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261 Cards in this Set
- Front
- Back
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marketing
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The activity for creating, communicating, delivering, and exchanging offerings that benefit the organization, its stakeholders, and society at large. p. 5
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market
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People with the desire and ability to buy a specific product. p. 6
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organizational buyers
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Those manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale. pp. 7, 148
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social marketing
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Marketing designed to influence the behaviour of individuals in which the benefits of the behaviour accrue to those individuals or to the society in general and not to the marketer. p. 7
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ultimate consumers
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People—whether 80 years or 8 months old—who use the goods and services purchased for a household. p. 7
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environmental forces
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The uncontrollable factors involving social, economic, technological, competitive, and regulatory forces. p. 11
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marketing mix
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The marketing manager's controllable factors; the marketing actions of product, price, promotion, and place that he or she can take to create, communicate, and deliver value. p. 11
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target market
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One or more specific groups of potential consumers toward which an organization directs its marketing program. p. 11
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marketing program
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A plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers. p. 13
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customer satisfaction
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The match between customer expectations of the product and the product's actual performance. p. 15
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customer value
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The unique combination of benefits received by the customer that include quality, price, convenience, on-time delivery, and both before-sale and after-sale service. p. 15
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marketing concept
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The idea that an organization should strive to satisfy the needs of consumers, while also trying to achieve the organization's goals. p. 15
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market orientation
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Focusing efforts on (1) continuously collecting information about customers' needs and competitors' capabilities, (2) sharing this information throughout the organization, and (3) using the information to create value, ensure customer satisfaction, and develop customer relationships. p. 15
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customer lifetime value (CLV)
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The profit generated by the customer's purchase of an organization's product or service over the customer's lifetime. p. 16
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customer relationship management (CRM)
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The process of building and developing long-term relationships with customers by delivering customer value and satisfaction. p. 16
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eCRM
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A Web-centric, personalized approach to managing long-term customer relationships electronically. p. 16
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interactive marketing
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Involves two-way buyer–seller electronic communication in which the buyer can control the kind and amount of information received from the seller. p. 16
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customer experience management (CEM)
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Managing the customers' interactions with the organization at all levels and at all touchpoints (direct and indirect contacts of the customer with an organization) so that the customer has a positive impression of the organization, is satisfied with the experience, and will remain loyal to the organization. p. 17
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ethics
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The moral principles and values that govern the actions and decisions of an individual or group. pp. 18, 102
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social media marketing
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Consumer-generated online-marketing efforts to promote brands and companies for which they are fans (or conversely, negatively promoting brands and companies for which they are non-fans), and the use by marketers of online tools and platforms to promote their brands or organizations. p. 18
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macromarketing
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The aggregate flow of a nation's goods and services to benefit society. p. 19
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micromarketing
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How an individual organization directs its marketing activities and allocates its resources to benefit its customers. p. 19
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social responsibility
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Individuals and organizations are part of a larger society and are accountable to that society for their actions. p. 19
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societal marketing concept
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The view that an organization should discover and satisfy the needs of its consumers in a way that also provides for society's well-being. p. 19
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profit
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The money left after a business firm's total expenses are subtracted from its total revenue; the reward for the risk it undertakes in marketing its offerings. p. 28
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corporate level
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Level at which top management directs overall strategy for the entire organization. p. 29
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strategy
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An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals. p. 29
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cross-functional teams
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A small number of people from different departments in an organization who are mutually accountable to accomplish a task or common set of performance goals. p. 30
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functional level
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The level in an organization where groups of specialists actually create value for the organization. p. 30
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strategic business unit level
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A business unit level where managers set a more specific strategic direction for their businesses to exploit value-creating opportunities. p. 30
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strategic business unit (SBU)
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A subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers. p. 30
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core values
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An organization's core values are the fundamental, passionate, and enduring principles that guide its conduct over time. p. 31
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mission
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A statement of the organization's function in society, often identifying its customers, markets, products, and technologies. p. 31
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business
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The clear, broad, underlying industry or market sector of an organization's offering. p. 32
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organizational culture
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A set of values, ideas, attitudes, and norms of behaviour that is learned and shared among the members of an organization. p. 32
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goals
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Statements of an accomplishment of a task to be achieved, often by a specific time. p. 33
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market share
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The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. p. 33
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objectives
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Statements of an accomplishment of a task to be achieved, often by a specific time. p. 33
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benchmarking
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Discovering how others do something better than your own firm so that you can imitate or leapfrog competition. p. 35
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competencies
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An organization's special capabilities, including skills, technologies, and resources, that distinguish it from other organizations and provide value to its customers. p. 35
