Term
|
Definition
development of a product cosely related to one or more products in the existing product line but designed specifically to meet somewhat different customer needs.
(ex. Tide pods added to Tide line) |
|
|
Term
|
Definition
| change in one or more characteristics of a product |
|
|
Term
|
Definition
| characteristics of a product that allow it to perform as expected in satisfying customer needs |
|
|
Term
|
Definition
| changes effecting a product's versatility, effectiveness, convenience, or safety |
|
|
Term
|
Definition
| changes to sensory appeal |
|
|
Term
| NEW PRODUCT DEVELOPMENT PROCESS |
|
Definition
Idea Generation,
Screening,
Concept Testing,
Business Analysis,
Product development,
Test marketing,
& Commercialization |
|
|
Term
|
Definition
| seeking product ideas that will help them to achieve objectives**** |
|
|
Term
|
Definition
| choosing the most promising ideas for further review****** |
|
|
Term
|
Definition
| seeking potential buyers' responses to a product idea |
|
|
Term
|
Definition
| evaluating the potential contribution of a product idea to the firm's sales, costs, and profits $$$$$ |
|
|
Term
|
Definition
| determining if producing a product is technically feasible and cost effective |
|
|
Term
|
Definition
| introducing a product on a limited basis to measure the extent to which potential customers will actually buy it |
|
|
Term
|
Definition
| deciding on full scale manufacturing and marketing plans and preparing budgets |
|
|
Term
|
Definition
| creating and designing products so that customers perceive them as different from competing products |
|
|
Term
|
Definition
| characteristics of a product that allow it to perform as expected in satisfying customer needs |
|
|
Term
|
Definition
| the amount of quality a product possesses |
|
|
Term
|
Definition
| the degree to which a product has the same level of quality over time |
|
|
Term
|
Definition
| how a product is conceived, planned, and produced |
|
|
Term
|
Definition
| the physical appearance of a product |
|
|
Term
|
Definition
| the specific design characteristics that allow a product to perform certain tasks |
|
|
Term
|
Definition
| human or mechanical efforts or activities that add value to a product |
|
|
Term
|
Definition
| eliminating a product from a product mix |
|
|
Term
|
Definition
| when customer-contact job, especially at call centers, are outsourced into the homes of workers |
|
|
Term
|
Definition
| service that is not physical and cannot be touched (CANT TOUCH THIS) |
|
|
Term
|
Definition
| being produced and consumed at the same time (ex. making a taco and immediately eating it) |
|
|
Term
|
Definition
| the inability of unused service capacity to be stored for future use |
|
|
Term
|
Definition
|
|
Term
| CLIENT-BASED RELATIONSHIPS |
|
Definition
| interactions that result in satisfied customers who use a service repeatedly over time |
|
|
Term
|
Definition
| the level of interaction between provider and customer needed to deliver the service |
|
|
Term
|
Definition
| a graph of the quantity of products expected to be sold at various prices |
|
|
Term
| PRICE ELASTICITY OF DEMAND |
|
Definition
| a measure of the sensitivity of demand to changes in price |
|
|
Term
|
Definition
| costs that don't vary with changes in number of units produced or sold |
|
|
Term
|
Definition
| the fixed cost per unit produced |
|
|
Term
|
Definition
| costs that vary directly with changes in number of units produced or sold |
|
|
Term
|
Definition
| Fixed Costs + Variable Costs X quantity produced |
|
|
Term
|
Definition
| the extra cost incurred by producing one more unit of a product |
|
|
Term
|
Definition
| the change in total revenue resulting from the sale of an additional unit of a product |
|
|
Term
|
Definition
| the point at which Costs = Revenue |
|
|
Term
|
Definition
| adding a $ amount or percentage to the cost of a product |
|
|
Term
|
Definition
| adding a specific $ amount or percentage to the seller's cost |
|
|
Term
|
Definition
| adding a predetermined percentage of cost to a product |
|
|
Term
|
Definition
| pricing based on the level of demand |
|
|
Term
| COMPETITION-BASED PRICING |
|
Definition
| pricing influenced primarily by competitors' prices |
|
|
Term
| PRICE SKIMMING************* |
|
Definition
| charging the highest possible price that buyers who most desire the product will pay ********** |
|
|
Term
|
Definition
| setting prices below competing brands to penetrate a market |
|
|
Term
|
Definition
| charging different prices to different buys for the same quality and quantity of product |
|
|
Term
|
Definition
| establishing a final price through bargaining |
|
|
Term
|
Definition
| setting one price for the primary target market, and different price for another |
|
|
Term
|
Definition
| temporary reduction of prices based on a patterned or systematic basis |
|
|
Term
|
Definition
| discount of prices on an unsystematic basis |
|
|
Term
|
Definition
| strategy of setting prices just beow whole dollar amount ($1.99) |
|
|
Term
|
Definition
| the strategy of setting a single price for two or more units |
|
|
Term
|
Definition
| pricing a product at a moderate level and positioning it next to a more expensive brand |
|
|
Term
|
Definition
| packaging together two or more complimentary products****** |
|
|
Term
|
Definition
| pricing on the basis of tradition (ex. vending machines) |
|
|
Term
|
Definition
| pricing the basic product in a product line below, but pricing related items at a higher level (ex. printer and printer cartridge) |
|
|
Term
|
Definition
| pricing the highest quality products higher than other models in the product line |
|
|
Term
|
Definition
| strategy of selling goods only at predetermined prices that reflect definite price breaks |
|
|
Term
|
Definition
| products priced below the usual markup, near cost, or below costs |
|
|
Term
|
Definition
| advertised sales or price cutting linked to a holiday, season, or event |
|
|
Term
|
Definition
| advertised sales or price cutting linked to a holiday, season, or event |
