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Marketing Ch 7-11
Target Marketing,Products,Services, Price
32
Marketing
Undergraduate 2
11/07/2012

Additional Marketing Flashcards

 


 

Cards

Term
Target Market Process
Definition

1) Segmentation

2)Targeting

3)Positioning

 

go through this process to identify the group of customers whose similarities make them good predictors of how the marketing mix can best be tailored to result in an exchange where they ultimartely purchase the product.

Term
Segmentation
Definition
divides larger markets into smaller pieces based on one or more meaningful shared characteristics. Can be done with deomographics, psychographics, and behavior.
Term
Positioning Strategy
Definition
Attempts to create a brand personality for a product, a distinctive image that captures its character and benefits, which sets it apart from the competitors products.
Term
Customer Relationship Management (CRM)
Definition
A strategy that allows a company to identify its best customers,stay on top of their needs, and increase their satisfaction
Term
3 Layers to a product
Definition

1) Core Product- what it is/does

2)Actual Product- Features and performance specs

3)Augmented Product- Additional benefits

Term
Marketer's Goal
Definition
Development of the correct product attributes to profitabe meet the needs of the target market
Term
Consumer Products
Definition

1) Products can be categorized into services(intangible deeds performed by one party for another) and goods (tangible items). 

2)Products are defined by how customers buy the product

Term
Goods
Definition

1) Durable Goods- Long Lasting

2)Non-Durable Goods- Disposible or short lived products

Term
Convienence Porducts
Definition
Necessities that consumers do not spend much time or effort shopping for (food/clothes)
Term
Shopping Products
Definition
Goods that require deliberation that involves financing
Term
Specialty Products
Definition
Goods that consumers make a special effor to seek out (Rolex, Fine Art, Yacht)
Term
Unsought Products
Definition
Goods consumers do not yet know they want (life insurance, retirement plan)
Term
Industial Products
Definition
Goods purchased by a business, the demand for which is generally derived from ultimate consumer deman (steel-auto, buttons-clothing)
Term
Installations
Definition
Significant Captial items (buildings, machinery, equipment)
Term
Accessories
Definition
Short term capital items(hand tools, replacement parts, office equipment)
Term
Supplies
Definition
Expense items that are not used in finished products(MRO-Maitenance repair and operating items, computer paper, etc)
Term
Profesional Services
Definition
Accounting, engineering, legal and other outsourced activities(payroll, auditing, SEC Reporting)
Term
New Porducts
Definition
New products must be entirely new or changed significantly and can only be legally called new for six months
Term
Phases in New Product Development
Definition

1) Idea Generation

2)Product Development

3)Concept and Screening

4) Marketing Strategy Development

5) Business Analysis

6)Technical Development

7)Test Marketing

8Commercialization

Term
Product Adoption Categories
Definition

1)Awareness

2)Interest

3)Evaluation

4)Trial

5)Adoption

6)Confirmation

Term
Categories of Adopters
Definition
shows that inovators are the first purchasers of new goods and services and represent 2.5% of all purchasers. Early Adopters represent 13.5%. The Early Majority represents 34%. The Late Majority represents 34% and the LAggards represent 16% of all purchasers.
Term
Product Factors Affecting the rate of Adoption
Definition

1) Relative Advantage- Better than existing alternatives

2)Compatibility-Fits into a persons way o doing things

3)Complexity-the more complex, the more slowly it is adopted

4)Trialability-using another's(friend/relative) product to get confortable with it before buying ones own

5)Observability-Seeing how others use of the product has benefited them.

6)Price

Term
Steps in Managing Products
Definition

1)Develop Product objectives for both the individual products and for the product lines and mixes

2)Design a product strategy

3)Make Tactical product deisions for branding and packaging and labeling design

Term
Total Quality Management (TQM)
Definition
A management philosophy that focuses on satisfying customers through empowring all employees to become active participants in continuous quality improvement in all aspects of company operations
Term
Packeging and Labeling 
Definition

1)Packeging must be functional

2) Can also be a promotional tool if it attractively provides product information and specifications 

3) Must provide all information required by various governmental and consumer agencies

4)Packeging should be designed to provide all the above as cost efficient as possible

Term
Services
Definition
Intangible Products which are exchanged directly from a producer to a customer.
Term
Characteristics of Services
Definition

1) Perishability ( cannot be saved for a later time)

2)Capacity Management- Adjust avaiability in an attempt to just meet demand (United Airlines)

3) Variability- THe same service performed by the same person for the same customer can vary(barber doesnt cut hair identically each visit)

4)Inseparability- Means that it is impossible to separate the production of a service from the consumption of that service(Education- teacher is a no show=no class)

Term
Service Encounter
Definition
Atual Interaction between the customer and the service provider
Term
Disintermediation
Definition
the elimination of interaction between customers and salespeople so as to minimize negative service encounters(ATM Machines, Salad BArs, Self Check-Out)
Term
Core Services
Definition
THe basic benefit received from having a service performed
Term
Augmented Service
Definition
Additional Serivces or activities provided to enhance value (Car Dealers provide mechanical serivce)
Term
Servicescape
Definition
The actual physical facility where a sevice is performed, delivered or consumed.
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