M11: Products

Carola Storage wants to protect the name of the company along with the logo and catch phrase. Which of the following best represents how it should proceed?

apply for a trademark

The swoosh on a Nike product is its

brand mark.

Pepsi, Adidas, Whirlpool, and Jaguar can be best described as examples of

brand names.

The stage of the product development process in which there is full-scale production and marketing of the product is

commercialization.

Brand ________ is the value a company gets from the factors people associate with a particular brand name, such as emotions.

equity

In the ________ stage of the product life cycle, managers work to get enough product into the distribution pipeline, maintain quality, and expand sales and distribution.

growth

Product sales and profits start to level off due to competition during the ________ stage of the product life cycle.

maturity

Products that are purchased after consumers make comparisons are ________ products.

shopping

Products that buyers will make a special effort to obtain, and will go out of their way for them, are ________ products.

specialty

Product Development Process

1. Idea Generation 2. Product Screening 3. Product Analysis 4. Product Development 5. Test Marketing 6. Commercialization

Delilah buys many of her groceries at the local convenience store because she believes in supporting local businesses. What type of purchase is this?

B2C

________ are the large, long-lasting pieces of equipment a business purchases, like a commercial oven in a restaurant.

Capital items

Classes of Consumer Goods and Services

Convenience: Purchased frequently and easily. Shopping: Purchased after consumers make comparisons Specialty: Purchased after buyers go out of their way to obtain them Unsought: Purchased after buyers are triggered or did not think they needed them.

Innovation occurs

Product Obsolescence: Existing products become obsolete as consumers' needs change or competitors add better features. Frequent Failure of New Products: Constant innovation is necessary because most new products your company introduces will not be accepted by enough consumers to be successful. Long Development Time: Some products take years to take shape.

Total product offering

It includes product warranty and financing. It includes product labeling and packaging. It refers to all the features that potential buyers evaluate in a product.

Busisness to Consumer (B2C) Market

This market consists of all those individuals or households who want goods or services for their personal use

Busisness to Business (B2B) Market

This market consists of industrial goods or business goods products used to produce other products

During which stage of the product life cycle are there start-up costs for production, marketing, and distribution?

introduction

Sales are usually low and there is risk the product will be rejected in the ________ stage of the product life cycle.

introduction

'49 Brand makes very popular sporting goods apparel. Viktor is walking down the street in his hometown and sees a vendor selling caps with the '49 Brand logo at nearly 75 percent off the regular price. Upon careful inspection, Viktor notices that the caps appear to be of much lower quality than he is used to seeing from '49 Brand. The vendor is most likely offering ________ products.

knockoff

Brand ________ is consumer commitment to a particular brand resulting in repeat purchases.

loyalty

BATT Energy Solutions sells batteries and battery chargers to consumers. Its products are wrapped in a prismatic paper that reflects differently depending on how the light hits it. This paper can best be described as

packaging.

Industrial glue and food preservatives are business products that are classified as

process materials.

A product prototype is made during the ________ stage of the product development process.

product development

Innovation is important because of ________—when a product is no longer viable because consumers' needs change or a competitor has a better product.

product obsolescence

Dropping product ideas that are too expensive, will take too long to execute, or won't generate enough sales is most likely to happen during the ________ stage of the product development process.

product screening