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Framing the Marketing Plan- Exam 3
N/A
29
Marketing
Undergraduate 4
11/02/2009

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Term
Product Differentiation
Definition
A marketing strategy with which companies attempt to make their products appear unique relative to the competition
Term
Mass Marketing
Definition
The mass production, mass distribution, and mass promotion of a product to all buyers.
Term
Concentrated Marketing
Definition
Focusing an organization's marketing mix strategy on one or only a few of many possible segments.
Term
Differentiated Marketing
Definition
Marketing to each of several segments with a marketing mix strategy matched specifically to its desired expectations.
Term
Niche
Definition
A very small market segment that most companies ignore because they fail to see any opportunity.
Term
Undifferentiated Marketing
Definition
A strategy that views potential customers as though they were the same.
Term
Differentiation Strategy
Definition
Strategy based on delivering customer value in a way that clearly distinguishes the product from competitors ; works through effectiveness.
Term
Low Cost Strategy
Definition
Strategy whose objective is to be the low-cost leader, thereby allowing the company to have higher margins then competitors and pass some savings on to customers through lower prices.
Term
Positioning
Definition
Creating an image of perception in the minds of consumers about the organization or its products relative to the competition.
Term
Positioning Map
Definition
A diagram of how consumers in a segment perceive brands based on specific elements they consider important.
Term
Product Position
Definition
The characteristics consumers associate with a brand based on important attributes.
Term
Convenience Product
Definition
A relatively inexpensive item that consumers purchase frequently and with minimum effort
Term
Emergency Product
Definition
A product purchased due to an unexpected event and for which the consumer has an urgent need.
Term
Shopping Product
Definition
A purchase generally made only after the consumer has compared several alternatives.

Homogeneous- searching for the best price
Heterogeneous- searching for the best quality
Term
Speciality Item
Definition
a product with a unique characteristic that provides unusual value to the purchaser.
Term
Unsought Good
Definition
An item that consumers don't think about frequently and for which they don't perceive much need.
Term
Industrial Goods
Definition
Production Parts- raw and processed materials
Capital Products- installation equipment
Supplies
Component Parts- operation products and services
Term
Adoption Process
Definition
The steps and individual consumer goes through in making a product choice.
Term
Diffusion Process
Definition
The spread of innovations from one group of consumers to another over time.
Term
Innovators
Definition
The first group of consumers to purchase a new product.
Term
Commercialization
Definition
Final stage in the new-product development process, when the product is introduced into the market.
Term
Product Life Cycle
Definition
The four stages a product goes through:

Introduction
growth
maturity
decline
Term
Supply Chain
Definition
All the organizations from which components, semi-finished products, and services are purchased.
Term
Distribution Channel
Definition
A set of interdependent organizations involved in making a product available for purchase.
Term
Direct Channel
Definition
A distribution channel in which the producer uses it's own employees and physical assets to distribute the product directly to the end user.
Term
Indirect Channel
Definition
A distribution channel in which the producer makes use of independent organizations to distribute the product to end users.
Term
Reverse Channel
Definition
A distribution that flows from the end user to the wholesaler and producer.
Term
Supply Chain Management
Definition
Incorporation of all activities concerned with planning, implementation and control of sourcing, manufacturing, and delivery of products and services.
Term
Logistics
Definition
The movement of raw materials, components, and finished products within and between companies.
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