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competitive advantage
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A unique strength relative to competitors, often based on quality, time, cost, innovation, customer intimacy, or customer experience management. p. 35
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pricing constraints
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Factors that limit the latitude of price a firm may set. p. 335
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quality
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Those features and characteristics of a product that influence its ability to satisfy customer needs. p. 35
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marketing dashboard
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The visual computer display of the essential information related to achieving a marketing objective. p. 40
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marketing metric
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A measure of the quantitative value or trend of a marketing activity or result. p. 40
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marketing plan
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A road map for the marketing activities of an organization for a specified future period of time, such as one year or five years. p. 42
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strategic marketing process
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Process whereby an organization allocates its marketing mix resources to reach its target markets. p. 42
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situation analysis
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Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization's plans and the external factors and trends affecting it. p. 43
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SWOT analysis
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An acronym describing an organization's appraisal of its internal Strengths and Weaknesses and its external Opportunities andThreats. p. 43
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market segmentation
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Aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. p. 44
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points of difference
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Characteristics of a product that make it superior to competitive substitutes. p. 45
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marketing strategy
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The means by which a marketing goal is to be achieved, usually characterized by a specified target market and a marketing program to reach it. p. 48
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marketing tactics
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Detailed day-to-day operational decisions essential to the overall success of marketing strategies. p. 48
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environmental scanning
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The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. p. 76
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demographics
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The study of the characteristics of a human population. These characteristics include population size, growth rate, gender, marital status, ethnicity, income, and so forth. p. 78
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social forces
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Forces of the environment that include the demographic characteristics of the population and its values. p. 78
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baby boomers
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The generation of those born between 1946 and 1964. p. 79
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blended family
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Family formed by the merging into a single family of two previously separated units. p. 80
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census metropolitan areas (CMAs)
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Geographic labour markets having a population of 100,000 persons or more. p. 80
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Generation X
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The population of those born between 1965 and 1976. p. 80
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Generation Y
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Those born between 1977 and 1994. p. 80
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culture
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The set of values, ideas, and attitudes that are learned and shared among the members of a group. p. 81
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ethnic marketing
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Combinations of the marketing mix that reflect the unique attitudes, race or ancestry, communication preferences, and lifestyles of ethnic Canadians. p. 81
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value consciousness
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The concern for obtaining the best quality, features, and performance of a product or service for a given price. p. 83
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economy
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Pertains to the income, expenditures, and resources that affect the cost of running a business and household. p. 84
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discretionary income
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The money that remains after paying for taxes and necessities. p. 85
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disposable income
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The money a consumer has left after paying taxes to use for such necessities as food, shelter, clothing, and transportation. p. 85
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gross income
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The total amount of money made in one year by a person, household, or family unit. p. 85
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e-business
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All electronic-based company activities, both within and outside the company. p. 86
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e-commerce
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Specific buying and selling processes on the Internet. p. 86
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e-marketing
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Also called online marketing, the marketing component of e-commerce. p. 86
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extranet
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An Internet-based technology that permits communication between a company and its suppliers, distributors, and other partners. p. 86
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intranet
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An Internet/Web-based network used within the boundaries of an organization. p. 86
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marketspace
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An information- and communication-based electronic exchange environment. p. 86
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technology
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Inventions or innovations from applied science or engineering research. p. 86
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blog
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A personal Web site or Web page that contains the online personal journal of an individual. p. 88
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competition
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Alternative firms that could provide a product to satisfy a specific market's needs. p. 89
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barriers to entry
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Business practices or conditions that make it difficult for new firms to enter a market. p. 90
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regulation
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Restrictions that provincial and federal laws place on business with regard to the conduct of its activities. p. 92
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Competition Act
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The key legislation designed to protect competition and consumers in Canada. p. 93
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consumerism
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A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions. p. 94
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self-regulation
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An alternative to government control where an industry attempts to police itself. p. 94
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laws
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Society's values and standards that are enforceable in the courts. p. 102
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caveat emptor
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The legal concept of “let the buyer beware” that was pervasive in Canadian business culture before the 1960s. p. 106
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economic espionage
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The clandestine collection of trade secrets or proprietary information about a company's competitors. p. 106
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code of ethics
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A formal statement of ethical principles and rules of conduct. p. 107
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whistle-blowers
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Employees who report unethical or illegal actions of their employers. p. 108
