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| good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value |
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| has tangible attributes that a consumers 5 senses can perceive |
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| an item consumed in ore or a few uses (food/fuel) |
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| good that lasts over many uses(appliances, cars, mobile phones) |
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| intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value |
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| a thought that leads to an action such as a concept for a new invention or getting people out to vote |
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| products purchased by the ultimate consumer |
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| (B2B or industrial) products that organizations buy that assist in providing other products for resale |
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| items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort |
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| items for which the consumer compares several alternatives on criteria such as price, quality, or style |
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| items that the consumer make a special effort to search out and buy |
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| items that the consumer does not know about or knows about but does not initially want |
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| items that become part of the final product |
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| items used to assist in producing other goods and sevices |
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| specific product that has a unique brand, size, or price |
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| a unique identification number that defines an item for ordering or inventory purposes |
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| group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range |
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| consists of all of the product lines offered by an organization |
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| dynamically continuous innovation |
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| only minor changes in behavior are required |
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| making the consumer learn entirely new consumption patterns to use the product |
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| a statement that, before product development beging, identifies: (1) a well-defined target market (2)specific customers' needs, wants, and preferences (3) what the product will be and do |
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| the seven stages an organization goes through to identify business opportunities and convert them to a salable good or service |
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| new-product strategy development |
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| the stage of the new-product process that defines the role for a new product in terms of the firm's overall objectives. (stage 1) |
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| the stage of the new-product process that develops a pool of concepts as candidates for new products, building upon the previous stage's results. (stage 2) |
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| applied art that improves the aesthetics and usefulness of mass-produced products for users |
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| the stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort (stage 3) |
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| customer experience management (CEM) |
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| the process of managing the entire customer experience within the firm |
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| external evaluations with consumers that consist of preliminary testing of a new-product idea rather than an actual product |
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| specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections (stage 4) |
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| integrating the service component of the marketing mix with efforts to influence consumer demand |
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the stage of the new-product process that turns the idea on paper into a prototype
(stage 5) |
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| the stage of the new-product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy |
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| involves offering a product for sale on a limited basis in a defined area |
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| the stage of the new-product process that positions and launches a new product in full scale production and sales (stage 7) |
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| introducing the product sequentially into geographical areas of the United States, to allow production levels and marketing activities to build up gradually to minimize the risk of new-product failure |
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| a payment a manufacturer makes to place a new item on a retailer's shelf |
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| penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make |
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| cross-functional team members who conduct the simultaneous development of both the production |
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| the stages a new product goes through in the market place: introduction, growth, maturity, and decline |
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| stage when the product is introduced to its intended target market |
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| the initial purchase of a product by a consumer |
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| the desire for the product class rather than for a specific brand, since there are few competitors with the same product |
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| price low to discourage competitive entry |
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| people who tried the product, were satisfied, and bought again |
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| slowing of total industry sales or product class revenue |
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| dropping the product from the company's product line |
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| when a company retains the product but reduces marketing costs |
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| one for which significant customer education is required and there is an extended introductory period |
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| little learning is required by the consumer, and the benefits of purchase are readily understood |
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| the entire product category or industry, such as prerecorded music |
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| variations within the product class |
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| a product diffuses, or spreads, through the population |
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| (product manager) manages the marketing efforts for a close-knit family of products or brands |
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| altering a product's characteristic, such as its quality, performance, or appearance, to increase the product's value to customers and increase sales |
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| a company tries to find new customers, increase its product's use among existing customers, or create new use situations |
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| changes the place a product occupies in a consumer's mind relative to competitive products |
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| adding value to the product through additional features or higher-quality materials |
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| reducing the number of features, quality, or price |
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| an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors |
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| any word, device (design, sound, shape, or color), or combination of these used to distinguish a seller's goods or services |
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| commercial,legal name under which a company does business |
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| identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it |
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| low-cost copies of popular brands not manufactured by the original producer |
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| Stop Counterfeiting in Manufactured Goods Act (2006) |
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Definition
| makes counterfeiters subject to 20 year prison sentences and $15 million in fines |
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| set of human characteristics associated with a brand name |
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| the added value a brand name gives to a product beyond the functional benefits provided |
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| a contractual agreement whereby one company allows its brand name or trademark to be used with products or services offered by another company for a royalty or fee |
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| a company uses one name for all of its products in a product class |
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| giving each product a distinct name |
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| when it manufactures products but sells them under the brand name of a wholesaler or retailer |
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| where a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market |
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| any container in which it is offered for sale and on which label information is conveyed |
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| an integral part of the package and typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients |
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| statement indicating the liability of the manufacturer for the product deficiencies |
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| written statements of liabilities |
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| limited-coverage warranty |
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| specifically states the bounds of coverage and areas of non coverage |
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| no limits of non coverage |
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| assign responsibility for product deficiencies to the manufacturer |
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| intangibility, inconsistency, inseparability, and inventory |
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Definition
| can't be held, touched, or seen before the purchase decision |
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| service depends on the people who provide them, their quality varies with each person's capabilities and day-to-day job performance |
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| consumer cannot separate the deliverer of the service from the service itself |
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| the service provider is available |
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| when the service provider is available but there is no demand |
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| ranges from tangible to intangible, or good dominant to service dominant offerings |
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| difference between consumer's expectations and experience |
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| a flowchart of the points of an interaction betwen consumer and service provider |
