Marketing Test Vocab
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| Innovators | first adopters of new products.
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| Laggards | The last adopters, who distrust new products.
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| Manufacturer Brand | A brand initiated by producers to ensure that producers are identified with their products at the point of purchase.
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| Product Development | Determining if producing a product is technically feasible and cost effective.
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| Intangibility | The characteristic that a service is not physical and cannot be perceived by the senses.
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| Decline stage | The stage of a product’s life cycle when sales fall rapidly.
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| Individual Branding | A branding policy in which each product is given a different name
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| Growth stage | The product life cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline.
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| Maturity stage | The stage of a products life cycle when the sales curve peaks and starts to decline, and profits continue to fall.
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| Product Development | Determining if producing a product is technically feasible and cost effective.
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| Product Manager | The person within an organization who is responsible for a product, a product line, or several distinct products that make up a group.
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| Brand Manager | The person responsible for a single brand.
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| Brand | A name, term, design, symbol, or other feature that identifies one marketer’s product as distinct from those of other marketers.
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| Brand Loyalty | A customer’s favorable attitude toward a specific brand.
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| Brand Recognition | The degree of brand loyalty in which a customer is aware that a brand exists and views the brand as an alternative purchase if their preferred brand is unavailable.
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| Brand Preference | The degree of brand loyalty in which a customer prefers one brand over competitive offerings.
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| Brand Insistence | The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute.
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| Brand Equity | The marketing and financial value associated with a brand’s strength in a market.
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| Manufacturer Brand | A brand initiated by producers to ensure that producers are identified with their products at the point of purchase.
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| Private Label Brands | A brand initiated and owned by a reseller.
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| Individual Branding | A branding policy in which each product is given a different name.
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| Family Branding | Branding all of a firm’s products with the same name or part of the name.
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| Brand Extension | An organization uses one of its existing brands to brand a new product in a different product category.
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| Cannibalism | A highly problematic effect of line extension, where the extension steals market share from the original brand.
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| Intangibility | The characteristic that a service is not physical and cannot be perceived by the senses.
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| Inseparability | The quality of being produced and consumed at the same time.
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| Perishability | The inability of unused service capacity to be stored for future use.
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| Heterogeneity | Variation in quality.
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| Client-Based Relationships | Interactions that result in satisfied customers who use a service repeatedly over time.
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| Customer Contact | The level of interaction between provider and customer needed to deliver the service.
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| Service Quality | Customers’ perception of how well a service meets or exceeds their expectations.
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| Credence Quality | Attributes that customers may be unable to evaluate even after purchasing and consuming a service.
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| Distribution | The decisions and activities that make products available to customers when and where they want to purchase them.
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| Marketing Channel | A group of individuals and organizations that direct the flow of products from producers to customers within the supply chain.
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| Wholesaler | An individual or organization that sells products that are bought for resale, for making other products, or for general business operations.
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| Rack jobbers | Full-service, specialty-line wholesalers that own and maintain display racks in stores.
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| Retailers | Organizations that sell products primarily to ultimate consumers.
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| Supply Chain Management | approaches used to integrate the functions of operations management, logistics management, supply management, and marketing channel management so products are produced and distributed in the right quantities, to the right locations, and at the right time.
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| Dual Distribution | The use of two or more marketing channels to distribute the same products to the same target market.
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| Intensive Distribution | Convenience (Coke) Using all available outlets to distribute a product.
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| Selective Distribution | Shopping (IPOD) Using only some available outlets in an area to distribute a product.
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| Exclusive Distribution | Specialty (Gucci) Using a single outlet in a fairly large geographic area to distribute a product.
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| Vertical Channel Integration | Combining two or more stages of the marketing channel under one management.
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| Horizontal Channel Integration | Combining organizations at the same level of operation under one management.
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| Outsourcing | The contracting of physical distribution tasks to third parties who do not have managerial authority within the marketing channel.
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| Cycle time | The time needed to complete a process. Shorter cycle time is more efficient and costs less.
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| Inventory management | Developing and maintaining adequate assortments of products to meet customers’ needs.
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| RFID | Radio Frequency Identification technology. Used for inventory, ordering, locating, and identifying. More sophisticated than bar code.
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| UPC | Universal product code is a series of electronically readable lines identifying a product and containing inventory and pricing information.
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| Just-in-Time | An inventory management approach in which supplies arrive just when needed for production or resale.
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| Retailer | An organization that purchases products for the purpose of reselling them to ultimate consumers.
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| Direct marketing | The use of the telephone, Internet, and non-personal media to introduce products to customers, who can then purchase them via mail, telephone, or the Internet. (Non-store, direct to customer)
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| Non-store retailing (TV, mail, catalog, phone, direct selling, vending) | The selling of products outside the confines of a retail facility.
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| Franchising | An arrangement in which a supplier (franchiser) grants a dealer (franchisee) the right to sell products in exchange for some type of consideration.
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| Retail positioning | Identifying an unserved or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of consumers in that segment.
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| Atmospherics | The physical elements in a store’s design (atmosphere) that appeal to consumers’ emotions and encourage buying. Sensory, sounds, smells.
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| Marketing Mix | Four marketing activities – product, distribution, promotion, and pricing – that a firm can control to meet the needs of customers within its target markets.
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| 4-Ps | product, place, price, promotion
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| Products | goods, services, or ideas
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| Place | (distribution) The decisions and activities that make products available to customers when and where they want to purchase them.
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| Price | The value paid for a product in a marketing exchange.
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| Promotion | Communication to build and maintain relationships by informing and persuading one or more audiences.
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| International Marketing | Developing and performing marketing activities across national boundaries.
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| Globalization | The development of marketing strategies that treat the entire world (or its major regions) as a single entity.
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| Good | A tangible physical entity
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| Service | An intangible result of the application of human and mechanical efforts to people or objects.
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| Idea | A concept, philosophy, image or issue.
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| Convenience Products | Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.
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| Shopping Products | Items for which buyers are willing to expend considerable effort in planning and making purchases.
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| Specialty Products | Items with unique characteristics that buyers are willing to expend considerable effort to obtain.
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| Unsought Products | Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying.
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| Product Classification indicates | how and where to promote; price sensitivity; strategies
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| Product Line | A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations.
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| Product Mix | The composite, or total, group of products that an organization makes available to customers.
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| Product Life Cycle | The progression of a product through four stages
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| Introduction stage | The initial stage of product’s life cycle; its first appearance in the marketplace when sales start at zero and profits are negative.
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| Growth stage | The product life cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline.
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| Maturity stage | The stage of a products life cycle when the sales curve peaks and starts to decline, and profits continue to fall.
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| Decline stage | The stage of a product’s life cycle when sales fall rapidly.
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| Product adoption process | awareness, interest, evaluation, trial, and adoption.
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| Innovators | First adopters of new products.
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| Early Adopters | People who adopt new products early, choose new products carefully, and are viewed as “the people to check with” by later adopters.
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| Early Majority | Individuals who adopt a new product just prior to the average person.
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| Late Majority | Skeptics who adopt new products when they feel it is necessary.
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| Laggards | The last adopters, who distrust new products.
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| Line Extension | Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs.
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| Product Modifications | Changes in one or more characteristics of a product.
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| Quality Modification | Changes related to a products dependability and durability.
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| Functional Modifications | Changes affecting a product’s versatility, effectiveness, convenience, or safety.
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| Aesthetic Modifications | Changes related to the sensory appeal of a product.
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