Product Mix
What are the 4 components of a product?
Features
Benefits
Usage
Consumer Safety
What improves a current product rather than creating a completely new product
Product Modification
What are the 4 Stages of the Product Life Cycle?
Introduction, Growth, Maturity, Decline
a marketing strategy that utilizes multiple brand names on a good or service as part of a strategic alliance
Co-Branding
How many steps are in the New Product Development Process?
8
Goods and Services that are similar to one another
What are three types of product modification?
Quality, Functional, Style
Name a marketing strategy to use in the Introduction Stage?
Special Promotions
Focus on Benefits
Efforts are focused on promotion, or building awareness of the product
when a well-known and respected brand from one product category is extended into other product categories
Brand Extension
Which step involves brand research and exploring the target market and determining costs?
Analyzing the Market
The total number of product lines a business carries
Product Width
What is a Product Line Extension?
The process of expanding an existing product line.
Selling or Discontinuing the Product would be in which Life Cycle Stage?
Decline
A type of branding strategy in which a company creates multiple brand names to appeal to different market segments.
Mixed Branding
What is the First Step?
Generating Ideas
The number of product variations in a product line
A company narrows its product mix to eliminate lower-performing products or lines or to simplify remaining products or lines.
Product Contraction
The iPhone is in what Product Life Cycle?
Maturity
Changing a brand name, logo, or image of a product or company
Re-Branding
What is the last step?
Evaluate the Product
To achieve the greatest amount of sales possible by satisfying the needs of a diverse target market
What is Planned Obsolescence?
modifying products so that those already sold become obsolete before they actually need a replacement
a product’s performance on the market from when it’s first introduced to when its discontinued.
Product Life Cycle
What are four Brand Strategies companies can use to drive growth?
Brand Extension
Co-Branding
Mixed Branding
Re-Branding
Determining the marketing mix:
The price
Where it will be sold
How the product will be promoted