Marketing test three

  1. Product
    A good or service idea consisting of a bundle of tangible and intangible attributes that satisfies a consumers needs and is received in exchange for money or something else of value
  2. Good
    tangible attributes that consumer five senses
  3. non durable good
    an item consumed in one or a few uses
  4. durable good
    lasts over many uses such as a car
  5. services
    an intangible activity or benefit that an an organization provides to satisfy consumers needs in exchange for money or something else of value
  6. Idea
    a thought that leads to an action such as a concept for a new invention
  7. Consumer products
    products purchased by the ultimate consumer
  8. Business products (B2B or industrial)
    are products that organizations buy that assist in providing other products for resale
  9. Convienence products
    items that the consumer purchases frequently conviently and with minimum shopping effort
  10. Shopping products
    Items for which the consumer compares several alternatives on criteria such as price quality or style
  11. Specialty products
    Items that a consumer makes a special effort to search out and buy
  12. Unsought products
    Items that a consumer does not know about or knows about but does not initially want
  13. Derived demand
    Sales of business products frequently result or derived from the sale of a consumer product
  14. Components
    Items that become apart of the final product
  15. support products
    Items used to assists in producing other goods services
  16. Installations
    Buildings and fixed equipment
  17. Accessory Equipment
    tools and office equipment
  18. supplies
    stationary paper clips brooms
  19. Industrial services
    maintnence repair and legal services
  20. Product item
    a specific product that has a unique brand size price
  21. Stock keeping unit
    A unique identification number that defines an item for ordering inventory purposes
  22. Product line
    a group of a product or service items that are closely related because they satisfy a class of needs are used together are sold to the same customer group are distributed through some outlets and fall within a given price range
  23. product mix
    consists of all the product lines offered by an organization
  24. continuous innovation
    consumer dont need learn new behaviors
  25. dramatically continious innovation
    only minor changes in behavior required
  26. discontinious innovation
    makes consumer learn entirely new behavior required
  27. protocol
    • a statement that before a product development begins identifies
    • a well defined target market
    • specific customers needs wants and prefrence
    • what a product will be and do
  28. Marketing reasons for new product failures
    • insignificant point of difference
    • bad timing
    • to little marketing attraction
    • poor product quality
    • poor execution of marketing mix
    • no economic access to buyers
  29. New product process
    the seven stages an organization goes through to identify business opportunities and convert them to salable good or service
  30. New product strategy development
    is the stage the new product process that defines the role for a new product in terms of the the firms overall objectives
  31. Idea generation
    Is the stage of the new product process that develops a pool of concepts as candidates for new products building upon the previous stages results
  32. Open innovation
    in which an organization finds and executes creative new product ideas by developing strategic relationships with outside individuals and organizations
  33. screening and evaluation
    Is the stage of the new product process that internally and exteranlly evaluates new product ideas to elimninate those that warrant not further effort
  34. Internal approach - Customer experience management
    a process of managing the entire customer expierence within the firm
  35. External approach - concept tests
    external evaluations with consumers that consist of preliminary testing of a new product idea rather than an actual product
  36. business analysis
    specific the features of the products and the marketing strategy needed to bring it to the market and make finacial projections
  37. Prototype
    a full scale operation model of the product
  38. Capacity management
    Integrating the service compononet of the marketing mix with efforts to infulence consumer demand
  39. Off peak pricing
    to charge different prices for different times of the day to reflect the variations of demand for their services
  40. Development
    the stage of the new product process that turns the idea on paper into a prototype
  41. Market testing
    the stage in the new product process that involves exposing actual product to prospective consumers under realistic purchase conditions to see if they will buy
  42. Test marketing
    involves offering a product for sale on a limited basis in a defined area
  43. stimulated test market
    a technique that stimulates a full scale test market but in a limited fashion
  44. Commercialization
    the stage of the new product process that positions and launches a new product in a full scale production and sales
  45. regional roll outs
    introducing the product sequentially into geographical areas in the us to allow production levels and marketing activities to build up gradually to minimize the risk of new product failure
  46. slotting fees
    a payment manufactures makes to place a new item on retailers shelf
  47. failure fees
    a penalty payment a manufacturer makes to compensate a retailer for sales it's valuable self space failed to make
  48. time to market
    often vital in introducing a new product
  49. parallel development
    cross functional team members who conduct the
  50. fast proto typing
    uses to try an fix approach encouraging continous improvement even after the intial design
  51. Product life cycle
    describes the stages a new product goes through in the market place introduction growth maturity and decline
  52. trial
    the initial purchase of a product by a consumer
  53. primary demand
    the desire for a product class rather than for the specific brand since there are few competitors for the specific brand since there are few competitors with the same product
  54. selective demand
    the preference for a specific brand
  55. skimming strategy
    to help a company recover costs of development as well as capitalize on the price insensitivity ofearly buyers
  56. penetration pricing
    helps build the volume but a company must closely monitor costs
  57. Growth stage- repeat purchasers
    people who tried the product were satisfied and bought again
