Core Product Benefits correct answers This is the basic level of benefits that the product has to offer to fit into the product category.
Expected Product Benefits correct answers These are the benefits beyond the core benefits that consumers expect from the product. Consumers have expectations ...
MAR 3023 Marketing || Already Passed.
Core Product Benefits correct answers This is the basic level of benefits that the product has to
offer to fit into the product category.
Expected Product Benefits correct answers These are the benefits beyond the core benefits that
consumers expect from the product. Consumers have expectations about durability, warranty,
reliability, fair price.
Augmented Product Benefits correct answers benefits above and beyond what they customer
expects and thus beyond what competition provides.
Product Feature correct answers refer to those aspects that are built into a product, they don't
mean much in consumer isolation.
Product Benefit correct answers refer to what the product does and what people get out of it.
people.
Product Item correct answers is a specific product, identified by an ordering code know as stock-
keeping unit
Product Line correct answers is a group of closely related product items. A line exist within an
organization. Ex- crest has an entire line of toothpaste which include different features.
Product Mix correct answers is the set of product lines sold by the company.
Ex- toothpaste, mouthwash, and whitening strips.
Product Life Cycle correct answers Describes the life of a typical product over the following four
stages:
Introduction- this stage is characterized by slow growth as the market comes to accept the
product. Focus is on promotion and product awareness
Growth- lots of competitors enter the market. Focus- widespread distribution to establish your
brand before competitors can.
Maturity- slowing of growth. competitive stakeout- exit the market. Companies generally try to
keep their products at the maturity stage as long as possible. In order to battle competition, firms
must start to market product variations to gain and retain as much of the market as possible.
Decline- decrease in sales. A company must decide if it is worth it to continue making the
product despite the decline in sales. "cash in" customer loyalty occurs here.
Product Class Lifecycle correct answers an entire product category or industry
EX- automobile tires
, Product Form Life Cycle correct answers within in the class. This typically is not under the
marketers control because it is driven by changing technology or consumer taste.
EX- steel belted radial tires or low profile tires- both are used for the same purpose.
Brand Product Life Cycle correct answers specific brands within a product form
EX- new brand tire. Brand mangers are primarily in control of this level of the product life cycle.
Brand Manger correct answers the goal is to keep the brand product life cycle going for as long
as possible. Outside forces can effect the brand manager success, brand product life cycles are
generally under marketing control, but product does life cycles are usually driven by technology
and consumer taste ( out side control of brand manager)
Market Penetration correct answers Involves selling more of the product to the same basic set of
customers. Firms using a marketing penetration want to persuade existing and potential
customers to use more of their products.
Achieved by- offering coupons and lowering prices.
Wallet Share correct answers the percentage of customers expenditures that the firm account for.
Firms can do this by increasing customers frequency of purchase and by making customers more
loyal.
Loyalty programs- punch cards (berryville)
Market Development correct answers extending a product life cycle by looking for new markets
(multinational marketing)
Product Modification correct answers extending the product life cycle by altering a product
characteristics- quality, performance, or appearance- serve changing needs in the market place.
Product Repositioning correct answers involves changing the position that a product occupies in
the mind of the consumer.
Brand Development (BDI) correct answers is a tool used to determine how well a firms brand is
preforming in each geographic territory in which it sells.
BDI= Brand sales per capita in territory X 100
Brand sales per capita Nationally
BDI- below 100 means that the brands per capita sales in that territory are below the brands
national average.
BDI- of 100 means that the brands per capita sales in that territory are at the brands national
average.
BDI- of more than 100 means that the brands per capita sales in that territory are above average.
This is an indicator of how a brand is doing in one area relative to another.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller FullyFocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
