Term
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Definition
| Everything, both favorable and unfavorable that a person receives in an exchange. |
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Term
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Definition
| a product bought to satisfy an individual's personal wants |
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Term
| types of consumer products |
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Definition
1. Convenience product
2. Shoppoing product
3. unsought product
4. specialty product
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Term
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Definition
| a realtively inexpensive item that merits little shopping effort |
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Term
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Definition
| a product that requires comparison shopping b/c it is usually more expensive than a convenience product and is found in fewer stores |
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Term
| Homogenous Shopping product |
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Definition
| perceived as basically the same, look for lowest-priced brand w/ desired features |
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Term
| heterogeneous shopping product |
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Definition
| product preceived as essentially different, "finding the best product for me" |
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Term
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Definition
| a product unknown to the potential buyer, or a known product that the buyer does not actively seek |
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Term
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Definition
| a particular item for which consumers search extensively and are very reluctant to accept substitutes |
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Term
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Definition
A specific version of a product that can be designated as a distinct offering among an organization's product
Ex: campbell's Creamy Chicken Soup |
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Term
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Definition
a group of closely related product items
Ex: Campbell's canned soups |
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Term
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Definition
| All products that an organization sells |
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Term
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Definition
Changeing one or more of a product's characteristics
3 Types
1. Quality modifications
2. Functional modifications
3. Style modifications |
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Term
| What are the marketing uses of branding? |
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Definition
- product identification
- repeat sales
- new product sales
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Term
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Definition
| a name, term, symbol, designed or comination there of that identifies a seller's products and differentiates them from competitor's products |
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Term
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Definition
| the value of company and brand names |
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Term
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Definition
| a brand that carries no evidence of a retailer's affiliation, is manufactured by a third party, and is sold exclusively at the retailer |
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Term
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Definition
| the exclusive right to use a brand or part of a brand |
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Term
| 6 Principles of good packaging |
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Definition
1. simplicity
2. honesty
3. personality
4. practicality
5. sustainability
6. authenticty |
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Term
| marketing uses for packaging |
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Definition
1. containing and protecting products
2. promoting products
3. facilitating storage, use, and convenienve
4. facilitating recycling & reducing environmental damage |
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Term
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Definition
Universal product codes
a series of thick & thin vertical computerized optical scanners, that represent numbers used to track products
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Term
| Marketing uses of labeling |
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Definition
| to be persuasive or informational |
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Term
| global issues with branding |
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Definition
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One brand name everywhere
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Adaptations & Modifications
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Different brand names in different markets
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Term
| global issues with packaging |
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Definition
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labeling
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Aesthetics
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Climate considerations
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Term
| How and why are product warrnetys impotant? |
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Definition
protects the buyer and gives essential information about the product.
