Podcast
Questions and Answers
What does the term 'width' refer to in a product mix?
What does the term 'width' refer to in a product mix?
- The diversity of individual products within a line
- The number of product lines (correct)
- The marketing strategy for each product
- The range of prices within the product mix
Which of the following best describes 'product line stretching'?
Which of the following best describes 'product line stretching'?
- Reducing the number of products in a product line
- Introducing a completely new product line unrelated to existing lines
- Expanding an existing product line to include lower or higher priced items (correct)
- Adding more variations within a single product line
What defines 'consistency' in a product mix?
What defines 'consistency' in a product mix?
- The average price of different product lines
- The total number of products in the product mix
- The number of alternatives within each product line
- The degree of similarity among various product lines (correct)
Which type of consumer product requires the least amount of effort to purchase?
Which type of consumer product requires the least amount of effort to purchase?
In which consumer product classification would you find items that consumers are often unaware they need until a problem arises?
In which consumer product classification would you find items that consumers are often unaware they need until a problem arises?
What does the term 'product' encompass in marketing?
What does the term 'product' encompass in marketing?
Which component is NOT part of the 'Total Product Concept'?
Which component is NOT part of the 'Total Product Concept'?
What is emphasized in the 'core product' of the Total Product Concept?
What is emphasized in the 'core product' of the Total Product Concept?
Which of the following best defines a 'product mix'?
Which of the following best defines a 'product mix'?
In brand management, what is a major role of packaging?
In brand management, what is a major role of packaging?
What does the 'actual product' level include?
What does the 'actual product' level include?
Which statement best describes an industrial product?
Which statement best describes an industrial product?
What is a primary feature of the augmented product level?
What is a primary feature of the augmented product level?
What characterizes the buying behavior for convenience products?
What characterizes the buying behavior for convenience products?
How does the price of specialty products typically compare to other types of consumer products?
How does the price of specialty products typically compare to other types of consumer products?
Which distribution strategy is most appropriate for shopping products?
Which distribution strategy is most appropriate for shopping products?
What is a common characteristic of unsought products?
What is a common characteristic of unsought products?
What distinguishes a brand?
What distinguishes a brand?
Which characteristic best describes equipment in business-to-business products?
Which characteristic best describes equipment in business-to-business products?
Which marketing strategy is commonly used for maintenance, repair, and operating (MRO) products?
Which marketing strategy is commonly used for maintenance, repair, and operating (MRO) products?
How are raw materials classified in business-to-business products?
How are raw materials classified in business-to-business products?
What is the primary goal during the introduction stage of the product life cycle?
What is the primary goal during the introduction stage of the product life cycle?
In which stage of the product life cycle do companies typically focus on reminding customers and reinforcing brand loyalty?
In which stage of the product life cycle do companies typically focus on reminding customers and reinforcing brand loyalty?
What happens during the decline stage of the product life cycle?
What happens during the decline stage of the product life cycle?
Which of the following is NOT a strategy for extending the product life cycle?
Which of the following is NOT a strategy for extending the product life cycle?
What is a key characteristic of the growth stage in the product life cycle?
What is a key characteristic of the growth stage in the product life cycle?
What type of brand is owned by producers and identified with the product at the point of sale?
What type of brand is owned by producers and identified with the product at the point of sale?
Which purpose does packaging NOT serve?
Which purpose does packaging NOT serve?
What is a co-brand?
What is a co-brand?
What is a key reason for the increasing importance of new product development?
What is a key reason for the increasing importance of new product development?
Which of the following elements is NOT an aspect of effective packaging?
Which of the following elements is NOT an aspect of effective packaging?
The Product Life Cycle (PLC) describes which aspect of a product?
The Product Life Cycle (PLC) describes which aspect of a product?
What type of branding involves using names or symbols created by other manufacturers?
What type of branding involves using names or symbols created by other manufacturers?
Which of the following best describes private label brands?
Which of the following best describes private label brands?
Study Notes
Product Definition
- Product is anything offered to market to satisfy a need or want.
- Physical products are goods; intangible products are services.
- Other types of products include industrial products, experiences, ideas, individuals, places, and organisations.
Total Product Concept
- Products consist of three levels: core product, actual product, and augmented product.
- Core product provides the key benefit customers want from a product.
- Actual product addresses the tangible features of the product, including packaging, brand name, design, quality level, and its functionality.
- Augmented product offers additional services and benefits surrounding the product, such as delivery, credit, warranties, customer support, and symbolic experiences.
Product Item, Line, and Mix
- A product item is an individual product.
- A product line is a set of closely related product items.
- Product mix refers to all product lines and items offered by a company.
- Product mix width refers to the number of product lines offered.
- Product mix consistency refers to how closely related different product lines are.
Product Line Decisions
- Product line filling adds more items within the existing product line range.
- Product line stretching extends the product line by adding items beyond the current range.
Types of Consumer Products
- Convenience Products: Inexpensive and frequently purchased, requiring minimal effort for purchase.
- Shopping Products: Purchased less frequently and require comparison of alternatives based on price, quality, and style.
- Specialty Products: Possess unique characteristics that consumers are willing to make specific efforts to buy, and demonstrate loyalty to.
- Unsought Products: Products consumers are unaware of, or have no initial interest in until a need arises.
Types of Business Products
- Raw materials: Basic inputs in production processes.
- Processed materials: Materials that have been processed but are not yet finished goods.
- Equipment: Products used in production processes.
- Component parts: Products integrated into the final product.
- Maintenance, repair, and operating (MRO) products: Products used to support production processes.
- Specialised services: Services designed for business customers.
Branding
- Brand is a collection of symbols designed to differentiate a product and create a specific image in the customers' minds.
- Brand sponsorship focuses on who owns the brand.
- Manufacturer brands are owned by producers.
- Private Label brands (store brands) are owned by retailers.
- Co-brands combine two established brands from different companies.
- Licensed brands use names or symbols previously created by other manufacturers.
Packaging
- Packaging serves multiple functions. It attracts attention, communicates product benefits, provides brand recognition and personality, protects the product, provides usage information, and offers additional benefits.
New Product Development
- Developing new products is a crucial process for companies to stay competitive in rapidly changing marketplaces, facing changing consumer preferences and constantly evolving technologies.
Product Life Cycle
- Product Life Cycle (PLC) describes the stages of a product's sales and profits over its lifetime.
- PLC has five stages: Product Development, Introduction, Growth, Maturity, and Decline.
- Each stage presents opportunities for different marketing strategies.
Extending Product Life Cycle
- Companies can lengthen their product's lifespan by using market modifications, product modifications, and mixed modifications.
- Market modifications involve targeting new or existing customer groups, expanding into new markets, or increasing consumption by current customers.
- Product modifications focus on altering the product's features, quality, or style.
- Mix modifications involve adjusting the marketing mix elements to maintain product relevance.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
Explore the foundational concepts of product management, including the various types of products and the total product concept. Understand the distinctions between core, actual, and augmented products, as well as product items, lines, and mixes.
