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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
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.
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)
What is the New-Product Development Process?
- New-product strategy
- Idea Generation
- Idea Screening
- Business Analysis
- Test Marketing
- New Product
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
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