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| Systematic search for new-product ideas. *Major sources include: internal and external sources. |
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| Development of original products improvements, modifications, and brands through R&D. *67% by established companies fail |
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| Internal sources/intrapreneurial |
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Definition
| Using own staff in product idea generation |
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| Distributors: tell about consumer issues. Suppliers: tell about new concepts, materials. Competitors and consumers |
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| invites broad communities of people into new-product innovation process. Can use third-party crowdsourcing networks: TopCoder etc. |
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| reviewing new ideas to spot good ones and drop poor ones. |
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| reviewing new ideas to spot good ones and drop poor ones. |
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| Real, win, worth doing. *Real need and desire, clear product concept and market need, profitable? |
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| Detailed version of new-product idea in meaningful consumer terms. |
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| How consumers perceive the product. |
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| testing new-products with a group of target consumers, to test appeal |
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| marketing strategy development |
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Definition
| designing market strategy based on product concept 1)target market 2)value proposition 3)sales, market share, and profit goals |
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| review of sales, costs, profit projections for a new product. *Estimating sales involves looking at sales history of similar products. |
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| turning product concept into product to ensure product idea can be turned into a workable market offering. |
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| functional features, conveying intended psychological characteristics. |
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| product and marketing program are tested in realistic market settings. *Risky b/c competitors may steal idea and capitalize |
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| tested among controlled panels of shoppers and stores |
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| measure consumer responses to new products in lab stores or simulated online shopping. |
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| introducing a new product into the market * 1)When 2)Where *Expensive |
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| customer-centered product development |
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| Focuses on customer problem solving*Begins and ends with customers |
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| team-based product development |
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| various company departments work together * |
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Definition
| collect, review, evaluate, and manage new product ideas. *Creates innovation-oriented company, yield more new ideas |
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Definition
course of a product's sales and profits over its lifetime.
1)Development: zero sales 2)Introduction: slow sales 3)Growth 4)Maturity 5)Decline |
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| (gasoline-powered automobiles) have longest PLC |
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| currently accepted or popular style |
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| basic and distinctive mode of expression |
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| temporary periods of high sales |
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| customer value based pricing |
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| sets price on buyers' perception of value rather than seller's cost *Value and price drive decisions about cost. |
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| right combination of quality and good service at a fair price |
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| value-added features for higher prices |
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| sets price according to costs plus fair rate of return |
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| do not vary with production |
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| Drop in average per-unit cost due to production experience |
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adds a standard markup to the cost of a product. unit cost= variable cost+ fixed costs/unit sales
markup price= unit cost/(1-return on sales %) |
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Definition
sets price to break even on costs or sets price to make target return
BE=fixed cost/price-variable cost |
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| competition-based pricing |
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| sets prices based on competitors |
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| starts with ideal selling price and targets costs to maintain price |
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| many buyers and sellers trading uniform commodity |
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| many buyers and sellers trade over a range of prices |
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| oligopolistic competition |
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| only a few large sellers: Verizon, AT&T, etc. |
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| %change in demand/%change in price |
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| sets high price for max revenues, lowers prices gradually |
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| sets low price for a new product to attract many buyers and large market share |
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| sets price steps between differentiated products |
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| pricing products that must be used with the main product *might start at a loss |
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| pricing low-value products to get rid of or make money on them |
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| pricing bundles sold together, often at discount |
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| discount and allowance pricing |
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Definition
| reduces prices to reward customers for volume purchases, early payment, product promotion |
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| adjusts prices to allow for differences in location, customers, etc. |
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| temp reducing prices to spur short time sales |
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| adjusts prices for location |
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Definition
| adjust prices to meet needs of individual customers and situations, matches spending behavior |
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| adjusts pricing or international markets |
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| prices buyers think of and refer to when considering a product |
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| uniform delivered pricing |
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Definition
| charging same price plus freight to all |
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Definition
| customers within zone pay the same, outside the zone is higher price |
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Definition
| designates a city as base and charges freight to customer from that city to location |
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| freight-absorption pricing |
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Definition
| seller pays all or some of freight |
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| company, suppliers, distributors, all deliver customer value |
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| interdependent organizations help make a product available |
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| layers of intermediaries that bring the product closer to the buyer. |
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| door-to-door sales, no intermediaries |
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| indirect marketing channel |
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| one or more intermediaries: wholesaler, retailer, distributor |
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Definition
| disagreements among marketing channel members on goals, roles, and rewards |
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| among firms at same level of the channel. |
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| between different levels of the same channel. |
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| conventional distribution |
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Definition
| one or more independent producers, wholesalers, and retailers, for profit |
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| vertical marketing systems |
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Definition
| producers, wholesalers, retailers, are a unified system. one channel member owns the others. |
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| successive stages of production and distribution under single ownership. |
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| independent firms on contract |
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| most common contractual vms |
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Definition
| leadership is assumed through power and size of one or a few dominant channel members |
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| horizontal marketing system |
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Definition
| two or more companies at one level join together for a new marketing opportunity: MCDS inside Walmart |
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| Multichannel distribution |
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| single firm sets up two or more marketing channels to reach one or more customer segments. Good for large markets. |
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Definition
| cutting out of marketing channel intermediaries by going straight to buyer or through new channels |
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| designing marketing channels |
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| stocking product in as many outlets as possible |
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| for luxury products, few distributors |
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Definition
| use of more than one but few intermediaries: tvs, home appliances |
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| marketing channel management |
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Definition
| selecting, managing, and motivating individual channel members |
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Definition
| planning, implementing, and controlling the physical flow of goods etc from points of origin to points of consumption at a profit. |
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| moving product to customers |
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Definition
| moving products and materials from the supplier to the factory |
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| recycling back to the producer |
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Definition
| managing upstream and downstream value-added flows of materials, final goods.... |
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Definition
| large, highly automated warehouse used to distribute goods to consumers |
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Definition
| reduces inventory and related costs |
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| intermodal transportation |
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Definition
| combining two or more modes of transportation |
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| electronic data interchange |
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| digital exchange of data between companies |
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| integrated logistics management |
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Definition
| emphasizes teamwork, inside and out, to maximize distribution performance |
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| independent logistics provider |
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| selling goods directly to final consumer for personal use |
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| business, sales from retailing |
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| in-store promotions, encourage point-of-purchase sales |
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| retail, carries narrow product line, with deep assortment |
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| carry a wide variety of products |
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| large, low cost,low-margin, high-volume, self service |
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| standard product, low cost, high volume, low-margin |
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| sells product bought at less than regular wholesale prices, sold at less than retail (Sam's Club) |
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| a large store that meets consumer's total needs for routinely purchased food and nonfood goods. |
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| manufacturer-owned: J. Crew, Gap, etc. |
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| sell bulk name brand goods at deep discounts to members |
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| two or more outlets that are commonly owned and controlled. |
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| wholesaler-sponsored group of independent retailers engaged in group buying and merchandising |
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| group of independent retailers who form central buying organization and joint promotion efforts |
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| advertising, personal selling, sales promotion, PR, and direct marketing. |
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| community shopping center |
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| wheel-of-retailing concept |
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| new types of retailers begin as low-margin low price low satus, but evolve into higher price higher service operations. |
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Definition
| independently owned wholesale,takes title to merchandise |
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| wholesaler, does not take title, brings buyers and seller together to assist in negotiation. |
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| represents buyers or sellers |
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| manufacture's sales branches and offices |
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Definition
| wholesaling by sellers or buyers rather than through independent wholesalers |
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