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Marketing Ch 11-15
| Term | Definition |
|---|---|
| 4 stages of the life cycle | introduction, growth, maturity, decline |
| skimming | pricing high to get money back |
| price penetration | pricing low to stimulate trial |
| competition appears in what stage of the life cycle | growth |
| product life cycle | describes the stages a new product goes through in the marketplace: introduction, growth, maturity, & decline |
| harvesting | company retains the product but reduces marketing costs |
| introduction | sales grow slowly, profit below 0 or in deficit |
| growth | increase in sales, competition appears, profit peaks |
| maturity | sales peak, small competitors leave market, brand loyalty |
| decline | sales drop, deletion or harvesting |
| fashion product | a sign of the times - popular then declines, popular then declines, over and over again |
| fad product | short life cycle, don't really come back around, never become popular again |
| product class | entire category or industry ex. prerecorded music |
| product form | variations of a product within a product class ex. CDs, cassettes |
| innovators | super excited about a product (ppl who sit outside all night for a new product) |
| early adopters | will purchase soon - within a week |
| early majority | will purchase after a couple weeks |
| product/brand manager | manage product life cycle stages new-product development extensive data analysis product modification market modification |
| product modification | changing something about the product - appearance, performance, quality to increase sales |
| market modification | changes/tries to find new customers - increase a product's use among existing customers |
| trading up | adding value to product through additional features or higher quality materials - bag fries |
| trading down | reducing a product's number of features, quality, or price - air lines |
| downsizing (shrinkflation) | putting less in a package - chip bags, cereal |
| branding | marketing decision which an organization uses a name, phrase, design, or symbol |
| brand name | any word or device used to distinguish a seller's products |
| brand personality | set of human characteristics associated with a brand name (yeti) |
| brand equity | added value a brand name gives to a product (great value vs brand name) |
| brand licensing | signing an agreement where one company allows its brand name or trademarks to be used with products offered by another company (NFL licenses team names and logos) |
| communication benefits | information for consumers |
| functional benefits | storage, convience, or protection (pringle lid, oreo sealed bag) |
| services | intangible activities or benefits that an org provides in exchange for money - airline trips, financial advice, or automobile repair |
| true or false - services are double compared to goods in terms of GDP | true |
| 4 I's of Services | Intangibility - cannot hold or touch a service before purchase Inconsistency - services depend on people and quality varies Inseparability - cannot separate the deliverer from service itself Inventory - paying person used to provide service, no demand |
| idle production capacity | occurs when the service provider is available but there is no demand for the service |
| inventory carrying costs | low end - employees work on commission & need little expensive equipment (real estate agency, hair salon, insurance company) high end - high salaried employees and/or equipment (airline, hospital, amusement park) |
| service continuum | range of offerings companies bring to the market, from tangible to intangible or product-dominant to the service-dominant |
| search properties | tangible products such as color, size, & style (clothing, jewelry, furniture, houses, automobiles) easy to research and find info about |
| experience properties | services such as restaurants & child care ( vacations, haircuts) most in depth searching & asking others about their opinion |
| credence properties | services provided by specialized professionals (legal services, medical diagnosis, auto repair, root canal) experience these things on your own |
| gap analysis | analysis that compares the differences between the consumer's expectations about and experiences with a service based on dimensions of service quality (expectations vs. experiences) |
| customer contact audit | a flowchart of the points of the interaction or service encounters between consumers and a service provider |
| relationship marketing | contacts between service provider and customer influence the customer's assessment |
| 7 P's of services marketing | an expanded marketing mix concept for services that includes the 4 P's as well as people, physical environment, & process |
| off-peak pricing | charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service |
| Internal marketing | notion that a service org. must focus on its employees, before successful programs can be directed at customers |
| customer experience management | process of managing the entire customer experience with the company |
| capacity management | integrating the service component of the marketing mix with efforts to influence consumer demand |
