Marketing 2

Front 1

Anything of value to consumers

Back 1

Product

Front 2

Goods, services, places, ideas, organizations, people, communities

Back 2

Product

Front 3

Innovation adds

Back 3

value

Front 4

The longer a product exists, the more likely it will become

Back 4

Saturated

Front 5

New to world products that create new markets q

Back 5

Pioneers

Front 6

Breakthrough / disruptive products

Back 6

Pioneers

Front 7

First to market

Back 7

First mover

Front 8

Measure of ease to communicate product benefits

Back 8

Observability

Front 9

Products with easily communicated benefits ____________

Back 9

Diffuse faster - observability

Front 10

More ______, longer to diffuse

Back 10

Complex

Front 11

Products that can be ________ diffuse faster

Back 11

sampled

Front 12

Stages of Idea generation

Back 12

Concept testing

Product development

Market Testing

Product Launch

Evaluation

Front 13

85% of B2B products come from

Back 13

Customers

Front 14

Brief written product description

Back 14

Concept testing

Front 15

Customer reaction to _________ _________ determines if it product goes forward

Back 15

Concept testing

Front 16

Internal testing

Back 16

Alpha testing

Front 17

Customers first exposure to a product, firm makes a decision

Back 17

Pre-market testing

Front 18

Mini-product launch to estimate demand

Back 18

Test-Marketing

Front 19

Why products fail

Back 19

Too small of target market

Poor design

Low-product quality

Wrong price strategy

Poor communication

Competition

Front 20

PLC

Back 20

Product life cycle

Front 21

Stages of PLC

Back 21

Introduction, growth, maturity, decline

Front 22

Peak sales in PLC

Back 22

Maturity

Front 23

How to extend PLC

Back 23

Develop new uses,

find new customers,

increase frequency of use,

reposition/tweak.

Front 24

How to know which stage of PLC you are in

Back 24

Really no way... but possible when you go bankrupt?

Front 25

Components of an actual product

Back 25

Brand name

Quality

Packaging

Features/design

Front 26

Services associated with product

Back 26

Financing, warranty, support

Front 27

Types of Products

Back 27

Convenience - Kit Kat

Specialty - Sports car

shopping - Detergent

Unsought - Insurance

Front 28

Different lines of products (Home, personal, pet, oral)

Back 28

Breadth

Front 29

Product categories (Kids, adult)

Back 29

Depth

Front 30

# of different lines

Back 30

Breadth

Front 31

# of items in each line

Back 31

Depth

Front 32

Company with highest brand value in Canada

Back 32

RBC

Front 33

What must be added to services to make them real for customers

Back 33

Tangibility

Front 34

Developed economies are increasingly becoming

Back 34

service oriented

Front 35

Why are developing economies becoming service oriented

Back 35

Importance of convenience

Cheaper to produce in other countries

Household maintenance became more specialized.

Front 36

Cannot be touched, tasted, or seen

Back 36

Intangibile

Front 37

Requires cues to aid customers

Back 37

Intangibile

Front 38

Atmosphere important to convey value

Back 38

Intangibile

Front 39

Production / consumption are simultaneous

Back 39

Inseparability

Front 40

Little opportunity to sample

Back 40

Inseparability

Front 41

You can lower customer risk with guarantee or warranty

Back 41

Inseparability

Front 42

Fixed with standardization / training

Back 42

Inconsistency

Front 43

Replacing people with machines

Back 43

Inconsistency

Front 44

Solved by self-service, internet

Back 44

Inconsistency

Front 45

Manufacturer --> Consumer

Back 45

Direct Distribution

Front 46

Manu --> Retailer --> Consumer

Back 46

Indirect Distribution

Front 47

Direct + Indirect

Back 47

Multichannel distribution

Front 48

Manu --> Retailer --> Consumer (Marketing)

Back 48

Push - using big ads to push products on customers

Front 49

Manu <-- Retailer <-- Consumer (Marketing)

Back 49

Pull - Pulling targeted customers to product.

