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MKTG 250 Ch. 11-12

Vocab Review

QuestionAnswer
Product life cycle: Introduction Gain awareness.
Product life cycle: Growth Stress differentiation.
Product life cycle: Maturity Maintain brand loyalty.
Product life cycle: Decline Harvesting, deletion.
Product life cycle Describes the stages a new product goes through in the marketplace: introduction, growth, maturity, decline.
Fashion product a sign of the times
Fad product Popular product that fades away and never regains popularity.
Harvesting Is when a company retains the product but reduces marketing costs.
Deletion Taking product off market.
Skimming Initially pricing high.
Penetration Initially pricing low.
Product class the entire product category or industry, such as prerecorded music.
Product form pertains to variations of a product within the product class.
Innovators 2.5 percent of product adopters.
Product modification involves altering one or more of a product’s characteristics, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales.
Market modification strategies by which a company tries to find new customers, increase a product’s use among existing customers, or create new use situations.
Bundling Sale of two or more separate products in one package.
Trading up involves adding value to the product (or line) through additional features or higher quality materials.
Trading down involves reducing a product’s number of features, quality, or price.
Branding a marketing decision in which an organization uses a name, phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors.
Brand name Any word, device (design, shape, sound, or color), or combination of these to distinguish a seller’s products or services.
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.
Packaging A component of a product that refers to any container in which it is offered for sale on which label information is conveyed.
Label an integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients.
Communication benefits information for consumers.
Functional benefits storage, convenience, or protection.
Perceptual benefits creates brand in consumer’s mind.
Four I's consists of the four unique elements to services: intangibility, inconsistency, inseparability, and inventory.
Intangibility cannot hold a service before purchase.
Inconsistency services depend on people and quality varies.
Inseparability cannot separate the deliverer of the service from the service itself.
Inventory cost is paying the person even if no customers.
Idle production capacity occurs when the service provider is available but there is no demand for the service.
Service Continuum consists of the range of offerings companies bring to the market, from the tangible to the intangible or product-dominant to service-dominant.
Customer contact audit a flowchart of the points of interaction or “service encounters” between consumers and a service provider.
Gap analysis a type of analysis that compares the differences between the consumer’s expectations about and experiences with a service based on dimensions of service quality.
7 P's an expanded marketing mix concept for services that includes the four Ps (product, price, promotion, place or distribution) as well as people, physical environment, and process.
Off-Peak pricing involves 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 the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers.
Capacity Management integrates the service component of the marketing mix with efforts to influence consumer demand.
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.
Packaging A component of a product that refers to any container in which it is offered for sale on which label information is conveyed.
Label an integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients.
Communication benefits information for consumers.
Functional benefits storage, convenience, or protection.
Perceptual benefits creates brand in consumer’s mind.
Four I's consists of the four unique elements to services: intangibility, inconsistency, inseparability, and inventory.
Intangibility cannot hold a service before purchase.
Inconsistency services depend on people and quality varies.
Inseparability cannot separate the deliverer of the service from the service itself.
Inventory cost is paying the person even if no customers.
Idle production capacity occurs when the service provider is available but there is no demand for the service.
Service Continuum consists of the range of offerings companies bring to the market, from the tangible to the intangible or product-dominant to service-dominant.
Customer contact audit a flowchart of the points of interaction or “service encounters” between consumers and a service provider.
Gap analysis a type of analysis that compares the differences between the consumer’s expectations about and experiences with a service based on dimensions of service quality.
7 P's an expanded marketing mix concept for services that includes the four Ps (product, price, promotion, place or distribution) as well as people, physical environment, and process.
Off-Peak pricing involves 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 the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers.
Capacity Management integrates the service component of the marketing mix with efforts to influence consumer demand.
Created by: dom23uriarte
 

 



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