Flashcards on Product Decisions in Marketing Management
Product Decisions in Marketing Management: A Student Guide
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UNIT 6 Product decisions
45 cards
Card 1
Question: What are the two main points of view for approaching the product concept?
Answer: Concept focused on the product itself and concept focused on the customer's needs.
Card 2
Question: List the four levels in the product concept model.
Answer: Basic (essential) product, Expected product, Augmented product, Potential product.
Card 3
Question: What basic elements are included in the 'Basics' part of the Net Worth Model for a product?
Answer: Brand, Packaging, Style/Design.
Card 4
Question: Give examples of 'Additional aspects' in the product concept.
Answer: Delivery, Warranty, Financing, Installation, Maintenance, Image, Training, After-sales experiences.
Card 5
Question: How does the presentation define a product?
Answer: The product is the means by which consumer needs can be met; it is a strategic variable.
Card 6
Question: What is the difference between a product and an experience according to the content?
Answer: An experience transcends the product; companies add experiences to differentiate, position against competitors, and build customer loyalty.
Card 7
Question: Name the main categories of tangible products listed.
Answer: Consumer products and Industrial products.
Card 8
Question: What are the four types of consumer products and one key characteristic of each?
Answer: Convenience products – frequent, low-effort purchases; Comparison products – less frequent, require more purchase effort; Specialty products – unique
Card 9
Question: How does the content categorize intangible offerings?
Answer: As consumer services and industrial services; ownership differs from tangible products.
Card 10
Question: What is the definition of a brand given in the material?
Answer: A name, term, symbol, design, or combination that identifies the goods or services of a seller and differentiates them from competitors.