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Chap 11, 12, 13
chap 11, 12, 13
89
Marketing
Undergraduate 2
05/16/2010

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Term
Product
Definition
bundle of physical service and symbolic attributes designed to satisfy a customer's wants and needs
Term
goods
Definition
tangible products customers can see, hear, smell, taste, or touch
Term
goods- services contiuum
Definition
one way to distinguish services from goods
Term
homeshoring
Definition
hiring workers to do jobs from their homes
Term
consumer b2c product
Definition
product destined for use by ulitmate sonsumers
Term
b2 b product
Definition
product that contributes directly or indirectly to the output of other products for resale also called industrial or organizational product.
Term
impulse goods and services
Definition
are purchased on the spur of the moment
Term
staples
Definition
convenience goods and services consumers constantly replenish to maintain a ready inventory: gasoline, shampoo and dry cleaning
Term
convenience products
Definition
goods and services consumers want to purchase friequently immediatel and with minimal effort
Term
unsought products
Definition
marketed to sonsumers who may not yet recognize any need for them
Term
shopping product
Definition
products consumers purchase after comparing competing offerings
Term
specialty products
Definition
offer unique characteristics that cause buyers to prize those particular brands
Term
installations
Definition
specialty products of the business market
Term
accessory equipment
Definition
capital items that tyically cost less and last for shorter periods than installations
Term
industrial distributor
Definition
might be used to contact potential customers in its own geographic area
Term
component parts and materials
Definition
where bus buyers use intallations and accessory equipment in the process of producing their own final products
Term
raw materials
Definition
farm products and national resouces
Term
supplies
Definition
constitute the regular expenses a firm incurs in its daily operations
Term
mro items
Definition
suppliers are also called 1. maintenance equiment 2 repair items 3 operationg supplies
Term
business services
Definition
intangible products firms buy to facilitate their production and operating processors
Term
total quality managment tqm
Definition
continuous effort to improve products and work processes with the goal of achieving customer satifaction and worl-class prerformance
Term
benchmarking
Definition
firms relys on this tool
Term
service encounter
Definition
the point at which the customer and service pronider interact
Term
service quality
Definition
refers to the expected and perceived quality of a service offering and it has a huge effect on the competitiveness of a company
Term
product line
Definition
series of related products offered by one company
Term
product mix
Definition
assortment of product lines and individual product offerings
Term
width of a product
Definition
number of product lines the firm offers
Term

length of a product

mix

Definition
refers to the number of differentt products a firm sells
Term
depth of product mix
Definition
refers to variations in each product the firm markets in its mix
Term
line extension
Definition
adds individual offering that appeal to different market segments while remaining closely related to the existing product line
Term
product lifecycle
Definition
progression of a product through introduction growth maturity and decline stages
Term
introductory stage
Definition
a firm works to stimulate demand for the new market entry
Term
growth stage
Definition
begins when a firm starts to realize substantial profits from its investment
Term
maturity stage
Definition
platau as the backlog of potential customers dwindles(competitors have entered market)
Term
decline stage
Definition
innovations of shifts in consumer preferences bring about an absolute decline in industry sales
Term
brand
Definition
name term sign symbol design or some combination that identifies the products of one firm while differentiating them from that of the competition
Term
brand recongnition
Definition
consumer awareness and identifiation of a brand
Term
brand prefernce
Definition
consumer reliance on previous experiences with a product to choose that item again
Term
brand insistence
Definition
consumer refusal of alternatives and extensive search for desired  merchandise
Term
generic products
Definition
products characterized by plain labels, no advertising, and the absence of brand names
Term
maufacturer's brand
Definition
brand name owned by a manufacturer or other producer
Term
private brands
Definition
brands offered by whlesaleres and retailers
Term
captive brands
Definition
national brands sold exclusively by a retail chain
Term
family brand
Definition
single brand name that identifies several related products
Term
individual brand
Definition
identifies the item it self
Term
brand equity
Definition
added value that a respected well-known brand name gives to a product in the marketplace
Term
category management
Definition
product management system in which a category manager with profit and loss responsibility oversees a product line
Term
brand name
Definition
part of a brand consisting of letters bumbers or workds that can be spoken and that identifies and distinguishes a firm's offerings from those of its competitors
Term
brand mark
Definition
symbol or pictorial design that distinguishes a product
Term
trademark
Definition
brand for which the owner claims exclusive legal protection
Term
trade dress
Definition
visual cues used in branding create an overall look sometimes
Term
universal product code (UPC)
Definition
designation is another important aspect of a label or package (1974)
Term
brand extension
Definition
strategy of attaching a popular brand name to a new product in an unrelated product category
Term
line extension
Definition
new size style or related product
Term
market penetration strategy
Definition
seeks to increase sales of existing products in existing markets
Term
product positioning
Definition
refers to consumers perception of a product;s attributes uses quality and advantages and disadvantages relative to competing brands
Term
market development stragy
Definition
concentrates on finding new markets for existing products
Term
product development
Definition
refers to the introducton of new products into identifable or established markets
Term
product diversification strategy
Definition
fouces on developing entirely new products for new markets
Term
adoptioin process
Definition
stages consumers go through in learning about a new product trying it and deciding whether to purchase it again
Term
consumer innovations
Definition
ppl who purchase new products almost as soon as the products reach the market
Term
diffusion process
Definition
process by which new goods or services are accepted in the marketplace
Term
venture team
Definition
gathers a group of specialists from different areas of an organization to work together in developing new products
Term
wholesaler
Definition
intermediary that takes title to the goods it handles and then distributes these goods to reailers
Term
direct channel
Definition
carries goods directly from a producer to the business purchaser or ultimeruse
Term
direct selling
Definition
marketing strategy in which a producer establishes direct sales contact with its product's final users
Term
dual distribuation
Definition
movement of products through more than one 's channel to reach the firms target market
Term
reverse channels
Definition
channels designed to return goods to their producers
Term
intensive distribution
Definition
distribution of a product through all available channels
Term
seelective distribution
Definition
distribution of a product through a limited number of channels
Term
exclusive distribution
Definition
distribution of aproduct through a single wholesaler or retailer in a specific geographic region
Term
channel captain
Definition
dominant and controlling member of a marketing channel
Term
gray goods
Definition
goods produced for overseas market often at reduced prices
Term
 vertical marketing sjystem (VMS)
Definition
planned channel sytem designed to improved ditribution efficiency and cost effectiveness by integrating various functions throughout the distribution chain
Term
forward integration
Definition
a firm attempts to control downstream distribution
Term
backword intergration
Definition
when a manufacture attempts to gain greater control over inputs in its production process
Term
supply chain
Definition
complete sequence of suppliers and activites that cotribute to the creation and delivery of merchandise
Term
radio frequency identification(RFID)
Definition
technology that uses a tiny chip with identification information that can be read by a scanner using radio waves from a distance
Term
enterprise resource planning system (ERP)
Definition
intergrated software system that consolidates data from among the firm's unit
Term
third part contract logistics firms
Definition
specialize in handling logistical activities for their clients
Term
suboptimiztion
Definition
when the managers of indivdual physicall distribution functions attempt  to minimize costs
Term
common carries
Definition
considered backbone of the transpotation industry provide transportation services as forhire carriers to the general public
Term
intermodal operations
Definition
combination of transport modes such as rail and highway carriers air and highway carries and water and air carriers to improve customers service and achieve cost advantages
Term
materials handling system
Definition
logistics managers arrange and control activties for moving products witin plants warehouse and transportation terminals
Term
containerization
Definition
combining several unitized loads
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