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74 Cards in this Set
- Front
- Back
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Product
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bundle of physical, service, etc.. to satisfy a customer’s needs and wants
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Services
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intangible tasks that satisfy the needs of consumer and business users
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Goods
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tangible products customers can see, hear, smell, taste, touch
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Goods-services continuum
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Spectrum, some combine both (such as a cell phone). Pure good <---------->Pure service
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Homeshoring
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hiring contract workers to do work from their home (Jetblue does this)
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Consumer product (B2C)
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product that is destined for ultimate use by a consumer
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Business-to-business product (B2B)
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product that contributes to the making of another product
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Unsought products
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consumers don’t recognize a need for them. Ex: funeral services, long-term health insurance
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Convenience products
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products consumers purchase frequently, Ex: milk, bread, etc…
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Impulse goods and services
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purchased on the whim. Usually convenience products such as gum.
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Staples
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goods and services consumers constantly replenish such as gas, shampoo, etc…
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Emergency goods and services
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Bought in response to emergencies. Snowblower. Hospital visit.
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Shopping products
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purchased after comparing offerings. Ex: airplane flight, computer
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Specialty products
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Products with unique characteristics
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Installations
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Long period of time. Consider a purchase of an airplane. Training is required.
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accessory equipment
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Capital items that typically cost less and last for shorter periods than installations. Think of power tools, computers, cell phones...
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Industrial distributor
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Used to contact potential customers in its own geographic area
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Component parts and materials
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Represent finished business products of one producer that become part of the final products of another producer.
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Raw materials
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eggs, milk, beef iron, cooper, iron... etc... Parts that become part of the final product.
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Brand recognition
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1st stage. Consumer awareness and identification of a brand
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Brand
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Name, term, sign, symbol, design, or some combination that identifies the products of one firm while differentiating them from the competition
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Brand preference
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2nd stage.Consumer reliance on previous experiences with a product to choose that item again
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Brand insistence
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3rd stage in brand loyalty. Consumers refuse to use and seek alternatives.
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Manufacturer's brand
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brand name owned by a manufacturer. HP, Dell, Pepsi-Cola, Sony
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Private Brands
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Contrast of Manufacturer brand. Brands offered by wholesalers and retailers that they put their own brand on.
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Captive brands
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National brands sold exclusively by a retailer. Kirtland
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Family brand
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Single brand that identifies several related products
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Individual brand
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Marketing a product as its own brand instead of using the main brand. Quaker Oats markets Aunt Jemima outside of the quaker umbrella.
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Brand equity
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Added value a certain brand name gives to a product in the marketplace.
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Category management
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Product management system in which a category manager oversees a product line.
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Trademark
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Brand for which the owner claims exclusive legal protection
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Trade dress
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Visual cues used in branding create an overall look sometimes referred to as trade dress.
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Label
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Carries an item's brand name or symbol, the name and address of the manufacturer or distributor, information about the product's composition and size, and recommended uses.
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UPC
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Part of the label... bar tags... RFID... BLAHBLAHBLAH
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Brand extension
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Strategy of attaching a popular brand name to a new product in an unrelated product category.
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Line extension
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Not to be confused with Brand extension...Refers to new sizes, styles or related products
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Brand licensing
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Firms authorizing other companies to use their brand names
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Market Penetration strategy
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Seeks to increase sales of existing products in existing markets.
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Product positioning
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Refers to consumer's perceptions of a product's attributes, uses, quality, and advantages and disadvantages relative to competing brands
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Market development strategy
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Concentrates on finding new markets for existing products
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Product development
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Refers to the introduction of new products into identifiable or established markets
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Product diversification strategy
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Focuses on developing entirely new products for new markets
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Cannibalization
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When one product eats sales from another product line
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Adoption process
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Stages consumers go through in learning about a new product, trying it, and deciding whether to purchase it again.
Awareness. Interest. Evaluation. Trial. Adoption/Rejection. |
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Consumer innovators
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People who purchase new products almost as soon as the products reach the market
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diffusion process
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Process by which new goods or services are accepted in the marketplace.
Innovators --> Early adopters --> Early majority ---> Late majority --> Laggards |
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Product manager
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Another term for brand manager
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Venture team
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Group of specialists from different areas of an organization to work together in developing new products
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Concept Testing
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Subjects the product idea to additional study prior to its actual development
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Retailing
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Activities involved in selling merchandise to consumers
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Wheel of retailing
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Start off as low cost provider... then you inevitably end up as the high cost provider... the circle of life continues on its marketing way...
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Stock-keeping-unit
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offering within a product line such as a specific size of liquid detergent
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Planned shopping center
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Group of retail stores planned, coordinated, and marketed as a unit
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Atmospherics
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Combination of physical characteristics and amenities that contribute to a store's image. Store's exterior and interior decor. (I believe this was a quiz question)
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Convenience retailers
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Focused marketing on accessible locations, extended store hours, rapid checkout service, and adequate parking facilities.
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Specialty retailers
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Combine carefully defined product lines, services, and reputations in attempts to persuade consumers to expend considerable effort to shop at their stores
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Limited-line store
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Large assortment of products within one product line. Think of IKEA
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Category killer
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Types of limited-line stores such as Home Depot, Best Buy that have such a wide selection and low price that they take out the "general selection" stores.
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Department store
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Series of limited-line and specialty stores under one roof. Ex: Sell both furniture, clothes, etc...
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Mass merchandiser
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Often stocks a wider line of items than a department store but usually without the same depth of assortment within each line.
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Discount house
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Type of mass merchandiser. Charges low prices and offers fewer services. Custco, BJs, Sam's Club
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Off-price retailer
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Type of mass merchandiser. Stocks only designer labels or well know brand name clothing at prices equal to or below warehouse prices. T.J. Maxx. Ross...
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Hypermarkets
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Type of mass merchandiser. Giant, one-stop shopping facilities that offer wide selections of grocery and general merchandise.
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Hypermarkets
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Giant one stop shopping facilities 1/3 bigger than most supercenters
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Retail convergence
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Situation in which similar merchandise is available from multiple retail outlets, resulting in the blurring of distinctions between types of retailers and merchandise offered.
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Scrambled merchandising
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Retailing practice of combining dissimilar product lines to boost sales volume
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Wholesaling intermediaries
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Comprehensive term that describes wholesalers as well as agents and brokers
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Rack jobber
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Full function merchant wholesaler that markets specialized lines of merchandise to retailers. So they'll come in to the store and try to sale the product.
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Truck wholesaler/jobber
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Markets perishable food items such as bread, tobacco, potato chips, candy, and dairy products...
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Drop shipper
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Takes an order then forwards these order to producers, which ship the product directly to customers. Ex: coal, lumber...
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Mail-order wholesaler
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Distributes physical or online catalogs instead of sales representatives to businesses.
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Brokers
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Agent wholesaling intermediary that does not take title to or possession of goods in the course of its primary function, which is to bring together buyers and sellers.
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Selling agent
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typically exerts full authority over pricing decisions and promotional outlays.
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Manufacturers representatives
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Agent wholesaling intermediary that represents manufacturers of related but noncompeting products and receives a commission on each sale.
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