Product price and policy
if you are familiar with this topics please let me know I have an exam coming soon and I need help
What is a product? What are the levels of products (e.g., core, actual, augmented)?
What are attributes? What are benefits?
What is a means-end chain?
What are the responsibilities of a product manager?
What is a product line? What is the product mix?
What is a marketing plan? What are the objectives of a marketing plan?
What are the bases of competition?
What are the customer-based levels of competition?
How does the level of competition influence the tasks performed by product managers?
What factors influence the level of competition in which product managers focus?
What managerial and customer-based methods can be employed to determine competition?
**Know how to read a brand switching matrix and how to calculate cross elasticity of demand.
What aggregate market factors influence category attractiveness? (e.g., market size, market growth…etc.)
What are Porterâ€™s Five Forces? How do these forces influence category attractiveness?
What factors influence each force? (e.g., what factors influence threat of new entrantsâ€¦etc)
What are switching costs?
What are the elements of a competitor analysis? (The six basic questions)
What are the four possible objectives at the product level?
What are the three major components of a marketing strategy? What is positioning?
What is a competitive advantage? How do companies develop sustainable competitive advantages?
What are Porterâ€™s Generic strategies? What is a cost advantage? What is a differentiation advantage?
What is a consumer product? What is an industrial product?
What are evoked sets? What is a consideration set?
What is the multi-attribute model? What are the implications of the multi-attribute model?
What is customer value? What are the sources of customer value?
What is customer satisfaction?
What is a sales forecast?
A forecast should take into account four major categories of variables. What are these variables?
What are the consequences of forecasting errors (over and under)?
Know the basic forecasting method
Chapter 7 (in text)
1. Product objectives are generally stated in terms of growth or profit. What are the
strategic alternatives for pursing each of these objectives?
a. What is market penetration? Market development? Diversification? Product
b. How can a product manager increase outputs and/or decrease inputs?
2. What is positioning? What are the two basic ways to position a product?
3. What are five areas for differentiation discussed in the text?
4. What is a brand? What is brand equity?
5. What are the benefits of a strong brand?
6. What is a line extension? Category extension? Multi-brand? New brand?
7. What are the advantages/disadvantages of brand extensions?
8. What is a brand line? What is a brand portfolio? What decisions are related to each?
Blue Ocean Strategy (Kimâ€”Chapters 1 and 2)
1. What are blue oceans? How do blue oceans differ from red oceans?
2. How are blue oceans created?
3. How do you reconstruct market boundaries?
4. How do you reach beyond existing demand?
5. What is value innovation?
6. What is the four actions framework?
New Product Development (Chapter 9 â€“ Lehmann & Winer and Chapter 9 â€“ Crawford
1. What is a new product? (Review the typology in PowerPoint notes)
2. According to the readings, what are the steps in the new product development process?
a. What is idea generation?
b. What is concept testing?
c. What is product development?
d. What is product use testing?
e. What is test marketing?
3. What is the rate of diffusion?
4. What factors influence the rate of diffusion?
5. What is feature fatigue?
Global Considerations in Product Management (Raman)
1. What is global marketing standardization? Global marketing customization?
a. What are the advantages of each?
b. What is the fundamental issue that product managers face when going global?
2. What are the obstacles of standardization?
3. What is the country of origin effect?
4. What did Oreo standardize versus customize
Ethical and Legal Considerations in Product Management/ Product Recall
1. What are ethics?
2. What is product liability?
3. What is negligence? What is strict liability? What are the defenses to strict liability?
4. What are the potential ramifications of product recalls?
Chapter 10 (Lehmann and Winer) and Supplemental Readings (see below)
1. What is price?
2. What internal and external factors influence pricing decisions? Understand each factor
and how they influence pricing decisions.
3. What is customer value? What role does it play in pricing decisions?
4. How do category conditions influence pricing decisions?
5. What is demand? What is the price-demand relationship?
6. What is cost-based pricing? Value-based pricing? Competition-driven pricing?
a. Be able to calculate cost-plus, breakeven, and target profit pricing
7. What are the product mix pricing tactics?
a. Product line pricing
b. Optional product pricing
c. Complementary (or captive line) pricing
d. By-product pricing
e. Product bundling pricing
8. What is odd-even pricing? Partitioned pricing? Prestige pricing?
9. How does pricing influence consumption? (See assigned reading â€“ Gourville & Soman)
10. What is market-skimming pricing? Also be familiar with its advantages/disadvantages.
11. What is market-penetration pricing? Also be familiar with its advantages/disadvantages.
12. What are the legal considerations in pricing (e.g., price discrimination, predatory pricing,
price fixing, and deceptive pricing)?
13. Review pricing problems (answers will be posted on eCampus).