Managing the product
27 important questions on Managing the product
What are the 3 steps in managing products?
- Design product Strategies
- Make Tactical product Decisions
What is a product range?
What are possible line strategies?
- line stretch; upward, downward or two-way
- Filling out verses contracting
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What is a full line strategy?
Explain the Product life cycle.
The way products go through four listings stages from birth to death: introduction, growth, maturity and decline.
Marketing strategies should change over the PLC time.
What happens in the maturity stage?
- competition grows intense
- Firm resorts to price reductions and reminder advertising.
What is a brand?
Brands should be: Memorable, positive connotation, convey a certain image.
What are 4 types of brand-consumer relationships?
- Nostalgic attachment (Product serves as a link with the past self.)
- Interdependence attachment (Product is part of the user's daily routine (could get through the day without Starbucks? Can you live without your cellphone?)
- Love (Product elicits emotional bonds of warmth, passion, or other strong emotion.
What makes a brand successful?
- Stays relevant
- Pricing based on consumer value perceptions.
- properly positioned.
- Company monitors sources of brand equity.
- Coordinates marketing activities to create equity.
What are 5 branding stratagies?
- national brands vs store brands
- generic brands: no branding
- Licensing: one firm sells the right to use a legally protege brand name for a specific purpose and for a specific pored of time.
- Co-branding: Combines the two brands.
What are the function of packaging?
- product information
- nutritional information
- bar code
- photo
etc.
What are the packaging functions?
- communicates brand personality
- provides specific information
- makes the package more user friendly.
How to sign effective packaging?
- how might the package enhance brand image?
- what possible environmental impact might the package have?
- What graphic information should it show?
What is a limited line strategy?
What is an upward line stretch?
What is a line stretch?
What is a downward line stretch?
What is a two-way stretch?
What is contracting a product line?
What is the width of the product range?
What is 'integrating the voice of the consumer into the product design'?
What is kansei engineering?
What is the European Foundation for Quality Management (EFQM)?
What is the Six Sigma?
What is the Universal product code? (UPC)
What is a brand manager?
What are 3 forms of line extension strategies?
- Line stretch
- Filling-out (different colors, different sizes)
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