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moral idealism
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A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome. p. 109
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utilitarianism
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A personal moral philosophy that focuses on the “greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behaviour. p. 109
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profit responsibility
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Idea that companies have a simple duty—to maximize profits for their owners or shareholders. p. 110
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green marketing
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Marketing efforts to produce, promote, and reclaim environmentally sensitive products. p. 111
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societal responsibility
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Refers to obligations that organizations have to the (1) preservation of the ecological environment, and (2) the general public. p. 111
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stakeholder responsibility
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Focuses on the obligations an organization has to those who can effect achievement of its objectives, including customers, employees, suppliers, and distributors. p. 111
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triple-bottom-line
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Recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously, if they are to achieve sustainable, long-term growth. p. 111
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cause marketing
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Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products. p. 112
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ISO 14001
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Worldwide standards for environmental quality and green marketing practices. p. 112
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social audit
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A systematic assessment of a firm's objectives, strategies, and performance in the domain of social responsibility. p. 112
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sustainable development
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Conducting business in a way that protects the natural environment while making economic progress. p. 112
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greenwashing
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Disinformation disseminated by an organization so as to present an environmentally responsible public image. p. 114
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consumer behaviour
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The actions that a person takes in purchasing and using products and services, including the mental and social processes that precede and follow these actions. p. 122
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purchase decision process
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The stages a buyer passes through in making choices about which products and services to buy. p. 122
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consideration set
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The group of brands that a consumer would consider acceptable from among all the brands of which he or she is aware. p. 123
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evaluative criteria
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Factors that represent both the objective attributes of a brand (such as locate speed) and the subjective ones (such as brand prestige) you use to compare different products and brands. p. 123
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cognitive dissonance
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Feeling of post-purchase psychological tension or anxiety. p. 124
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involvement
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The personal, social, and economic significance of the purchase to the consumer. p. 125
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situational influences
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Have an impact on your purchase decision process: (1) the purchase task, (2) social surroundings, (3) physical surroundings, (4) temporal effects, and (5) antecedent states. p. 126
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national character
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A distinct set of personality characteristics common among people of a country or society. p. 128
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personality
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A person's consistent behaviours or responses to recurring situations. p. 128
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self-concept
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The way people see themselves and the way they believe others see them. p. 128
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perception
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The process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world. p. 129
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perceived risk
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The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes that there may be negative consequences. p. 130
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subliminal perception
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Means that you see or hear messages without being aware of them. p. 130
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brand loyalty
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A favourable attitude toward and consistent purchase of a single brand over time. p. 131
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attitude
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A learned predisposition to respond to an object or class of objects in a consistently favourable or unfavourable way. p. 132
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beliefs
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A consumer's subjective perception of how well a product or brand performs on different attributes. p. 132
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values
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Personally or socially preferable modes of conduct or states of existence that are enduring. p. 132
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lifestyle
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A mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them. p. 133
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buzz marketing
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Popularity created by consumer word of mouth. p. 135
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viral marketing
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The online version of word of mouth, involving the use of messages “infectious” enough that consumers wish to pass them along to others through online communication. p. 135
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word of mouth
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The influencing of people during conversations. p. 135
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consumer socialization
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The process by which people acquire the skills, knowledge, and attitudes necessary to function as consumers. p. 136
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reference groups
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People to whom an individual looks as a basis for self-appraisal or as a source of personal standards. p. 136
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social class
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The relatively permanent, homogeneous divisions in a society into which people sharing similar values, lifestyles, interests, and behaviour can be grouped. p. 138
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subcultures
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Subgroups within the larger, or national, culture with unique values, ideas, and attitudes. p. 139
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opinion leaders
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Those knowledgeable about users of particular products and services, and so their opinions influence others' choices. p. 134
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business marketing
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The marketing of goods and services to companies, governments, and not-for-profit organizations for use in the creation of goods and services that they can produce and market to others. p. 148
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government units
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The federal, provincial, and local agencies that buy goods and services for the constituents they serve. p. 149
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industrial firm
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An organizational buyer that, in some way, reprocesses a good or service it buys before selling it again to the next buyer. p. 149
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resellers
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Wholesalers or retailers that buy physical products and sell them again without any processing. p. 149
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derived demand
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Demand for business products and services is driven by, or derived from, demand for consumer products and services. p. 152
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organizational buying behaviour
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The decision-making process that organizations use to establish the need for products and services, and to identify, evaluate, and choose among alternative brands and suppliers. p. 152
