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BusAd101 ch.12
Ball State Business
| Question | Answer |
|---|---|
| Product | is a bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants. |
| Convenience Products | items the consumer seeks to purchase frequently, immediately, and with little effort. |
| Shopping Products | purchased only after the buyer has compared competing products in competing stores. |
| Specialty Products | those that a purchaser is willing to make a special effort to obtain. |
| Business Products | goods and services such as paycheck services and huge multifunction copying machines used in operating an organization; they also include machinery, tools, raw materials, components, and buildings used to produce other items for resale. |
| Capital Items | products that are long‐lived and relatively expensive. |
| Expense Items | less costly products that are consumed within a year. |
| Installations | major capital items, such as new factories, heavy equipment and machinery, and custom‐made equipment. Installations are expensive and often involve buyer and seller negotiations that may last for more than a year before a purchase actually is made. |
| Accessory Equipment | includes capital items, they are usually less expensive and shorter lived than installations and involve fewer decision makers. |
| Component Parts and Materials | finished business goods that become part of a final product. |
| Raw Materials | farm and natural products used in producing other final products. |
| Supplies | expense items used in a firm's daily operation that do not become part of the final product. Often referred to as MRO (maintenance, repair, and operating supplies), they include paper clips, light bulbs, and copy paper. |
| Product Line | group of related products marked by physical similarities or intended for a similar market. |
| Product Mix | assortment of product lines and individual goods and services that a firm offers to consumers and business users. |
| Product Life Cycle | once a product is on the market, it usually goes through four stages introduction, growth, maturity, and decline. |
| Introduction Stage | the firm tries to promote demand for its new offering; inform the market about it; give free samples to entice consumers to make a trial purchase; and explain its features, uses, and benefits. |
| Growth Stage | sales climb quickly as new customers join early users who now are repurchasing the item. |
| Maturity Stage | industry sales at first increase, but they eventually reach a saturation level at which further expansion is difficult. |
| Decline Stage | profits decline and may become losses as further price‐cutting occurs in the reduced overall market for the item. |
| Concept Testing | marketing research designed to solicit initial consumer reaction to new‐product ideas. |
| Test Marketing | introduces a new product supported by a complete marketing campaign to a selected city or TV coverage area. |
| Focus Groups | formal sessions in which consumers meet with marketers to discuss what they like or dislike about current products and perhaps test or sample a new offering to provide some immediate feedback. |
| Brand | a name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors’ offerings. |
| Brand Name | part of the brand consisting of words or letters included in a name used to identify and distinguish the firm's offerings from those of competitors. |
| Trademark | brand that has been given legal protection. |
| Manufacturer's Brand | national brand (i.e. Cheerio's), a brand offered and promoted by a manufacturer |
| Private Brand | store brand (i.e. Kroger), a product that is not linked to the manufacturer but instead carries a wholesaler's or retailer's label. |
| Family Brand | (i.e. Johmson & Johnson) a single brand name used for several related products. |
| Individual Branding | strategy used by giving each product within a line a different name (i.e. Procter & Gamble has individual brand names for its different laundry detergents: Tide, Cheer, and Dash). |
| Brand Loyalty | varying consumer familiarity and acceptance. |
| Brand Recognition | brand acceptance strong enough that the consumer is aware of the brand, but not strong enough to cause a preference over other brands. |
| Brand Preference | occurs when a consumer chooses one firm's brand over a competitor's. |
| Brand Insistence | the consumer will look for it at another outlet, special‐order it from a dealer, order by mail, or search the Internet. |
| Brand Equity | the added value that a respected and successful name gives to a product. |
| Brand Awareness | the product is the first one that comes to mind when a product category is mentioned. |
| Brand Manager | also called a product manager, assigned the task of managing a brand's marketing strategies. |
| Category Advisor | the major supplier designated by a business customer to assume responsibility for dealing with all the other vendors for a project and presenting the entire package to the business buyer. |
| Universal Product Code | the bar code read by optical scanners that print the name of the item and the price on a receipt. |
