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Marketing Final
Marketing
| Question | Answer |
|---|---|
| Product Life Cycle | Stages a new product goes through in the marketplace: introduce, growth, maturity, and delince |
| Branding | Organization's use of name, phrase, design, symbols, or combination of these to identify and distinguish its products. |
| Brand Name | Any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller's goods or services. |
| Brand Personality | Set of human characteristics associated with a brand name. |
| Brand Equity | Added value a brand name gives to a product beyond the functional benefits provided. |
| Multiproduct Branding | Manufacturer's branding strategy that uses one name for all products. |
| Multibranding | Manufacturer's branding strategy that gives each product a distinct name. |
| Packaging | Part of a product that refers to any container in which it is offered for sale and on which label information is displayed. |
| Capacity Management | Integrating the service component of the marketing mix with efforts to influence consumer demand. |
| Off-Peak Pricing | Charging different prices during different times of the day or days of the week to reflect variations in demand for the service. |
| Price | Money or other considerations exchanged for the ownership or use of good or service. |
| Value | The ratio of perceived benefits to price. |
| Profit Equation Profit | Total Revenue - Total Cost |
| Demand Curve | Graph relating quantity sold and price, which shows how many units will be sold at a given price. |
| Price Elasticity of Demand | The percentage change in the quantity demanded relative to a percentage change in price. |
| Total Revenue | Total money received from the sale of a product |
| Total Cost | Total expenses incurred by a firm in producing and marketing a product; total cost is the sum of fixed cost and variable costs. |
| Break-Even Analysis | Examines the relationship between total revenue and total cost to determine profitability at different levels of output. |
| Pricing Objectives | Expectations that specify the role of price in an organization's marketing and strategic plans. |
| Pricing Constraints | Factors that limit the range of price a firm may set. |
| Marketing Channel | Individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users. |
| Multichannel Marketing | Blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers. |
| Dual distribution | Arrangement whereby a firm reaches different buyers by using two or more different types of channels for the same basic product. |
| Vertical Marketing Systems | Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact. |
| Intensive Distribution | A firm tries to place its products or services in as many outlets as possible. |
| Exclusive Distribution | Only one retail outlet in a specific geographical area carries the firm's products. |
| Selective Distribution | A firm selects a few retail outlets in specific geographical area to carry its products. |
| Channel Conflict | Arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals. |
| Disintermediation | Channel conflict that arises when a channel member bypasses another member and sells or buys products direct. |
| Logistics | Activities that focus on getting that right amount of the right products to the right place at the right time at the lowest possible cost. |
| Supply Chain | Sequence of firms that perform activities required to create and deliver a product to consumers or industrial users. |
| Total Logistics Cost | Expenses associated with transportation, materials handling and warehousing, inventory, stockouts, order processing, and return goods handling. |
| Customer Service | Ability of logistics managements to satisfy users in terms of time, dependability, communication and convenience. |
| Promotional Mix | Combination of one or more of the communication tools used to inform, persuade, or remind prospective buyers. |
| Integrated Marketing Communications | Concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences. |
| Communication | Process of conveying a message to others. |
| Advertising | Any paid form of nonpersonal communication about an organization, good, service, or idea by an identified sponsor. |
| Personal Selling | Two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person's or group's purchase decision. |
| Public Relations | Form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, potential customers, stockholders, suppliers, empolyees, and others about a company and its products or services. |
| Publicity | Nonpersonal, indirectly paid presentation of an organization, good, or service |
| Sales promotion | A short-term offer designed to arouse interest in buying a good or service. |
| Direct Marketing | Promotional element that uses direct communication with consumers in the form of an order, a request for further information, or a visit to a retail outlet. |
| Push Strategy | Directing the promotional mix to channel members to encourage them to order and stock a product. |
| Pull Strategy | Directing the promotional mix at ultimate consumers to encourage them to ask the retailer for the product. |
| Hierarchy of Effects | Sequence of stages a prospective buyer goes through: awareness, interest, evaluation, trial, and adoption. |
| Direct Orders | The results if directing marketing offers that contain all the information necessary for a potential buyer to make a decision to purchase and complete the transaction. |
| Lead Generation | Results of direct marketing offer designed to generate interest in a product or service and a request for additional information. |
| Traffic generation | Outcome for direct marketing offer designed to motivate people to visit a business. |
| Vendor- Managed Inventory | Inventory management system whereby the supplier determines the product amount and assortment a customer (such as a retailer) needs and automatically delivers the appropriate items. |
| Transactional Function | Buying, Selling, Risk taking |
| Logistical Function | Assorting, Storing, Sorting, Transporting |
| Facilitating Function | Financing, Grading, Marketing Information & Research |
| Fixed Cost | The sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold. |
| Variable Cost | The sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold. |
| Product | Good, service, or idea consisting of tangible and intangible features that satisfies consumers and is received in exchange for money or something else of value. |
| Service | Intangible activities or benefits that an organization provides to consumers in exchange for money or something else of value. |
| Consumer Products | Products purchases by the ultimate consumer. |
| Business Products | Products that assist directly or indirectly in providing products for resale. |
| Product Item | Specific product that has a unique brand, size, or price. |
| Product Line | Group of products that are closely related because that are similar in terms of consumer needs and uses, market segments, sales outlets, or prices. |
| Product Mix | All the product lines offered by a company. |
| Four l's of Services | Four unique elements that distinguish services from goods: intangibility, inconsistency, inseparability, and inventory. |
| Idle Production Capacity | When the supply of the service exceeds demand for it. |
| New-Product Process | Sequence of actives a firm uses to identify business opportunities and convert them into salable goods and services. |
| Customer Experience Management (CEM ) | Process of managing the entire customer experience within the firm. |
Created by:
JaeFuma
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