Strategic Marketing: Topic 7

The customer value creation mix strategies are designed to:

• Create, Communicate and Deliver

• Create, Develop, Deliver

• Communication, Create, Promote

• Deliver, Develop, Plan

People who enjoy trying new products and are often the first to do so are known as:

• Early adopters

• Early majority

• Market mavericks

• Innovators

• Laggards

A group of closely related product items that are related because of marketing, technical or end use considerations is a product:

• Category

• Dimension

• Extension

• Line

A consumer product is a good that is:

• …a tangible physical entity

• …an intangible result of the application of human and mechanical efforts to people or objects.

• …a concept, philosophy, image or issue.

A corporate level product strategy entails:

• Product mix strategies

• Product line strategies

• Individual product  

• Brand strategies

A line extension dimension of change and type of change is:

• Depth of line / Addition to line

• Depth of line / Deletion to line

• Breath of line / Addition to line

• Breath of line / Delete to line

An upward stretch is:

• Adding items to the higher end of the market

• Adding items to the lower end

• Adding items to both ends

• Adding items at similar price/quality point

Functional modifications are:

• Changes relating to a product’s dependability and durability

• Changes affecting a product’s versatility, effectiveness, convenience or safety

• Changes to the sensory appeal of a product

Packaging is:

• Formal product (tangible)

• A core product (intangible)

• Augmented product (intangible)

Managing different aspects of brands includes the ‘design’. Design includes:

• Logos

• Brand Equity

• Trademark

• Brand associations