Marketing Quiz #3 Questions

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Marketing Quiz #3 Questions
2014-03-30 13:50:04
YCP lewis small principles marketing quiz
Spring 2013
Flash cards based on notes from chps 8 9 10
Show Answers:

  1. What are the types of new products?
    • Truly innovative
    • Significantly different
    • knockoff
    • upgrade
    • downgrade
    • Restyling
  2. What does a Truly innovative new product?
    a product that does a new function
  3. What is a significantly different new product?
    A product that does an existing function in a new and better way
  4. What is a Knock off new product?
    A new brand, like Dr. Pepper 10
  5. What is an upgrade new product
    taking a single product and breaking it into two or more products like a camera phone
  6. What is an downgrade new product?
    taking a single product and breaking it into two or more products, like a home theater
  7. What is a restyling of a new product?
    New model of a honda civic
  8. What are the main reasons for the importance of new products?
    • Replacement
    • Profit Sustaining
    • Growth fueling
  9. What is the replacement importance of new products?
    Important because current products eventually go into decline, so if a business never developed new products the business would eventually fail, VCRs
  10. What is Profit sustaining?
    new products to keep profits high, because new products after they become popular can be very profitable
  11. What is Growth fueling?
    New products that can make a business larger.
  12. What are the steps in new product development?
    • 1. Generate ideas
    • 2. screen
    • 3. Business analysis
    • 4. Development
    • 5. Test Marketing
    • 6.  Commercialization
  13. What is the generation of ideas in the new Product development?
    try to come up with ideas for a new product, can use word matching, get as many ideas as possible
  14. what is the screening part of the new product development?
    pick out which ideas are best
  15. what is the Business analysis of the new product development?
    run some number to see if the product would be profitable
  16. What is the development of the new product development?
    Prototype, working model, make one
  17. What is the test marketing of the new product development?
    try to sell the product in a limited market, because it is less risk if the product does not sell well, testing to see if the product will sell
  18. What is the Commercialization of the new product development?
    Introduce the product to all markets
  19. What is a new product committee?
    take employees from many areas of the company and put them on a temporary committee that meets part-time to develop new product ideas
  20. What are the advantages of a new product committee?
    cost effective, don't have to hire more people,  provides wide range of expertise, as current employees the members of the committee are familiar with the company
  21. What are the disadvantages of a new product committee?
    get insider opinion only, some employees might be too careful about what they suggest, could have too much product focus, low motivation because people won't view the committee as their 'real job'
  22. What is a new product department?
    Permanent full-time jobs, flips some of the advantages and disadvantages of the committee, like better motivation is now an advantage but we lost the wide range of expertise
  23. What is a product or brand manager?
    One person in charge of each brand from idea beyond commercialization, idea to have clear responsibility and authority.
  24. What is the venture team?
    Best of A and B tries to capture the advantages of both a committee and a department, take people from different departments in the company and assign them full-time to the venture team which disband at commercialization
  25. What is new product adoption?
    How a new product gets accepted by the market
  26. Define adopter categories
    place consumers into groups based on their willingness to try new products
  27. What are the adopter categories?
    • innovators
    • early adopters
    • early majority
    • late majority
    • laggards
  28. define innovators
    9% of the market who will try a new product first
  29. Define early adopters
    13% of the market, next group to try the new product
  30. Define Early majority
    34%, immense growth
  31. Define late majority
    34%, the curve plateaus off
  32. Define laggards
    16%, the last group to try the new product
  33. What is the demographic of an innovator
    higher income, urban, younger, more educated, costal... these are just averages
  34. Define what product characteristics impacting on adoption rate
    things that would be true about the product that would impact on how fast the product gets accepted by the market
  35. What is relative advantage
    how much better the new product is than existing products, the better it is the faster the adoption
  36. what is compatibility
    how compatible the new product is with existing products, greater compatibility speeds adoption, new gaming systems with a current TV
  37. What is complexity
    how easy the product is to use, less complexity, faster adoption
  38. What is the trialability
    can the product be tried, if the product can be tried =faster adoption
  39. What is observablity
    can the advantage of the product be easily detected, yes = faster adoption
  40. what is the product mix
    all the products offered by a business
  41. what is the product line
    a group of similar products
  42. What is the breadth
    narrow or wide, number of product lines in the product mix, versus depth, shallow or deep, number of products in a product line, walmart has a lot of different lines so it is wide but not much choice in each line so it is shallow, payless shoes has only one product line so it is narrow but lots of choices so it is deep
  43. what is the expansion product mix strategy
    add product lines to the product mix, more than just adding a product
  44. what is the contraction in the product mix strategy
    drop product lines from the product mix
  45. what is the alteration in the product mix strategy
    add or drop products but not lines
  46. what is the positioning of the product mix strategies
    define your product mix in terms of the competition, like being cheaper
  47. what is trading up in the product mix strategy
    add higher end, more expensive, products to the mix
  48. what is trading down in the product mix strategy
    add lower end, less expensive products to the mix.
