Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Marketing Chapter 6
| Question | Answer |
|---|---|
| What is the missing 5th P? | people or the target market |
| Why do products fail? | the company cannot support fast growth, the product falls short of claims, product benefits are not understood or wanted, product doesn't get the consumer education it needs, there's no market for the product |
| What is an example of a product failure? | Segway, launched in 2001 |
| What is included in the product types? | physical products, digital products, services, events, experiences, information, properties, etc. |
| What is customer perceived value? | the culmination of the total benefits minus the costs |
| What are some of the other factors that customers consider when making a purchase decision (beyond product)? | the product warranty, service expectations, where and how it is distributed, online reviews and word of mouth, advertising, ease of ordering & return policy, brand reputation, etc. |
| Why do consumers make a purchase? | economic benefits, functional benefits, psychological benefits |
| What are economic benefits? | price-related factors like service, durability, and reliability |
| What are functional benefits? | what the product does or how it performs for the customer |
| What are psychological benefits? | fulfill an intangible need like safety or a sense of belonging |
| What are the tangible factors influencing purchase decisions? | quality, form factor (feel), functionality, aesthetic, packaging, ease of purchase process, customer experience, user experience |
| What are the intangible factors influencing purchase decisions? | price, research (easy to learn about the product?), customer experience, branding, promotion, identification, community, value (worthy of the money spent) |
| How can place (the third P) influence purchasing decisions? | Availability, convenience, prestige, and perceived discount value |
| What is Users Experience (UX)? | the process and experience of consumers as they use websites, SEO apps, and social media, which can influence the decision-making and purchase process |
| What is Social Media as a trend affecting purchasing decisions? | significant reach, ability to target, and ease of ordering have increased the demand for social media purchasing (Instagram and Depop |
| What is Pop-ups as a trend affecting purchasing decisions? | drive sales through an offline audience but using digital to communicate where pop-ups will "pop-up" |
| What are Collabs and exclusivity as a trend affecting purchasing decisions? | collaborations leverage multiple brands including celebrities to drive brand awareness, viral hype, and revenue |
| What are product drops as a trend affecting purchasing decisions? | often with limited availability, product drops drive viral hype, create brand buzz while driving purchase decisions |
| What are Flash sales as a trend affecting purchasing decisions? | usually short-term, designed for targeted audience to reduce inventory with short notice given to prospects and customers, usually promoted through email, text, apps, and social media |
| What is Scarcity marketing as a trend affecting purchasing decisions? | FOMO, simple psychology of "get it now while you can" stimulates demand, creates hype, and drive sales |
| What is retail? | the activity of selling goods directly to the public, and usually in small quantities |
| What are retailers? | a person or business that sells goods to the public for use or consumption |
| What is retail marketing? | the range of activities undertaken by retailers to promote awareness and sales of the company's product |
| What are the types of Brick and Mortar retailers? | department stores, grocery stores, drugstores, discount (mass) store, Off price store, convenience store, big box store, specialty store |
| Business-to-business (B2B) | companies selling products or services to other businesses; the focus is on professional relationships, longer sales cycles, and typically larger order values |
| Business-to-consumer (B2C) | companies selling directly to individual customers for personal use; these transactions usually involve shorter decision cycles and emotional appeal in marketing |
| Customer Perceived Value (CPV) | the belief of a customer (or not) that a product or service is going to satisfy their wants or needs |
| Direct distribution | a company sells its product straight to the end user without intermediaries; this gives complete control over the customer experience and typically results in higher margins |
| Direct-to-consumer (DTC) | a specific type of direct distribution where manufacturers bypass traditional retail channels to sell to end consumers, often through digital platforms |
| Disruption | reimagining an industry through new business models, products, distribution, and pricing, among others |
| Economic Benefit | the consumer determines other things related to price like service, durability, reliability, and value, which consciously and subconsciously affect the purchase decision |
| Emotional reasoning | refers to purchasing a product based on the way it makes you feel - how it looks or feels elicits an emotional response |
| Exclusive distribution | the manufacturer gives one dealer exclusive rights to sell in a geographic area |
| Indirect distribution | products reach customers through intermediaries like wholesalers, distributors, or retailers |
| Intensive distribution | products are sold through as many outlets as possible to maximize availability |
| Product Bundle | an offering that includes both the product and a service |
| Product Management | a product manager is tasked with bringing a product idea from ideation to creation and typically works with other stakeholders or departments in the organization to make this happen |
| Product Marketing | a product marketer is responsible for promoting the product before it launches, when it launches, and then stimulating awareness and usage of the product post launch |
| Rational reasoning | refers to justifying a product purchase with a logical or "legitimate" reason that supports rational thinking |
| Scarcity Marketing | leveraging the actual or perceived shortage of a product to stimulate demand |
| Selective distribution | a highly selective strategy where manufacturers give a single retailer or dealer exclusive rights to sell their product in a specific geographic area, typically for luxury or specialized products |
Created by:
calliemiller729