Read the summary and the most important questions on Product and services management | 9781412908641 | George J. Avlonitis and Paulina Papastathopoulou.

• 1 The product as an economic variable

• 1.2.2 Product hierarchy

• What are the five categories product hierarchy comprises?

  • Need family (basic need, example security)
  • Product familiy (all product classes that satisfy a basic need, example savings and income)
  • Product class or category (group of products within a familiy, example investment products)
  • Product line (group of closely related products within a product class, example investment accounts)
  • Product type (group of items within a product line, example capital guaranted accounts)
  • Brand (name of a product)
  • Item (unit within a brand or product line)

• 1.2.4 Product positioning

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• What are the mistakes made in positioning?

  • Underpositioning (buyers dont understand any differences)
  • Overpostioning (buyers have a narrow image of the brand)
  • Confused positioning (buyers are confused as to what a brand stands for)
  • Doubtful positioning (buyers may doubt about the claims in view of the products features, price of distribution)

   

• 1.2.5 Product innovativeness

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• What are the six categories that classificate new products? (Based on Booz)

  1. New to the world products
  2. New product lines (not new to market but new to the company)
  3. Additions to existing product lines
  4. Revisions/improvements to existing product lines
  5. Repositioning (existing products, new market)
  6. Cost reductions (same benefits, lower cost)

• What are the seven classes of new product types distinguised by Booz?

  • True innovations
  • Totally new product for the world
  • Totally new products for the company
  • New product lines for the company
  • New items in an existing product line
  • Significant modifications of existing company products
  • Fairly minor modifications of existing company products

• 2 Types of product decisions

• 2.1 Decisions about the product types

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• How is the decision to add new product lines to the product-mix described?

  Diversification

• How is the procedure of eleminating product lines from the company´s product-mix called?

  Divestment

• 2.3.1 Branding

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• What are the four brand switching sequences?

  1. Perfect single brand loyalty
  2. Single brand loyalty with occassional switching
  3. Divided loyalty
  4. Indifference

• 2.3.2 Packaging

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• What are the five packaging compenents management must make a decision in?

  1. Materials
  2. Size (most important)
  3. Shape
  4. Colour, texture and graphic are
  5. Other components such as ease of opening, ease of use

• 3 Product life cycle and marketing strategy

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• 3.2 Marketing strategies at the introduction stage

• What are the three marketing strategies in the introduction stage?

  • Mass market penetration
  • Niche penetration
  • Skimming and early withdrawal

• 4 Evaluation of product/service portfolio

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• What are the three approaches in evaluating a product?

  1. Multidimensional screening approach
  2. Index approach
  3. Product portfolio matrix approach