  49. What is a product life cycle?
    key tool in managing products, model of how sales for a product change over time
  50. What is the model for the product life cycle?
    the graph of sales versus time, origin is commercialization, when you sell the first one
  51. name the stages and strategies of the product life cycle
    • 1. preintroduction strategy
    • 2. introduction
    • 3. growth
    • 4. maturity
    • 5. decline
  52. What happens in the preintroduction stage
    test feasibility, show sales as negative because money is going out but not coming in
  53. what is the introduction of the product life cycle
    don't have much competition, strategy, build primary demand = demand for the product
  54. what is the growth of the product life cycle
    building secondary demand = demand for brand
  55. what is the maturity
    this is maintenance marketing, defense and brand awareness
  56. what is decline in the product life cycle
    two strategy choices, dives, product has no future or remarket
  57. what are variations of the product life cycle
    come from successful remarketing, it can have a cycle, recycle patter or a scalloped pattern
  58. what is the cycle-recycle pattern
    extend the life of the product a little, remarket could be a special offer or a major price cut
  59. what is a scalloped pattern
    could be a new model that adds features or a new use, either way it must be something that increases the demand for the product
  60. what is planned obsolescence
    makes the product become obsolete so you can sell a replacement
  61. what is the planned functional obsolescence
    withhold new improvements until the next model or version of the product
  62. what is planned material obsolescence
    uses cheaper less durable inputs so product actually wears out, example, thinner soles on shoes
  63. what is planned style obsolescence
    change the style, look or fashion
  64. What are the fashion life cycles?
    • fads
    • fashions
    • styles
    • staples
  65. define fad
    popular for a short period of time, patchwork denim
  66. what are fashions
    popular for several seasons
  67. what are styles
    Popular for at least 6 seasons
  68. what are staples
    popular for generations, trench coats
  69. what are the fashion lifecycle stages
    • 1. distinctiveness
    • 2. emulation
    • 3. mass fashion
    • 4. decline
  70. What is the trickle up of adoption pattern
    starts as street wear, hoodies
  71. what is the trickle down adoption pattern
    starts on a runway, polo shirts
  72. What is the trickle across adoption pattern
    a fashion become popular across society at once, often driven by movies
  73. What is a brand?
    anything that identifies a product
  74. what is a brand name
    word like nike
  75. what is a brand mark
    symbol like nike swoosh
  76. what is a trademark
    legal protection for a bran
  77. what is a copyright
    legal protection for a creative work, used to protect ads or packages
  78. what are the three qualities for successful branding
    • the brand is a tool to be a tool to increase sales
    • 1. must be promoted
    • 2. output must be consistent
    • 3. product must be differentiated
  79. What is must be promoted?
    You have to get the brand out there, must create awareness
  80. Why must the output be consistent?
    So the customer knows what to expect
  81. Why must a product be differentiated?
    Can't be just like other brands, the brand must stand for something.
