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marketing test 2
marketing test 2
32
Marketing
Undergraduate 2
06/23/2009

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Cards

Term
Convenience Good
Definition
purchased frequently and immediately with minimum buying effort.
Term
Shopping Good
Definition
expensive (in consumer’s mind) and takes time to compare.
Term
Specialty Good
Definition
goods with unique characteristics, limited distribution and will make special effort to purchase.
Term
Capital Good
Definition
installation equipment / goods deprecated.
Term
Accessory Good
Definition
finished goods with a number of life years, but not depreciated
Term
Component Good
Definition
Finished goods used to make other goods
Term
Process goods
Definition
used to make finished goods(raw materials)
Term
Supplies goods
Definition
keep daily operation going
Term
Product Mix
Definition
all the product of an organization
Term
Product Line
Definition
a group of product that are similar
Term
Product width
Definition
the number of product lines in the product mix.
Term
Product Depth
Definition
the number of products in a product line.
Term
Line extension
Definition
new product with existing brand name to an existing product category.
Term
Brand extension
Definition
extend the current brand name to a new category.
Term
Multibrands
Definition
Introducing a new brand into an existing category.
Term
New Brands
Definition
creating a new brand for a new category.
Term
Advantage of brand development strategies
Definition

-Increase dominance in the market

-Use company resources more efficiently

-Diversify risk

Term
Brand
Definition
Identity and name  for product
Term
Why is branding important?
Definition
builds brand equity
Term
types of brands
Definition

Manufacture brand

Private Level brand

Generic Brand

Term
Co-Branding
Definition
An agreement between two manufactures to work together in making a new product.
Term
Licensing
Definition
one firms sells forms the right to use its name
Term
Classification of New Products
Definition

-Continuous Innovations

-Discontinuous innovations

Term
the adoption process
Definition

oInnovator

oEarly Adopters

oEarly Majority

oLate Majority

oLaggards

Term
Product Life Cycle
Definition

oIntroduction

oGrowth

oMaturity

oDecline

Term
Introduction
Definition

o Goal is to create awareness and first time buyers to try product

o Heavy advertising and promotion

o Profits are negative

o Personal Selling is intense

Term
Growth
Definition

o Goal is encourage brand loyalty

o Sales are increase

o Profits are increasing

o Everyday pricing in effect

o Competition is coming in with vengeance

o Advertising and promotion expenses significantly cut back

Term
Maturity
Definition

o Sales level off

o Heavy advertising and promotion

o Profit margin narrows

o Goal is to stabilize sales and or extend life cycle o Personal Selling essential

Term
Decline
Definition

o Sales decline

o Profits margin healthy

o Personal Selling keep distribution as long as possible

o decision. Keep or let die?

Term
Service
Definition
task or activity performed for a buyer
Term
Instrumental service
Definition
customers is not directly involved in task(e.g lawn care)
Term
Consummatory service
Definition
consumer is directly involved and immediately gratified
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