Marketing Exam 3

  1. Line extension
    develpmnet of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs.
  2. product modification
    changes in one or more characteristics of a product
  3. quality modification
    changes relating to a product's dependability and durability
  4. functional modifications
    changes affecting a product's versatility, effectiveness, convenience, or safety.
  5. aesthetic modifications
    changes relating to th esensory appeal of a product
  6. new-product development process
    • A seven phase process for introducing new products
    • 1. idea generation
    • 2. screening
    • 3. concept testing
    • 4. business analysis
    • 5. product development
    • 6. test marketing
    • 7. commercialization
  7. idea generation
    seekin product ideas to achieve organization objectives
  8. screening
    selecting the ideas with the greatest potential for further review
  9. concept testing
    seeking a sample of petential buyers' responses to a product idea
  10. business analysis
    evaluating the potentioal impact of a product idea on the firm's saled, costs, ad profits
  11. product development
    determining if producing a product is feasible and cost effective
  12. test marketing
    a limited introduction of a product in geographic areas chosen to represent the intended market
  13. commercialization
    refining and finalizing pland and budgets for full-scale manufacturing and marketing of a product
  14. product differentiation
    creating and designing products so that customers perceive them as different from competing products
  15. quality
    the overall characteristics of a product that allow it to perform as expected in stisfying customer needs
  16. level of quality
    the amount of quality a product possesses
  17. consistency of quality
    the degree to which a product has the same level of quality over time
  18. product design
    how a product is conceived, planned, and produced.
  19. styling
    the physical appearance of a product
  20. product features
    specific design characteristics that allow a product to perform certain tasks
  21. customer service
    human or mechanical efforts or activities that add value to a product
  22. product deletion
    eliminitating a product from the product mix when it no longer satisfies a sufficient number of customers
  23. product manager
    the person within an organization responsible for a product, a product line, or several distinct products that make up a group
  24. brand manager
    the person responsible for a single brand
  25. market manager
    the person responsible for managing the marketing activites that serve a particular group of customers
  26. venture team
    a cross funtional group that creates entirely new products that may be aimed at new markets
  27. brand
    a name, term, design, symbol, or other feature that identifies a seller's products and differentiates them from competitors' products.
  28. brand name
    the part of a brand tha can be spoken, including letters, words and numbers
  29. brand mark
    the part of a brand not made up of words, such as a symbol or design
  30. trademark
    a legal designation of exclusive use of a brand
  31. trade name
    the full legal name of an organization
  32. brand loyalty
    a customers favorable attitude toward a specific brand
  33. brand recognition
    the degree of brand loyalty in which the customer is aware the brand exists and views the brand as an alternative purchase if their preferred brand is unavailable
  34. brand preference
    the degree of brand loyalty in which a customer prefers one brand over competitive offering
  35. brand insistence
    customer strongly prefers a specific brand and will accept no substitute
  36. brand equity
    the marketing and financial value associeated with a brand's strength in a market
  37. manafacturer brands
    a brand initiated by its producer
  38. private distributor brands
    brand inititated and owned by a reseller
  39. generic brands
    brand indicating only the product category
  40. individual branding
    a branding policy in chich each product is given a defferent name
  41. family branding
    branding all a firm's products with the same name of part of the name (Kellogs)
  42. brand extension
    an organization uses one of its existing brands to brand a new product in a different product category (Tylenol PM, Extra strength
  43. co-branding
    using two or more brands on one product (nike ipod shoes)
  44. brand licensing
    an agreement whereby a company permits another organization to use its brands on other products for a licensing fee.
  45. family packaging
    • using similar packaging for all of a firm's products or packaging that has one common design element
    • Blue-soothing
    • Gray-strength, succes
    • Orange-low cost
    • Red-stimulating
    • Purple-dignity
    • Yellow-joy
    • Black-strong & masterful
  46. lableing
    providing identifying, promotional, or other info on package labels.
  47. universal product code
    a series of electronically readable lines indetifying a product and containing inventory an pricing info
  48. intangibility
    the quality of being produced and consumed at the same time
  49. inseperability
    the quality of being produced and consumed at the same time
  50. perishability
    the inability of unused service capacity to be stored for future use
  51. heterogeneity
    variation in quality
  52. client-based relationship
    interactions that reslut in satisfied customers who use a service repeatedly ove time
  53. customer contact
    the level of interaction between provider and customer needed to deliver the service.
  54. service quality
    customers' perception of how well a service meets or exceeds their expectations
  55. search qualities
    tangible attributes that can be judged before the purchase of a product
  56. experience qualities
    attributes that can be assessed only during ourchse and consumption of a service
  57. credence qualities
    attributes that customers may be unable to evaluate even after purchasing and sonsuming service
  58. non-profit marketing
    marketing activities conducted to achieve some goal other than ordinary business goals such as profit, market share or return on investment.
  59. target public
    a collective of individuals who have an interest in or concern about and organization, product, or social cause
  60. client publics
    direct consumers of a product of a nonbusiness organization
  61. general publics
    indirect consumers of a product of a nonbusiness organization
  62. opportunity cost
    the value of the benefit given up by choosing one alternative over another
  63. good
    a tangible physical entity
  64. service
    an intangible relust of the app. of uman and mechanical efforts to people or objects
  65. idea
    concept philosophy image or issue
  66. consumer products
    products purchased to satisfy personal and family needs
  67. business products
    prodcuts bought to use in and organization's operation to resell or to make other products
  68. convenience products
    relatively inexpensive frequently purchased item for which buyers use minimal purchasing effort
  69. shopping products
    items buyers are willing to expend considerable effort in planning and making purchase
  70. specalty products
    expend considerable effort to obtain
  71. unsought products
    products purchased to solve a sudden problem
  72. installation
    facilities and nonportable major equipment
  73. accessory equipment
    used in production of office activities that does not become a part of the final physical product but is used inprodcution
  74. raw materials
    basic natural materials that become a part of a product
  75. product line
    group of closely related product items viewed as a unit because of marketing, technical or end-use considerations
  76. product mix
    the composite or total group of products that an organization make availavle to customers
  77. width of product mix
    the number of product line a company offers
  78. depth of product mix
    the average number of different products offered in each product line
  79. product life cycle
    • the progression of a product through four stages
    • intoduction
    • growth
    • maturity
    • decline
  80. introduction stage
    the initial stage of a product's life cycle; its appearance in the market-place when sales start start at zero profits are negative
  81. growth stage
    the product life cycle statge when sales tise rapidly and profits reach a peak, then start to decline
  82. maturity stage
    the stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall
  83. decline stage
    the stage of a product's life when sale rapidly fall
  84. product adoption process
    • the five-step process of buyer acceptance of a product
    • Awareness
    • Interest
    • Evaluation
    • Trial
    • Adoption
  85. Innovators
    first adopters of new products
  86. early adopters
    careful choosers of new products
  87. early majority
    individuals who adopt a new product just prior to the average person
  88. late majority
    skeptics who adopt new products when the fell it is neccessary
  89. laggards
    the last adopters who distrust new products
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Marketing Exam 3
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