purpose of packaging?
The primary purpose of packaging in marketing is to protect the product, facilitate its use, and promote it through visual appeal and branding.
Keywords: promote, branding, protect the product, easily identifiable, visually appealing