27 Questions
What is the definition of a product in marketing?
Anything received by a person in an exchange for possession, consumption, attention, or short-term use
Can a product be intangible?
Yes, it can be a service, idea, person, or place
What is ownership in the context of Intellectual Property Rights?
It's a deep psychological bond between a person and an object, place, or idea
What can products be, according to the text?
Tangible or intangible, including services, ideas, persons, and places
What are the four types of psychological ownership mentioned in the text?
Body ownership, self-identity ownership, territorial ownership, and object ownership
What is the endowment effect?
A phenomenon where we value items much more highly once we own them
What are convenience products?
Inexpensive items that require little effort to shop for and are impulse goods
What characterizes shopping products?
Require comparison shopping and can be homogeneous or heterogeneous
What are specialty products?
Unique and consumers search for them extensively, unwilling to accept substitutes
What are unsought products?
Either unknown to the consumer or not actively sought after, requiring personal selling and aggressive advertising
What does the product mix encompass?
All products sold by the company
What are examples of adjustments to product items, lines, and mixes?
Modifications, planned obsolescence, repositioning, and brand extensions
What benefits does branding provide?
Product identification, brand equity, repeat sales, and new-product sales
What are examples of branding strategies mentioned in the text?
Manufacturers' brands vs. private brands, generic products vs. branded products, individual brands vs. family brands, and co-branding
What is part of branding strategies, in addition to trademarks?
Packaging
What is the purpose of informational labelling in marketing?
To aid consumer decision-making and reduce post-purchase dissonance
What valuable data does the UPC code provide for retailers?
Sales data through scanning bar code lines
What protects buyers and varies by province or territory in Canada?
Product warranties
What are the categories of new products mentioned in the text?
New to the world, improvements, lower-priced, and repositioned products
What is involved in the new-product development process?
Idea generation, creativity exercises, idea screening, business analysis, development, test marketing, and commercialization
What is the purpose of idea screening in new-product development?
To eliminate ideas inconsistent with the organization's new-product strategy
What does test marketing involve in the new-product development process?
A limited product introduction with an associated marketing program to gauge consumer reaction
What does commercialization involve in the new-product development process?
The decision to market the product and all elements involved in getting the product to market
What are the global issues mentioned in new-product development?
Increasing globalization and the diffusion of innovation
What are the categories of adopters mentioned in the context of global issues in new-product development?
Innovators, early adopters, and the early majority
What kind of protection is provided under the Competition Act in Canada?
Federal protection
What is the role of creativity exercises in the new-product development process?
Enhance idea generation
Study Notes
Product Development and Labelling in Marketing
- Labelling can be persuasive, focusing on promotional themes, or informational, designed to aid consumer decision-making and reduce post-purchase dissonance.
- The Canadian government provides clear guidelines for packaging, including bilingual labelling requirements, for companies wishing to market in Canada.
- The UPC code, introduced in 1974, provides valuable sales data for retailers through scanning bar code lines.
- Product warranties, such as express and implied warranties, protect buyers and vary by province or territory, with federal protection under the Competition Act.
- New products sustain growth, increase revenue, and replace obsolete items, with categories including new to the world, improvements, lower-priced, and repositioned products.
- The new-product development process involves idea generation, creativity exercises, idea screening, business analysis, development, test marketing, and commercialization.
- Creativity exercises, such as focus-group sessions and brainstorming, enhance idea generation in the new-product development process.
- Idea screening eliminates ideas inconsistent with the organization's new-product strategy and involves concept tests to gauge consumer reactions.
- Business analysis considers demand, costs, sales, and profitability as part of the new-product development process.
- Test marketing involves a limited product introduction with an associated marketing program to gauge consumer reaction, with high costs and financial exposure to competition.
- Commercialization involves the decision to market the product and encompasses all elements involved in getting the product to market, with the time varying depending on the company and complexity.
- Global issues in new-product development include increasing globalization and the diffusion of innovation, with categories of adopters such as innovators, early adopters, and the early majority influencing the spread of new products.
Test your knowledge of product development and labelling in marketing with this quiz. Explore topics such as persuasive and informational labelling, Canadian packaging guidelines, UPC codes, product warranties, new-product categories, and the development process. Gain insights into creativity exercises, idea screening, business analysis, test marketing, and commercialization. Delve into global issues affecting new-product development.
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