MKT 300 EXAM 3 CSU STUDY GUIDE
Managing products - Answers --line extensions- benefits: shelf space, if you have more
products in shelf than others, less competition, more likely customers buy your brand;
-product modifications- getting rid of old product
Phases of new product development - Answers -Idea generation-> screening->concept
testing-> business analysis->product development-> test marketing->commercialization
Phases of new product development: idea generation - Answers -employees, etc.
Phases of new product development: concept testing - Answers -focus groups,
feedback
Phases of new product development: Business analysis - Answers -does it meet what
we want to accomplish, will we break even, how much investment, will we make profit,
etc.
Phases of new product development: product developing - Answers -prototype, have
people look at it
Phases of new product development: Test market - Answers -obscured cities, less loud
(not referring to sound) cities
Phases of new product development: Commercialization - Answers -can we sell
enough
Product differentiation - Answers --low price leader vs differentiation- making your
product different, vs having the lowest price
-hard rock café (different) vs discount furniture
Product Quality: performance - Answers -primary operating characteristic, ex. Car- can
it take you somewhere
Product Quality: features - Answers -extra things they throw into product to give it
something different and unique than other
Product Quality: reliability - Answers -what's the likely hood that it fails
Product Quality: durability - Answers -the life of the product, how long does it last
Product Quality: serviceability - Answers -can you fix it
Product Quality: Aesthetics - Answers -the beauty of the product
, Product Quality: Conformance to specifications - Answers -the product meets
benchmarks of the product, ex. car says you get 19 miles per gallon, and you do or
don't
Product Quality: perceive quality - Answers -things we can't specifically measure, just
kind of feel and intuition
Product Quality - Answers -performance, features, reliability, durability, serviceability,
aesthetics, conformance to specifications, perceive quality
Product Positioning - Answers --Creating and maintaining a certain concept of a
product in customers minds
-A products position results from customers perceptions of a products attributes relative
to those of competing products
--Marketers emphasize characteristics most desired by the target market (or segment)
in advertising
-Its relative to the competition*
Essentials of effective brand positioning strategies - Answers --substantive value
-consistency
-simplicity
-distinctiveness
Essentials of effective brand positioning strategies: substantive value - Answers -
focusing on the value you are presenting, ex. some people go to restaurants for the
flavor and tastes which is most important, others go for quantity of food given, etc.
Essentials of effective brand positioning strategies: consistency - Answers -be
consistent
Essentials of effective brand positioning strategies: simplicity - Answers -can be simple,
doesn't need to have a bunch of different products
Essentials of effective brand positioning strategies: distinctiveness - Answers -being
different from others, basically differentiation, no one else is the same
Brand positioning - Answers -focus on what we're giving them, what they are gaining
from buying our product rather than anything else out there
-part of brand positioning themes
User positioning - Answers -positioning themselves around the user
-brand positioning themes
Competitive positioning: - Answers -position yourself against the competitors, ex. we
are this way, better than..., etc.
Managing products - Answers --line extensions- benefits: shelf space, if you have more
products in shelf than others, less competition, more likely customers buy your brand;
-product modifications- getting rid of old product
Phases of new product development - Answers -Idea generation-> screening->concept
testing-> business analysis->product development-> test marketing->commercialization
Phases of new product development: idea generation - Answers -employees, etc.
Phases of new product development: concept testing - Answers -focus groups,
feedback
Phases of new product development: Business analysis - Answers -does it meet what
we want to accomplish, will we break even, how much investment, will we make profit,
etc.
Phases of new product development: product developing - Answers -prototype, have
people look at it
Phases of new product development: Test market - Answers -obscured cities, less loud
(not referring to sound) cities
Phases of new product development: Commercialization - Answers -can we sell
enough
Product differentiation - Answers --low price leader vs differentiation- making your
product different, vs having the lowest price
-hard rock café (different) vs discount furniture
Product Quality: performance - Answers -primary operating characteristic, ex. Car- can
it take you somewhere
Product Quality: features - Answers -extra things they throw into product to give it
something different and unique than other
Product Quality: reliability - Answers -what's the likely hood that it fails
Product Quality: durability - Answers -the life of the product, how long does it last
Product Quality: serviceability - Answers -can you fix it
Product Quality: Aesthetics - Answers -the beauty of the product
, Product Quality: Conformance to specifications - Answers -the product meets
benchmarks of the product, ex. car says you get 19 miles per gallon, and you do or
don't
Product Quality: perceive quality - Answers -things we can't specifically measure, just
kind of feel and intuition
Product Quality - Answers -performance, features, reliability, durability, serviceability,
aesthetics, conformance to specifications, perceive quality
Product Positioning - Answers --Creating and maintaining a certain concept of a
product in customers minds
-A products position results from customers perceptions of a products attributes relative
to those of competing products
--Marketers emphasize characteristics most desired by the target market (or segment)
in advertising
-Its relative to the competition*
Essentials of effective brand positioning strategies - Answers --substantive value
-consistency
-simplicity
-distinctiveness
Essentials of effective brand positioning strategies: substantive value - Answers -
focusing on the value you are presenting, ex. some people go to restaurants for the
flavor and tastes which is most important, others go for quantity of food given, etc.
Essentials of effective brand positioning strategies: consistency - Answers -be
consistent
Essentials of effective brand positioning strategies: simplicity - Answers -can be simple,
doesn't need to have a bunch of different products
Essentials of effective brand positioning strategies: distinctiveness - Answers -being
different from others, basically differentiation, no one else is the same
Brand positioning - Answers -focus on what we're giving them, what they are gaining
from buying our product rather than anything else out there
-part of brand positioning themes
User positioning - Answers -positioning themselves around the user
-brand positioning themes
Competitive positioning: - Answers -position yourself against the competitors, ex. we
are this way, better than..., etc.
