GrC 337 - Quiz #1 Study Guide
What are the 3 D's of business methods?
discovery, development, delivery
What does FMOT mean?
first moment of truth
What is the first moment of truth?
first seven seconds is when a customer decides feelings on product/packaging
What is a marketing brief?
defines marketing objectives
Fill in the blank: (blank) is the methodology for visualizing business strategy
design
What is retort packaging?
sterile food inside
What two parts of SWOT are internal?
strengths & weaknesses
What is SWOT?
strengths, weaknesses, opportunities, threats
What are the three types of innovation?
sustaining, commercial, and disruptive
What is disruptive innovation?
completely didn't exist before (example: Swiffer cleaner)
What are five reasons for product failure?
1) company can't support fast growth 2) product falls short of claim 3) new item exists in "product limbo" 4) requires substantial consumer education 5) no market
What are four things brands are challenged by?
1) competition 2) customization 3) marketing 4) unmet consumer needs
What are three reasons companies innovate?
1) grow revenue 2) sustain consumer loyalty 3) stay ahead of competition
What is an invention?
creation of a composition, device, or process that has not previously been created
What is sustaining innovation?
an improvement to existing product that can be expected (example: crayons --> markers)
What doe the ABC in the ABC model stand for?
analogous thinking, biomimicry, connect & develop
What is biomimicry?
applying nature's solutions to solve human problems (example: airplanes based of physiology of birds)
What does BPA free mean?
bisphonal free
What is analogous thinking?
break through thinking (seeing similarities)
What is one strategy used to help define the target market?
building personas
What is connect & develop?
communication development
What is the served available market?
how many people can be reached
What two parts of SWOT are external?
opportunities & threats
What is the most popular consumer product company?
procter & gamble
What is the total available market?
size of all consumers in the market
What is the target market?
the most likely customers
What is the z pattern?
the way our eyes move through information on a package
True or false: you are more likely to purchase a package if you pick it up in store
true
What is commercial innovation?
using existing product & educating consumers
