answers - Test Question 1: What are the 4 categories of...

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Unformatted text preview: Test Question 1: What are the 4 categories of products? 1. Products of Convenience--low involvement, low $, low risk 2. Shopping--a little higher involvement, stuff you really should look around for & do info search like clothes 3. Specialty-more like niche group, prods more branded, satisfy Maslow's hierarchy 4. Unsought--never really thought you had to buy or look at this, like life insurance or burial insuranceopportunities for marketers to do something great if a nice opportunity presents itself o Karam had to look for products for vision impaired people at 22, rather than at 90 like he expectedpeople making those products are so rich because the products are so expensive but satisfied that part of the market o We're going to have to shop for hearing aids at 30 because of ipods, and someone real smart will have a tiny one that won't show and sell it for lots of $ to us Test Question 2: What are the components of a product? 1. Product itself 2. Package o How do you sell things? Altoids makes a fortune by selling them in a tin case, Pringles in the tall can, bottles of water might tell you one water is better than another, Red Bull came up with a small can to differentiate them from competitors 3. Warranty--implied (not everything comes w/ it) and written warranties (when you have documentation that says you have x amt of time and if it breaks we'll fix it) o Company pays for the warranty o Chrysler went bankrupt in 80s--saw trend emerging w/ women working and running around, came up w/ minivan and it was a hit o Also came up w/ K-car for blue collar workers---ugly car, targeted to middle to lower income worker who needed a cheap car, and the differentiating factor for that was that he came up w/ a warranty (10 yrs, 100,000 miles) & they sold a bunch and Chrysler resurrected 4. Service after the sale--means that when warranty runs out, you dont want to ditch the product, you want the product to be serviceable o Old people keep products for a long time (wear a Timex for 21 years, etc.) build brand loyalty 5. Brand--company image o It's that overall experience you have when you think a/b a particular product or place o Think of Notre Dame you think of experiences thereit's the smell of the cold air lighting a candle in the grotto, it's the creaking floors going to the pres's office, etc. o That's why the LSU brand is so powerful--Ryan Perilloux is hurting the LSU brand by fighting, etc and now Les Miles is the coach w/ the renegade players o When you look @ brand you look @ how brand manager (manages brand of a...
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This note was uploaded on 12/04/2011 for the course MKT 3401 taught by Professor Jaber during the Spring '08 term at LSU.

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answers - Test Question 1: What are the 4 categories of...

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