| Products targeted toward individuals and households | What are Consumer Products? |
| Products purchased for resale, operational needs, production AKA Business Products | What are Industrial Products? |
| Convenience, Shopping, Specialty | What are the three types of Consumer Product Classifications? |
| Items purchased frequently and with minimum shopping effort. | What are Consumer Convenience Goods? |
| Are those for which consumers typically make price-quality comparisons at several stores before buying. | What are Consumer Shopping Goods? |
| Those for which buyers have strong brand loyalty- they'll accept no substitutes | What are Consumer Speciality Goods? |
| SEE PHYSICAL FLASHCARD. | Draw Shopping /Product Characteristic Chart |
| Goods for which no demand exists. Often new, unfamiliar, or consumers do not want them. | What are Unsought Goods? |
| Raw Materials, Component Materials, Fabricated Parts, Accessory Equipment, Installations, and Operating Supplies. | What are the six Industrial/ Business Goods? |
| SEE PHYSICAL FLASHCARD. | Draw Industrial Parts Chart |
| Idea Generation, Product Screening and Concept Testing, Business Analysis and Product Development, Test Marketing and Commercialization. | What are the seven steps to new product rollout? |
| Labratory Studies, Brainstorming | What happens during Idea Generation? |
| Potential products are sorted relative to their strengths and weaknesses. Weak products do not move on to the next step. | What happens during Product Screening? |
| Potential customers for the new products are asked to evaluate the concept. Determines whether or not sufficient customer interest. | What happens during Concept Testing? |
| Detailed evaluation of the concept's commercial feasibility. Costs, competitor's strengths, projected demand, needed investment and profitability all take place during this step. | What happens during Business Analysis? |
| Viable ideas are first produced in tangible form and initial marketing strategy is created. Initial models continue to undergo testing and improvement at this stage. | What happens During Product Development? |
| Test Marketing provides a series of commerical experiments to test acceptance of product and appropriateness of marketing strategy. Commercialization is full scale production. | What happens during Test Marketing and Commercialization? |
| The stages that consumers go through in learning about new products. | What is the Product Adoption Process? |
| Takes place whent he buyer decides to continue using the product regularly after testing. | What is Product Adoption? |
| Innovators, Early Adopters, Early Majority, Late Majority, Laggards. | List the Five Categories of Product Adopters |
| First to buy product, 3% of market, younger, more affluent. | Describe Characteristics of Innovators |
| Next to buy after Innovators, 11%, well respected within community, opinion leaders, influence others. | Describe Characteristics of Early Adopters |
| 34%, slightly above average in social and economic standing. Influenced by adverstiting and sales people. | Describe Characteristics of Early Majority |
| 34%, more resistant to change and risk taking, middle-aged or older. | Describe Characteristics of Late Majority |
| 16%, low income, last to buy, price conscious, product has already reached maturity. | Describe Characteristics of Laggards |
| Refers to the process of developing a product or brand image in the consumer's mind. The image is defined as a position relative to competing brands & products. | What is Product Positioning? |
| Identify consumers' perception of hte perfect bundle or combination of attributes. | What are Ideal Points |
| Introduction, Growth, Maturity, Decline. | What are the four stages of a Product's Life Cycle |
| SEE PHYSICAL FLASHCARD. | Draw Product Life Cycle Chart |
| Profits remain negative, Innovators are initial buyers, very little direct competition. | Describe characteristics of the Introduction PLC |
| Point at which profitability becomes positive, sales grow at increasing rate, new firms enter market attracted by high-profit potential. | Describe characteristics of the Growth PLC |
| Slowing sales, saturated market, consumer demand peek, profits decrease | Describe characteristics of the Maturity PLC |
| Sales decline, firms leave the market, most remaining firms exit the market. | Describe characteristics of the Decline PLC |
| A brand is a name or symbol that is used to identify the products of a specific firm. | What is Brand Management? |
| Created by product manufacturers | What are Manufacturer Brands? |
| Brands created by intermediaries (Retailers) AKA Private Brands. | What are Dealer Brands? |
| Occurs when consumers are absolutely brand loyal and will accept no substitutes. | What is Brand Insistence? |
| Means that target consumers will usually choose one specific brand over others. | What is Brand Preference? |
| Exists when consumers remember the brand name. | What is Brand Recognition? |
| Means that consumers do not recall the brand name. | What is Brand Non-Recognition? |
| Exists when consumers recognize, but refuse to buy, specific brands. | What is Brand Rejection? |
| Strategy is used when the same brand is applied to several products most appropriately when all of the products are of comparable type and quality. | What is Family Brand? |
| Can be assigned to each product when there exists significant variation in product type and quality. | What is Individual Brands? |
| A well-established brand name that other sellers pay to use. | What is a Licensed Brand? |
| Protection, Promotion and Information | What are the three primary functions of packaging? |
| Legal and medical services are typical examples. Intangibility, inseparability, perishability, and variability. | What is Services Marketing? |
| They are not experienced by buyers until the service is performed. | What are intangible Services? |
| Refers to the fact that the service cannot be separated from the person providing it. | What is Inseparability? |
| Services are perishable becuase they cannot nbe inventoried, returned, or resold. | What are Perishable Services? |
| They are not performed in the same way each and every time. | What are Variable Services |