it also confirms the quality or performance of a good or service. |
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Term
| what are the importance of developing new products |
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Definition
- increase profits & revenue, sustain growth & replace obsolete items
- being first on the market
- increase sales through longer sales life
- increase margins
- increased product loyalty
- more resales opportunites
- greater market responsiveness
- a sustained leadership position
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Term
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Definition
| a product new to the world, market, the producer, seller, or some combination of these |
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Term
| 6 categories of new products |
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Definition
1. new-to-the-world
2. new product lines
3. additions to existing product lines
4. improvements or revisions of existing
5. repositioned
6. lower-priced |
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Term
| steps to the new product process |
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Definition
1. new-product strategy
2. idea generation
3. idea screening
4. business analysis
5. development
6. test marketing
7. commercialization
8. New product |
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Term
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Definition
| the process of getting a group to think of the unlimited ways to vary a product or solve a problem |
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Term
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Definition
| the first filter in the product development process, which eliminates ideas that are consistent w/ the organization's new-product strategy or are obviously inappropriate for some other reason |
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Term
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Definition
| the limited introduction of a product & a mktg program to determine the reactions of potential customers in a mkt situation |
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Term
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Definition
- they don't offer any discernilbe benefit compared to existing products
- poor match between product features and customers desires
- overestimation of mkt size
- incorrect positioning
- wrong pricing
- inadequate distribution
- poor promotion
- inferior product
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Term
| why are new products successful? |
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Definition
- good match between the product & mkt needs
- provide a meaningful & perceivable benefit to a sizeable # of people
- different from competition
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Term
What are global issues with new-product development? |
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Definition
•Develop product for potential worldwide distribution
•Build in unique market requirements
•Design products to meet regulations and key market requirements |
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Term
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Definition
| a consumer who was happy enough w/ his/her trial experience w/ a product to use it again |
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Term
| 7 principles for improvement |
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Definition
- segement cusomters based upon service needs
- customize the logistics network
- differentiate products closer to the consumer
- listen to the signals of the mktplace & plan accordingly
- source strategicly
- develop a suplly chain wide technology strategy
- adopt channel-spanning performance measures
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Term
| what are the types of adopters? |
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Definition
- innovators
- early adopters
- early majority
- late majority
- laggards
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Term
What are product characteristics that can be used to explain acceptance and diffusion of a new product? |
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Definition
- complexity- the degree of difficulty involved in understanding and using a new product
- compatibility- the degree to which a new product is consistent with existing values and product knowledge, past experience and current needs
- relative advantage- the degree to which a product is perceived as superior to existing substitutes
- ovservability- the degree to which the benefits or other results of using the product can be observed by others and communicated to target customers.
- trialablity- the degree to which a product can be tried on a limited basis.
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Term
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Definition
| a product perceived as new by a potential adopter |
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Term
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Definition
| the process by which the adoption of an innovation spreads |
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Term
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Definition
| a biological metaphor that traces the stages of a product's acceptance, from its introduction (birth) to its decline (death) |
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Term
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Definition
| the first stage of the product life cycle in which the full-scale launch of a new product into the market place occures |
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Term
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Definition
| the 2nd stage of the product life cycle when sales typicaly grow at an increasing rate, many competitors may start acquiring small pioneering firms, and profits are healthy. |
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Term
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Definition
| the 3rd stage of the product life cylce during which sales increase at a decreasing rate |
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Term
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Definition
| the 4th stage of the product life cycle, characterized by a long-run drop in sales. |
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Term
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Definition
| the connected chain of all of the businesses, both internal and external to the company, that perform or support the logistics function |
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Term
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Definition
| a management system that coordinates and integrate all of the activites performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value. |
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Term
| Benefits of Supply Chain Management |
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Definition
- Lower inventory, transportation, warehousing, and packaging costs
- Greater supply chain flexibility
- Improved customer service
- Higher revenues
- Increased profitability
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Term
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Definition
| when multiple firms in a supply chian coordinate their activites and processes so that they are seamlessly linked to one another in an effort to satisty the customer |
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Term
