Term
|
Definition
| A specific version of a product |
|
|
Term
|
Definition
| A group of closely related product items |
|
|
Term
|
Definition
| All products an organization sells |
|
|
Term
|
Definition
| Relatively inexpensive product that merits little shopping effort |
|
|
Term
|
Definition
| More expensive than convenience product, requiring more shopping effort |
|
|
Term
|
Definition
| Extensive search effort; consumer reluctant to accept substitute |
|
|
Term
|
Definition
| Product that the buyer does not actively seek |
|
|
Term
|
Definition
| Core customer value, or benefit |
|
|
Term
|
Definition
| Actual product, quality, features, design, brand, packaging |
|
|
Term
|
Definition
| Augmented product, service, warranty, ancillary products, accessories |
|
|
Term
|
Definition
| Gain awareness, Promote to inform and encourage trial |
|
|
Term
|
Definition
Maximize market share, Add features and improve quality, Add channels
and markets |
|
|
Term
|
Definition
| Maximize profit, Modify market, and marketing mix |
|
|
Term
|
Definition
| Reduce expenditures, Milk the brand, Maintain, harvest, or drop |
|
|
Term
| New product development process |
|
Definition
| Idea generation, idea screening, concept testing, marketing strategy, business analysis, product development, market testing, commercialization |
|
|
Term
| Where does the new product development process break down most often? |
|
Definition
|
|
Term
|
Definition
| Allows marketers to distinguish their products from all others, helps consumers identify products they don't want to buy again, helpful when introducing new products. |
|
|
Term
|
Definition
| Resonate with customers, differentiate from competitors, motivate employees |
|
|
Term
|
Definition
| Satisfy functional needs, differentiate from competitors by offering superior performance or superior economy, connect with consumers by helping them achieve basic goals related to physical needs. |
|
|
Term
|
Definition
| Value comes from distinct image, differentiates from competition by offering a unique set of associations, connects with consumers through emotional images and symbols |
|
|
Term
|
Definition
| Focuses on how consumers feel when interacting with brand, combines products, environments and services to create multisensory encounters with the brand, connects using experiences at the time of the consumption |
|
|
Term
| Competitive frames of reference |
|
Definition
| Nature of competition, target market |
|
|
Term
|
Definition
| Desirable to the consumer, deliverable by the brand, differentiating from competitors |
|
|
Term
|
Definition
| Negate competitor points of difference, demonstrate category credentials. I.E. if every phone has a camera, put a camera on your phone to be on equal ground as them. |
|
|
Term
| Three components of brand positioning |
|
Definition
| Competitive frames of reference, points of difference, points of parity |
|
|
Term
| Brand equity exists at the following levels: |
|
Definition
| Differentiating feature and differentiating emotion |
|
|
Term
| Build equity for new brands by better brand positioning |
|
Definition
| Build on an important benefit or an important consumer insight |
|
|
Term
| Consumers need to understand: |
|
Definition
| What the new brand replaces, how it fits into their world |
|
|
Term
|
Definition
| Elements in the store's design that appeal to consumers' emotions and encourage buying |
|
|
Term
|
Definition
| lighting, wall decorations, layout, smell, temp, mannequins, cleanliness |
|
|
Term
|
Definition
| store front, display windows, entrance, accessibility |
|
|
Term
|
Definition
| The breadth and depth of the product line |
|
|
Term
|
Definition
| Number of different product lines |
|
|
Term
|
Definition
| Number of products within a line |
|
|
Term
|
Definition
| Responsive, courteous, dressed appropriately, clean, knowledgable |
|
|
Term
| Why Channels are important |
|
Definition
| Elusive search for sustainable competitive advantage, growing power of retailers, reduce distribution costs with better service, increased role and power of technology, new stress on growth |
|
|
Term
| Benefits of using intermediaries |
|
Definition
| Break bulk, provide assortment, hold inventory, offer services, market efficiency |
|
|
Term
|
Definition
| Maximum market coverage, making it available anywhere that customers might want to buy it. |
|
|
Term
|
Definition
| A level of distribution where a firm selects a few retail outlets in a specific geographical area. |
|
|
Term
|
Definition
| A level of distribution where only one retail outlet carries a firm's products |
|
|
Term
| Channel conflict arises when: |
|
Definition
| One channel member prevents another channel member from achieving its goal |
|
|
Term
| All channel members have a common interest in: |
|
Definition
|
|
Term
| A primary cause of conflict in channel behavior is the |
|
Definition
| Distribution of profits among channel members |
|
|
Term
|
Definition
| producer-intermediary-end user |
|
|
Term
|
Definition
| End user-intermediary-producer (advertises directly to end user) |
|
|
Term
| Business to consumer, relative importance |
|
Definition
| Ads, Sales promotion, personal selling, direct marketing, PR |
|
|
Term
| Business to business, relative importance |
|
Definition
| Personal selling, sales promotion, direct marketing, advertising, PR |
|
|
Term
|
Definition
| Build awareness, gain attention |
|
|
Term
|
Definition
| Gain interest, liking, get desire |
|
|
Term
|
Definition
|
|
Term
| Difference between benefit in low involvement and high involvement product |
|
Definition
Low: it is enough that the reference group loves the product.
High: Differentiating features tied to differentiating emotions |
|
|
Term
|
Definition
| =Price - Unit variable cost |
|
|
Term
|
Definition
| Vivid, bigger than life product shots |
|
|
Term
| Advertising: Identifying the advertiser |
|
Definition
| Very distinctive look and feel |
|
|
Term
|
Definition
=Unit contribution X volume
=total revenue - total variable cost |
|
|
Term
|
Definition
Total Revenue=Total Cost
BEV = Fixed Cost / (Price - Unit Variable cost)
BEV = Fixed cost / Unit Contribution |
|
|
Term
| How to set the right price |
|
Definition
| Determined by what the consumer is willing to pay, not the cost to manufacture, distribute, and promote |
|
|
Term
|
Definition
| adding a specific amount to the cost |
|
|
Term
|
Definition
|
|
Term
|
Definition
| high price to "skim" the market |
|
|
Term
|
Definition
| Low price to "penetrate" the market |
|
|
Term
|
Definition
| High price to signal quality, status |
|
|
Term
|
Definition
| Different prices for different products in a product line |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Two or more products in a single package |
|
|
Term
|
Definition
| Match demand and supply for set capacity |
|
|
Term
|
Definition
| Following the competition |
|
|
Term
|
Definition
| What the customer is willing to pay |
|
|
Term
|
Definition
Price influences sales more than signs
However, if the product is on sale, pricing signage increases sales over no signs |
|
|
Term
|
Definition
Up-tempo music increases traffic flow
Slower music reduced flow and increases browsing and sales |
|
|
Term
| Effect of shelf space on sales |
|
Definition
| Expanded shelf space increases sales |
|
|
Term
| Effect of special display on sales |
|
Definition
|
|
Term
|
Definition
| Drawn to them, red is associated with warmth and power |
|
|
Term
|
Definition
| Involved decision making, blue is associated with serenity and trust |
|
|
Term
|
Definition
| Total revenue - Total cost |
|
|
Term
|
Definition
| A cost that doesn't vary with output |
|
|
