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mrkt 341 exam 2
| Term | Definition |
|---|---|
| Product | Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need |
| Core customer value | What the customer is really buying |
| Actual product | Brand name, features, design, packaging, quality level |
| Augmented product | Additional services and benefits - delivery and credit, instructions, installation, warranty, service |
| Consumer products | Bought by final consumers for personal consumption |
| Industrial products | Bought by individuals and organizations for further processing or for use in conducting a business |
| Convenience Product | Low price, frequent purchase, minimum comparison |
| shopping products | Higher price, less frequent, more comparison |
| specialty products | High price, brand loyalty, not frequent |
| Unsought Products | items that the consumer does not know about or knows about but does not initially want |
| Product quality | Performance - ability to perform functions; Conformance - no defects, consistency, target level of performance |
| Product features | Value to customers cost to company |
| Product style and design | how will it influence the user experience? |
| Brand | name, term, sign, symbol, design that identifies the maker/seller of a product/service |
| Packaging | involves designing and producing the container or wrapper for a product |
| Labeling | Printed information appearing on or with the package |
| Product Support Services | Customer services is important part of customer's overall brand experience. |
| Product Line | A group of products that are closely related because they function similarly, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. |
| Product line length | Number of items in the product line. |
| Product line filling | adding more items within the present range of the line |
| Product line stretching | adding products that are higher/lower than existing price range |
| Product Mix (or Product Portfolio) | Set of all product lines and items that a particular seller offers for sale. |
| Width | Number of different product lines the company carries |
| Length | Total number of items a company carries within its product lines |
| Depth | Number of versions offered for each product in the line. |
| Consistency | how closely related various lines are |
| Services | Any activity, benefit, or satisfaction that one party can offer another for sale that is essentially intangible and does not result in the ownership of anything. |
| Intangibility | services cannot be seen, tasted, felt, heard, or smelled before purchase |
| Inseparability | services cannot be separated from their providers |
| Variability | quality of services depends on who provides them and when, where, and how |
| Perishability | services cannot be stored for later sale or use |
| Brand Equity | The positive differential effect that knowing the brand name has on customer response to the product or service |
| National Brand | marketed under the manufacturer's own name |
| Store Brands | created and owned by a reseller of a product or service |
| Licensing | Use names and symbols created by other companies or well-known movie characters or celebrities for a fee |
| Co-Branding | use the established brand names of two different companies on the same product |
| Line Extension | existing product category, existing brand name |
| Brand extension | new product category, existing brand name |
| Multibrands | existing product category, new brand name |
| New Brands | new product category, new brand name |
| Idea Generation | the systematic search for new product ideas |
| Idea Screening | screening new product ideas to spot good ones and drop poor ones as soon as possible |
| Product Idea | an idea for a possible product that the company can see itself offering to the market |
| product Concept | a detailed version of the new product idea stated in meaningful consumer terms |
| Concept Testing | testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal |
| Marketing Strategy Development | the initial marketing strategy for introducing the product to the market |
| Business Analysis | a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives |
| Product Development | Ensure product idea can be turned into a workable market offering |
| Test Marketing | the product and its proposed marketing program introduced into a realistic market settings. |
| Commercialization | introducing a new product into the market |
| Introduction | High-income innovators, one basic offering |
| Growth | Middle-income adapters, some variety, more retailers, wide range |
| Maturity | Mass market mainstream adopters, greater variety, more retailers, lower prices |
| Decline | Low-income laggards, less variety |
| Product development | Company finds and develops new ideas |
| Price | the sum of all the values customers give up in order to gain the benefits of a product or service |
| Pricing Strategy | High enough to produce profits-Low enough people will buy |
| Customer Value-Based Pricing | uses buyers' perceptions of value as the key to pricing |
| Good value pricing | offering just the right combination of quality and good service at a fair price |
| Value-added pricing | Not matching competitors prices-Attaching value added features and services to differentiate (Prices can be higher) |
| Cost-based pricing | setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk |
| Cost-plus pricing | Markup pricing |
| Competition-Based Pricing | setting prices based on competitors' strategies, prices, costs, and market offerings |
| Internal factors | marketing objectives, marketing mix strategies, costs, organizational considerations |
| External Factors | nature of the market and demand-economy-parties in the external environment (resellers, government, and social concerns) |
| Target Costing | Setting a price and designing a product to meet the price |
