Marketing Exam 2.csv

  1. Anything tha can be offered to a market for attention; acquistion; use; or consumption that might satisfy a want or a need.
  2. A form of product that consists of activities; benefits; or satisfactions offereed for sale that are essentially intangible and do not result in the ownership of anything.
  3. What are the two main classifications of products?
    Consumer and Industrial
  4. Name 4 types of consumer products?
    Convenience; shopping; specialty; unsought
  5. Name 3 types of industrial products?
    Materials & parts; capital items; supplies & services
  6. Less frequently purchased products and services that customers compare carefully on suitability; quality; price; and style.
    Shopping products
  7. Products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
    Specialty products
  8. Products that aid in the buyer's production or operations; including installations and accessory equipment.
    Capital items
  9. What are product attributes?
    Quality; features; style; design
  10. Creating customer value and satisfaction
    Product quality
  11. Product quality has two dimensions. What are they?
    Level and consistency
  12. A competitive tool for differentiating the company's product from competitors' products.
    Product features
  13. What is another way to add customer value?
    Through product tyle and design
  14. A name; term; sign; symbol; or design; or a combination of these; that identifies the maker or seller of a product or service.
    A brand
  15. Name 3 things that a label functions to do?
    identifies; describes; promotes
  16. What 3 things has affected labeling in recent times?
    Unit pricing; open dating; nutritional labeling
  17. A group of products that are closely related because they function in a similare manner; are sold to the same customer groups; are marketed through the same types of outlets; or fall within given price ranges.
    Product lines
  18. Consists of all the product lines and items that a particular seller offers for sale.
    Product mix (product portfolio)
  19. What are the 7 steps of the new product development process?
    1) idea generation 2) idea screening 3) Concept development and testing 4) marketing strategy development 5) business analysis 6) product development 7) test marketing
  20. What are two sources of idea generation?
    Internal and external
  21. Name some sources of external idea generation
    suppliers; distributors; competators; customers
  22. The course that a product's slaes and profits take over its lifetime
    Product life cycle (plc)
  23. What are the steps of the product life cycle?
    Development; Introduction; Growth; Maturity; Decline
  24. Stage of PLC where sales are zero and investiment funds are high?
    Product development
  25. Stage of PLC where sales are slow and profits are nonexistant?
  26. Stage of rapid market acceptance
  27. Stage of PLC characterized by slowdown in sales because the product has achieve market acceptance.
  28. Stage of PLC where profits level off due to increased market outlays to defent the product against competition.
  29. The amount of money charged for a product or service
  30. The sum of all the values that customers give up in order to gain the benefits of having or using a product or service
  31. Buyers perceptions of value not the sellers cost as the key to pricing
    Value Based pricing
  32. Charging a constant everday low price with few or no temporary price discounts
    Every Day Low Pricing (EDLP) (ie Walmart)
  33. Setting prices based on the costs for producting distributing and selling the product plus a fair rate of return for its effort and risk
    Cost based pricing
  34. Overhead
    Fixed Costs
  35. Costs that do not vary with production or sales level
    Fixed Costs
  36. Vary directly with the level of production.
    Variable costs
  37. What is the term used to describe when a new product enters the market and the seller prices the product high.
    Market skimming pricing
  38. Setting the price low initially in order to gain entry into a market.
    Market penetration pricing
  39. Large number of buyers; large market share; low pricing
    Market penetration pricing
  40. What is the term used to describe the upstream and downstream partners
    Supply chain
  41. A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.
    Marketing channel
  42. Name several ways that the marketing channel adds value for its partners
    Information; promotion; contact; matching; negotiation (physical distribution; financing; risk taking)
  43. Firms that have partnered for their common good.
    Marketing channel
  44. Disagreements over goals; roles and rewards
    Channel conflicts
  45. conflicts among firms at the same level
  46. conflicts among firms at different levels
  47. Producers; wholesalers; and retailers acting as a unified system. One channel member owns the others; has contracts with them; or wields so much power that they must all cooperate.
    Vertical Marketing System (VMS)
Card Set
Marketing Exam 2.csv
Chapters 8-12