Buscar
Estás en modo de exploración. debe iniciar sesión para usar MEMORY

   Inicia sesión para empezar

level: PRODUCT PLANNING AND MANAGEMENT

Questions and Answers List

level questions: PRODUCT PLANNING AND MANAGEMENT

QuestionAnswer
Products targeted toward individuals and householdsWhat are Consumer Products?
Products purchased for resale, operational needs, production AKA Business ProductsWhat are Industrial Products?
Convenience, Shopping, SpecialtyWhat are the three types of Consumer Product Classifications?
Items purchased frequently and with minimum shopping effort.What are Consumer Convenience Goods?
Are those for which consumers typically make price-quality comparisons at several stores before buying.What are Consumer Shopping Goods?
Those for which buyers have strong brand loyalty- they'll accept no substitutesWhat are Consumer Speciality Goods?
SEE PHYSICAL FLASHCARD.Draw Shopping /Product Characteristic Chart
Goods for which no demand exists. Often new, unfamiliar, or consumers do not want them.What are Unsought Goods?
Raw Materials, Component Materials, Fabricated Parts, Accessory Equipment, Installations, and Operating Supplies.What are the six Industrial/ Business Goods?
SEE PHYSICAL FLASHCARD.Draw Industrial Parts Chart
Idea Generation, Product Screening and Concept Testing, Business Analysis and Product Development, Test Marketing and Commercialization.What are the seven steps to new product rollout?
Labratory Studies, BrainstormingWhat happens during Idea Generation?
Potential products are sorted relative to their strengths and weaknesses. Weak products do not move on to the next step.What happens during Product Screening?
Potential customers for the new products are asked to evaluate the concept. Determines whether or not sufficient customer interest.What happens during Concept Testing?
Detailed evaluation of the concept's commercial feasibility. Costs, competitor's strengths, projected demand, needed investment and profitability all take place during this step.What happens during Business Analysis?
Viable ideas are first produced in tangible form and initial marketing strategy is created. Initial models continue to undergo testing and improvement at this stage.What happens During Product Development?
Test Marketing provides a series of commerical experiments to test acceptance of product and appropriateness of marketing strategy. Commercialization is full scale production.What happens during Test Marketing and Commercialization?
The stages that consumers go through in learning about new products.What is the Product Adoption Process?
Takes place whent he buyer decides to continue using the product regularly after testing.What is Product Adoption?
Innovators, Early Adopters, Early Majority, Late Majority, Laggards.List the Five Categories of Product Adopters
First to buy product, 3% of market, younger, more affluent.Describe Characteristics of Innovators
Next to buy after Innovators, 11%, well respected within community, opinion leaders, influence others.Describe Characteristics of Early Adopters
34%, slightly above average in social and economic standing. Influenced by adverstiting and sales people.Describe Characteristics of Early Majority
34%, more resistant to change and risk taking, middle-aged or older.Describe Characteristics of Late Majority
16%, low income, last to buy, price conscious, product has already reached maturity.Describe Characteristics of Laggards
Refers to the process of developing a product or brand image in the consumer's mind. The image is defined as a position relative to competing brands & products.What is Product Positioning?
Identify consumers' perception of hte perfect bundle or combination of attributes.What are Ideal Points
Introduction, Growth, Maturity, Decline.What are the four stages of a Product's Life Cycle
SEE PHYSICAL FLASHCARD.Draw Product Life Cycle Chart
Profits remain negative, Innovators are initial buyers, very little direct competition.Describe characteristics of the Introduction PLC
Point at which profitability becomes positive, sales grow at increasing rate, new firms enter market attracted by high-profit potential.Describe characteristics of the Growth PLC
Slowing sales, saturated market, consumer demand peek, profits decreaseDescribe characteristics of the Maturity PLC
Sales decline, firms leave the market, most remaining firms exit the market.Describe characteristics of the Decline PLC
A brand is a name or symbol that is used to identify the products of a specific firm.What is Brand Management?
Created by product manufacturersWhat are Manufacturer Brands?
Brands created by intermediaries (Retailers) AKA Private Brands.What are Dealer Brands?
Occurs when consumers are absolutely brand loyal and will accept no substitutes.What is Brand Insistence?
Means that target consumers will usually choose one specific brand over others.What is Brand Preference?
Exists when consumers remember the brand name.What is Brand Recognition?
Means that consumers do not recall the brand name.What is Brand Non-Recognition?
Exists when consumers recognize, but refuse to buy, specific brands.What is Brand Rejection?
Strategy is used when the same brand is applied to several products most appropriately when all of the products are of comparable type and quality.What is Family Brand?
Can be assigned to each product when there exists significant variation in product type and quality.What is Individual Brands?
A well-established brand name that other sellers pay to use.What is a Licensed Brand?
Protection, Promotion and InformationWhat are the three primary functions of packaging?
Legal and medical services are typical examples. Intangibility, inseparability, perishability, and variability.What is Services Marketing?
They are not experienced by buyers until the service is performed.What are intangible Services?
Refers to the fact that the service cannot be separated from the person providing it.What is Inseparability?
Services are perishable becuase they cannot nbe inventoried, returned, or resold.What are Perishable Services?
They are not performed in the same way each and every time.What are Variable Services