Business Chapter 12

Front 1

product

Back 1

anything that an organization offers to satisfy consumer needs and wants including goods and services

Front 2

intangible

Back 2

cannot see, feel, taste, or touch, feelings you get

Front 3

separability

Back 3

cant separate the buyer of a service from the person who renders it, accurately describe symptoms, you will get an accurate diagnosis

Front 4

variability

Back 4

talented masseuse would help you relax, mediocre create tension

Front 5

perishability

Back 5

economics of your business

Front 6

pure goods

Back 6

dont include any services, bottle of shampoo or package of pasta

Front 7

pure services

Back 7

dont include any goods, financial consolation, math tutor

Front 8

actual product layer

Back 8

the product itself, physical good or delivered service that provides a core benefit

Front 9

augmented product

Back 9

warranties, fre service, customer help lines

Front 10

consumer products

Back 10

personal use or consumption

Front 11

business products

Back 11

purchased to be used directly or indirectly in the production of another product. bag of chips that subways buys

Front 12

convenience product

Back 12

inexpensive goods and services that consumers frequently buy

Front 13

shopping products

Back 13

more expensive goods that people buy less frequently, computers, appliances

Front 14

specialty products

Back 14

more expensive products that consumers seldom purchase, lambo sports cars, rolex

Front 15

unsought products

Back 15

hold little or no interest in consumer, blood donations, legal services

Front 16

installation

Back 16

long product lives

Front 17

accessory equipment

Back 17

smaller movable capital purchases designed for a shorter productive life than installations, personal computers, copy machines, furniture

Front 18

maintenance, repair, and operating products

Back 18

small ticket items that businesses consume on a ongoing basis, brooms, nails, pens

Front 19

raw materials

Back 19

milk cotton, oil, farm and natural products

Front 20

component parts and processed materials

Back 20

producing other products, batteries for cars

Front 21

business services

Back 21

payroll services, purchase to facilitate operations

Front 22

product differentiation

Back 22

attributes that make a product different from other products that are similar

Front 23

quality level

Back 23

how well a product performs its core functions

Front 24

product consistency

Back 24

how reliably a product delivers its promised level of quality

Front 25

product features

Back 25

characteristics of the product you offer

Front 26

product benefits

Back 26

advantage that a customer gains from specific product features

Front 27

product line

Back 27

group of closely related products that are closely similar in how they work, amazon book line

Front 28

product mix

Back 28

total number of product lines and individual items sold by a single firm, books, electronics, and toys

Front 29

cannibalization

Back 29

risk of adding new lines, especially lower priced

Front 30

brand

Back 30

products identity that sets it apart from other players in the same category. name, symbol, design, reputation and image

Front 31

brand equity

Back 31

extra money that consumers will spend to buy that brand

Front 32

line extensions

Back 32

similar products offered under the same brand name, flavors, sizes, colors

Front 33

licensing

Back 33

purchasing the right to use another companies brand name or symbol

Front 34

cobranding

Back 34

established brands from different companies join forces to market the same product

Front 35

national brands

Back 35

manufactuerer brands, brands that the producer owns and markets, pantene shampoo, tide detergent and 7 up

Front 36

store brands

Back 36

generic knock off brands

Front 37

discontinuous innovation

Back 37

brand new ideas that radically change how people live, first car, first plane

Front 38

dynamically continuous innovation

Back 38

characterized by marked changes to existing products. cell phones, mp3's and digital cameras

Front 39

continuos innovation

Back 39

slight modification of an existing product, new sizes, flavors, shapes and designs

Front 40

observability

Back 40

how visible your product is compared to others

Front 41

trialability

Back 41

how easily can potential consumers sample the new product

Front 42

complexability

Back 42

how easily understood is what your product is and how it works

Front 43

compatibility

Back 43

how consistent is your product with the existing way of doing things

Front 44

relative advantage

Back 44

how much better are the benefits of your product

Front 45

product life cycle

Back 45

pattern of sales, and profits that typically change over time, introduction, growth, maturity, decline

Front 46

promotion

Back 46

power to influence consumers

Front 47

integrated marketing communication

Back 47

coordination of marketing messages through every promotional vehicle to communicate a unidentified impression on a product

Front 48

positioning statement

Back 48

brief statement that articulates how you want your target market to envision your product relative to the competition seldom translates directly into a promo message

Front 49

promo channels

Back 49

advertising, sals promotion, direct marketing, personal selling, marketing communication vehicles and tools used to reach customer

Front 50

product placement

Back 50

paid integration of branded products into movies and tv

Front 51

advergaming

Back 51

advertising worked into interactive games

Front 52

buzz marketing

Back 52

guerilla marketing, viral marketing, word of mouth

Front 53

sponsorship

Back 53

deep association between a marketer and a partner

Front 54

advertising

Back 54

paid non-personal communication designed to influence a target audience with regard to a product service organization or idea

Front 55

sales promotion

Back 55

stimulates immediate sales activity through specific short term programs aimed at either consumer or distributors

Front 56

consumer promo

Back 56

designed to generate immediate consumer sales

Front 57

premiums

Back 57

receive free of charge, cosmetics with free gift upon purchase

Front 58

promotional

Back 58

gifts to consumers, nightclub t shirts, pizza fridge magnets

Front 59

samples

Back 59

dunkin donuts samples, chinese food

Front 60

coupons

Back 60

price reductions

Front 61

rebates

Back 61

cash back offers, refrigerator, car, cell phones

Front 62

displays

Back 62

generate purchases instore

Front 63

trade promo

Back 63

designed to stimulate wholesalers and retailers to push specific products more aggressively

Front 64

public relations

Back 64

ongoing effort to create positive relationships with all of the firms different publics including customers, employees suppliers community general public and the government

Front 65

publicity

Back 65

unpaid stories told about your product

Front 66

personal selling

Back 66

person to person communication and presentation

Front 67

push strategy

Back 67

motivation distributors to push your product to final consumer

Front 68

pull strategy

Back 68

creating final demand to allow them to pull your products through the distribution channel