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Marketing 9,10,11,12
Marketing Test 2
| Term | Definition |
|---|---|
| Market Segmentation | Involves aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. |
| Market Segments | Are the relatively homogeneous groups of prospective buyers that results from the market segmentation process |
| Product Differentiation | This strategy involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different and better than competing products |
| Market-Product Grid | A framework to relate the market segments of potential buyers to products offered or potential marketing actions |
| Usage rate | The quantity consumed or patronage-store visits-during a specific period |
| 80/20 rule | A concept that suggests 80 percent of a firm’s sales are obtained from 20 percent of its customers |
| Product positioning | Refers to the place a product occupies in consumers’ minds on important attributes relative to competitive products |
| Product repositioning | Changing the place a product occupies in a consumer’s mind relative to competitive products. |
| Perceptual map | A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers |
| Product | A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’’ needs and is received in exchange for money or something else of value |
| Services | Intangible activates or benefit that an organization provides to satisfy consumers’ needs in exchange for money or something else of value. |
| Consumer products | Products purchased by the ultimate consumers |
| Business products | Products organizations buy that assist in providing other products for resale |
| Conveniences products | Items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort |
| Shopping products | Items for which the consumers compares several alternatives on criteria such as price, quality, or style |
| Specialty products | Items that the consumer makes a special effort to search out and buy |
| Unsought products | Items that the consumer does not know about or knows about but does not initially want |
| Item | Specific product that has a unique brand, size, or price |
| Product line | A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range |
| Product mix | Consists of all the product liens offered by an organization |
| Protocol | A statement that, before product development beings, identifies a well-defined target market; specific customers’ needs, wants, and preferences; and what the product will be and do to satisfy consumers |
| New-product process | The seven stages an organization goes through to identify business opportunities and convert them into salable products or services |
| New-product strategy development | The stage of the new-product process that defines the role for a new product in terms of the firm’s overall objectives |
| Idea generation | The second stage of the new-product process, involves developing a pool of concepts to serve as candidates for new products, building upon the previous stage’s results |
| Screening and evaluation | The stage of the new-product process that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort |
| Business analysis | Specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections |
| Development | The stage of the new-product process that turns the idea on paper into a prototype |
| Market testing | A stage of the new-product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy |
| Commercialization | The stage of the new-product process that positions and launches a new product in full-scale production and sales |
| Product life cycle | Refers to the entire product category or industry, such as prerecorded music |
| Product form | Pertains to variations within the product class |
| Product modification | Involves altering one or more of a product’s characteristics, such as its quality, performance, or appearance, to increase the products’ value to customers and increase sales. |
| Market modification | Strategies, a company tires to find new customers, increase a product’s use among existing customers, or create new use situations |
| Trading up | Involves adding value to the product (or line) through additional features or higher-quality materials |
| Trading down | Involves reducing the number of features, quality, or price |
| Branding | In which an organization uses a name, phrase, design, symbols or combination of these to identify its products and distinguish them from those competitors |
| Brand name | Any work, device (design, sound, shape, or color), or combination of these used to distinguish a seller’s goods or services |
| Trade name | A commercial, legal name under which a company does business |
| Trademark | Identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it |
| Brand personality | A set of human characteristics associated with a brand name |
| Brand equity | The added value a brand name gives to a product beyond the functional benefits provided |
| Brand licensing | A contractual agreement whereby one company (licensor) allows its brand name(s) or trademark(s) to be used with products or services offered by another company (licensee) for a royalty or fee |
| Multiproduct branding | A company uses one name for all its products in a product class |
| Multibranding | Involves giving each product a distinct name |
| Private branding | A company uses it (often called private labeling or reseller branding) when it manufactures products but sells them under the brand name of a wholesaler or retailer |
| Mixed branding | Where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reseller is different from its own market |
| Packaging | Any container in which it is offered for sale and on which label information is conveyed |
| Label | Integral part of the package and typically identifies the product or brand, who make it, where and when it was made, how it is to be used, and package contents and ingredients |
| Warranty | A statement indicating the liability of the manufacturer for product deficiencies |
| Four I's of Services | Intangibility, inconsistency, inseparability, inventory |
| Intangibility | Services are intangible; that is, they can’t be held, touched, or seen before the purchase decision |
| Inconsistency | Developing, pricing, promoting, and delivering services is challenging because the quality of a service is often inconsistent. |
| Inseparability | In most cases, the consumers cannot (and does not) separate the deliverer of the service from the service itself |
| Inventory | With services inventory carrying costs are more subjective and are related to idle production capacity. The inventory cost of a service is the cost of paying the person used to provide the service along with any needed equipment. |
| idle production capacity | when the service provider is available but there is no demand for the service. |
| Customer contact audit | A flowchart of the points of interaction between consumer and service provider. |
| Internal marketing strategies | Based on the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers |
| Differences in search, experiences and credence properties | Search properties can be determined before purchase, experience properties can only be assessed during or after consumption. Credence properties may be impossible to evaluate even after purchase and consumption |
| Gap analysis | Differences between the consumer’s expectations (influenced by word-of-mouth communications, personal needs, past experiences and promotional activities) and experience (determined by way organization delivers its service) are identified |
Created by:
ccanizares
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