Chapter 12: Dimensions In Marketing Strategy

Front 1

the key to developing a marketing strategy is selecting a _______ _______ and maintaining a _________ ___ that creates long-term relationships with customers

Back 1

target market, marketing mix

Front 2

the part of marketing strategy that involves decisions regarding controllable variables

Back 2

marketing mix

Front 3

Successful companies offer at least one _________ of value that surpasses other competitors in the market place

Back 3

dimension

Front 4

The most visible of the marketing mix dimensions

Back 4

product

Front 5

The multistep process of introducing a product includes

Back 5

idea generation, product screening, concept testing business analysis, product development, test marketing, and commercialization

Front 6

phase of product introduction which includes marketing managers looking at organization's resources and assessing the firm's ability to produce and market the product

Back 6

Idea screening

Front 7

a basic assessment of a product's compatibility in the marketplace and its potential profitability

Back 7

Business Analysis

Front 8

stage in introducing a product where it is developed into a prototype that should reveal the intangible attributes it possesses as perceived by the consumer

Back 8

Product Development

Front 9

Product development is often _________

Back 9

Expensive

Front 10

a trial minilaunch of a product in limited areas that represent the potential market

Back 10

Test Marketing

Front 11

the full introduction of a complete marketing strategy and the launch of the product for commercial success

Back 11

Commercialization

Front 12

Products for household or family use

Back 12

Consumer Products

Front 13

Consumer products such as eggs, milk, and newspapers

Back 13

Convenience Products

Front 14

Consumer products such as furniture, audio equipment, clothing, and sporting goods

Back 14

Shopping products

Front 15

Consumer products such as ethnic foods, designer clothing and shoes

Back 15

Specialty products

Front 16

products used directly or indirectly in the operation or manufacturing processes of businesses

Back 16

Business products

Front 17

natural products taken from the earth, oceans, and recycled solid waste

Back 17

Raw Materials

Front 18

large, expensive items used in production

Back 18

Major equipment

Front 19

items used for production, office, or management purposes, which usually do not become part of the final product

Back 19

Accessory equipment

Front 20

finished items, ready to be assembled into the company's final products

Back 20

Component parts

Front 21

things used directly in production or management operations but are not readily identifiable as component parts

Back 21

Processed materials

Front 22

materials that make production, management, and other operations possible

Back 22

Supplies

Front 23

financial, legal, marketing research, security, janitorial, and exterminating services

Back 23

Industrial services

Front 24

a groups of closely related products that are treated as a unit because of a similar marketing strategy

Back 24

Product Line

Front 25

all the products offered by an organization

Back 25

Product mix

Front 26

the four stages int the life cycle of a product are:

Back 26

introduction, growth, maturity, and decline

Front 27

a product life cycle stage in which consumer awareness and acceptance of the product are limited, sales are zero, and profits are negative

Back 27

introductory stage

Front 28

a product life cycle stage in which sales increase rapidly and profits peak, then start to decline

Back 28

growth stage

Front 29

a product life cycle stage in which the sale curve peaks and starts to decline while profits continue to decline

Back 29

maturity stage

Front 30

a product life cycle stage in which sales continue to fall rapidly

Back 30

decline stage

Front 31

the process of naming and identifying products

Back 31

Branding

Front 32

the part of a brand that is a distinctive design

Back 32

brand mark

Front 33

a brand that is registered with U.S patent and trademark office

Back 33

trademar

Front 34

brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase

Back 34

Manufacturer Brands

Front 35

A brand owned and controlled by a wholesaler or retailer

Back 35

Private Distributor brands

Front 36

products with no brand name at all

Back 36

generic products

Front 37

external container that holds and describes the product

Back 37

pacaging

Front 38

the presentation of important information on a package

Back 38

labeling

Front 39

the degree to which a good, service, or idea meets the demands and requirements of customers

Back 39

Quality

Front 40

the role of price in an organization's marketing mix and strategy

Back 40

Pricing objectives

Front 41

provide guidelines for achieving the company's pricing objectives and overall marketing strategy

