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Lessons 7-11

brand equity

the value of company and brand names

brand loyalty

a consistent preference for one brand over all others

brand mark

the elements of a brand that cannot be spoken (Nike swoosh)

brand

name, term, symbol, design, or combo of these that identifies a seller's products and differentiates them from competitors' products

convenience product

a relatively inexpensive item that merits little shopping effort (Kleenex)

express warranty

a written guarantee

implied warranty

an unwritten guarantee that the good or service is fit for the purpose for which it was sold

product mix

all products an organization sells

product life cycle

four stages of a product's acceptance: intro, growth, maturity, and decline

unsought product

a product unknown to the potential buyer or a known product that the buyer does not actively seek

consumer goods categories

convenience goods, shopping goods, specialty goods, and unsought goods

new product categories

new-to-the-world products, new product lines, additions to existing product lines, improvements to existing products, repositioning of existing products, and lower-cost products

new product development process

new product strategy, idea generation, screening, business analysis, development, test marketing, and commercialization

innovation characteristics

relative advantage, compatibility, complexity, observability, and trialability

core service

the most basic benefit the customer is buying

credence quality

a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience (medical...)

experience quality

a characteristic that can be assessed only after use

nonprofit organization

an organization that exists to achieve some goal other than the usual business goals of profit, market share, or ROI

perishability

characteristic of services that prevents them from being stores, wharehoused, or inventoried

search quality

a characteristic that can be easily assessed before purchase

service qualities (vs. goods)

intangibility, inseparability, heterogeneity, and perishability

service processing types

people processing, possession processing, or information processing

advertising

any form of paid, impersonal, one-way mass communication where the sponsor is known

AIDA concept

model for reaching promotional objectives; attention, interest, desire, and action

hierarchy of effects model

model for reaching promotional objectives; awareness, knowledge, liking, preference, conviction, and purchase

communication

a process by which the sender sends a message to the receiver-must be common frame of reference btw sender & receiver

promotion

the component of the marketing mix that enables marketers to communicate with the consumer; designed to influence an opinion about the product or elicit a response by the consumer

promotional mix

comprised of the four promotional tools: advertising, public relations, personal selling, and sales promotion; used to reach the target market and fulfill the organization's overall goals

promotional strategy

plan for the optimal use of the elements of promotion

publicity

public information about a company, good, or service appearing in the mass media as a news item

pull strategy

marketing strategy that stimulates consumer demand to obtain product distribution

push strategy

marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or retailer to carry and sell particular merchandise

goals and tasks of promotion

to inform, persuade, and remind

advertising objectives

first step in the advertising campaign is to determine these

advocacy advertising

a form of institutional advertising that enables corporations to express views on controversial issues

comparative advertising

compares two or more competing brands

competitive advertising

used to stimulate demand for a specific brand

institutional advertising

builds on the image of the company rather than the product; goal is to promote the image of a company or industry

media mix

combination of media to be used for a specific promotional campaign (broadcast, print, alternative, or Internet media...)

medium

channel used to convey a message to a target market

pioneering advertising

used to stimulate primary demand for a new product

product advertising

goal is to promote the benefits of a good or service

reach

number of target consumers exposed to a commercial at least once during a specified period, usually 4 weeks

unique selling proposition

desirable, exclusive, and believable advertising appeal selected as the theme for a campaign

public relations

marketing function that evaluates public attitudes, identifies area within the organization that the public may be interested in, and executes a program of action to earn public understanding and acceptance; can include new product publicity, product placement, consumer education, event/issue sponsorship, and web sites

loyalty marketing program

promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers

point-of-purchase display

in-store display to encourage impulse purchases and increase traffic

sales presentation

face-to-face explanation of the sales proposal to a prospective buyer

sales promotion

marketing activities that stimulate consumer buying and dealer effectiveness; directed at encouraging consumers to try a product, purchase more of a product, and repurchase a product

trade allowance

discounts manufacturers give to retailers/wholesalers to help sell the product

consumer sales promotions

coupons, premiums, contests, sweepstakes, sampling, and point-of-purchase displays

personal selling

element of the promo mix where there is direct communication between the marketer and the consumer

trade sales promotions

trade allowances, push money, training, free merchandise, store demos, business meetings, conventions, and trade shows

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