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MAR3023 Exam 2 Study GuideProduct - Good,service or idea consisting of a bundle of tangible and intangible benefitsFalse - T/F A product must be tangibleCustomer focus product definition - A product is anything that can be offered to a market that might satisfy a needFirm focus product definition - The combination of goods and services offered by the firmDurable good - Good that has a lifespan of several years and is not used up in a single useNon durable good - Good that is consumable, has a temporary lifespan, and is used up in one or several uses.Consumer products - Products purchased for end use by the final consumer.Convenience product - Type of consumer product that is bought frequently, quickly and with a minimum search effort.Shopping product - Type of consumer product that are less frequently purchased, so consumers compare alternatives and devote time and effort to the purchase decisionsSpecialty products - Type of consumer product that are highly appealing to a group of people who will go to great lengths to acquire them.Unsought products - Type of consumer product that people don't normally think about.Industrial/Business products - Products purchased for end use by a businessMaterials and parts, capital items, supplies and services - 4 categories of Industrial/Business productsSearch goods - Goods you can verify the quality before purchaseExperience goods - Goods for which you can only ascertain quality after useCredence goods - Goods for which it is difficult to verify quality, even after consumption. (Did the vitamins make you healthier?)Product item - A specific product, identified by an ordering code or its UPCProduct line - A group of closely related product itemsProduct mix - the complete set of product lines sold by a companyCore product benefits, Expected/actual product benefits and Augmented product benefits - 3 levels of product benefitsCore product benefit - Basic level of benefits that the product has to offer to fit into the product category.Expected/actual product benefits - Benefits beyond the core benefits that consumers expect from the product, often as a result of promises made by the company.Augmented product benefits - Benefits above and beyond what the customer expects and thus, beyond what the competition providesFeatures - Aspects that are built into a product (attributes)Benefits - Refers to what a product does and what people get out of itLevel of Quality and Consistency - 2 dimensions of qualityStyle - A product's surface level appearanceDesign - How the product functions and is usedBranding - Identifies a seller's products or services, differentiating them from competitors' offeringsPackaging - Involves designing and producing a product's container and wrapperLabeling - Identifies, describes and promotes the productQuality, Style and Design - Components of product attributesProduct attributes, Branding, Packaging, Labeling, Product support services - 5 Types of productand service decisionsIntroduction, Growth, Maturity and Decline - 4 Stages of the product life cycleIntroduction - Stage in the product life cycle characterized by slow growth as the market comes to accept the productSlow growth, few suppliers of the product, focus on promoting product, Costs are high, Price must remain low, Not very profitable - Characteristics of the Introduction stage in the product life cycleGrowth - Stage in the product life cycle characterized by rapid growth as lots of competitors enter the marketRapid growth, lots of competitors, Profits peak - Characteristics of growth stage of product life cycleMaturity - Stage in product life cycle characterized by slowing of growth.Slowing of growth, competitive shakeout, profits decline, firms cut prices - Characteristics of thematurity stage of the product life cycleCompetitive shakeout - Firms decide to exit market and invest money elsewhere. Happens at the beginning of the maturity life cycleDecline - Stage in product life cycle characterized by a sharp decrease in salesLength and Shape - 2 key dimensions of product life cyclesFad - Product life cycle characterized by an abrupt increase in sales, followed by an abrupt decrease in salesFashions - Product life cycle that tends to have sales that go up and down cyclicallySlow starters - Product life cycle that takes a long time before sales start to growProduct class life cycles - Life cycles that describe an entire product category or industryProduct form life cycle - Life cycles that describe forms of a product within a class.Brand product life cycle - Life cycles that describe specific brands within a product formProduct Manager - Person responsible for managing the product and coordinating all of the marketing efforts for a product over its life cycle.Brand Development Index - A tool used to determine how well a firm's brand is performing in each geographic territory in which it sellsBDI(j)= [(Brand Sales in J / Customers in J) / (Brand Sales Nationally / Customers Nationally)] X 100 - Brand Development Index formulaSales in territory less than national average - BDI < 100Sales in territory more than national average - BDI > 100Category development index - Measures how an entire product is performing in the marketCDI(j)= [(Category Sales in J / Customers in J) / (Category Sales Nationally / Customers Nationally)] X 100 - Category Development Index formulaCategory is doing better in territory than the national average - CDI > 100Category is doing worse in territory than the national average - CDI < 100Market not attractive - CDI < 100BDI < 100Firm doing well in market but category is not. Keep a close eye on market for signs of erosion - CDI < 100BDI > 100Market is attractive, but brand is underperforming. Get aggressive, find out why our product isn'tperforming well - CDI > 100BDI < 100Brand and category are strong. Invest to stay strong - CDI > 100BDI > 100Market Penetration, Market Development, Product Modification, Product Repositioning - 4 Strategies for extending the product life cycleMarket Penetration - Strategy for extending the product life cycle that involves selling more of the product to the same or similar customersMarket Development - Strategy for extending the product life cycle that involves selling a product to a new marketProduct Modification - Strategy for extending the product life cycle that involves changing a product to keep up with changes in consumer tastes.Product repositioning - Strategy for extending the product life cycle that


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FSU MAR 3023 - Exam 2 Study Guide

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