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Marketing 3.0 Review
Question | Answer |
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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 |