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Definition
| anything received in an exchange |
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| the decisions and activities intended to create and maintain a firm's product concept in customers' minds |
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| a group of closely related items that the organization considers to be a unit (ex. old el paso line of taco ingredients) |
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| the total group of products that an organization makes available to customers (ex. secret deodorant, ivory soap, crest toothpaste) |
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| a name, term, symbol, design, or combo. of these that identifies a seller's products and distinguishes it from competitor's product |
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| the part that can be spoken including letters, words, numbers (ex. Allstate) |
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| the symbol of the design that cannot be spoken (symbol or design for product (Ex. pillsbury dough boy)) |
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Definition
| registered brand name and brand mark |
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| Brand Loyalty: recognition |
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Definition
| aware brand exists and there is an alternative if preferred brand is unavailable |
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| brand loyalty: preference |
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Definition
| preferred over competitive offerings |
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| brand loyalty: insistence |
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| strongly preferred, no substitute |
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| manufacturer's (national) brand |
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Definition
| brand offered and promoted by a manufacturer or producer |
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| product that is not linked to the manufacturer, but carries the label of a retailer or wholesaler |
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| indicating only a product category (ex. unbranded cereal) |
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| (ex. arm & hammer) they use this in every of their products |
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Definition
| using existing brand name on a new product in a different category |
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Definition
| yoplait and general mills agree on trix yogurt, yoplait pays 10% of wholesale income to general mills to use Trix name |
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Definition
| P&G and mattel agree on crest/barbie toothbrush, (two brands from two companies on one product) |
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Definition
1. protect product and maintain functional form
2. offer convenience
3. promote product
4. communicate quality or premium nature of product |
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Term
| Phases of new product development |
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Definition
1. generate ideas
2. screening-selecting the ideas with the greats potential for further review
3. concept testing- form of marketing research
4. business analysis- evaluate potential impact of a product idea on the firm's sales, costs, and profits (profit potential)
5. Product development- determine if producing product is feasible and cost effective
6. test marketing- limited intro of product in geographic areas chose to represent intended market
7. commercialization- refining and finalizing plans and budgets for full-scale manufacturing and marketing |
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| Four stages of product life cycle |
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Definition
Introduction stage- when the first unit is sold, end is when industry breaks even and begins making a profit
Growth Stage- increased promotional expenses, increased units sold, and decreased selling price, profit topping off
Maturity Stage- market is saturated, no growth left in the market, profit continues to slide downward
Decline Stage-usually product substitution and sales fall rapidly |
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Definition
| promoting demand for the category (ex. iPod debut product in 2001) |
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| changes in one or more characteristics of a product |
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changes relating to a product's dependability and durability
a. reducing quality=lower price
b. increasing quality=higher price |
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Definition
| changes affecting a product's versatility, effectiveness, convenience, or safety |
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| changes relating to the sensory appeal of a product (taste, texture, sound, smell, and appearance) |
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Definition
| activities involved in making products available to customers when and where they want to purchase them |
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Definition
| a group of individuals and organizations that direct the flow of products from producers to customers |
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| a middleman linking producers to other middlemen or ultimate consumers through contractual arrangements or through the purchase and resale of products |
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Definition
| a channel intermediary who buys products, owns it, and resells it. (ex. retailers: resell to consumer; wholesalers: merchant because they sell the product, wholesaler because they don't sell to the consumer) |
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Definition
| functional middlemen, perform wholesaling functions, however they aren't merchants |
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Definition
| the use of 2 or more marketing channels to distribute the same product to the same target market |
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| strategic channel alliance |
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Definition
| the products of one organization are distributed through the marketing channels of another |
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| vertical channel integration |
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Definition
| eliminating the intermediary (middlemen) |
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Definition
| using all available outlets to distribute product |
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Definition
| using only some available outlets to distribute a product |
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Definition
| using a single outlet in a fairly large geographic area to distribute a product |
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Definition
| 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
| contracting physical distribution tasks to third parties that don't have managerial authority within the marketing channel |
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Definition
| all transactions in which the buyer intends to consume the product through personal, family, or household use |
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| general merchandise retailer |
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Definition
| offers a variety of product lines that are stocked in considerable depth |
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Definition
| use of telephone, internet to communicate a product and organizational info. to customers. (telemarketing sales, online retailing) |
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Definition
| marketing products to customers through face-to-face sales presentations |
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Definition
| use of machines to dispense products |
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