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Marketing 3.0 Review

QuestionAnswer
A marketing function that involves obtaining, developing, maintaining, and improving a product Product Service Management
1. customer needs and wants 2. company goals and strategies 3. cost and available resources 4. competition 5. product itself 6. government regulation 7. stages in life cycle 8. business and economic trends Factors affecting Product Service Management
1. Developing new products 2. Monitoring existing products 3. Eliminate Weak Products The Phases of Product Service Management
1. introduction 2. growth 3. maturity 4. decline The Stages of the Product Life Cycle
1. Packaging & Labeling 3. Recycled Products must have proof 4. Organic Foods have to meet certain standards 5. Inform customers of risks 6. Planned obsolescence Ethical Considerations of Product Service Management
Unique features of a company and it’s products that are observed by the target market as significant and superior to the competition Competitive Advantage
Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line or organization in general Positioning
1. Recognition 2. Insistence 3. Preferency The Levels of Brand Loyalty
When consumers become aware of a brand and know a bit about it Recognition
When consumers prefer to purchase a certain product brand based on their positive experience with the brand Preference
When the consumer insist on their brand and will not accept substitutes Insistence
1. Branding Positioning 2. Brand Extensions 3. Brand Licensing 4. Co-Branding 5. Family branding 6. Individual branding The Types of Brand Strategies
1. generic 2. national (manufacturer brand) 3. private/distributor (store brand) The Types of Products
Occurs when manufacturers export a product to another country at a price either below the price charged in its home market, or in quantities that cannot be explained through normal market competition. Dumping
exists when sales of identical goods or services are transacted at different prices from the same provider Price Discrimination
used mostly to punish foreign producers for offering their products to domestic consumers at low prices. Anti-Dumping Laws
Elements that remind customers of brands and their values Brand Cues
Opportunities businesses have to connect with customers Touch Points
A path through which goods and services flow in one direction (from vendor to the consumer), and the payments generated by them that flow in the opposite direction (from consumer to the vendor). Channel
the total number of channel members in a channel of distribution Channel Length
business or individuals who assist in moving goods and services from the producer to the consumer Channel Member
may be imposed on middlemen not performing well Sanctions
financial penalties assessed for a variety of problems Chargebacks
Created by: melinda.fornes
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