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Definition
| firm’s tactical marketing plan and involves decisions about benefits, features, styling, branding, labeling, and packaging |
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Definition
| can be created, grow, reach maturity, decline |
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Term
| Effective product-related objectives |
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Definition
| measurable, clear, unambiguous, and feasible |
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Term
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Definition
| develop product obj., design strategies, and make tactical product decisions |
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Term
| Objectives for Single products |
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Definition
| introduce new product, regional product, and maturity product |
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| Objectives for Mutilple Products |
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Definition
| product line extension and product mix |
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Definition
| stretching , filing, and contracting a product line |
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| increase width of product mix |
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Definition
| Firm’s total product offering designed to satisfy a single need or desire of target customers |
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Term
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| total set of products that a firm offer for sale |
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Term
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Definition
Full-line vs. limited-line strategies
Upward, downward, or two-way line stretch
Filling out or contracting a product line |
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Term
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Definition
| Width of product mix: The number of different product lines produced by firm |
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Definition
| Company-wide dedication to the development, maintenance, and continuous improvement of all aspects of the company’s operations |
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Definition
| Voluntary standards for quality set by International Organization for Standardization |
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Term
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Definition
| Concentrates on environmental management. the aim is to reduce the environmental footprint of a business and to decrease the pollution and waste a business produces |
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Definition
| Process allowing no more than 3.4 defects per million (getting it right 99.9997% of the time |
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Term
| The four P's make of product mix |
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Definition
| product, place, price, and promotion |
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| longest stage in product life cycle |
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Definition
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Term
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Definition
| A brand’s value to its organization over and above the value of the generic version of the product |
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Definition
| The beliefs and associations a consumer has about the brand |
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Term
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Definition
| new products sold with the same brand name |
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Definition
| One firm sells the right to another to use a legally protected brand name for a specific purpose and for a specific period of time |
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Definition
Two brands combine to create a new product, providing greater recognition or other strengths than either could achieve alone
Ingredient branding is increasing |
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Term
| Universal Product Code (UPC |
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Definition
| Set of black bars or lines printed on the side/bottom of most items sold in stores; creates a national system of product identification |
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Definition
| Visibility, information, Emotional appeal, and workable appeal |
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Term
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Definition
| Small and isolated group in remote location that functions with minimal supervision |
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Term
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Definition
| Services and other experience-based products that cannot be touched |
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Term
| Services share several characteristics |
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Definition
Intangibility
Perishability
Variability
Inseparability |
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Term
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Definition
| Services can’t be stored for later sale or consumption |
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Term
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Definition
| Even the same service performed by the same person will vary |
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Term
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Definition
It is impossible to separate the production of a service from its consumption
Service encounter: The interaction between the customer and the service provider
Disintermediation: Eliminating the interaction between customers and salespeople |
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Term
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Definition
| warranties, Web sites with FAQs, and 1-800 numbers |
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Term
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Definition
| Lawyers, doctors, personal trainers, entertainers, agents, athletes/professional sports teams, educators—each |
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Term
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Definition
| 1-800 numbers, websites with FAQ, and warranties |
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Term
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Definition
| benefit a customer gets from the service |
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Term
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Definition
Core service plus additional services that enhance value
Example: frequent flyer miles, in-flight movie |
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Term
| Several elements of the service encounter are important |
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Definition
Social elements, including employees and customers
Service quality is only as good as the employee
Physical elements, including the servicescape, or actual physical facility where the service is performed, delivered, or consumed
Servicescapes influence quality perceptions |
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Definition
| Product characteristics that the consumer can examine before purchase |
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Term
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Definition
| Product characteristics that buyers can determine during or after consumption |
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Term
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Definition
| Product characteristics that are difficult to evaluate even after experiencing them |
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Term
| Servqual five key dimensions |
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Definition
| tangible, reliablity,responsiblity, assurance,and empathy, |
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Term
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Definition
| The assignment of value, or the amount the consumer must exchange to receive the offering |
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Term
| Steps in the Price Planning |
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Definition
| developing price objective,estimate demand, determine cost, evaluate pricing evironment, choose pricing strategy, develop pricing tactics |
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Term
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Definition
| Number of buyers * average amount of each buyer’s purchase |
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Definition
| Total demand * the firm’s estimated share of the market |
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Term
| Elasticity of demand(revenues decrease as price increase) |
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Definition
| The percentage change in unit sales that results from a percentage change in price |
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Definition
| Costs of production that are tied to and vary depending on the number of units produced |
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Term
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Definition
| Total of fixed costs and variable costs for a set number of units produced |
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Term
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Definition
| Point at which total revenue and total cost are equal |
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Term
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Definition
| Determines the number of units a firm must produce/sell at a given price to cover costs |
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Term
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Definition
| Determines the number of units a firm must produce/sell at a given price to cover costs |
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