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Designing and Managing products
Chap. 9 of Marketing for Hospitality and Tourism
35
Marketing
Undergraduate 2
04/26/2010

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Term
Augmented Products
Definition
Additional consumer services and benefits built around the core and actual products.
Term
Aural
Definition
The dimension of atmosphere relating to volume and pitch
Term
Brand
Definition
A name, term, sign, symbol, design, or a combination of these elements that is inteded to identify the goods or services of a seller and differentiate them from competitors
Term
Brand equity
Definition
The added value endowed on products and services. it may be reflected in the way consumers think, feel and act with respect to the brand, as well as in the prices, market share, and profitability the brand commands for the firm
Term
branding
Definition
the process of endowing products and services with the power of a brand. it's all about creating differences between products
Term
brand promise
Definition
the marketer's vision of what the brand must be and do for consumers
Term
consumption phase
Definition
takes place when the customer consumers the service
Term
core product
Definition
answers the question of what the buyer is really buying. every product is a package of problem-solving services.
Term
decline
Definition
the period when sales fall off quickly and profits drop
Term
detachment phase
Definition
when the customer is through using the product and departs
Term
drop
Definition
the action taken toward a product that may cause harm or customer dissatisfaction
Term
facilitating products
Definition
those services or goods that must be present for the guest to use the core product
Term
growth
Definition
the product life-cycle stage when a new product's sales start climbing quickly
Term
introduction
Definition
the product life-cycle stage when a new product is first distributed and made available for purchase
Term
joining stage
Definition
the product life cycle stage when the customer makes the initial inquiry contact
Term
maturity
Definition
the stage in a product life cycle when sales growth slows or levels off
Term
olfactory
Definition
the dimension of atmosphere relating to scent and freshness
Term
phase-out
Definition
the ideal method of removing an unpopular or unprofitable product; it enables a product to be removed in an orderly fashion
Term
product concept
Definition
a detailed version of a product idea stated in meaningful consumer terms
Term
product development
Definition
developing the product concept into a physical product to ensure that the product idea can be turned into a workable product
Term
product idea
Definition
envisioning a possible product that company managers might offer to the market
Term
product image
Definition
the way that consumers picture an actual or potential product
Term
run-out
Definition
removing a product after existing stock has been depleted;used when sales for an item are low and costs exceed revenues, such as the case of a restaurant serving a crabmeat cocktail with sales of only one or two items per week
Term
supporting products
Definition
extra products offered to add value to the core product and to help to differentiate it from the competition
Term
tactile
Definition
the dimension of atmosphere relating to softness, smoothness, and temperature
Term
visual
Definition
the dimension of atmosphere relating to color, brightness, size and shape
Term
product
Definition
A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. it includes physical objects, service, places, organizations and ideas.
Term
product levels
Definition
Core product
Facilitating products
supporting products
Augmented products
Term
product considerations
Definition
accessibility
atmosphere
customer interactions with the service system
Customer interactions with other customers
coproduction
Term
Reasons companies use brands and identify the major branding decisions
Definition
the role of brands
The scope of branding
Brand equity
Term
Product Life cycle (2 challenges)
Definition
1. all products eventually decline
2. The firm must understand hwo its products age and change marketing strategies as products pass through life cycle stages
Term
Role of brands
Definition
brands identify the source or maker of a product and allow consumers to assign responsibility for its performance to a particular company
Term
New product development strategy
Definition
a company has to develop new products to survive. new products can be obtained through acquisition or through new product development
Term
New product development process
Definition
1. idea generation
2. Idea screening
3. Concept development and testing
4. marketing strategy development
5. Business analysis
6. product development
7. market testing
8. comercialization
Term
product life cycle stages
Definition
1. product development
2. introduction
3. growth
4. maturity
5. decline
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