| 3 key factors for services | technology delivery & consumption social imperative for sustainability |
| price | money or other considerations exchanged for the ownership or use of a product or service |
| bartar | exchanging products & services for one another rather than for money |
| Final Price Equation | Price = List price - incentives & allowances + extra fees |
| Tuition is an example of... | a price |
| value | perceived benefits / price |
| value pricing | practice of simultaneously increasing product & service benefits while maintaining or decreasing price |
| profit equation | profit = total revenue - total cost |
| step 1 | pricing objectives |
| step 2 | estimate demand & revenue |
| step 3 | |
| pricing objectives | specifying the role of price in an organization's marketing & strategic plans |
| 6 pricing objectives | profit sales revenue market share unit volume survival social responsibility |
| market share example | includes a percentage |
| unit volume example | includes a number (goal to sell 50,000 bags) |
| survival example | trying to survive as a business by pricing |
| social responsibility example | giving back to others |
| pricing constraints | factors that limit the range of prices a firm may set (can't price above here bc of... or can't set below bc of...) |
| 8 pricing constraints | demand for product class, product group, & brand newness of the product: stage in life cycle newer products are priced higher cost of producing & marketing the product profit for channel members cost of changing prices and the time period they apply |
| 8 pricing constraints continued | single product vs. a product line type of competitive markets (pure competition, monopoly, etc) competitors' prices and consumers' awareness and ability to easily purchase them legal and ethical considerations |
| demand curve | graph that relates the quantity sold & price, showing the maximum number of units that will be sold at a given price |
| demand factors | factors that determine consumers' willingness & ability to pay for products/services |
| 3 demand factors | consumer tastes, price & availability of similar products, consumer income |
| price elasticity of demand | percentage change in |
| ch.15 is about what P | Place |
| marketing channel | |
| 3 types of functions | transactional logistical facilitating |
| transactional function | buying, selling, risk taking purchasing products for resale contacting potential customers promoting products |
| logistical function | assorting, storing, sorting, transporting don't make anything physically moving a product to customers |
| facilitating function | financing, grading, marketing info & research financing: extending credit to customers grading: inspecting or testing (eggs & meat) "greasing the wheels" |
| direct channel | producer & consumer deal directly with each other (consumer ex. Swans) (business ex. IBM) |
| Indirect channel | intermediaries are inserted between the producer & consumer (consumer ex. toyota, mars) (business ex. caterpillar) |
| Direct-to-consumer marketing channels | allow consumers o buy products by interacting with various print or electronic media without meeting face-to-face with seller |
| Multichannel marketing | blending of diff communication and delievry channels that are mutially reinforcing in attracting and building relationships eith consumers who ship and buy in traditional intermediaries and online (omnihannel) Eddie bauer |
| dual distribution | reach diff buyers by diff channels (ex. dishwasher) |
| vertical marketing system | result in contractual vertical marketing system which result in franchise program |
| vertical marketing system def | Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact. |
| franchising | |
| intensive distribution | level of distribution density whereby a firm tries to place its products and services in as many outlets as possible. (coca-cola, tide) |
| exclusive distribution | level of distribution density whereby only one retailer in a specific geographical area carries the firm’s products. (rolls royce, rolex, prada) |
| selective distribution | level of distribution density whereby a firm selects a few retailers in a specific geographical area to carry its products. (Nike shoes) |
| buyer requirements | information convenience variety pre or postsale service |
| channel conflict | one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals. |
| vertical conflict | between any 2 intermediaries of the channel |
| horizontal conflict | between intermediaries at the same level (2 retailers) |
| disintermediation | a channel member bypasses another member and sells or buys products direct (jumps over) |
| logistics | activities that focus on the right products at the right place at the right time for the right price |
| supply chain | various firms involved in performing the activities required to create and deliver a product or service to consumers or industrial users |
| when ut comes to supply chain you must | understand the cutomer, understan the supply chain, and harmonize the supply chain with the marketing strategy |
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