Front 50

Three phases of vertical marketing systems

Back 50

Administrated

Contractual

- Franchise

Corporate

Front 51

Person responsible for coordination of deliveries

Back 51

Dispatcher

Front 52

Leads to reduced lead time, increased availability, lower inventory costs

Back 52

JIT

Front 53

Larger firms are less likely to use

Back 53

Supply chain intermediaries

Front 54

By not using supply chain intermediaries firms gain

Back 54

More control, more efficient, and save money

Front 55

Board variety of products, limited service, low prices

Back 55

Discount

Front 56

Limited products, complementary merchandise, small stores

Back 56

Specialty

Front 57

Narrow variety, deep assortment

Back 57

Category

Front 58

Broad variety, deep assortment, some customer service, separate departments

Back 58

Department

Front 59

Specialty, health, personal grooming, pharmaceuticals.

Back 59

Drugstore

Front 60

Inconsistent merchandise, low prices

Back 60

Off-price

Front 61

General merchandise, discount store

Back 61

Extreme-value

Front 62

Primarily sells services

Back 62

Services retailer

Front 63

Goal of store design

Back 63

Improve shopability

Front 64

Benefits of "I'm Lovin' it"

Back 64

Consistent message, lowers costs

Front 65

IMC

Back 65

Integrated Marketing Communications

Front 66

Integrated Marketing Communications

Back 66

Advertising

PR

Digital Media

Front 67

Firm that has message

Back 67

Sender

Front 68

Encodes message

Back 68

Transmitter

Front 69

Media Channel

Back 69

Communications channel

Front 70

Receiver (decodes message)

Back 70

Consumer

Front 71

Senders must adjust message based on

Back 71

Medium and receiver

Front 72

Steps of a marketing campaign

Back 72

Identify target audience

Set objectives

Determine Budget

Convey message

Evaluate media

Create communication

Assess impact

Front 73

Types of media

Back 73

Mass vs. niche

Front 74

How to identify target market

Back 74

Research

Front 75

Benefit of identifying target market

Back 75

Sets tone and media

Front 76

Personal selling is

Back 76

Expensive but adds value

Front 77

Catalogues are welcome in ___% of Canadian homes

Back 77

80%

Front 78

Benefits of Direct response TV

Back 78

Strong call to action with call, or click

Front 79

PR is

Back 79

"Free" media attention

Front 80

PR importance rises as

Back 80

traditional marketing costs rise

Front 81

Consumers are becoming skeptical of

Back 81

marketing

Front 82

AIDA Model

Back 82

Attention

Interest

Derise

Action

Front 83

Lagged effect

Back 83

Ads might not work on first impression

Multiple exposures might be necessary

Front 84

Persuasive Advertising

Back 84

Occurs in growth/early markets

Comp is most intense

May be used to reposition brand

Front 85

Reminder Advertising

Back 85

After products have market acceptance

Top of mind awareness

Front 86

Puffery

Back 86

Obvious exaggeration in advertising

Front 87

Pricing

Back 87

Opportunity to create value

Front 88

Pricing signals

Back 88

Quality or lack of

Front 89

Pricing is the only element of the marketing mix that

Back 89

Generates income

Front 90

What is the most important purchase decision factor

Back 90

price

Front 91

Profit orientation

Back 91

Maximize profits

Front 92

Competitor - based pricing

Back 92

Conveys message about competitors product

Front 93

Reference pricing

Back 93

Buyers compare price against their reference price

Front 94

Odd pricing

Back 94

Very traditional, so much so that people are scared to not use it.

Low quality, good deal

Front 95

Price lining

Back 95

Set ceiling and floor pricing and prices somewhere in the middle

Front 96

High-low pricing

Back 96

Relies on promotion with reduces prices to encourage sales

Front 97

Price bundling

Back 97

Encourages sale of slower items or trial of new brands

Front 98

Leader pricing

Back 98

Entice customers with aggressively low prices