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42 Cards in this Set
- Front
- Back
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Keys to develping effective marketing strategy |
-maintain right marketing mix -satisfy target market -long term customer relationships |
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Product |
A good, service, or idea that has tangible and intangible attributes that provide satisfaction and benefit to consumers --The most visible variable of the marketing mix. |
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Steps to Developing New products |
-idea development -new idea screening -business analysis -product development -test marketing -commercialization |
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Convenience Products |
-purchased without doing research into price -widely available "conveniently" -often for immediate consumption **example: milk |
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Shopping Products |
-Consumer has compared competitors' prices and has shopped around -price, features, quality, style, service and image all influence the decision to buy (example: clothing, cars..) |
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Specialty Products |
-require the greatest level of research and shopping effort -not willing to accept substitutes... nothing else will do -consumers know exactly what they want and will go out of their way to find it -price not the major consideration (ex: designer clothing, art) |
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Test Marketing |
a trial minilaunch of a product in limited areas that represent the potential market |
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Commercialization |
the full introduction of a complete marking strategy and the launch of the product for commercial success |
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Consumer products |
products intended for household or family use |
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Business products |
products that are used directly or indirectly in the operation or manufacturing processes of businesses |
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Product line |
a group of closely related products that are treated as a unit because of similar marketing strategy, production, or end use considerations |
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Branding |
the process of naming and identifying products |
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trademark |
a brand that is registered with the U.S. Patent and Trademark Office and is thus legally protected from use by any other firm |
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Manufacturer Brands |
brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase |
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Private Distributor Brands |
brands, which may cost less than manufacturer brands, that are owned and controlled by a wholesaler or retailer |
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Generic Products |
products with no brand name that often come in simple packages and carry only their generic name |
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Packaging |
the external container that holds and describes the product |
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labeling |
the presentation of important information on a package |
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Quality |
the degree to which a good, service, or idea meets the demands and requirements of customers |
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Price skimming |
charging the highest possible price that buyers who want the product will pay |
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penetration price |
a low price designed to help a product enter the market and gain market share rapidly |
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psychological pricing |
encouraging prices based on emotional rather than rational responses to the price |
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Discounts |
temporary price reductions often employed to boost sales |
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Marketing channel |
a group of organizations that move products from their producer to customers; also called a channel of distribution |
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Retailers |
intermediaries who buy products from manufacturers (or other intermediaries) and sell them to consumers for home and household use rather than for resale or for use in producing other products |
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Wholesalers |
Intermediaries who buy from producers or from other wholesalers and sell to retailers |
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Intensive Distribution |
a form of market coverage whereby a product is made available in as many outlets as possible |
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Selective distribution |
a form of market coverage whereby only a small number of all available outlets are used to expose products |
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exclusive distribution |
the awarding by a manufacturer to an intermediary of the sole right to sell a product in a defined geographic territory |
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Physical distribution |
all the activities necessary to move products from producers to customers---inventory control, transportation, warehousing, and materials handling |
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Transportation |
the shipment of products to buyers |
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Warehousing |
the design and operation of facilities to receive, store, and ship productsatiM |
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materials handling |
the physical handling and movement of products in warehousing and transportation |
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Integrated marketing communications |
coordinating the promotion mix elements and synchronizing promotion as a unified effort |
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Advertising |
a paid form of nonpersonal communication transmitted through a mass medium, such as television commercials or magazine advertisements |
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Advertising campaign |
designing a series of advertisements and placing them in various media to reach a particular target market |
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Personal selling |
direct, two way communication with buyers and potential buyers |
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Publicity |
nonpersonal communication transmittedthrough the mass media but not paid for directly by the firm |
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Sales promotion |
direct inducements offering added value or some other incentive for buyers to enter into an exchange |
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Push strategy |
an attempt to motivate intermediaries to push the product down to their customers |
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Pull strategy |
the use of promotion to create consumer demand for a product so that consumers exert pressure on marketing channel members to make it available |
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Promotional positioning |
the use of promotion to create and maintain an image of a product in buyers' minds |
