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Marketing 240
Chapter 8
25
Marketing
Undergraduate 2
03/16/2008

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Term
Core Product  
Definition
all the benefits the product will provide for consumers or business customers
Term
actual product
Definition
the physical good or the delivered service that supplies the desired benefit
Term
augmented product
Definition
the actual product plus other supporting features such as a warranty, credit, delivery, installation, and repair services after the sale
Term
durable good
Definition
consumer products that provide benefits over a long period of time, such as cars, furniture, and appliances
Term
nondurable goods
Definition
consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers)
Term
convenience product
Definition
a consumer good or service that is usually low-priced, widely available, and purchase frequently with a minimum comparison and effort
Term
staples
Definition
basic or necessary items that are available almost everywhere
Term
emergency products
Definition
products we purchase when we're in need
Term
fast-moving consumer goods (FMCG)
Definition
products that exhibit consistently high velocity of sales in the consumer marketplace
Term
shopping products
Definition
a good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
Term
specialty products
Definition
a good or service that has unique characteristics and is important to the buyer and for which the buyer will devote significant effort to acquire
Term
unsought products
Definition
goods or services for which a consumer has little awareness or interest until the product or a need for the product is bought to his or her attention (retirement plans or disability insurance)
Term
equipment
Definition
expensive goods that an organization uses in its daily operations that last for a long time (B2B products)
Term
maintenace, repair, and operating products (MRO)
Definition
goods that a business customer consumes in a relatively short time (lightbulbs, cleaning supplies, etc.)
Term
process materials
Definition
products created when firms transform raw materials from their original state
Term
component parts
Definition
manufactured goods or subassemblies of finished items that organizations need to complete their own products (batteries, tires, fuel injectors)
Term
diffusion
Definition
process by which the use of a product spreads throughout the population
Term
tipping point
Definition
in the context of product diffusion, the point when a product's sales spike from a slow climb to an unprecedented new level, often accompanied by a steel price decline
Term
media blitz
Definition
a massive advertising campaign that occurs over a relatively short time frame
Term
innovators
Definition
first segment of a population to adopt a new product (2.5%)
Term
early adopters
Definition
those who adopt an innovation early in the diffusion process but after the innovators (13.5%)
Term
early majority
Definition
those whose adoption of a new product signals a general acceptance of the innovation (34%)
Term
late majority
Definition
adoptors who are willing to try new products when there is little or no risk associated with the purchase, when the purchase becomes an economic necessity, or when there is social pressure to purchase (34%)
Term
laggards
Definition
the last consumers to adopt an innovation (16%)
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