marketing test 3

102 terms by mvanhoef

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product

everything, both favorable and unfavorable, that a person recieves in an exchange

business product

a product used to manufacture other goods or services, to facilitate an organizations operations, or to resell to other customers

consumer product

a product bought to satisfy an individuals personal wants

convenience product

a relatively inexpensive item that merits little shopping effort

shopping product

a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

specialty product

a particular item that consumers search extensively for and are very reluctant to accept substitutes

unsought product

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

product item

a specific version of a product that can be designated as a distinct offering among an organizations products

product line

a group of closely related product items

product mix

al products that an organization sells

product mix width

the number of product lines an organization offers

product line depth

the number of product items in a product line

product modification

changing one or more of a products characteristics

planned obsolescence

the practice of modifying products so those that have already been sold become obsolete before they actually need replacement

product line extension

adding additional products to an existing product line in order to compete more broadly in the industry

brand

a name, term, symbol, design, or combination thereof that identifies a sellers products and differentiates them from competitors' products

brand name

that partr of a brand that can be spoken, including letters, words, and numbers

brand mark

the elements of a brand that cannot be spoken

brand equity

the value of company brand names

global brand

a brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data

brand loyalty

consistent preference for one brand over all others

generic product

a no-frills, no-brand-name, low-cost product that is simply identified by its product category

manufacturers brand

the brand name of a manufacturer

private brand

a brand name owned by a wholesaler or retailer

captive brand

a brand manufactured by a third party for an exclusive retailer, without evidence of that retailers affiliation

individual branding

using different brand names for different products

family brand

marketing several different products under the same brand name

cobranding

placing two or more brand names on a product or its package

trademark

the exclusive right to use a brand or part of a brand

service mark

a trademark for a service

generic product name

identifies a product by class or type and cannot be trademarked

persuasive labeling

a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary

informational labeling

a type of package labeling designed to help consumers make proper product selection and lower their cognitive dissonance after the purchase

universal product codes

a series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products

warranty

a confirmation of the quality or performance of a good or service

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

new product

a product new to the world, the market, the producer, the seller, or some combination of these

new product strategy

a plan that links the new product development process with the objectives or the marketing department, the business unit, and the corporation

product development

a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products

brainstorming

the process of getting a group to think of unlimited ways to vary a product or solve a problem

screening

the first filter in the product development process, which eliminates ideas that are inconsistent with the organizations new product strategy or are obviously inappropriate for some other reason

concept test

a test to evaluate a new product idea, usually befor any prototype has been created

business analysis

the second stage of the screening process where preliminary figures demand, cost, sales, and profitability are calculated

development

the stage in the product development process in which a prototype is developed and a marketing strategy is outlined

simultaneous product development

a team oriented approach to new product development

test marketing

the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation

simulated marketing testing

the presentation of advertising and other promotinoal materials for several products, inculding a test product, to members of the products target market

commercialization

the decision to market a product

innovation

a product pervieced as new by a potential adopter

diffusion

the process by which the adoption of an innovation spreads

product life cycle

a concept that provides a way to trace the stages of a products acceptance, from its introduction to its decline

product category

all brands that satisfy a particular type of need

introductory stage

the full scale launch of a new product into the marketplace

growth stage

the second stage of the product life cycle when sales typicall grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy

maturity stage

a period during which sales increase at a decreasing rate

decline stage

a long-run drop in sales

service

the result of applying human or mechanical efforts to people or objects

intangibility

the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed

search quality

a characteristic that can be easily assessed before purchase

experience quality

a characteristic that can be assessed only after use

credence quality

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

inseparability

the inability of the production and consumption of a service to be separated; consumers must be present during the production

heterogeneity

the variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods

perishability

the inability of services to be stored, warehoused, or inventoried

reliability

the ability to perform a service, dependably, accurately, and consistently

responsiveness

the ability to provide prompt service

assurance

the knowledge and couurtesy of employees and their ability to convey trust

empathy

caring, individualized attention to customers

tangibles

the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service

gap model

a model identifying five gaps that can cause problems in service delivery and influence customer evaluations of service quality

core service

the most basic benefit the consumer is buying

supplementary service

a group of services that support or enhance the core service

mass customization

a strategy that uses technology to deliver customized services on a mass basis

internal marketing

treating employees as customers and developing systems and benefits that satisfy their needs

marketing channel

a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumers

channel members

all parties in the marketing channel that negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer into the hands of the final consumer

supply chain

the connected chain of all of the business entities, both internal and external to the company, that perform or support the marketing channel functions

discrepancy of quantity

the difference between the amount of product produced and the amount an end user wants to buy

discrepancy of assortment

the lack of all items a customer needs to recieve full satisfaction from a product or products

temporal discrepancy

a situation that occurs when a product is produced but a customer is not ready to buy it

spatial discrepancy

the difference between the location of a producer and the location of widely scattered markets

retailer

a channel intermediary that sells mainly to consumers

merchant wholesaler

an institution that buys goods from manufacturers and resells them to businesses, government agencies, and other wholesalers or retailers and that recieves and takes title to goods, stores them in its own warehouses, and later ships them

agents and brokers

wholesaling intermediaries who do not take title to a product but facilitate its sale from producer to end user by representing retailers, wholesalers, or manufacturers

logistics

the efficient and cost-effective forward and reverse flow as well as storage of goods, services, and related information, into, through, and out of channel member companies

direct channel

a distribution channel in which producers sell directly to consumers

dual distribution

the use of two or more channels to distribute the same product to target markets

strategic channel alliance

a cooperative agreement between business firms to use the others already established distribution channel

intensive distribution

a form of distribution aimed at having a product available in every outlet where target customers might want to buy it

selective distribution

a form of distribution achieved by screening dealers to eliminate all but a few in any single area

exclusive distribution

a form of distribution that establishes one or a few dealers within a given area

arms length relationship

a relationship between companies that is loose, characterized by low relational investment and trust, and usually taking the form of a series of descrete transaction with no/low expectation of future interaction or service

cooperative relationship

a relationship between companies that takes the form of informal partnership with moderate levels of trust and information sharing as needed to further each company's goals

integrated relationship

a relationship between companies that is tightly connected, with linked processes across and between firm boundaries, and high levels of trust and interfirm commitment

channel power

the capacity of a particular marketing channel member to control or incluence the behavior of other members

channel control

a situation that occurs when one marketing channel member intentionally affects another members behavior

channel leader

a member of a marketing channel that exercises authority and power over the activities of other channel members

channel conflict

a clash of goals and methods between distribution channel members

horizontal conflict

a channel conflict that occurs among channel members on the same level

vertical conflict

a channel conflict that occurs between different levels in a marketing channel, most typically between the manufacturer and wholesaler or between the manufacturer and retailer

channel partnering

the joint effort of all channel members to create a channel that serves customers and creates a competitive advantage

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