| Distribution Strategy | deals with the marketing activities and institutions involved in getting the right good or service to the firm's customers. |
| Distribution Channels | paths that products—and legal ownership of them—follow from producer to consumer or business user. |
| Physical Distribution | the actual movement of products from producer to consumers or business users. |
| Direct Distribution Channel | carries goods directly from producer to consumer or business user, or distribution channels that involve several different marketing intermediaries. |
| Marketing intermediary | "middleman" a business firm that moves goods between producers and consumers or business users. |
| Wholesaler | a distribution channel member that sells primarily to retailers, other wholesalers, or business users. |
| Sales Branch | stock the products they distribute and fill orders from their inventories. |
| Sales Office | exactly what its name implies: an office for a producer's salespeople. |
| Merchant Wholesaler | independently owned wholesaling intermediaries that take title to the goods they handle. |
| Full-function Merchant Wholesaler | provides a complete assortment of services for retailers or industrial buyers, such as warehousing, shipping, and even financing. |
| Rack Jobber | type of firm stocks, displays, and services particular retail products, such as paperback books or greeting cards in a drugstore or supermarket. Usually, the retailer receives a commission based on actual sales as payment for providing merchandise space. |
| Limited-function Merchant Wholesaler | takes legal title to the products it handles, but it provides fewer services to the retailers to which it sells. |
| Drop Shipper | operate in such industries as coal and lumber, characterized by bulky products for which no single producer can provide a complete assortment. |
| Agent & Broker | may or may not take possession of the goods they handle, but they never take title, working mainly to bring buyers and sellers together. |
| Manufacturer's Reps | act as independent sales forces by representing the manufacturers of related but noncompeting products. |
| Manufacturer's Agents | receive commissions based on a percentage of the sales they make. |
| Retailer | distribution channel members that sell goods and services to individuals for their own use rather than for resale. |
| Internet Retailing | form of non-store retailing. Online shopping. |
| Automatic Merchandising | provides convenience through the use of vending machines. |
| Direct Selling | direct‐to‐consumer sales. |
| Wheel of Retailing | new retailers enter the market by offering lower prices made possible through reductions in service. |
| How Retailers Compete | ID a target market select a product strategy shape a customer service strategy select a pricing strategy choose a location build a promotion strategy create a store atmosphere |
| Planned Shopping Center | group of retail stores planned, coordinated, and marketed as a unit to shoppers in a geographical trade area. |
| Store Atmospherics | the physical characteristics of a store and its amenities, to influence consumers’ perceptions of the shopping experience. |
| Intensive Distribution | involves placing a firm's products in nearly every available outlet. Suits low‐priced convenience goods such as milk, newspapers, and soft drinks. |
| Selective distribution | a market‐coverage strategy in which a manufacturer selects only a limited number of retailers to distribute its product lines. Selective distribution can reduce total marketing costs and establish strong working relationships within the channel. |
| Supply Chain | the complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers. |
| Logistics | process of coordinating the flow of goods, services, and information among members of the supply chain |
| Physical Distribution | the activities aimed at efficiently moving finished goods from the production line to the consumer or business buyer. |
| Radio-frequency Distribution | technology that relies on a computer chip implanted somewhere on a product or its packaging that emits a low‐frequency radio signal identifying the item. |
| Warehousing | the physical distribution activity that involves the storage of products |
| Materials handling | moving items within factories, warehouses, transportation terminals, and stores. |
| Vendor-managed Inventory | producer and the retailer agree that the producer (or the wholesaler) will determine how much of a product a buyer needs and automatically ship new supplies when needed. |
| Customer Service Standards | measure the quality of service a firm provides for its customers. |
| Warranties | firms’ promises to repair a defective product, refund money paid, or replace a product if it proves unsatisfactory. |
| Direct-response Retailing | reaches prospective customers through catalogs; telemarketing; and even magazine, newspaper, and television ads. Shoppers order merchandise by mail, telephone, computer, and fax machine and then receive home delivery or pick up at a local store. |
| Exclusive Distribution | limits market coverage in a specific geographical region. |
Created by:
aburris
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