  82. what are the three types of brand
    • National 
    • Private
    • generic
  83. what is a national brand
  84. what is a private brand
    Weis, or giant
  85. what is a generic
    No brand
  86. What are the Acceptance Stages
    • brand recognition
    • brand preference
    • brand insistence
  87. Describe brand recognition
    Knowing the brand exists, build awareness
  88. what is brand preference
    Brands that are favored, brands the consumer would buy
  89. what is brand insistence
    the consumer will buy only one brand
  90. What are the brand name selection tests
    tests for prospective brand names, tests that would be used in screening of a list of brand names, association test, leaning test, memory test, preference test
  91. define the association test
    try to find out what the name reminds people of
  92. define the learning test
    find out if people can pronounce the brand name
  93. define the memory test
    how easy is the brand name to remember
  94. define the preference test
    find out if people like the brand name
  95. What is family packaging?
    place a lot of products in a similar looking package, campbell's soup; strategy is to get consumer's to try other versions of the product
  96. What is reuse packaging
    by consumer, like welch's jelly, strategy is it serves as a brand reminder
  97. what is Multiple packaging
    more than one unit in the package, like the 12 can fridge packs of soda, strategy is to sell more
  98. What is returnable packaging
    refillable, used to be a lot more common, but killed by handling costs of the empties, propane tanks for outdoor grills
  99. What is Recyclable packaging
    package is marked for recycling like triangles with numbers for plastics
  100. What is the goods to services continuum?
    shows that products range from 100% services up to 100% good
  101. what is the intangibility
    nothing physically there
  102. what is inseparability
    cannot be separated from the provider
  103. what is heterogeneity
    it is more difficult to make a service the same every time because of the human element.
  104. what is perishability
    will lose value if not sold when available, a service can't be saved and sold later
  105. what is fluctuating demand
    the demand swings more widely with services than most goods
  106. describe the quality maintenance of a service
    difficult because of heterogeneity, human element
  107. why would supply of a service increase
    to match the fluctuating demand, getting extra employees when demand is higher.
  108. What is consumer participation
    Have consumer do some of the work, customers filling own drinks
  109. what are complementary services
    extra services offered to keep the consumer busy while they are waiting, like a restaurant seating people at a bar until a table is ready
  110. what is industrialization
    have a machine do some of the service, like a car wash
  111. Why are reservations or appointments used
    to spread the demand
  112. Why are services packaged priced
    Combine some less popular service with some more popular service sold as a package, like season tickets that include preseason or opening act at a concert
  113. What is differential pricing
    have different prices at different times, used to spread demand, like early bird specials, out of season prices at resorts
  114. What is the importance of location
    important because of the inseparability, must be located near customer
  115. what are franchises
    popular way to expand services into new territories, advantage is a franchise provides on site owner which increase quality
  116. What is a developed tangible promotion representative
    the need for something to represent the service, credit card
  117. What is something associated with the tangible object
    geico gecko
  118. pairing in a promotion with a slogan
    nationwide is on your side
  119. focus on the before and after
    Maaco car repairs
  120. focus on provider-customer relationship
    we care, state farm ads
  121. who owns a public nonbusiness
    the government
  122. what is a private non business
    YCP, united way
  123. name a nonprofit business
  124. what are the markets of nonbusiness
    contributor and client
  125. What is the market analysis for nonbusinesses?
    use of marketng research, reasons for giving, feel it is a worthy cause, organization does something worthwhile, to show off, tax advantage, part of religion like tithing or alms
  126. how can a non business expand their product line
    YCP adding courses or majors
  127. what is the pricing of a non business
    usually cost plus, base price on the cost of running the organization, like dues in a club or greek organization.  May not be one price, like non profits that charge based on ability to pay
  128. what is the distribution of non businesses
    few middlemen, location is key, located in the client market, food bank
  129. What is the promotion of a non business
    uses all types of promotion that a business would
  130. What are the steps of the public relations methodology
    • 1. determine the current image
    • 2. determine desirable image
    • 3. develop plan
  131. What is a survey instrument?
    use marketing research, measure both visibility and favorability
  132. Define visibility
    how well known the entity is, easier to fix poor visibility than to fix poor favorability
  133. What is the semantic differential, or bipolar continuum?
    a tool to measure favorability, scale with the ends being opposites
  134. What are the parts to develop a plan with the public relations methodolgy
    • easy to increase visibility
    • difficult to change favorability
    • if favorability very negative then reduce visibility
  135. basic concepts of celebrity marketing
    agent takes  %, career  life cycle, visibility is important favorability is not
  136. What is political candidate concept development.
    create a platform, this is what you market
  137. what is a political candidate negative compaigning
    instead of promoting positives about your candidate you promote negatives about the opposing candidate, used if you can't increase favorability