  58. deletion
    dropping the product from the company's product line is the most drastic strategy
  59. harvesting
    when a company retains the product but reduces marketing costs
  60. four aspects of the product life cycle
    • length
    • shape
    • product level
    • life cycle and consumer
  61. generalized life cycle
    not all of the products have the same shape in their curve
  62. high learning product
    significant consumer education is required and there is an extended introductory period
  63. low learning product
    begin immeaditely because little learning is required by the consumer and the benefits of purcchase are readily understood
  64. fashion product
    is a style of the times
  65. fad
    experience rapid sales on introduction and then an equally rapid decline
  66. product class
    refers to the entire product category or industry
  67. product form
    pertains to variations within the product class
  68. diffusion of innovation
    product diffuses or spreads through the population
  69. brand manager
    manages the marketing efforts for a close knit family of products or brands
  70. product modification
    involves altering a products characteristics such as its quality performance or appearance to increasing the products value to customers and increase the sales
  71. product building
    the sale of two or more separate products in one package
  72. marketing modification
    a company tries to find new customer increase a products use among exsisting customers or create new situations
  73. product repositioning
    changes the place a product occupies in a consumers minds relative to competitive products
  74. trading up
    involves adding value to the product through additional features or higher quality materials
  75. trading down
    involves reducing the number of features quality or price
  76. downsizing
    reducing the package content without changing the package size and maintain or increasing package price
  77. branding
    an organization uses a name phrase design symbol or combination of those identify its product and distinguish them from those of competitors
  78. brand name
    any word device or combination of these used to distinguish a sellers goods or services
  79. trade name
    a commerical legal name under which the company does business
  80. trademark
    identifies that a firm legally registered its brand name of trade name so that the firm has exclusive use thereby preventing others from using it
  81. product counterfeiting
    involves low cost copies of popular brands not manufactured by the original producer
  82. stop counterfeiting in manufactured goods act
    make counterfeiters subject to 20 years in prison sentences and 15 million dollars in fines
  83. brand personality
    a set of human characteristics associated with brand name
  84. brand equity
    the added value a brand name gives to product beyond the functional benefits provided
  85. creating brand equity
    • brand awareness
    • brand performance and brand imagery
    • consumer judgements and consumer feelings
    • consumer brand connection
  86. brand licensing
    a contractual agreement whereby once company allows its brand names or trademarks to be used with product or services offered another company for a royalty or fee
  87. multi product branding
    • a company uses one name for all of its products in a product class
    • also called family branding or corporate branding
  88. product line extensions
    the practice of using a current brand name to enter a new market segment in its product class
  89. sub branding
    which combines a corporate or family brand to distinguish a part of its product line from others
  90. Brand extension
    the practice of using a current brand name to enter a different product class
  91. co branding
    the pairing of the two brand names of tow manufacturers on a single product
  92. multi branding
    which involves giving each product a distinct name
  93. fighting brands
    their chief purpose is to confront competitor brands
  94. private branding - private labeling or reseller branding
    when a manufacturer product bus sells them under brand name of a wholesaler or retailer
  95. packaging
    component of a product refers to any container in which it is offered for sale and on which label information is displayed
  96. label
    an integral part of the package and typically indentifies the product or brand who made it where and when it was made how it is to be used and package contents and ingredients
  97. packaging and labeling challenges
    • the continiunng need to connect with consumers
    • enviormental concerns
    • health safety and security issues
    • cost reduction
  98. warranty
    a statement indicating the liability of the manufactuerer for product defiencicies
  99. express warranties
    written statements of liabillites
  100. limited coverage warranty
    specifaclly states the bounds of coverage and areas of non coverage
  101. full warranty
    no limits on coverage
  102. implied warranties
    assign responsibillties for product deficiency to manufacturer
  103. services
    intagible activities or benfits that an organization provides to satisfy consumers needs in exchange for money or something else of value
  104. four i's of service
    • intagiblitly
    • inconsistency
    • inseprability
    • inventory
  105. idle product capcity
    when the service provider is available but there is no demand
  106. service continum
    when companies bring to the market ranges from the tangible to intangible or good dominant to service dominant offerings
  107. non profift oraganizations
    excesses in revenue over expenses are not taxed or distributed to share holders
  108. expeirence properties
    can be discrened only after purchase or during consumption
  109. credence propetries
    characterisics that the consumer may find impossible to evaluate even after consumption
  110. gap anyalysis
    difference between the consumers expectations and expeirence
  111. customer contact audit
    a flowchart of points of interaction between consumer and service provider
  112. Eight p's of service
    • product
    • price
    • place
    • promotion
    • people
    • physical enviorment
    • process
    • productivity
  113. internal marketing
    based on the notion that service organization on its employees before succesful programs can be directed at consumers
  114. customer ecperience managment
    the process of managing the entire customer expeierence with the company
  115. capacity management
    the service component of the market mix must be integrated with efforts to ifluence cosumer demand
Card Set
Marketing test three
marketing test three