WGU C201 Chapter 12 Correct 100%(RATED A+)

Product - ANSWER A bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants. Product strategy - ANSWER The part of marketing that deals with product/service development. It also manages package design, trademarks and other product identification, warranties, product life cycle, and new-product development Classifying goods and services - ANSWER Broad categories included business to consumer (B2C) and business to business (B2B), both of which can subdivided into smaller categories. Classifying consumer goods and services - ANSWER The classification is based on consumer buying habits, and includes convenience, shopping, and specialty products. Marketing strategy implications - ANSWER Once a product has been classified, marketers have a better idea of its promotion, pricing, and distribution needs. Product lines and product mix - ANSWER A firm's product line is a group of related products marked by physical similarities or intended for a similar market. The product mix is the assortment of product lines and individual goods and services that a firm offers to consumers and business users. Stages of the product life cycle - ANSWER The cycle begins with the introductory stage, advances through the growth and maturity stage, and ends in the decline stage. Marketing strategy implications of the product life cycle - ANSWER Price, promotion, and distribution strategies will differ as the product moves through its life cycle. The life cycle will be extended, (finding new uses is an example) as long as it remains profitable. Stages in new-product development - ANSWER The new-product development process involves six distinct activities: 1) idea generation; 2) screening; 3) concept and business analysis; 4) product development; 5) test marketing; and 6) commercialization. Selecting an effective brand name - ANSWER Products are identified by brands, brand names, and trademarks. Good brands are easy to pronounce, recognize, and remember. They should also convey the right image to the buyer and be legally protectable Brand categories - ANSWER A brand offered and promoted by a manufacturer is known as a manufacturer's (or national) brand. A private (or store) brand identifies a product that is not linked to the manufacturer but instead carries a wholesaler's or retailer's label. A family brand is a single brand name used for several related products. An individual branding strategy gives each product within a line a different name Brand loyalty and brand equity - ANSWER The three levels of brand loyalty are brand recognition, brand preference, and brand insistence. A highly respected and widely recognized brand name gives a brand added value, known as brand equity Packages and labels - ANSWER Packaging affects the durability, image, and convenience of an item and contributes to product identification. Labeling must meet federal laws requiring companies to provide enough information to allow consumers to make value comparisons. The Universal Product Code (UPC), the bar code read by optical