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| eight P's of service marketing |
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Definition
| product, price, place, promotion, people, physical environment, process, and productivity |
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Definition
| charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service |
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| based on the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers |
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Definition
| the service component of the marketing mix must be integrated with efforts to influence consumer demand |
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| ratio of perceived benefits/ price |
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| practice of simultaneously increasing product and service benefits while maintaining or decreasing price |
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| total revenue - total cost |
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Definition
| specifying the role of price in an organization's marketing and strategic plans |
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| factors that limit the range of prices a firm may set |
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| a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price |
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| influence what consumers want to buy and what they can buy |
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| price elasticity of demand |
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| percentage change in quantity demanded relative to a percentage change in price |
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| a continuing, concise trade off of incremental costs against incremental revenues |
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| technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output |
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| the quantity at which total revenue and total cost are equal |
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| graphic presentation of the break even analysis |
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| set a high price so that quality - or status- conscious consumers will be attracted to the product and buy it |
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| setting the price of a line of products at a umber of different specific pricing points |
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| setting prices a few dollars or cents under an even number |
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| the marketing of two or more products ina single package price |
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| charging of different prices to maximize revenue for a set amount of capacity |
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Definition
| entails adding a fixed percentage to the cost of all items in a specific product class |
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Definition
| summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price |
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Definition
| a method of pricing based on the learning effect, which holds that the unit cost of many products and services declines by 10% to 30% each time a firm's experience at producing and selling them doubles, resulting in possible rapid price reductions |
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Definition
| a firm may set an annual target of a specific dollar volume of profit |
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| target return-on-sales pricing |
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Definition
| to set typical prices that will give them a profit that is a specified percentage |
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| target return-on-investment pricing |
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| a method of setting prices to achieve this target |
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| setting a price that is dictated by a tradition, a standardized channel of distribution, or other competitive factors |
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| to attract customers in hopes they will buy other products as well, particularly the discretionary items with large markups |
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| setting one price for all buyers of a product or service |
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| (dynamic pricing) setting different prices for products and services depending on individual buyers and purchase situations |
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| successive price cutting by competitors to increase or maintain their unit sales or market share |
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| reductions in unit costs for a larger order |
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| the practice of replacing promotional allowances with lower manufacturer list prices |
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| undertaking certain advertising or selling activities to promote a product |
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| FOB = free on board. usually involves the seller's naming the location of this loading as the seller's factory or warehouse |
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| uniform delivered pricing |
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| the price the seller quotes includes all transportation costs |
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| selecting one or more geographical locations from which the list price for products plus freight expenses are charged to the buyer |
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| conspiracy among firms to set prices for a product |
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| practice of charging different prices to different buyers for goods of like grade and quality |
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| practice of charging a very low price for a product with the intent of driving competitors out of business |
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| individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users |
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| producer and ultimate consumers deal directly with each other |
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| intermediaries are inserted between the producer and consumers and perform numerous channel functions |
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Definition
| performs a variety of marketing channel functions, including selling, stocking, delivering a full product assortment, and financing |
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| electronic marketing channels |
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Definition
| employ the internet to make goods and services available for consumption or use by consumers or business buyers |
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| direct marketing channels |
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Definition
| allow consumers to buy products by interacting with various advertising media without a face-to-face meeting with a sales person |
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Definition
| blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online |
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| an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product |
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| strategic channel alliances |
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| one firm's marketing channel is used to sell another firm's products |
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| independently owned firms that take title to the merchandise they handle |
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| work for several producers and carry noncompetitive, complementary merchandise in an exclusive territory |
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| represent a single producer and are responsible for the entire marketing function of that producer |
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| independent firms or individuals whose principle function is to bring buyers and sellers together to make sales |
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| vertical marketing systems |
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Definition
| professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact |
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Definition
| contractual arrangement between a parent company and an individual under an established name and according to specific rules |
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| consists of agreements and procedures among channel members for ordering and physically distributing a producers products through the channel to the ultimate consumer |
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| a firm tries to place its products and services in as many outlets as possible |
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| the extreme opposite of intensive distribution because only one retailer in a specified geographical area carries the firm's products |
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| lies between intensive and exclusive and means that a firm selects a few retailers in a specific geographical area to carry its products |
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| when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals |
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| when a channel member bypasses another member and sells or buys products direct |
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| channel member that coordinates, directs, and supports other channel members |
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| those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost |
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Definition
| the practice of organizing the cost-effective flow of raw materials, in-process inventory, finished goods, and related information from point of origin to point of consumption to satisfy customer requirements |
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| a sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users |
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Definition
| the integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering products and services that provide value to ultimate consumers |
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| electronic data interchange (EDI) |
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Definition
| combines proprietary computer and telecommunication technologies to exchange electronic invoices, payments, and information among suppliers, manufacturers, and retailers |
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Definition
| includes expenses associated with transportation, materials handling and warehousing, inventory, stockouts (being out of inventory), order processing, and return goods handling |
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| the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience |
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| the lag from ordering an item until it is received and ready for use or sale |
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| reduce the retailer's lead time for receiving merchandise, thereby lowering a retailer's inventory investment, improving customer service levels, and reducing logistics expense |
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| just-in-time (JIT) concept |
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| inventory supply system that operates with very low inventories and requires fast, on-time delivery |
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| vendor-managed inventory (VMI) |
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Definition
| an inventory-management system whereby the supplier determines the product amount and assortment a customer needs and automatically delivers the appropriate items |
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Definition
| process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal |
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