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organizational buying criteria
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The objective attributes of the supplier's products and services and the capabilities of the supplier itself. p. 153
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ISO 9000 standards
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Registration and certification of a manufacturer's quality management and quality assurance system. p. 154
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reciprocity
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An industrial buying practice in which two organizations agree to purchase each other's products and services. p. 154
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supplier development
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The deliberate effort by organizational buyers to build relationships that shape suppliers' products, services, and capabilities to fit a buyer's needs and those of its customers. p. 154
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supply partnership
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A relationship that exists when a buyer and its supplier adopt mutually beneficial objectives, policies, and procedures for the purpose of lowering the cost and/or increasing the value of products and services delivered to the ultimate consumers. p. 154
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buying centre
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The group of people in an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision. p. 155
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buy classes
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Three types of organizational buying situations: new buy, straight rebuy, and modified rebuy. p. 157
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make-buy decision
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An evaluation of whether components and assemblies will be purchased from outside suppliers or built by the company itself. p. 159
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value analysis
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A systematic appraisal of the design, quality, and performance of a product to reduce purchasing costs. p. 159
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bidders' list
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A list of firms believed to be qualified to supply a given item. p. 160
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e-marketplaces
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Online trading communities that bring together buyers and supplier organizations. p. 161
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reverse auction
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A buyer communicates a need for a product or service, and would-be suppliers are invited to bid in competition with each other. p. 162
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traditional auction
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A seller puts an item up for sale, and would-be buyers are invited to bid in competition with each other. p. 162
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countertrade
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The practice of using barter rather than money for making global sales. p. 170
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balance of trade
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The difference between the monetary value of a nation's exports and imports. p. 171
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gross domestic product (GDP)
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The monetary value of all goods and services produced in a country during one year. p. 171
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trade feedback effect
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A country's imports affect its exports and exports affect its imports. p. 171
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protectionism
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The practice of shielding one or more industries within a country's economy from foreign competition through the use of tariffs or quotas. p. 175
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quota
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A restriction placed on the amount of a product allowed to enter or leave a country. p. 175
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tariff
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A government tax on goods or services entering a country, which primarily serves to raise prices on imports. p. 175
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global competition
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Exists when firms originate, produce, and market their products and services worldwide. p. 178
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strategic alliances
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Agreements among two or more independent firms to cooperate for the purpose of achieving common goals, such as a competitive advantage or customer value creation. p. 178
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global marketing strategy
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The practice of standardizing marketing activities when there are cultural similarities and adapting them when cultures differ. p. 179
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multidomestic marketing strategy
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Use of as many different product variations, brand names, and advertising programs as countries in which they do business. p. 179
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global brand
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A brand marketed under the same name in multiple countries with similar and centrally coordinated marketing programs. p. 180
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global consumers
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Consumer groups living in many countries or regions of the world that have similar needs or seek similar features and benefits from products or services. p. 180
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cross-cultural analysis
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Involves the study of similarities and differences among consumers in two or more nations or societies. p. 181
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cultural symbols
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Things that represent ideas and concepts. p. 182
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customs
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Norms and expectations about the way people do things in a specific country. p. 182
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semiotics
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The field of study that examines the correspondence between symbols and their role in the assignment of meaning for people. p. 182
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back translation
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Retranslating a word or phrase into the original language by a different interpreter to catch errors. p. 184
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consumer ethnocentrism
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The tendency to believe that it is inappropriate, indeed immoral, to purchase foreign-made products. p. 184
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bottom of the pyramid
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The largest, but poorest socio-economic group of people in the world consisting of 4 billion people who reside in developing countries and live on less than $2 per day. p. 185
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currency exchange rate
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The price of one country's currency expressed in terms of another country's currency. p. 187
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microfinance
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The practice of offering small, collateral-free loans to individuals who otherwise would not have access to the capital necessary to begin small businesses or other income-generating activities. p. 187
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exporting
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Producing goods in one country and selling them in another country. p. 189
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joint venture
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An arrangement in which a foreign company and a local firm invest together to create a local business, sharing ownership, control, and profits of the new company. p. 190
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licensing
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Offering the right to a trademark, patent, trade secret, or other similarly valued items of intellectual property in return for a royalty or a fee. p. 190
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direct investment
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A domestic firm actually investing in and owning a foreign subsidiary or division. p. 191
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dumping
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Occurs when a firm sells a product in a foreign country below its domestic price or below its actual cost. p. 194
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grey market
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A situation where products are sold through unauthorized channels of distribution. p. 194
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marketing research
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The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions to improve an organization's marketing activities. p. 202
