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test 2
test 2
47
Marketing
Undergraduate 1
03/16/2017

Additional Marketing Flashcards

 


 

Cards

Term
Product lines
Definition
Items viewed as a unit- shampoos for certain types of hair, toothpastes, etc. (closely related products of a firm)
Term
o Depth
Definition
different products in product line(different kinds of Soaps-ivory/zest/dove, Shampoos-pantene/head and shoulders/Irish spring, Cokes-diet/zero. etc.)
Term
Width
Definition
Number of different lines that firm markets
Term
1. Core (product hierarchy)
Definition
generic product or service. Generally doesn’t get you to buy it.
Term
2. Branded (product hierarchy)
Definition
core product plus characteristics that allow us to differentiate it.
Term
3. Augmented (product hierarchy)
Definition
enhance value beyond core and branded-
Term
• Alternatives to new product development
Definition
o Line extensions –additional items in same product category under same brand name
Term
o Down Market • Line extensions
Definition
Lower end of market (usually cheaper).
Term
o Up Market• Line extensions
Definition
Higher end of the market (more growth, higher margins).
Term
• Brand extensions-
Definition
Extends current brand name to new/modified products in new category
Term
brand name
Definition
Letters, words, numbers. (sometimes only distinguishing characteristic)
Term
brand mark
Definition
Brand not made up of words (Symbols and designs).
Term
Manufacturer brand
Definition
Producer identified with product at point of purchase
Term
Private label brand
Definition
Retailer doesn’t manufacture these
Term
• Co‐ branding
Definition
Two or more brands on one product
o Capitalizes on trust and confidence in brands involved
o Can help firm differentiate products.
Term
o Quality Modifications
Definition
Change dependability or durability Altering materials or production process
Term
o Functional Modifications-
Definition
Versatility, Effectiveness, Convenience, or Safety (Usually extends life, usually requires redesign of product)
Term
o Aesthetic Modifications
Definition
Change sensory appeal (Taste, texture, sound, smell, appearance)
Term
o Why firms develop new products
Definition
Taste, texture, sound, smell, appearance
Term
1. Idea generation
Definition
Market research is critical- actively seeking new ways to improve
Term
2. Idea screening
Definition
Ideas analyzed- match objectives and resources?
Term
3. Concept Testing
Definition
Sample potential buyers’ responses to idea
Term
4. Business Analysis
Definition
Review sales, costs, profit projections
Term
5. Developing Product
Definition
Developing physical product- see if feasible and cost effective
Term
6. Market Testing -
Definition
Determine if potential customers will actually buy.
Term
7. Product launch
Definition
Full-scale manufacturing and marketing
Term
• Crowdsourcing
Definition
Getting consumers engaged in idea process
Term
o Breakeven analysis
Definition
units must sell to profit
Term
o Payback analysis
Definition
time to recover invest funds
Term
• Test marketing
Definition
- limited introduction, areas represent intended market
Term
• Product deletion
Definition
Eliminating product when no longer satisfies sufficient number of customers
Term
• Importance of services to economy
Definition
o Aging population
o Higher per capita income
o Changing social and cultural values
o Increased leisure time
Term
• How services differ from goods
Definition
An intangible product that involves a deed, a performance, or an effort
Term
1. Intangibility
Definition
cannot be seen, tasted, felt, heard, or smelled before purchase
Term
2. Inseparability-
Definition
services cannot be separated from their providers
Term
3. Variability
Definition
Quality of services depends on who provides them and when, where, and how
Term
4. Perishability
Definition
services that cannot be stored for later sale or use
Term
• Expanded marketing set for services (4Ps +3)
Definition
o Product, Price, Place, Promotion
o People, Physical Environment, Process
Term
• Servicescapes
Definition
the environment, landscapes, where the service takes place
Term
• Why managers should care about service quality
Definition
o Increased customer retention
o Positive word-of-mouth
o Increased revenues
Term
o General Retail Store
Definition
Department stores, discount stores, convenience stores, supermarkets, superstores, warehouse clubs. (variety of products)
Term
o Specialty Stores
Definition
Substantial assortments in a few product lines. (Narrow and deep assortments of items)
Term
• Category killers
Definition
o Large specialty store
o low prices and product availability
Term
• Off-¬‐ price retailers 2
Definition
Buy manufacturers’ seconds, overruns, returns, and off-season merchandise for resale at deep discounts
Term
• Extreme value retailers
Definition
Small discounters with limited assortment at deep discounts (Family Dollar, Dollar General, Dollar Tree)
Term
franchising pros
Definition
 Able to start business with limited capital while receiving guidance and advice from franchiser
 More successful- lower failure rate compared to independent retail establishments
Term
franchising cons
Definition
 Franchiser can dictate aspects of business (décor, menu, hours) and collects percentage of the sales
 Agreements are not always uniform- one franchisee may pay more than another
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