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Marketing 301 Final (Francesca Valsesia) with 100- correct answers(graded A+)
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Marketing 301 Final (Francesca Valsesia) with 100- correct answers(graded A+)
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Marketing 301 Final (FrancescaValsesia) with 100% correct
answers(graded A+)
Product - answer Firm: A bundle of attributes designed to provide
benefits to the consumer -> answer to consumer needs
Customer: Bundle of benefits
*Go from benefits/needs to attributes
Product Development - answer 1. Idea generation
2. Idea Screening
3. Evaluation
4. Development
5. Commercialization
What is considered a product success? - answer A product still
available on shelf two years after launch
-Other success: Total volumes, market share, ROI, achievement of
goals, incrementality
-The success rate is below 30%
-Only 20% of new products increase sales volumes in the second
year
Costs of failure - answer -R&D and Production costs
-Marketing costs
-Opportunity costs
-Brand Equity
,Uncertainty in Releasing New Products - answer -Product
Performance
-Product Usage
-Product Liking
Product Life Cycle (PLC) - answer -Fads(Strong start, dies quickly)
-Fashions(Sales vary over time)
-Classic(Intro, growth, maturity, decline)
-Slow Starters(Slow sales, rapid increase)
*Can keep a product in the growth stage even when it gets big
through innovation
Factors that Affect the Speed of Adoption - answer -Perceived
relative advantage
-Compatibility
-Observability
-Complexity and trial-ability
-Price
PLC and Target Segments - answer -Innovators (2.5%,
venturesome, highly educated)
-Early Adopters (12.5%, leaders in social settings)
-Early Majority (34%, deliberate, informal social contacts)
-Late Majority (34%, skeptical, below average social status)
-Laggards (16%, fear of debt, friends are information sources)
PLC and Advertising - answer -Introduction: Primary demand
(Inform)
-Growth: Extensive Advertising Spending (Persuade)
-Maturity: Reminder and emotional ads (Remind)
, -Decline: Minimal if any
Firm's Product Portfolio: BCG Matrix - answer -Considers each
product/business unit as a collection of separate investments
-Often used to determine how much cash (if any) a product should
receive
-Naming convention reflects how much cash the product/business
unit generates for the firm
*Growth Rate x Market Share Dominance
Problems with the BCG Matrix - answer 1. Assumes that higher
rates of profit are directly related t high rates of market share
2. Labeling Effects: No one wants to work with ?? or Dog. Account
bias
3. Assumes each business unit is independent of each other when in
some cases, they may help each other gain a competitive advantage
Service - answer Intangible offering that involves an effort and
performance that cannot be physically possessed
Service Dominant<---------->Product Dominant
*Most lie somewhere in the middle
Factors differentiating services from goods - answer Intangible,
inseparable, heterogeneous, perishable
Intangible - answer Requires using cues (signals) to convert
value/benefits/quality
Example: Conveying Quality as a Dentist
-Quality of furnishing
-Current magazines
-Diplomas on the wall
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