| Pure Competition | many buyers and sellers with uniform products |
| Monopolistic competition | numerous buyers and sellers with range of prices |
| oligopolistic competition | Few sellers that are highly sensitive to each other's prices |
| Pure Monoploy | One seller dominates market |
| Market-skimming price | High initial prices to skim revenues layer by layer from the market |
| market penetration pricing | low initial price, attract large number of buyers quickly, |
| Product Line Pricing | Management analyzes costs within a product line and sets price steps |
| Optional-Product Pricing | Offer optional or accessory items along with main items |
| Captive-product pricing | products that must be used along with the main product |
| By-Product Pricing | To find a market to get rid of by-products and lower costs |
| Product Bundling Pricing | Putting products together and selling the bundle at a reduced price |
| Discounts/allowances | reducing prices to reward customer responses such as paying early or promoting the product |
| Segmented Pricing | the company sells a product or service at two or more prices, even though the difference in prices is not based on differences in costs |
| Psychological Pricing | sellers consider the psychology of prices and not simply the economics |
| Promotional | Reducing prices to create buying excitement and urgency |
| Geographical | Adjusting based on geographical location of customers |
| Fixed Price | One price for all buyers everywhere |
| Dynamic Pricing | adjusting prices continually to meet the characteristics and needs of individual customers and situations |
| International Pricing | adjusting prices for international markets |
| Price Cuts | Excess capacity, falling demand, weak economy |
| Price Increases | cost inflation, potential price gouger image |
| value delivery network | Company, suppliers, distributors, and customers who partner with each other to improve the performance of the entire system |
| Marketing/Distribution Channels | a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user |
| Channel Level | each layer of marketing intermediaries that performs some work in bringing the product and its ownership closer to the final buyer |
| Channel Conflict | occurs when channel members disagree on roles, activities, or rewards |
| Horizontal Conflict | occurs among firms at the same level of the channel |
| Vertical Conflict | occurs between different levels of the same channel |
| Vertical Marketing Systems | Channel structure where producers, wholesalers, and retailers act as unified system. |
| Corporate VMS | a vertical marketing system that combines successive stages of production and distribution under single ownership- channel leadership is established through common ownership |
| Contractual VMS | a vertical marketing system in which independent firms at different levels of production and distribution join together through contracts |
| Administered VMS | a vertical marketing system that coordinates successive stages of production and distribution through the size and power of one of the parties |
| Horizontal Marketing Systems | Channel arrangement where two or more companies at one level join together to follow a new marketing opportunity. |
| Multichannel Distribution System | a single firm sets up two or more marketing channels to reach one or more customer segments |
| Disintermediation | the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries |
| Intensive Distribution | stocking the product in as many outlets as possible |
| Exclusive Distribution | giving a limited number of dealers the exclusive right to distribute the company's products in their territories |
| Selective Distribution | the use of more than one but fewer than all of the intermediaries that are willing to carry the company's products |
| Retailing | all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use |
| Retailers | businesses whose sales come primarily from retailing |
| Self Service Retailers | Serve customers who are willing to perform their own locate-compare-select process |
| Full-service Retailers | High end with salespeople Specialty goods |
| Specialty Store | Carries a narrow product line with a deep assortment |
| Department Store | carries several product lines, each line is operated as a separate department |
| Supermarket | A large, low-cost, low-margin, high-volume, self-service store that carries a wide variety of grocery and household products |
| Convenience Store | Carries a limited line of high-turnover convenience products at slightly higher prices |
| Discount Store | Sells goods at lower prices with lower margins and higher volumes |
| Off-price retailer | Sells merchandise bought at less-than-regular wholesale prices and sold at less than retail |
| Superstore | very large store for routinely purchased items |
| Chain Stores | two or more outlets that are commonly owned and controlled |
| Franchise | A contractual agreement between a parent company and a franchisee to distribute goods or services |
| Wholesaling | Activities such as selling goods and services to those buying for resale or business use |
| Functions of wholesalers | -Selling and promoting- Buying and assortment building-=bulk breaking - warehousing -transportation - financing - risk bearing - marketing information - management services and advice |
| merchant | Independently owned wholesaler business that takes title to the merchandise it handles |
| Broker | a wholesaler who does not take title to goods and whose function is to bring buyers and sellers together and assist in negotiation |
| Agent | a wholesaler who represents buyers or sellers on a relatively permanent basis, performs only a few functions, and does not take title to goods |
| manufacturers' sales branches | wholesaling by sellers or buyers themselves rather than through independent wholesalers |
Created by:
user-1997326