Product Power
Everything consumers evaluate when deciding whether to buy a product, including the product, price, brand, service, and buying experience.
What is the total product offer?
A name, symbol, or design that identifies a seller's product and distinguishes it from competitors.
What is a brand?
The first stage of new-product development, when a company develops possible new-product ideas.
What is idea generation?
A business starts with its costs and then adds an amount for profit when using this pricing approach.
What is cost-based pricing?
The path a product takes from the producer to the final consumer is called this.
What is a channel of distribution?
Having cold medicine available at midnight creates this type of utility.
What is time utility?
Toothpaste, bottled water, and snacks are usually this type of consumer good because buyers spend very little time shopping for them.
What are convenience goods?
Legal protection for a brand name or symbol is called this.
What is a trademark?
During this stage, a company eliminates ideas that appear unlikely to succeed before spending more money on them.
What is product screening?
A company looks primarily at what customers are willing to pay when using this pricing approach.
What is demand-based pricing?
This intermediary sells primarily to the final consumer.
What is a retailer?
A convenience store located beside the interstate creates this type of utility.
What is place utility?
Consumers typically compare price, quality, and style before buying furniture, appliances, or clothing. These are this category of goods.
What are shopping goods?
Protecting the product, attracting attention, explaining contents, and providing warnings are all functions of this.
What is packaging?
Here the company estimates costs, sales, and profit potential to determine whether the idea makes financial sense.
What is product analysis?
A brand launches a new, highly desirable product at a very high initial price because there are few competitors.
What is skimming pricing?
This intermediary generally buys large quantities from producers and sells smaller quantities to other businesses.
What is a wholesaler?
The planning, moving, and storing of products as they travel through the supply chain is called this.
What is logistics?
A Rolex or a rare designer handbag may fall into this category because consumers are willing to make a special effort to obtain them.
What are specialty goods?
The added value that a recognized brand name gives to a product is called this.
What is brand equity?
A company gives prototypes to potential customers and gathers reactions before launching nationally. This is this stage.
What is product testing?
A new energy drink enters a crowded market at $1.49 to attract buyers quickly and gain market share.
What is penetration pricing?
Coca-Cola wants its products available in grocery stores, convenience stores, vending machines, restaurants, and many other locations. This is this distribution strategy.
What is intensive distribution?
A customer sends defective shoes back to Amazon. Moving those goods backward through the distribution system is called this.
What is reverse logistics?
A company buys 100 laptops for its employees. Even though students might buy the same laptops for personal use, the company is purchasing this type of good.
What are industrial goods?
Customers repeatedly buy the same brand even when competing products are available. This represents a high degree of this.
What is brand loyalty?
Introduction, growth, maturity, and decline are the four stages of this concept.
What is the product life cycle?
A retailer lists a jacket for $100 but frequently advertises it at 40% off. This is this pricing strategy.
What is high-low pricing?
A luxury watch manufacturer allows only a very small number of authorized retailers to sell its products in a particular market.
What is exclusive distribution?
A company needs to move hundreds of shipping containers full of inexpensive merchandise from Asia to the United States. This transportation mode will probably offer the lowest cost.
What is water transportation?