Ch 12- Introduction To Marketing

Front 1

accessory equipment

Back 1

Capital items, such as desktop computers and printers, that typically cost less and last for shorter periods than installations.

Front 2

benchmarking

Back 2

Method of measuring quality by comparing performance against industry leaders.

Front 3

business services

Back 3

Intangible products firms buy to facilitate their production and operating processes.

Front 4

business-to-business (B2B) product

Back 4

Product that contributes directly or indirectly to the output of other products for resale; also called industrial or organizational product.

Front 5

business-to-consumer (B2C) product

Back 5

Product destined for use by ultimate consumers.

Front 6

component parts and materials

Back 6

Finished business products of one producer that become part of the final products of another producer.

Front 7

convenience products

Back 7

Goods and services consumers want to purchase frequently, immediately, and with minimal effort.

Front 8

decline stage

Back 8

Final stage of the product lifecycle, in which a decline in total industry sales occurs.

Front 9

emergency goods and services

Back 9

Products bought in response to unexpected and urgent needs.

Front 10

goods

Back 10

Tangible products customers can see, hear, smell, taste, or touch.

Front 11

goods services continuum

Back 11

Spectrum along which goods and services fall according to their attributes, from pure good to pure service.

Front 12

growth stage

Back 12

Second stage of the product lifecycle that begins when a firm starts to realize substantial profits from its investment in a product.

Front 13

homeshoring

Back 13

Hiring workers to do jobs from their homes.

Front 14

impulse goods and services

Back 14

Products purchased on the spur of the moment.

Front 15

industrial distributor

Back 15

Channel intermediary that takes title to goods it handles and then distributes these goods to retailers, other distributors, or business or B2B customers; also called a wholesaler.

Front 16

installations

Back 16

Major capital investments in the B2B market.

Front 17

introductory stage

Back 17

First stage of the product lifecycle, in which a firm works to stimulate sales of a new-market entry.

Front 18

ISO 9001:2008

Back 18

Standards developed by the International Organization for Standardization in Switzerland to ensure consistent quality management and quality assurance for goods and services throughout the European Union.

Front 19

line extension

Back 19

Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.

Front 20

marketing mix

Back 20

Blending of the four strategy elements product, distribution, promotion, and price to fit the needs and preferences of a specific target market.

Front 21

maturity stage

Back 21

Third stage of the product lifecycle, in which industry sales level out.

Front 22

MRO items

Back 22

Business supplies that include maintenance items, repair items, and operating supplies.

Front 23

product

Back 23

Bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs.

Front 24

product lifecycle

Back 24

Progression of a product through introduction, growth, maturity, and decline stages.

Front 25

product line

Back 25

Series of related products offered by one company.

Front 26

product mix

Back 26

Assortment of product lines and individual product offerings a company sells.

Front 27

raw materials

Back 27

Natural resources, such as farm products, coal, copper, or lumber that become part of a final product.

Front 28

service encounter

Back 28

Point at which the customer and service provider interact.

Front 29

service quality

Back 29

Expected and perceived quality of a service offering.

Front 30

services

Back 30

Intangible tasks that satisfy the needs of consumer and business users.

Front 31

shopping products

Back 31

Products consumers purchase after comparing competing offerings.

Front 32

specialty products

Back 32

Products with unique characteristics that cause buyers to prize those particular brands.

Front 33

staples

Back 33

Convenience goods and services consumers constantly replenish to maintain a ready inventory.

Front 34

supplies

Back 34

Regular expenses a firm incurs in its daily operations.

Front 35

total quality management (TQM)

Back 35

Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance.

Front 36

unsought products

Back 36

Products marketed to consumers who may not yet recognize a need for them.