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Marketing 3305
Test 2 ch 10-12
63
Marketing
Undergraduate 3
10/17/2011

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Term
Product
Definition
everything, both favorable and unfavorable,that a person receives in an exchange
Term
Business Product
Definition
used to manufacture other goods or services or to resell to other customers
Term
Consumer Product
Definition
bought to satisfy an individual's personal wants
Term
Consumer Product Classification
Definition
Convenience- inexpensive, little shopping
Shopping- more expensive, comparison shopping
Specialty- extensive search, substitutes unacceptable
Unsought-unknown to potential buyer or unseeked
Term
Product item
Definition
specific version of a product that can be designated as a distinct offering among an organization's products
Term
Product line
Definition
a group of closely related product items
Term
Product mix
Definition
all products that an organization sells
Term
Product mix width
Definition
the number of product lines an organization offers
Term
Product line depth
Definition
the number of product items in a product line
Term
Product modification
Definition
changing one or more of a product's characteristics
Term
Planned Obsolescence
Definition
the practice of modifying products so those that have already been sold become obsolete before they actually need replacement
Term
Product line extension
Definition
adding additional products to an existing product line in order to compete more broadly in the industry
Term
Product line extension
Definition
adding additional products to an existing product line in order to compete more broadly in the industry
Term
Brand
Definition
a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products
Term
brand name
Definition
that part of a brand that can be spoken, including letters, words, and numbers
Term
brand mark
Definition
the elements of a brand that cannot be spoke
Term
brand equity
Definition
the value of company and brand names
Term
brand loyalty
Definition
consistent preference for one brand over all others
Term
Types of Brands
Definition
Generic-
Manufacturer's- the brand name of a manufacturer
Private-a brand name owned by a wholesaler or retailer
Captive- a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation
Term
Individual branding strategies
Definition
using different brand names for different products
Term
family branding strategies
Definition
marketing several different products under the same brand name
Term
cobranding strategies
Definition
placing two or more brand names on a product or its package
Term
trademark
Definition
the exclusive right to use a brand or a part of a brand
Term
service mark
Definition
a trademark for a service
Term
generic product name
Definition
identifies a product by class or type and cannot be trademarked
Term
Persuasive Labeling
Definition
a type of package labeling that focuses on a promotional theme or logo, and consumer info is secondary
Term
Informational Labeling
Definition
designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
Term
Universal product codes (UPC)
Definition
a series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products
Term
Warranty (types)
Definition
a confirmation of the quality or performance of a good/service
Express warranty- a written guarantee
Implied warranty- an unwritten guarantee that the good or service is fit for the purpose for which it was sold
Term
New product
Definition
a product new to the world, the market, the producer, the seller, or some combination of these
Term
New product types
Definition
1 New-to-the-world(discontinuous)- create entirely new mkt, smallest category
2 New product lines- new product line to established mkt
3 additions to existing prod lines
4 improvements/revisions of existing products
5 Repositioned product- existing products targeted to new mkts
6 Lower-priced products- similar product provided at lower price
Term
New Product Strategy
Definition
A plan that links the new product development process with the objectives of the mkting department, the business unit, and the corporation
Term
Product development process
Definition
New-product strategy
Idea generation
Idea screening
Business analysis
Development
Test Mkting
Commercialization
New product
Term
Brainstorming
Definition
the process of getting a group to think of unlimited ways to vary a product or solve a problem
Term
Screening
Definition
the first filter in the product development process- eliminates inappropriate ideas
Term
Concept test
Definition
a test to evaluate a new-product idea, usually before any prototype has been created
Term
Business analysis
Definition
the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated
Term
Development
Definition
a prototype is developed and a marketing strategy is outlined
Term
Simultaneous Product Development
Definition
a team-oriented approach to new-product development
Term
test marketing
Definition
the limited intro of a product and a marketing program to determine the reactions of potential customers in a market situation
Term
simulated (lab) market testing
Definition
the presentation of advertising and other promotional materials for several products, including a test product, to members of the product's target market
Term
Commercialization
Definition
the decision to market a product
Term
Diffusion of innovation
Definition
the process by which the adoption of an innovation spreads
Term
5 categories of adopters
Definition
1 Innovators
2 Early Adopters
3 Early Majority
4 Late Majority
5 Laggards
Term
Product Life Cycle (PLC)
Definition
a concept that provides a way to trace the stages of a product's acceptance
Term
Rate of Adoption (5 characteristics)
Definition
1 complexity
2 compatibility
3 relative advantage
4 observability
5 trialability
Term
Service
Definition
the result of applying human or mechanical efforts to people or objects
Term
Intangibility
Definition
the inability of services to be touched seen tasted heard or felt in the same manner that goods can be sensed
Term
Inseparability
Definition
inability of the production and consumption of a service to be separated; consumers must be present during the production
Term
Heterogeneity
Definition
variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods
Term
Perishability
Definition
inability of services to be stored, warehoused, or inventoried
Term
Search quality
Definition
a characteristic that can be easily assessed before purchase
Term
Experience quality
Definition
a characteristic that can be assessed only after use
Term
Credence quality
Definition
a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience
Term
Facets of service quality (5)
Definition
Tangibles- the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service
Reliability- ability to perform a service dependably, accurately, and consistently
Responsiveness- the ability to provide prompt service
Assurance- the knowledge and courtesy of employees and their ability to convey trust
Empathy- caring, individualized attention to customers
Term
Core services
Definition
the most basic benefit the consumer is buying
Term
supplementary services
Definition
a group of services that support or enhance the core service
Term
Mass customization
Definition
a strategy that uses technology to deliver customized services on a mass basis
Term
Internal Marketing
Definition
treating employees as customers and developing systems and benefits that satisfy their needs
Term
Nonprofit organization
Definition
exists to achieve some goal other than the usual business goals of profit, market share, or return on investment
Term
Nonprofit organization marketing
Definition
the effort by nonprofit organizations to bring about mutually satisfying exchanges with target markets
Term
Public Service Announcement (PSA)
Definition
promotes a program of a federal, state, or local government or of a nonprofit organization
Term
Relationship Marketing Levels
Definition
Level 1- pricing incentives
Level 2-pricing incentives & social bonds
Level 3- financial & social bonds & structural bonds
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