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53 terms

Marketing Exam II

Lessons 7-11
STUDY
PLAY
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