| what are the 6 types of integration? |
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Definition
- relationship
- measurement
- technology and planning
- material and service supplier
- internal operations
- customer
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Term
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Definition
| the ability of 2 or more companies to develop social connections that serve to guide their interations when working together |
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Term
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Definition
| the performance assessment of the supply chaing as a whole that also holds each individual firm or business unit accountable for meeting its own goals |
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Term
| technology and planning integration |
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Definition
| ther creation and maintenacne of information technology systems that connect managers across and throught the firms in the supply chain |
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Term
| material and service supplier integration |
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Definition
| the strategic alignment between a frim and their supply cain materials and services providers that enables the firm to streamline work processes and provide smooth, high-quality customer experiences |
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Term
| internal operation integration |
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Definition
| links internally perfomed wotk into a seamless process that stretches across departmental and or functional boundaries, with the goal of satisfying customer requirements |
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Term
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Definition
| a competency that enables firms to offer lon-lasting, distinctive, value-added offerings to those customers who represent the greatest value to the firm or supply chain. |
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Term
| 8 key processes to excellent supply chain management |
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Definition
- customer realtionship management
- customer service management
- demand management
- order fulfillment
- manufactuing flow managment
- supplier realationship management
- product development & commercialization
- returns managment
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Term
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Definition
| a process that enables firms to manage volumes of returned product efficiently, while minimizing costs and maximizing the value of the returned assets to the firms in the supply chain |
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Term
| product development and commercialization process |
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Definition
| the group of activites that facilitates the joint development and mktg of new offerings among a group of supply chain partner firms |
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Term
| supplier relationship management |
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Definition
| a supply chain managment process that supports manufacturing flow by identifying and maintaining relationships with highly valued suppliers |
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Term
| manufacturing flow management |
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Definition
| a process that ensures that firms in the supply chain have the resources they need |
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Term
| order fulfillment process |
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Definition
a supply chain management process that involves generating, filling, delivering and providing on-the-spot service for customer orders
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Term
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Definition
| the aligment of supply and demand throughout the supply chain to anticipate customer requirements at each level and create demand related plans of action prior to actual customer purchasing behavior |
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Term
| customer service management |
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Definition
| a multi-company, unified response system to the customer whenever complaints, concerns, questions or comments are voiced; designed to ensure that customer relationships remain strong |
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Term
| customer relationship management |
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Definition
| the prioritizaiton of a firm's marketing focus on different customer groups according to each group's long-term value to the company or suppy chain; |
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Term
What is the key strategic decision that supply chain managers must make when designing their companies supply chains? |
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Definition
| under what conditions should companies use lean, agile, and or leagile supply chain management strategies??????? (I'm just guessing. if you know the answer i think you are able to change it) |
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Term
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Definition
| the strategy that focuses primarily on the removal of waster from the supply chain to achieve the lowest total cost to the members of the supply chain system |
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Term
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Definition
| the supply chain strategy that focuses primarily on the ability of the firm to fulfill customer demand, even if this means somewhat higher costs. |
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Term
| Leagile Supply Chain Strategy |
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Definition
| a supply chain management strategy that combines the best elements of the lean and agile strategies for a particular product/ market combination |
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Term
| what are the logistical components of supply chaing management |
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Definition
- sourcing & procurement of raw materials and supplies
- production scheduling
- order processing
- inventory management & control
- warehousing and materials-handling
- transportation
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Term
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Definition
| a method of developing and maintaining an adequate assortment of materials or products that meet a manufacturer's or a customer's demand |
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Term
| Distribution resource plannig (DRP) |
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Definition
| an inventory control system that manages the repleishmet of goods from the manufacture to the final consumer. |
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Term
| Materials-handling system |
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Definition
| a method of moving inventory into, within, and out of the warehouse |
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Term
| why is supply chain performance measure important and necessary? |
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Definition
important b/c the supply chain is multiple processes that are operated simultaeously with the goal of enhancing the performance of the business.
