Podcast
Questions and Answers
What is the definition of a product in marketing?
What is the definition of a product in marketing?
Can a product be intangible?
Can a product be intangible?
What is ownership in the context of Intellectual Property Rights?
What is ownership in the context of Intellectual Property Rights?
What can products be, according to the text?
What can products be, according to the text?
Signup and view all the answers
What are the four types of psychological ownership mentioned in the text?
What are the four types of psychological ownership mentioned in the text?
Signup and view all the answers
What is the endowment effect?
What is the endowment effect?
Signup and view all the answers
What are convenience products?
What are convenience products?
Signup and view all the answers
What characterizes shopping products?
What characterizes shopping products?
Signup and view all the answers
What are specialty products?
What are specialty products?
Signup and view all the answers
What are unsought products?
What are unsought products?
Signup and view all the answers
What does the product mix encompass?
What does the product mix encompass?
Signup and view all the answers
What are examples of adjustments to product items, lines, and mixes?
What are examples of adjustments to product items, lines, and mixes?
Signup and view all the answers
What benefits does branding provide?
What benefits does branding provide?
Signup and view all the answers
What are examples of branding strategies mentioned in the text?
What are examples of branding strategies mentioned in the text?
Signup and view all the answers
What is part of branding strategies, in addition to trademarks?
What is part of branding strategies, in addition to trademarks?
Signup and view all the answers
What is the purpose of informational labelling in marketing?
What is the purpose of informational labelling in marketing?
Signup and view all the answers
What valuable data does the UPC code provide for retailers?
What valuable data does the UPC code provide for retailers?
Signup and view all the answers
What protects buyers and varies by province or territory in Canada?
What protects buyers and varies by province or territory in Canada?
Signup and view all the answers
What are the categories of new products mentioned in the text?
What are the categories of new products mentioned in the text?
Signup and view all the answers
What is involved in the new-product development process?
What is involved in the new-product development process?
Signup and view all the answers
What is the purpose of idea screening in new-product development?
What is the purpose of idea screening in new-product development?
Signup and view all the answers
What does test marketing involve in the new-product development process?
What does test marketing involve in the new-product development process?
Signup and view all the answers
What does commercialization involve in the new-product development process?
What does commercialization involve in the new-product development process?
Signup and view all the answers
What are the global issues mentioned in new-product development?
What are the global issues mentioned in new-product development?
Signup and view all the answers
What are the categories of adopters mentioned in the context of global issues in new-product development?
What are the categories of adopters mentioned in the context of global issues in new-product development?
Signup and view all the answers
What kind of protection is provided under the Competition Act in Canada?
What kind of protection is provided under the Competition Act in Canada?
Signup and view all the answers
What is the role of creativity exercises in the new-product development process?
What is the role of creativity exercises in the new-product development process?
Signup and view all the answers
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
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.