Back 41

Pricing strategy

Front 42

charging the highest possible price that buyers who want the product will pay

Back 42

Price skimming

Front 43

a low price designed to help a product enter the market and gain market share rapidly

Back 43

penetration price

Front 44

____________ pricing is less flexible than price skimming

Back 44

Penetration

Front 45

encourages purchases based on emotional rather than rational responses to the price

Back 45

Psychological pricing

Front 46

a toy that is $9.99 is an example of

Back 46

even/odd pricing

Front 47

A perfume that price is artificially inflated to connote quality is an example of

Back 47

symbolic/prestige pricing

Front 48

temporary price reductions

Back 48

discounts

Front 49

type of discount that reflects the economies of purchasing in large volumes (I.E Sam's Club)

Back 49

Quantity discounts

Front 50

type of discount to buyers who purchase goods or services out of season

Back 50

Seasonal discounts

Front 51

discounts that attempt to improve sales by advertising price reduction on selected products

Back 51

Promotional discounts

Front 52

a group of organizations that moves products from their producer to customers

Back 52

marketing channel

Front 53

buy products from manufacturers and sell them to consumers for home or household use

Back 53

Retailers

Front 54

Retailers create _______

Back 54

utility

Front 55

assuming the risk of ownership

Back 55

ownership utility

Front 56

maintaining hours of operation

Back 56

time utility

Front 57

arranging products to be moved from producer to retail

Back 57

place utility

Front 58

intermediaries who buy from producers or from other wholesalers and sell to retailers

Back 58

Wholesalers

Front 59

connecting and integrating all parties or members of the distribution system in order to satisfy customers

Back 59

supply chain management

Front 60

Services are distributed through

Back 60

direct marketing channels

Front 61

Type of distribution that makes a product available in as many outlets as possible

Back 61

Intensive distribution

Front 62

Type of distribution that uses only a small number of all available outlets to expose products

Back 62

Selective distrigution

Front 63

Type of distribution that exists when a manufacturer gives an intermediary the sole right to sell a product in a defined geographic territory

Back 63

Exclusive distribution

Front 64

all the activities necessary to move products from producers to customers

Back 64

Physical Distribution

Front 65

the shipment of products to buyers

Back 65

Transportation

Front 66

the design and operation of facilities to receive, store, and ship products

Back 66

Ware housing

Front 67

the physical handling and movement of products in warehousing and transportation

Back 67

Materials handling

Front 68

personal selling, publicity, and sells promotion are known as

Back 68

the promotion mix

Front 69

coordination the promotion mix elements and synchronizing promotion as a unified effort

Back 69

integrated marketing communication

Front 70

a paid form of non personal communication through mediums such as television

Back 70

advertising

Front 71

designing a series of advertisements and placing them in various media to reach a particular target audience

Back 71

advertising campaign

Front 72

direct, two-way communication with buyers and potential buyers

Back 72

Personal selling

Front 73

The six steps of personal selling is

Back 73

Prospecting, approaching, presenting, handling objections, closing, following up

Front 74

nonpersonal communication transmitted through the mass media but not paid for directly by the firm

Back 74

Publicity

Front 75

marketers attempt to create a trend or acceptance of a product

Back 75

buzz marketing

Front 76

the concept of getting internet users to pass on ads and promotions to others

Back 76

viral marketing

Front 77

direct inducement offering added value or some other incentive for buyers to enter into an exchange

Back 77

Sales promotion

Front 78

promotion strategy which attempts to motivate intermediaries to push the product down to their customers

Back 78

push strategy

Front 79

promotion strategy which uses promotion to create consumer demand for a product so that consumers exert pressure on marketing channel members to make it available

Back 79

pull strategy

Front 80

The objective of promotion is to:

Back 80

stimulate demand, stabilize sales, and to inform, remind, and reinforce customers

Front 81

the current sales level of the product

Back 81

status quo

Front 82

uses promotion to create and maintain an image of a product in buyers' mind

Back 82

Promotional positioning

Front 83

Promotion can be used to _______ or ___________ an image

Back 83

change, reinforce