feature correct answers aspects that are build into the product
benefit correct answers what the product does and what people get out of it
core product benefits correct answers the basic level of benefits that the product has to offer to fit into the product category
expected product bene...
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feature correct answers aspects that are build into the product
benefit correct answers what the product does and what people get out of it
core product benefits correct answers the basic level of benefits that the product has to offer to fit
into the product category
expected product benefits correct answers the benefits beyond the core benefits that consumers
expect from the product
augmented product benefits correct answers benefits above and beyond what the customer
expects
creeping features (Featuritis) correct answers the tendency to simply add features to a product
without thinking about its benefits
featuritis curve correct answers shows how adding features initially increases user happiness, but
at a certain point user happiness decreases with additional features because the product gets more
complicated to use
product correct answers a good, service, or idea consisting of a bundle of tangible and intangible
benefits
product item correct answers a specific product, identified by an ordering code
Stock-keeping unit (SKU) correct answers an ordering code
product line correct answers a group of closely related product items within an organization
product mix correct answers the set of product lines sold by a company
product life cycle correct answers the life of a typical product over four stages
1. introduction
2. growth
3. maturity
4. decline
introduction stage correct answers -slow growth as the market comes to accept the product
-may start out as unprofitable in the beginning
-there are few suppliers.
-focus on promotion and making people aware of the brand
growth stage correct answers -rapid growth
-competitors enter the market
, -competitive entry!!!!
-make variations in products to retain market share
maturity stage correct answers -slowing of growth
-competitive shakeout!!! - competitors exit the market and invest money elsewhere
-try to maintain brand loyalty
-try to keep products here for as long as possible
decline stage correct answers -decrease in sales
-"cash in" on customer loyalty or shut down?
product class life cycle correct answers an entire product category or industry
product form life cycle correct answers product forms within the class
brand product life cycle correct answers specific brands within a product form
market penetration correct answers selling more of the product to the same basic set of customers
wallet share correct answers the percentage of customers' expenditures that the firm accounts for
market development correct answers extending a product's life cycle by looking for new markets
product modification correct answers extending the product life cycle by altering a products
characteristics
product repositioning correct answers changing the position that a product occupies in the mind
of the consumer
brand development index (BDI) correct answers a tool used to determine how well a firm's brand
is performing in each geographic territory in which it sells
category development index (CDI) correct answers measures how an entire product category is
performing in the market
brand name correct answers a verbal label attached to a product
brand mark correct answers a nonverbal representation for the brand
trade character correct answers a personified representation of the brand
logo correct answers a brand name, brand mark, or both
trademark correct answers a brand name, brand mark, trade character, or logo that is legally
protected
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