Unit: Job Survival Skills Name
Unit 6: Product Management Name:__________________________________Marketing Education DIRECTIONS: Complete the following outline during the class discussion. Please use a different color (red, green, or blue) to fill in the answers. Submit to the correct gmail account for grading.I. The Product: Goods Vs. ServicesA. The __________________ can be a good or a service, both of which has monetary value and satisfy customer’s needs and wants.B. A ________________is any tangible object that consumers can purchase to satisfy needs and wants.1. A good can be stored after purchase and potentially resold.C. A ________________ is an activity that is intangible, exchanged directly from producer to consumer, and consumed at the time of production. 1. Intangible means that the ______________ cannot be touched, seen, tasted, heard, or felt. 2. The service sector is the ______________ and fastest-growing employment area in our economy.3. In a recent year, nearly _______ of all jobs in the United States were service jobs.4. The fastest growing service sector is _______________ with almost 2 out of every 5 new jobs by 2015.II. The Characteristics of ServicesThe most important ______________ between goods and services is that services are intangible._______________ means that the service is provided and consumed at the same time. _______________ means that services unused in one time period cannot be stored for use in the future. ____________________ means there are differences between services.Service organizations rely heavily on _______________, viral marketing, publicity, and word-of- mouth promotion. Services are often very labor ________________ - refers to the amount of human effort required to deliver the service.III. Industrial Vs. Consumer ProductsVirtually all products can be marketed to both ______________ buyers and to final consumers.Consumer goods are purchased by the consumer for their _________________ use.Consumers often purchase accounting software for personal budgeting and personal financial planning.Industrial goods are purchased by a _________________ or institution for use in the business or for resale.What ultimately determines if a good is classified as an industrial good or a consumer good? ____________________________________________________________ IV. Branding the ProductA _______________is the unique name, symbol, or design that identifies a product, service, or company.The brand ____________ is the unique, memorable quality of a brand. Some brands have an image of quality, others of low price, and still others of innovation.The ____________________ specializes in outerwear and equipment such as backpacks, tents, and sleeping bags. The name “North Face” was chosen because the north face of a mountain is generally the most difficult face to climb. The North Face brand was established in ________ in San Francisco, California.The north face has been the most frequently used path to the top of Mount Everest – the tallest mountain on earth.Will a North Face brand jacket really get you to the top of Mount Everest?The number of corpses never recovered and still remaining on Everest is about 120._________________ brands, also called producer brands or national brands are owned and created by manufacturers. More profitable. Examples: LG, Sony, Purina, Motorola_________________ brands, also called store brands, or dealer brands, are owned and sold by wholesalers and retailers. These can create store loyalty. Examples: Kenmore, Great Value, Ol’ Roy, Best ChoiceA _____________________strategy combines one or more brands to increase customer loyalty and sales for each individual brand.The “Call of Duty” special-edition ___________ is a unique example of co-branding.A ______________branding strategy occurs when a business creates multiple brand names to appeal to different market segments. Brand ________________ is a marketing strategy in which a firm marketing a product with a well-developed image uses the same brand name in a different product category. The new product is called a _________________. V. Using the TrademarkA ________________ is the legal protection of the words or symbols for use by a company.Brand ___________________ is the legal authorization by a trademarked brand owner to allow another company (the licensee) to use its brand, brand mark, or trade character for a fee. The owner of a brand must _________________ the brand from infringement. Protecting the brand license and trademark from infringement proves ______________ of the brand. VI. Branding with Trade CharactersA trade/brand _________________ is a brand mark with human form or characteristics. A trade character is the visual _______________ of a particular brand, merchandise, or advertiser. Trade characters are also known as advertising ______________. The Advertising Icon Museum in Kansas City is still under construction and is not open to the public. VII. The Product Life CycleThe ________________________________ identifies the four stages a product goes through from the time it enters the market until it is no longer sold. The Introduction Stage – The _____________ stage in the product life cycle. There are no direct competitors. The price is usually high, but this is the _____________ profitable stage.The Growth Stage – Sales increase and competitors are _________________ during this stage. Features, options, and services are added to the product.The Maturity Stage – Sales will peak and profits will begin to _______________. Many businesses now offer their own brand of the product. All brands tend have the same options.The Decline Stage – This stage occurs when consumers decide that a product is ________ longer satisfying their needs or they discover a new and better product. Many products move completely through the product life cycle and are eventually abandoned.The first ________________ phone used by Marty Cooper on the streets of New York City in 1973.VIII. The Product PackageA. A _______________ is the physical container or wrapping for a product. B. The package can aid in ____________ and selling the product.C. Packaging can give __________ for product use, information about the contents, guarantees, nutritional information, and potential hazards. D. Packaging can also make the product more ____________ or useful for consumers. Example: A package of Neosporin that provides a single dose with the squeeze of a trigger.E. Customer ____________ in the product’s package can be an important factor in determining the success or failure of the product. F. The package can ____________ a product during shipping, storage, and display to prevent pilferage or shoplifting of the product. G. The package can suggest ____________, convenience, status, or other positive attributes.H. Various _________ meet the needs of different market segments: family packs meet the needs of larger families; smaller packages are made for individuals. I. The package can indicate the _________ or purpose of the product.J The packaging can prevent ______________ and provide security for the product until the consumer can use it.K. The Tylenol Product Tampering Case: The incident occurred when seven people died after taking pain-relief capsules that had been poisoned. It happened in 1982 in the Chicago area. These poisonings involved Extra-Strength Tylenol medicine _____________ which had been laced with potassium cyanide. The incident led to reforms in the packaging of over-the-counter substances and to federal anti-tampering laws. The case remains unsolved and no suspects have been charged. IX. Developing New ProductsFew products are really ____________. Most “new” products are existing products that have been changed and/or improved.A _____________________ must be entirely new or changed in an important and noticeable way.The Federal Trade Commission regulates the use of the term “new.” There is a __________________ time limit for the use of the word “new.”The ________________ rate for new products is very high and very expensive.A _________________ analysis identifies a business’s strengths and weaknesses and the opportunities and threats it faces. A ____________________ is a specific city or geographic area in which marketing experiments are conducted. When using a test market, a _________________quantity of the new product is developed.This is increasingly _____________________.Competitors are _________________ off about a company’s new products and marketing petitors may take actions to __________________ the test market results. ................
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