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Exam #2 - Chp. 8
Midterm Review
26
Marketing
Undergraduate 3
03/08/2012

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Cards

Term
Product
Definition
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Term
Service
Definition
An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
Term
Consumer product
Definition
a product bought by final consumers for personal consumption
Term
Convenience product
Definition
A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
Term
Shopping product
Definition
A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
Term
Specialty product
Definition
A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Term
Unsought product
Definition
A consumer product that the consumer either does not know about or knows about but does not normally consider buying.
Term
Industrial product
Definition
A product bought by individuals and organizations for further processing or for use in conducting a business.
Term
Social marketing
Definition
The use of commercial marketing concepts and tools in programs designed to influence individuals behavior to improve their well-being and that of society.
Term
Product quality
Definition
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
Term
Brand
Definition
A name, term, sign, symbol, design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
Term
Packaging
Definition
The actives of designing and producing the container or wrapper for a product.
Term
Product line
Definition
A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
Term
Product mix (product portfolio)
Definition
The set of all product lines and items that a particular seller offers for sale.
Term
Service intangibility
Definition
Services are produced and consumed at the same time and cannot be separated from their providers.
Term
Service variability
Definition
The quality or services vary greatly depending on who provides them and when, where, and how.
Term
Service perishability
Definition
Services cannot be stored for later sale or use.
Term
Service profit chain
Definition
The chain that links service firm profits with employee and customer satisfaction.
Term
Service inseparability
Definition
services are produced and consumed at the same time and cannot be separated from their providers.
Term
Internal marketing
Definition
orienting and motivating customer contact employees and supporting service people to work as a team to provide customer satisfaction
Term
Interactive marketing
Definition
Training service employees in the fine art of interacting with customers to satisfy their needs.
Term
Brand equity
Definition
the differential effect that knowing the brand name has on customer response to the product or its marketing.
Term
Store brand
Definition
A brand created and owned by a reseller of a product or service.
Term
Co-branding
Definition
The practice of using the established brand names of two different companies on the same product.
Term
Line extension
Definition
Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
Term
Brand extension
Definition
Extending on existing brand name to new product categories
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