|
|
Term
|
Definition
| setting a price at a specific level and comparing it with a higher price |
|
|
Term
|
Definition
| an independent business organization that takes title to industrial products and carries inventories |
|
|
Term
|
Definition
| the use of two or more marketing channels to distribute the same products to the same target market***** |
|
|
Term
| STRATEGIC CHANNEL ALLIANCE |
|
Definition
| an agreement whereby the products of one organization are distributed through the marketing channels of another |
|
|
Term
|
Definition
| using all available outlets to distribute a product |
|
|
Term
|
Definition
| using only some available outlets in an area to distribute a product |
|
|
Term
|
Definition
| using a single outlet in a fairly large geographic area to distribute a product |
|
|
Term
|
Definition
| the dominant leader of a marketing channel or a supply channel |
|
|
Term
|
Definition
| the ability of one channel member to influence another member's goal achievement |
|
|
Term
| VERTICAL CHANNEL INTEGRATION |
|
Definition
| combining two or more stages of the marketing channel under one management |
|
|
Term
| VERTICAL MARKETING SYSTEM (VMS) |
|
Definition
| a marketing channel managed by a single channel member to achieve efficient, low-cost distribution aimed at satisfying target market customers |
|
|
Term
| HORIZONTAL CHANNEL INTEGRATION |
|
Definition
| combining organizations at the same level of operation under one management |
|
|
Term
|
Definition
| a sharing of meaning through the transmission of information |
|
|
Term
|
Definition
| a person, group, or organization with a meaning it tries to share with a receiver or an audience |
|
|
Term
|
Definition
| the individual, group, or organization that decodes a coded message |
|
|
Term
|
Definition
| converting meaning into a series of signs or symbols |
|
|
Term
|
Definition
| the medium of transmission that carries the coded message from the source to the receiver |
|
|
Term
|
Definition
| converting signs or symbols into concepts and ideas |
|
|
Term
|
Definition
| anything that reduces a communication's clarity and accuracy |
|
|
Term
|
Definition
| the receiver's response to a decoded message******* |
|
|
Term
|
Definition
| the limit on the volume of information a communication channel can handle effectively |
|
|
Term
|
Definition
| a combination of promotional methods used to promote a specific product |
|
|
Term
|
Definition
| communicating through movement of head, eyes, arms, hands, legs, or torso |
|
|
Term
|
Definition
| communicating by varying the physical distance in face-to-face interactions |
|
|
Term
|
Definition
| communicating through touching |
|
|
Term
|
Definition
| promoting a product only to the next institution down the marketing channel |
|
|
Term
|
Definition
| promoting a product directly to consumers to develop strong consumer demand that pulls products through a marketing channel |
|
|
Term
|
Definition
| paid nonpersonal communication about an organization and its products transmitted to a target audience through mass media |
|
|
Term
| INSTITUTIONAL ADVERTISING |
|
Definition
| advertising that promotes organizational images, ideas, and political issues |
|
|
Term
|
Definition
| advertising that promotes a company's position on a public issue |
|
|
Term
|
Definition
| advertising that promotes the uses, features, and benefits of products |
|
|
Term
|
Definition
| advertising that tries to stimulate demand for a product category rather than a specific brand by informing potential buyers about the product |
|
|
Term
|
Definition
| tries to stimulate demand for a specific brand by promoting its features, uses, and advantages relative to competing brands |
|
|
Term
| REMINDER ADVERTISING***** |
|
Definition
| advertising used to remind consumers about an established brand's uses, characteristics, and benefits |
|
|
Term
| REINFORCEMENT ADVERTISING |
|
Definition
| advertising that assures users they chose the right brand and tells them how to get the most satisfaction from it |
|
|
Term
|
Definition
| the creation and execution of a series of advertisements to communicate with a particular target audience |
|
|
Term
|
Definition
| the group of people at whom advertisements are aimed |
|
|
Term
|
Definition
| basic issues or selling points to be included in an advertising campaign |
|
|
Term
| ADVERTISING APPROPRIATION |
|
Definition
| the advertising budget for a specific time period |
|
|
Term
| OBJECTIVE-AND-TASK APPROACH |
|
Definition
| budgeting for an advertising campaign by first determining its objectives and then calculating the cost of all the tasks needed to attain them |
|
|
Term
| PERCENT-OF-SALES APPROACH |
|
Definition
budgeting for an advertising campaign
Firm's past & expected sales X a standard percentage |
|
|
Term
| COMPETITION-MATCHING APPROACH |
|
Definition
| determining an advertising budget by trying to match competitors' advertising outlays |
|
|
Term
|
Definition
| budgeting for an advertising campaign as specified by a high-level executive in the firm |
|
|
Term
|
Definition
| a plan that specifies the media vehicles to be used and the schedule for running advertisements |
|
|
Term
| COST COMPARISON INDICATOR |
|
Definition
| a means of costs of advertising vehicles in a specific medium in relation to the number of people reached |
|
|
Term
|
Definition
| the verbal portion of advertisements |
|
|
Term
|
Definition
| versions of a magazine that differ across geographic regions |
|
|
Term
|
Definition
| a blueprint that combines copy and visual material to show that sequence of major scenes in a commercial |
|
|
Term
|
Definition
| an advertisement's illustrations and layout |
|
|
Term
|
Definition
| photos, drawings, graphs, charts, and tables used to spark audience interest in an advertisement |
|
|
Term
|
Definition
| the physical arrangement of an advertisement's illustration and copy |
|
|
Term
|
Definition
| compares the sponsored brand with one or more identified brands on the basis of one or more product characteristics |
|
|
