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MGMT232
chapter 7
26
Management
Undergraduate 3
11/01/2010

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Term
product
Definition
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
Term
service
Definition
an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
Term
consumer product
Definition
a product bought by final consumers for personal consumption
Term
convenience product
Definition
a consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort
Term
shopping product
Definition
a consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style
Term
speciality product
Definition
a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
Term
unsought product
Definition
a consumer product that the consumer either does not know about or knows about but does not normally think of buying
Term
industrial product
Definition
a product bought by individuals and organizations for further processing or for use in conducting a business
Term
social marketing
Definition
the use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society
Term
product equality
Definition
the characteristics of a product or service that bear on its ability to satisfy started or implied customer needs
Term
brand
Definition
a name, term, sign, symbol, design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors
Term
packaging
Definition
the activities of designing and producing the container or wrapper for a product
Term
product line
Definition
a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
Term
product mix (or product portfolio)
Definition
the set of all product lines and items that a particular seller offers for sale
Term
service intangibility
Definition
a major characteristic of services--they cannot be seen, tasted, felt, heard, or smelled before they are bought
Term
service inseparability
Definition
a major characteristic of services--they are produced and consumed at the same time and cannot be separated from their providers
Term
service variability
Definition
a major characteristic of services--their quality may vary greatly, depending on who provides them and when, where, and how
Term
service perishability
Definition
a major characteristic of services--they cannot be stored for later sale or use
Term
service-profit chain
Definition
the chain that links service firm profits with employee and customer satisfaction
Term
internal marketing
Definition
orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction
Term
interactive marketing
Definition
training service employees in the fine art of interacting with customers to satisfy their needs
Term
brand equity
Definition
the differential effect that knowing the brand name has on customer response to the product or its marketing
Term
store brand (or private brand)
Definition
a brand created and owned by a reseller of a product or service
Term
co-branding
Definition
the practice of using the established brand names of two different companies on the same product
Term
line extension
Definition
extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category
Term
brand extension
Definition
extending an existing brand name to new product categories
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