Mktg 2

  1. anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need
  2. any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything 
  3. what the consumer is really buying 
    core customer value
  4. includes the brand name, features, design, packaging, and quality level
    actual product
  5. additional services and benefits such as deliver and credit, instructions, installation, warranty, and service
    augmented product
  6. a specific product that has a unique brand, size, or price
    product item
  7. a unique identification number that defines an item for ordering or inventory purposes
    • stock keeping unit
    • SKU
  8. a group of product or service items that are closely related because they satisfy a class of needs, are distributed thru the same outlets, are used together, fall within a given price range, or are sold to the same customers
    product line
  9. all the product lines offered by an organization
    product mix
  10. items purchased for further processing or for use in conducting business
    industrial products
  11. distinction between consumer and industrial products is based on
    the purpose for which an item is bought
  12. products and services bought by final consumers of personal consumption
    consumer products
  13. types of consumer goods
    • convenience goods
    • shopping products
    • specialty products
    • unsought products
  14. purchased frequently and immediately with little comparison shopping, low priced, mass advertising and promotion
    convenience goods
  15. convenience goods generally deal with what type of distribution
    intensive distibution
  16. bought less frequently, more planning and effort, brand comparisons on basis of price, quality, style, higher price, selective distribution in few purchase locations
    shopping products
  17. strong brand preference and loyalty, special purchasing effort, littler comparison shopping, high price, carefully targeted promotion by both producer and reseller
    specialty products
  18. specialty products generally deal with what type of distribution
    exclusive distribution
  19. little product awareness or knowledge of the brand, sometime negative interest, pricing and distribution strategies vary, aggressive advertising and personal selling
    unsought products
  20. types of industrial goods
    • materials and parts
    • capital items
    • supplies and services
  21. the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts
    new product development
  22. pioneering products so new that no previous product performed an equivalent function, they necessitate new consumption or usage patterns
    discontinuous innovation
  23. represent changes and improvements that do not strikingly change buying and usage patterns, they constitute mid range of the continuum of newness
    dynamically continuous innovation
  24. on going, common place changes such as minor product alterations or imitative products
    continuous innovations
  25. defines the role for a new product in terms of the firms overall objectives, firm uses both swat analysis and environmental scanning
    NPD strategy development
  26. second step of new product development process, includes internal and external sources
    idea generation
  27. step 3: process used to spot good ideas and drop poor ones, provide description of product, evaluated against set of company criteria
    idea screening and evaluation
  28. step 4: involves a review of the sales, costs, and profit projections to assess fit with company objectives
    business analysis
  29. step 5: develops concept into physical product, calls for a large jump in investment, prototypes are made and are subject to tests
    product development
  30. step 6: product and program are introduced in a more realistic market setting
    testing marketing
  31. three major test marketing decisions to be make
    • where and how many areas
    • how long and what to measure
    • type of test
  32. types of tests
    • standard test
    • controlled test
    • simulated test
  33. test that is generally a good predictor but costly, time consuming, and visible
  34. test that is less costly and less time consuming but generally not as accurate
  35. test where you set up a simulated retail store and have people shop
    simulated test
  36. step 7: must decide on timing, where to introduce the product, and develop a market rollout
  37.  the innovation adoption spreads among a population, this is called
    diffusion process
  38. stages in adoption process
    • awareness
    • interest
    • evaluation
    • trial
    • adoption
  39. are first to buy and typically described as venturesome, younger, well educated, financially stable, and willing to take risks
  40. are local opinion leaders who read magazine and who are integrated into the social system ore than the average consumer
    early adopters
  41. solid, middle class consumers who are more deliberate and cautious
    early majority
  42. described as older, more conservative, traditional, and skeptical of new products
    late majority
  43. resist change, conservative, like tradition, often older and lower in socioeconomic status
  44. product characterisitcs that influence the rate of adoption
    • relative advantage
    • compatibility
    • complexity
    • divisibility
    • communicability
  45. a name, term, sign, symbol or design or a combination of them intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competition
  46. the element of the brand that can be vocalized
    brand name
  47. the element of the brand that cannot be vocalized
    brand mark
  48. a brand or part of a brand that is registered with the us patent and trademark office
  49. the trademark for services
    service mark
  50. brand types
    • sponsor
    • family vs individual
    • co-branding
  51. types of sponsor brands
    • manufacturer or national brand
    • distributor or private brand
    • generic 
  52. the intangible value of a company beyond its physical net assets
    brand equity
  53. functions of packaging
    • protection
    • storage
    • facilitating disposal
    • promoting
    • facilitating consumption
  54. refers to printed information appearing on or with the package, identifies product or brand
  55. existing product category and existing brand name, introduction of additional items in a given product category under the same brand name
    line extension
  56. new product category and existing brand name, using a successful brand name to launch a new or modified product in a new category
    brand extension
  57. existing product category and new brand name, offers a way to establish different features and appeal to different buying motives
  58. new product category and new brand name, developed based on belief that the power of its existing brand is waning and a new brand name is needed, also used for products in new product category
    new brands
  59. statement indicating the liability of the manufacturer for product deficiencies
  60. written or verbal statements of liabilities
    express warranties
  61. specifically states the bounds of coverage and areas of non coverage
    limited coverage warranty
  62. warranty that has no limits of non-coverage
    full warranty
  63. assign responsibility for product deficiencies to the manufacturer
    implied warranties
  64. a manufacturer is liable for any product defect, whether it be followed by reasonable research standards or not
    strict liability rulings
Card Set
Mktg 2
chapters 10 and 11