Term
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Definition
| identifying and describing market segments |
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Term
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Definition
| evaluating segments and deciding which to pursue |
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Definition
| dividing buyers into different groups based on social class, lifestyle or personality |
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Definition
| dividing buyers based on knowledge, attitudes, uses and repsonses |
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Definition
| avoids segmentation, appeals to wide spectrum of buyers |
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Term
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Definition
| developing separate marketing programs for different market segments, Ex. Nike, Toyota |
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Term
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Definition
| making products for a single segment, small firms |
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Term
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Definition
| the way a product is defined by customers |
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Term
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Definition
| deliberate attempts to change a company's image relative to other products, should say something about competition |
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Term
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Definition
2 types, level and consistency,
level is the ability to perform funcions
consistency is freedom from defects |
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Term
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Definition
| tool for differentiating a company's product from other products |
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Term
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Definition
| appearence of a product, contributes to usefulness and look |
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Term
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Definition
| name, term, sign, symbol or design that identifies the maker of a product. should be memorable, have positive connotation, and convey a certain image |
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Term
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Definition
| how the brand name affects customer repsonse |
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Term
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Definition
legal term for brand name.
R- legally resistered
TM- user claims ownership, but not registered.
only protects within U.S. |
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Term
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Definition
renting a brand to another company.
pay royalties, licensor can still use |
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Term
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Definition
| covering for a product, protects the product, makes it easy to handle, communicates brand personality |
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Term
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Definition
| group of products that are closely related because they serve a similar function. sold to same customer group |
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Term
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Definition
| number of items on the product line |
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Term
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Definition
| adding more items to the present line |
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Term
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Definition
| companies can stretch their products to fit different ranges. high end product can go low end and vice versa |
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Term
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Definition
| extension of brand names to new forms, colros, sizes, ingredients, or flavors |
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Term
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Definition
| extension of a current brand to new products in a new category |
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Term
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Definition
| new brands in a new category |
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Term
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Definition
| refers to original products, product improvements, product modifications, and new brands developed by R&D |
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Term
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Definition
| causes: meager competitive advantages, overestimate of market size, poor product positioning, poor marketing mix, poor design, priced too high, management influence, high development costs |
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Term
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Definition
| systematic search for new product ideas |
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Term
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Definition
| helps spot good ideas and drop poor ones |
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Term
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Definition
| creating several descriptions of products: ideas, concept, image |
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Term
| marketing strategy development |
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Definition
| designing and initial marketing strategy |
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Term
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Definition
| review of sales, costs, and profits of the new product |
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Term
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Definition
| devloped concept into physical product |
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Term
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Definition
| product and marketing program are introduced into realistic setting |
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Term
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Definition
| introducing new product into the market |
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Term
| product life cycle stages |
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Definition
| development, introduction, growth, maturity, decline |
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Term
| product development stage |
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Definition
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Term
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Definition
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Term
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Definition
| rapid market acceptance, increased profits |
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Term
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Definition
| slowing sales growth, profits level off/decline |
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Term
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Definition
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Term
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Definition
| rapid sales increase, up and down growth, fairly consistent |
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Term
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Definition
| moderate initial growth, steady decline |
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Term
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Definition
| growth increases rapidly, falls rapidly |
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Term
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Definition
| relative advantage, compatability, complexity, trialability, observability |
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Term
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Definition
| the degree to which a product is advantageous to a customer over competing brands |
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Term
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Definition
| how much a consumer must adjust to the new product |
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Term
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Definition
| how hard it is to understand the product |
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Term
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Definition
| the extent to which a customer can try and test the product |
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Term
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Definition
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Term
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Definition
| sum of all values a customer gives up to gain use of product/service, only element of marketing mix that creates revenue |
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Term
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Definition
| price based on cost of producing, distributing, and selling the product, plus room for profit |
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Term
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Definition
| uses buyers perception of value, not costs |
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Term
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Definition
| evlauates prices of similar firms with similar goods |
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Term
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Definition
| overhead costs, does not vary with production |
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Term
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Definition
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Term
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Definition
BE = TFC/ price-VC per unit
tfc- total fixed costs |
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Term
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Definition
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Term
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Definition
| % change in unit sales that result from a % change in price. Greater than 1= elastic, less than 1= inelastic |
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Term
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Definition
| high initial prices, high quality, hard for others to enter the market |
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Term
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Definition
| low initial price to attract many new customers, quickly gain market share |
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Term
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Definition
| collaborating with competitors to set price within a market |
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Term
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Definition
| selling prouct below costs to drive other out of business, then increase prices |
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Term
| deceptive pricing strategies |
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Definition
| retailers must not claim prices are lower than they actually are, going out of business means the company is actually going out of business, bait and switch- luring a customer into a store for one product then selling him another |
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Term
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Definition
| raw materials, parts suppliers, manufacturer, resellers, consumer |
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Term
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Definition
| producer- agent- wholesaler- retailer- customer |
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Term
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Definition
| buying products, finding buyers, assuming risk with inventory |
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Term
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Definition
| creating procuct assortment, storing goods for better customer service, moving product to customer |
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Term
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Definition
| extending credit, grading products, provide info to consumers and suppliers |
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Term
| vertical channel conflict |
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Definition
| when a company owns producer, wholesaler, and retailer and sell to customer |
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Term
| horizontal chain conflict |
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Definition
| when two or more companies combine for a new opportunity |
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Term
| conventional channel system |
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Definition
| all channels of distribution independently owned |
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Term
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Definition
| intensive (cheap), exclusive (luxury), and selective (specific market) |
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