"that which cannot be measured, cannot be managed" |
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Term
| What are trends in supply chain management? |
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Definition
1. Global SCM
2. Advanced Computer technology
- Automatic identification systems
- bar coding
- radio frequency technology (RFID)
- Communication technologies
- supply chain softwear
3. outsourcing logistics functions
4. electroic distribution
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Term
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Definition
| a manufacturer's or supplier's use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing |
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Term
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Definition
| the integration of environmentally conscious thinking into all phases of key supply chain management processes |
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Term
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Definition
| that which is give up in an exchange to acquire a good or service |
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Term
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Definition
| the price charged to customers multiplied by the number of units sold |
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Term
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Definition
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Term
| what are the pricing objectives? |
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Definition
- profit-orientation
- sales-orientation
- status quo
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Term
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Definition
Setting prices so that total revenue is as large as possible relative to total costs. |
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Term
| Return on investment (ROI) |
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Definition
| net profit after taxes divided by total assets |
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Term
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Definition
| a company's product sales as a percentage of total sales for that idustry |
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Term
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Definition
| price objective that maintains existing prices or meets the competitor's price |
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Term
| what are the cost-oriented pricing strategies? |
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Definition
mark up pricing
keystoning
profit maximization
break-even pricing |
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Term
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Definition
| the cost of buying the product from the producer plus amouts for profit and for expenses not otherwise accounted for |
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Term
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Definition
| the practice of marking up prices by 100% or doubling the cost |
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Term
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Definition
| the method of setting prices that occurs whe marginal revenue equals margial cost |
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Term
| how does the product life cycle affect price? |
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Definition
intro stage: price is high
growth stage: price is stabel
maturity stage: price declines
decline stage: price drops significantly |
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Term
| how does competition affect price |
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Definition
High prices may induce firms to enter the market
Competition can lead to price wars
Global competition may force firms to lower prices |
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Term
| how does distribution affect price |
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Definition
- wholesellers sell against the brand
- manufactures Offer a larger profit margin or trade allowance
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Term
| how does promotion strategies affect price? |
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Definition
•Price used as promotional tool
•Pricing can also be a tool for trade promotions |
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Term
| how does internet affect price? |
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Definition
- product selection
- second opinions from expert sites
- shopping bots
- internet auctions |
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Term
| how does price match guarentee affect price? |
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Definition
•Match any competitor’s price
•Signals to target market it is positioned as a low-price dealer |
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Term
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Definition
| charging a high price to help promote a high quality image |
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Term
| what is the procedure for setting the richt price? |
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Definition
1. establish pricing goals
2. estimate demand, costs, and profits
3. choose a price strategy
4. fine tune with pricing tactics |
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Term
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Definition
| a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion |
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Term
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Definition
| a pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach the mass market |
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Term
| What are the legal and ethical constraints on making pricing decisions? |
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Definition
- unfair trade practices
-price fixing
- price discrimination
- predatory pricing |
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Term
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Definition
| laws that prohibit wholesalers and retailers from selling below cost |
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Term
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Definition
| an agreement between two or more firms on the price they will change for a product |
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Term
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Definition
| selling to 2 or more different buyers, within a reasonably short time, commodities of like grade and quality at different prices where the result would be to lessen competition |
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Term
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Definition
| the practice of charging a very low price for a product with the intent of driving competitiors out of business or out of a market |
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Term
How are discounts used to fine-tune the base price? |
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Definition
- quantity discos
- cash discos
-functional discos
- seasonal discos
- promotional allowances
- rebates
-zero % financing
- value-based pricing |
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Term
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Definition
| selling the price at a level that seems to be a good price compared to the prices of other optioins |
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Term
How is geographic pricing used to fine-tune the base price? |
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Definition
- FOB origin pricing
- uniform delivered pricing
-zone pricing
- freight absorption pricing
- basing-point pricing |
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Term
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Definition
| a price tactic that requires the buyer to absorb the freight costs from the shipping point (free on board) |
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Term
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Definition
| a modification of uniform delivered pricing that divides the US into segments or zones and charges a flat freight rate to all customers in a given zone |
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Term
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Definition
| several line items at specific price points |
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Term
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Definition
| sell product at near or below cost |
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Term
|
Definition
| lure customers through false or misleading price advertising |
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Term
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Definition
odd number prices imply bargin
even number prices imply qualtiy |
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Term
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Definition
| costs that are shared in the manufacturing and marketing of several products in a product life |
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Term
What is the role of pricing during periods of inflation? |
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Definition
- cost-oriented tactics (delayed-quotation pricing, escalator pricing, hold prices but add fees)
- demand-oriented tactics (price shading - the use of discos by a salesperson to increase demand for one or more products in a line)
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Term
| What is the role of pricing during periods of recession? |
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Definition
- value-based pricing
- bundling or unbundling
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