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Marketing - Midterm 2 Outline.docx

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Department
Commerce
Course
COMMERCE 2MA3
Professor
Ambika Badh
Semester
Fall

Description
Midterm 2 – Revision Session November 9 12:30-1:30pm – CNH 104 (for C03) Outline  Chapters 9, 10, 11, 12  40 questions (10 per chapter)  All are multiple choice Chapter 9: Product and Service Strategy a) Difference between goods and services  Continuum b) Classifying services, characteristics and quality (Reliability, Assurance, Empathy) c) Classifying products d) Classifying Consumer Products  Convenience (Impulse, Staples, Emergency)  Shopping  Specialty  Unsought e) Classifying Business Products (Installations, Accessory Equipment, Component Parts, Raw Materials, MRO, Services) f) Product Quality (TQM, ISO, National Quality Institute, Malcolm Bridge) g) Benchmarking (Internal and External)  Realize which processes need improvement  Look at leaders in the industry  Match your strategy to theirs h) Product Lines i) Product Mix (Length, Width, Depth) j) Product Life Cycle (Introductory, Growth, Maturity, Decline)  Intro: no profits; only marketing  Growth: start to make profits and competitors enter  Maturity: supply exceeds demand for first time  Decline: start to have negative profits k) Fashions and Fads l) Extensions of Product Life Cycles (Frequency of use, number of users, new users, change characteristics of product) Chapter 10: Brands and Product Strategies a) Brand b) Stages of Brand Loyalty (Recognition, Preferences and Insistence)  Consumers recognize new product  Consumers start preferring product over other similar products  Consumers will not accept any alternatives (even if have to wait or pay more) c) Types:  Generic: brand for which money does not spend a lot of money on advertisements or packaging (ex. No Name)  Manufacturer: name of manufacturer goes with the product (ex. Apple, Sony, Dell)  Private: retailers give own names to products so product (ex. President’s Choice at Loblaws)  Captive: a lot of promotion  Family: particular brand gives an image to two or more products  Individual: Does not have identity with manufacturer or retailer (ex. Dove) d) Brand Equity: when a brand image give importance to a new product that is being launched (ex. Apple is launching a product  already have idea of how good it will be) e) Product Identification – Brand Names and Marks f) Trade Marks and Trade dress g) Packaging (Protection, Marketing, Cost, Effective) h) Labeling – Promotional and Informational  UPC, RFID  Visible Tattoos (mostly on produce) i) Brand Extension, Licensing  Brand extension: adding unrelated products to the brand name  Licensing: giving brand name to another company to earn profits j) Product Development Strategies  Market Penetration: same product and same product market  Product and Market Development: develop a new product with same market; develop  Product Diversification: new product and new market k) Product Positioning and Cannibalization l) Consumer Adoption Process (Awareness, Interest, Evaluation, Trial and Adoption/Rejection) m) Consumer Innovators (take risks) and Laggards (do
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