Product Strategies
What does a total product offering mean?
The value package, knowing what they want will help you develop what they will buy!
Name 1 part of the total product offering!
Advertising:Brand Name: Consumer Experience: Convenience: Financing: Guarantees: Internet Access: Maker’s Reputation: Packaging: Price: Product Labeling: Retailers’ Environment: Service: Warranty:!
What is innovation?
Creating new and ideally improved products!
What is product differentiation?
Creating products that stand out different from competitors!
What is brand equity?
The value a company gets from the factors people associate with a particular brand name, such as emotions!
What are the two major markets for goods and services?
Business to consumer and business to business!
What is the difference between convenience and shopping goods!
Convenience are simple to buy and close by. Shopping happens after comparisons!
Why do we innovate?
Product Obsolescence, frequent failure of new products, and long development time!
Define branding!
What is brand loyalty?
Consumer satisfaction with a particular brand resulting in repeat purchases!
Name 2 of the classes of consumer goods and services?
Convenience, speciality, shopping, unsought.
What is the difference between specialty and unsought goods?
Specialty are products that require consumers effort to buy them, they go out of their way for them. Unsought are goods consumers didn't think they needed until they are triggered to buy them!
What are the three levels of innovation?
Continuous innovation, dynamically continuous innovation, and discontinuous innovation!
Define packaging!
Covering or wrapping that protects and promotes a product!
Of the degrees of brand loyalty, which is the most intense?
Brand Insistence!
What are industrial goods?
Business goods used to create other products!
Give one example of an unsought good, besides the one listed in the book.!
Answers will vary!
In what stage of the product life cycle would you see the highest levels of demand?
Growth!
What is the difference between a brand name and a trade character?
A brand name is the name that identifies the product, a trade character is basically a symbol/character representing the company, ex. Tony The Tiger, Spot The Dog!
What are the three degrees of brand loyalty?
Brand Awareness, Brand Preferences, and Brand Insistence!
Give 3 examples of an industrial good.
New buildings, steel, wool, heavy machinery, wood, oil, etc.!
Pick a product of your choosing and explain its value package!
Answers will vary!
What are the four stages of a Product Life Cycle?
Introduction, growth, maturity, decline!
What are the four types of branded categories?
Manufacturers, Private Label, Family, Individual!
What are the five critical functions of packaging?
Protecting the product, helping consumers use the product, providing product information, indicates universal price and universal product code, and promotes the product as being different from competitors.