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102 terms

marketing test 3

STUDY
PLAY
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