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Terms in this set (45)
Anything that an organization offers to satisfy consumer needs and wants, including both goods and services.
Products that do not include any services
Products that do not include any goods
Products purchased for personal use or consumption
Products purchased to use either directly or indirectly in the production of other goods.
The attributes that make a good service diffferent from other products that compete to meet the same or similar customer needs.
How well a product performs its core functions.
How reliably a product delivers its promised level of quality.
The specific characteristics of a product.
The advantage that a customer gains from specific product features.
A group of products that are closely related to each other, either in terms of how they work, or the customers they serve.
The total number of product lines and individual items sold by a single firm.
When a producer offers a new product that takes sales away from its existing products.
A products identity - including product name, symbol, design, reputation and image - that sets it apart from other platers in the same category.
The overall value of a brand to an organization
Similar products offered under the same brand name
A new product, in a new category, introduced under an existing brand name.
Purchasing the right to use another company's brand name or symbol.
When established brands from different companies join forces to market the same product.
Brands that the producer owns and markets.
Brands that the retailer both produces and distributes
Product life cycle
A pattern of sales and profits that typically changes over time.
Marketing communication designed to influence consumer purchase decision through information, persuasion, and reminders.
Integrated marketing communication
The coordination of marketing messages through every promotional vehicle to communicate a unified impression about the product.
A brief statement that articulates how the marketer would like the target market to envision a product relative to the competition.
Specific marketing communication vehicles, including traditional tools, such as advertising, sales promotion, direct marketing, and personal selling and newer tools such as product placements, advergaming and internet minimovies.
The paid integration of branded products into movies, television and other media.
Video games created as a marketing tool, usually with brand awareness as the core goal.
The active stimulation of work-of-mouth via unconvenional, and often relatively low-cost, tactics.
A deep association between marketer and a partner, which involves promotion of the sponsor in exchange for either payment or the provision of goods.
Paid, non-personal communication, designed to influence a target audience with regard to a product, service, organization or idea.
Marketing activities desinged to stimulate immediate sales activity through specific short-term programs aimed at either consumers or distributors.
Marketing activities designed to generate immediate consumer sales, using tools such as premiums, promotional products, samples, coupons, rebates and displays.
Marketing activities designed to stimulate wholesales and retailers to push specific products more aggresively over the short term.
Public relations (PR)
The ongoing effort to create positive relationships with all of a firms different "publics", including customers, employees, suppliers, the community, the general public and the government.
Unpaid stories in the media that influence perceptions about a company or its products.
The person-to-person presentation of products to potential buyers.
A marketing approach that involves motivating distributors to heavily promote a product to the final consomers, usually through heavy trade promotion and personal selling.
A marketing approach that involves creating demand from the ultimate consumers so that they pull your products through the distribution channels by actively seeking them.
Explain "product" and identify product classifications.
A product can be anything that a company offers to satisfy consumer needs and wants; the possibilities include not only physical goods, but also services and ideas. A product also includes all the attributes that consumers associate with it, such as the name, image and guarantees. Customers buy consumer products for personal consumption, and they but business products to contribute to the production of other products.
Describe product differentiation and the key elements of product planning.
Product differentiation means making your product different from, and better then, the competition. Product planning offers the opportunity to achieve differentation through elements, such as better quality, beter features, and benefits and a strong brand. These elements are the foundation of an effective product strategy.
Discuss innovation and the product life cycle.
Innovation can range from small modifications of existing products to brand-new products that change how people live. For a business to thrive over the long term, effective new product development is vital. The six steps include: Idea generation, idea screening, analysis, development, testing and commercialization. After the introduction, the new products move through a life cycle: introduction, growth, maturity and decline phases. See graph for sales and profit.
Analyze and explain promotion and integrates marketing communications.
Promotion is marketing communication that influences consumers by informing, persuading and reming them about products. The most effective promotion builds strong, ongoing relationships between customers and companies. Thanks to technology, consumers have more control over how, when and even if they receive promotional messages. Marketers are looking for ways to reach their target audience. The goal of integrated marketing communications (IMC) is to ensure that consumer receive a unified, focused message regardless of the message source. Marketers must go through all promotional vehicles to reach their target audience. Everyone who manages the marketing messages must have information about the customer, the product, the competition, the market and the strategy of the organization. The result of IMC is a relevant, coherant image in the minds of target customers.
Discuss development of the promotional message.
The promotional message should be a big idea which is clear. A big idea begins with a positive statement - a brief statement that articulates how you want your target market to envision your product relative to the competition.
Discuss the promotional mix and the various promotional tools.
The promotional mix is the combination of promotional tools that marketer chooses to best communicate the big idea to the target audience. Examples are internet advertisement, social media, product placement, advergaming, buzz marketing, and sponsorship. There is also the traditional promotional tools such as sales promotion, public relations, and personal selling.
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