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Details Title: Marketing Definitions Description: Definitions for Vocabulary-Chapter 9: Basic marketing-A Marketing Strategey Planning Approach, McGraw Hill Publishing Co. Total Flash Cards: 50 Created: 10/09/2007 14:36:07	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Product Definition the need-satisfying offering of a firm; potential customer satisfaction or benefits Term quality Definition a product's ability to satisfy a customer's nees or requirements; focuses on the customer-and how the customer thinks a product will fit some purpose Term Service Definition a deed perofrmed by one party for another; the customer can't keep it; it is experienced used, or consumed; intangible, not physical; often work in the customer's presence; sold first, then produced Term Good Definition a physical thing to seel; it can be seen and touched; produced in a factory and then sold Term Product Assortment Definition the set of all product lines and individual products that a firm sells Term Product Line Definition a set of individual products that are closely related; may see the products in a line as related because they are produced or operate in a similar way Term Individual Product Definition a particular product within a product line Term Consumer products (4 groups) Definition products meant for the final consumer; based on how consumers think aabout and shop for proudcts; divided into four groups: convenience, shopping, specialty, unsought-each based on the way consumers buy products Term Convenience products (1 of 4 consumer products) Definition products a consumer needs but isn't willing to spend much time or effort shopping for; can be a staple, impuls or emergency product Term Staples (1 of 3 convenience products) Definition products that are bought often routinely, and without much thought Term Impulse products-(1 of 3 convenience products) Definition products that are bought quickly-as unplanned purchases Term Emergency Products (1 of 3 convenience products) Definition products that are purchased immediately when the need is great Term Shopping products (1 of 4 consumer products) Definition products that a customer feels are worth the time and effort to compare with competing products; either homogeneous or heterogeneous Term Homogeneous shopping products (1 of 2 shopping products) Definition Shopping proudcts the customer sees as basically the same and wants at the lowest price Term Heterogeneous shopping products (1 of 2 shopping products) Definition shopping products the customer sees as different and wants to inspect for quality and suitability; ex. Furniture, clothing; Branding is less important for these products b/c the more carefully consumers examine products Term Specialty Products (1 of 4 consumer products) Definition consumer products that the customer really wants and will make a special effort to find; not comparing products, just searching for specific ones; branded product a customer asks for by name Term Unsought Products Definition products that potential customers don't yet want or know they can buy Term New Unsought Products Definition products offering really new ideas that potential customers don't know about yet Term Regularly unsought products Definition products that stay unsought but not unbought forever; may be a need, but people aren't motivated to satisfiy it Term derived demand Definition the demand for business products derives from the demand for final consumer products Term Expense item Definition a product whose total cost is treated as a business expense in the year it is purchased Term Capital Item Definition a long-lasting product that can be used and depreciated for many years Term Business Product Classes (6 classes) Definition Based on how buyers think about products and how the products will be used; Five classes are: installations, accessories, raw materials, components supplies, and professional services Term Installations (1 of 6 business product classes) Definition important capital items such as buildings, land rights, and major equipment; improve during growth periods Term Accessories (1 of 6 business product classes) Definition short-lived capital items-tools and equipment used in production or office activites; cost less and last a shorter time than installations multiple buying influence is less important Term Raw Materials-2 types (1 of 6 business product classes) Definition unprocessed expense items that are moved to the next production process with little handling; 2 types: Farm products, grown by farmers and natural products that occur in nature Term Components (1 of 6 business product classes) Definition process expense items that become part of a finished product; can be parts- items that are ready for assembly or materials-times such as wire or plastic that have already been processed but must be processed further before becoming part of the final product Term Supplies (1 of 6 business product classes) Definition expense items that do not become part of a finished product; can be mantenance, repair or operating supplies (MRO supplies) Term Professional Services (1 of 6 business product classes) Definition specialized services that support a firm's operations; usually expense items Term Branding/Brand Name Definition the use of a name, term symbol or design to identify a product; a word letter or a group of words or letters Term Trademark Definition includes only those words, symbols, or marks that are legally registered for use by a single company Term Service Mark Definition the same as a trademark except that it refers to a service offering Term Brand familiarity (5 levels) Definition means how well customers recognize and eaaept a company's brand; Five levels: rejection, nonrecognition, recognition, preference, and insistence Term Brand Recognition/Nonregogntion Definition Final customers remember the brand/ final consumers don't recognize a brand at all Term Brand Preference Definition target customers usually choose the brand over other brands Term Brand insistence Definition customers insist on a firm's branded product and are willing to search for it Term Brand Equity Definition The value of a brand to its current owner or to a firm that wants to buy it; the value of a brand's overall strength in the market Term Lanham Act Definition spells out what kinds of marks can be protected and the exact method of protecting them Term Family Brand Definition the same brand name for several products; ex. Nabisco, American Eagle Term licensed Brand Definition a well-known brand that sellers pay a fee to use Term individual brands Definition separate brand names for each product-when it's important for the products to each have a separate identity, as when products vary in quality or type Term generic products Definition products that have no brand at all other than identification of their contents and the manufacturer or middleman; ex. hunny oh's Term Manufacturer Brands Definition brands created by producers, sometimes called national brands Term Dealer Brands/Private Brands Definition brands created by middlemen; examples include the brands of Wal-Mart, Kroger Term Battle of the Brands Definition the competition between dealer brands and manufacturere brands; question of whose brands will be more popular Term Packaging Definition promoting, protecting and enhancing the product Term Universal Product Code (UPC) Definition identifies each product with marks readable by electronic scanners Term Federal Fair Packaging and Labeling Act Definition requires that consumer goods be clearly labeled in easy-to-understand terms to give customers more information Term warranty Definition explains what the seller promises about its product Term Magnuson-Moss Act Definition says that producers must provide a clearly written warranty if they choose to offer any warranty