1. What are the 4 types of Consumer Products with examples of each?
    • Convenience Products-relatively inexpensive, consumer's unwilling to shop extensively for *candy, soft drinks, aspirin
    • Shopping Products-slightly more expensive, is found in fewer stores & consumers buy only after comparing several brands *Homogenous: washers, dryers, fridges (&) Heterogenous: furniture, clothing, housing (highly individualized)
    • Specialty Products-expensive, extensive shopping required *Rolls-Royce, Charlie's Steakhouse
    • Unsought Products-unknown product or one that is not sought after *Life Insurance, Burial plots
  2. What is a company's "Product Mix" and how should a company work with it and its product line?
    • The Product Mix includes all of the products that an organization sells (ex. Campbell's: soups, sauces, frz dinners, bevs...)
    • They should widen the product mix as a way to grow, to take advantage of a strong brand and to diversify risk.
    • Increasing product line depth may also increase consumer usage rate.
  3. What are the three most important functions of packaging?
    • Containing & Protecting Products
    • Promoting Products
    • Facilitating Storage, Use, and Convenience
    • (& Facilitating Recycling and Reducing Environmental Damage)
  4. What is the New-Product Development Process?
    • New-product strategy
    • Idea Generation
    • Idea Screening
    • Business Analysis
    • Development
    • Test Marketing
    • Commercialization
    • New Product
  5. What actions, if followed, lend to companies succeeding with a new product?
    • Make the long-term commitment needed to support innovation & new product development
    • Use a company-specific approach, driven by corporate objectives and strategies, with a well defined new-product strategy at its core
    • Capitalize on experience to achieve and maintain competitive advantage
    • Establish an environment conducive to achieving new-product and corporate objectives
  6. What are the 4 Product Lifecycle Stages and their Key Characteristics?
    • Introduction: High cost/Risk for pioneers-First product in category to be launched
    • Growth: Dramatic Increase in Sales-New products in category-Grow & Peak
    • Maturity: Relatively stable market-highly competitive-Niche marketers may emerge
    • Decline: Customers have moved on-Profits reduced
Card Set
Mktg Exam Ch10