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Marketing Exam 3
Exam 3 Cards
44
Marketing
Undergraduate 3
03/29/2012

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Term
nondurable good
Definition
item consumed in one or a few uses (food products/fuel
Term
durable good
Definition
good that lasts over many uses (appliance)
Term
product
Definition
includes physical goods as well as services and ideas
Term
consumer products
Definition
products purchased by the ultimate consumer
Term
business products
Definition
products that organizations buy that assist in providing other products for resale
Term
points of difference in consumer products
Definition
1. effort the consumer spends on the decision
2. attributes used in making the purchase decision
3. frequency of the purchase
Term
convenience products
Definition
items that the consumer purchases frequently, conveniently, and with a minimum shopping effort
Term
shopping products
Definition
consumer compares several alternatives on such criteria such as price, quality, or style
Term
specialty products
Definition
consumer makes a special effort to search out and buy
Term
unsought products
Definition
consumer does not know about or knows about but does not initially want
Term
derived demand
Definition
result from the sale of consumer products (feature of business products)
Term
product item
Definition
specific product that has a unique brand, size or price
Term
SKU
Definition
stock keeping unit

a unique identification number that defines an item for ordering or inventory purposes
Term
product line
Definition
a group of products or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range
Term
product mix
Definition
consists of all the product lines offered by an organization.
Term
newness in legal terms
Definition
FTC defines it as up to 6 months after it enters regular distribution
Term
continuous innovation
Definition
no new behavior needs to be learned (such as introducing oreo cakesters from oreos)
Term
dramatically (dynamically) continuous innovation
Definition
1. only minor changes in behavior are required
2. when there is some change in buyer behavior (less water intensive washer)
3. points of difference and benefits to consumer are advertised as marketing strategy
Term
discontinuous innovation
Definition
involves making the consumer learn entirely new consumption patterns to use the product (education through product trial and personal selling is the marketing strategy)
Term
protocol
Definition
statement that before development begins identifies a well-defined target market, specific customers' needs, wants, and preferences, and what the product will be and do
Term
insignificant point of difference
Definition
single most important factor for a new product to defeat competitive ones --> your advantage over a competitor
Term
incomplete market and product protocol before development starts, what happens?
Definition
without this protocol, firms try to design a vague product for a phantom market
Term
not satisfying customer needs on critical factors
Definition
this factor stresses that problems on one or two critical factors can kill the product, even though the general quality is high
Term
new product process
Definition
the seven stages an organization goes through to identify basic opportunities and convert them to a salable good or service
Term
stage 1 of new product process
Definition
new product strategy development, where the role for a new product in terms of the firm's overall objectives is defined

SWOT analysis, and vital protocal is defined
Term
stage 2 of new product process
Definition
idea generation, in which a pool of concepts as candidates for new products, building upon the previous stage's results is developed
Term
open innovation
Definition
organization finds and executes creative new product ideas by developing strategic relationships with outside individuals and organizations
Term
industrial design
Definition
applied art that improves the aesthetics and usefulness of mass-produced products for users
Term
stage 3 of new product process
Definition
screening and evaluation of ideas, internally and externally
Term
internal approach
Definition
firm's employees evaluate the technical feasibility of a proposed new-product idea to determine whether it meets the objectives defined in the new-product strategy development step
Term
CEM
Definition
customer experience management

the process of managing the entire customer experience within the firm
Term
concept tests
Definition
external evaluations with consumers that consist of preliminary testing of a new-product idea rather than an actual product
Term
stage 4 of new product process
Definition
business analysis

specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections, the last checkpoint before major resources are invested to create a prototype.

assesses the total "business fit" of the proposed new product with the company's mission and objectives
Term
stage 5
Definition
development

turning the idea into a prototype (a demonstrable, producible product that involves manufacturing the product and performing it to ensure it meets certain standards set by protocol.
Term
Stage 6
Definition
Market Testing

involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy
Term
test marketing
Definition
involves offering a product for sale on a limited basis in a defined area

this test is done to determine whether consumers will actually but the product and try different ways of marketing
Term
STMs
Definition
stimulated test markets

stimulates a full-scale market test but in a limited fashion
Term
stage 7
Definition
commercialization

position and launches a new product in full-scale production and sales (most expensive stage for new products)

includes regional rollouts
Term
regional rollouts
Definition
introducing the product sequentially into geographic areas of the US
Term
slotting fee
Definition
payment a manufacturer makes to place a new item on a retailer's shelf
Term
failure fee
Definition
a penalty a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make
Term
parallel development
Definition
cross-functional team members who conduct the simultaneous development of both the product and the production process stay with the product from conception to production
Term
fast prototyping
Definition
uses a "do it, try it, fix it" approach
encourages continuing improvement even after the initial design
Term
adoption process model
Definition
awareness, knowledge, linking, preference, trial, adoption
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