Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
52 Cards in this Set
- Front
- Back
|
Products
|
a good or service that is obtained through an exchange, can be tangible or non-tangible.
|
|
|
convenience products
|
fairly inexpensive products that require little thought when purchasing, low margins
|
|
|
shopping products
|
products that consumers are willing to put more thought and money into purchasing, little higher margins
|
|
|
specialty products
|
Items with unique characteristics, high profit margins, hard to find
|
|
|
unsought products
|
products purchased to fulfill a sudden need, tow truck, repair items....
|
|
|
Product line versus product mix
|
product line (depth)- # of products in a single line
Product mix (width)- # of total different categories of products |
|
|
Product lifestyle
|
Introduction- sales begin
Growth- profits begin and begin to end Maturity- competition gets becomes great Decline- run-out, phase-out, immediate drop |
|
|
Product adoption process
|
Awareness- Buyer becomes aware of the product
Interest- The buyer seeks information and is receptive to learning about the product Evaluation- The buyer considers the product’s benefits and decides whether to try the product Trial- The buyer examines, tests, or tries the product to determine if it meets needs Adoption- The buyer purchases the product and can be expected to use it again when the need for this type of product arises |
|
|
Product adopter categories and characteristics
|
Innovators- first adopters of new products
Early adopters- careful choosers of new products Early majority- those who adopt the product slightly before most Late Majority- skeptics that adopt products late when they feel it is necessary Laggards- those who are skeptical of buying new products |
|
|
Components of a brand
|
products features, logos, colors, features, service..... everything that makes up a brand
|
|
|
Brand name, Brand mark, trademark
|
Name- the name that can be spoken
Mark- a sybol such as the NIKE "swoosh" trademark- trademark name, Coca-Cola.... |
|
|
Brand Equity
|
Brand name awareness, brand loyalty, perceived brand quality, and brand association, basically everything that makes up your brand, what your brand represents to you and to consumers
|
|
|
Manufacturer brands
Private distributors(store) generic |
Manufacturer brands- jolly green giant, Levi, AB&F, Gap.....
Private Dist.- Safeway, Western family, kirkland.... Generic- just labeled white with black lettering about what is inside |
|
|
Co-branding and
Brand Licensing |
Co-branding- using two or more brands together for one product, lunchables and capri sun and candy.
Brand Licensing- where one brand allows another organization to put it's brand on their product for a fee. example outboard motors |
|
|
Individual and family branding
|
Individual- naming each product differently, avoiding putting the name on every product to avoid association if it fails
Family- Branding all products with the same logos, colors and everything, promoting one product promotes them all |
|
|
Brand extensions
|
using an existing name or logo for a new product, example Virgin, gives the new product a name
|
|
|
packaging used for market strategy
|
size, shape, color, texture, all have an influence, family packaging...
|
|
|
Secondary use packaging
|
packaging with secondary uses, spray bottles. meat/ sandwich containers
|
|
|
category consistent packaging
|
Packaging reflects customer expectations for the
expected appearance of products in a category |
|
|
innovative packaging
|
Unique features or ways of packaging that
make a product more distinct from its competitors |
|
|
multiple packaging
|
Bundling multiple units of a product
together to encourage usage and to increase demand |
|
|
Labeling
|
important to promote, inform and attract the consumer. Also important for nutrition facts
|
|
|
Service markets
|
an intangible product that can be a physical service or even an idea, with the decline of manufacturing there are more and more service based jobs.
|
|
|
inseparability of production and consumption
|
The production of a service cannot be separated
from its consumption by the customer. • Services are produced, sold, and consumed all at the same time. |
|
|
Heterogeneity
|
Variation in the quality of services delivered by individuals and organizations, examples are haircuts, tire services
|
|
|
client based relationships
|
since service based markets are becoming so important the service providers and their relationships are just as important as a consumers relationship with a product
|
|
|
tangible cues
|
service providers use tangible cues to try and represent something they offer, like a symbol, ex the bull, strong
|
|
|
perishability
|
organizations deal with perishability by selling things at discount prices and stuff like that, ex, hotel rooms.
|
|
|
search qualities
|
Tangible attributes that can be judged before
the purchase of a product |
|
|
experience qualities
|
Attributes assessable only during purchase
and consumption of a service |
|
|
credence qualities
|
Attributes that customers may not be able to
evaluate even after purchasing and consuming the service |
|
|
cutting out the middle man
|
getting rid of a person or holder to try an reduce costs
|
|
|
added value
|
refers to the possible added value often recieved from middle men, no shipping charges, breaking up bulk....
|
|
|
Marketing intermediaries
|
these are the middle men, retailers, wholesalers...
|
|
|
Distribution
|
The activities that make products available
to customers when and where they want to purchase them |
|
|
channels
|
A group of individuals and organizations
directing products from producers tocustomers |
|
|
Dual distribution
|
The use of two or more channels to
distribute the same product to the same target market (e.g. Victoria’s Secret) |
|
|
strategic channel alliances
|
An agreement whereby the products of
one organization are distributed through the marketing channels of another |
|
|
Intensive, selective, and exclusive distribution
|
Intensive- Using all available outlets to distribute a product. convenience products
selective- Using only some available outlets to distribute a product. shopping products exclusive- Using a single outlet in a fairly large geographic area to distribute a product. luxury items |
|
|
Vertical and Horizontal integration
|
Vertical- the company has its own distributors and wholesalers
Horizontal- when McDonalds opens a store in Europe. |
|
|
Tying agreements
|
Requiring a channel member to buy additional
products from the supplier in order to purchase a particular product from the supplier (legal stuff) |
|
|
Dual distribution
|
A producer can use two different channels to
reach the same target market as long as it is not trying to engage in unfair competition and put its independent distributors out of business (legal stuff) |
|
|
Restricted Sales Territories
|
Granting exclusive sales territory rights to
distributors is permissible if the rights do not restrain trade (legal stuff) |
|
|
Full-line forcing
|
Requiring a channel member to carry a supplier’s
entire product line to obtain any of the supplier’s products (legal stuff) |
|
|
Exclusive dealings
|
Forbidding an intermediary to carry products of a
competing manufacturer – Is anticompetitive if • it blocks competitors from 10% of the market • sales revenues are sizable • the manufacturer is larger than the dealer |
|
|
Refusal to deal
|
Suppliers can choose their distributors and
refuse to deal with others so long as their decisions are not based on anticompetitive motives or are not part of an organized refusal-to-deal with certain channel members. |
|
|
Legal stuff
|
only legal if it doesn't hurt competition.
|
|
|
Retailers? what do they do?
|
Organizations that purchase products for the purpose of reselling them to ultimate consumers
Retailers add value—shopping convenience, services,and purchasing assistance to customers • Retailers create utility—time, place, possession, and form |
|
|
Direct marketing
|
The use of telephone and non-personal
media to introduce products to consumers, who then can purchase them via mail, telephone, or the internet. |
|
|
Direct selling
|
The marketing of products to ultimate consumers
through face-to-face sales presentations at home or in the workplace • Party plans: hosting groups to view a product demonstration and encouraging participants to purchase the products |
|
|
What is franchising
|
An arrangement in which a supplier (franchiser) grants a dealer (franchisee)
the right to sell products in exchange for some type of consideration can be expensive to enter, very high success rate |
|
|
Retail positioning
|
Identifying an un-served or underserved market
segment and serving it through a strategy that distinguishes the retailer from others in the minds of consumers in that segment |