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primary data
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Facts and figures that are newly collected for the project. p. 206
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secondary data
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Facts and figures that have been recorded before the project at hand. p. 206
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focus groups
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An informal session of six to ten customers—past, present, or prospective—in which a discussion leader, or moderator, asks their opinions about the firm's and its competitors' products. p. 207
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depth interviews
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Detailed, individual interviews with people relevant to a research project. p. 208
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survey
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A research technique used to generate data by asking people questions and recording their responses on a questionnaire. p. 209
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experiment
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Obtaining data by manipulating factors under tightly controlled conditions to test cause and effect. p. 212
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observation
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Watching, either mechanically or in person, how people behave. p. 214
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ethnographic research
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Observational approach to discover subtle emotional reactions as consumers encounter products in their “natural use environment.” p. 216
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sampling
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The process of gathering data from subsets of a total population. p. 217
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nonprobability sampling
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Using arbitrary judgments to select the sample so that the chance of selecting a particular element may be unknown or zero. p. 218
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probability sampling
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Using precise rules to select the sample such that each element of the population has a specific known chance of being selected. p. 218
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data mining
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The extraction of hidden predictive information from large databases. p. 222
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market-product grid
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A framework to relate the market segments of potential buyers to products offered or potential marketing actions by the firm. p. 231
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market segments
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The relatively homogeneous groups of prospective buyers that result from the market segmentation process. p. 231
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product differentiation
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Strategy that involves a firm using different marketing mix activities, such as product features and advertising, to help consumers perceive the product as being different from and better than competing products. p. 231
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family life cycle
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The distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviours. p. 236
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usage rate
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Quantity consumed or patronage—store visits—during a specific period; varies significantly among different customer groups. p. 237
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80/20 rule
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A concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers. p. 237
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product positioning
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The place an offering occupies in consumers' minds on important attributes relative to competitive products. p. 243
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product repositioning
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Changing the place a product occupies in a consumer's mind relative to competing products. pp. 243, 289
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perceptual map
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A means of displaying or graphing in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands relative to its own and then take marketing actions. p. 244
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company forecast
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The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts. Also called sales forecast. p. 245
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industry potential
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The maximum total sales of a product by all firms to a segment during a specified time period under specified environmental conditions and marketing efforts of the firms; also called market potential. p. 245
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market potential
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The maximum total sales of a product by all firms to a segment during a specified time period under specified environmental conditions and marketing efforts of the firms; also called industry potential. p. 245
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sales forecast
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The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts. Also called company forecast. p. 245
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direct forecast
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Estimating the value to be forecast without any intervening steps. p. 246
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linear trend extrapolation
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The pattern is described with a straight line. p. 246
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lost-horse forecast
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Making a forecast using the last known value and modifying it according to positive or negative factors expected in the future. p. 246
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salesforce survey forecast
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Asking the firm's salespeople to estimate sales during a coming period. p. 246
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survey of buyers' intentions forecast
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Asking prospective customers if they are likely to buy the product during some future time period. p. 246
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trend extrapolation
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Extending a pattern observed in past data into the future. p. 246
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product
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A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value. p. 254
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product line
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A group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range. p. 254
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business goods
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Products that assist directly or indirectly in providing products for resale (also known as B2B goods, industrial goods, ororganizational goods). p. 255
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consumer goods
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Products purchased by the ultimate consumer. p. 255
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product mix
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The number of product lines offered by a company. p. 255
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convenience goods
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Items that the consumer purchases frequently and with a minimum of shopping effort. p. 256
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shopping goods
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Items for which the consumer compares several alternatives on such criteria as price, quality, or style. p. 256
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specialty goods
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Items that a consumer makes a special effort to search out and buy. p. 256
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unsought goods
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Items that the consumer either does not know about or knows about but does not initially want. p. 256
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production goods
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Items used in the manufacturing process that become part of the final product. p. 257
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support goods
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Items used to assist in producing other goods and services. p. 257
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protocol
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A statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) what the product will be and do. p. 261
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new-product process
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The stages a firm uses to identify business opportunities and convert them to a saleable good or service. p. 264
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new-product strategy development
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The first stage of the new-product process, providing the necessary focus, structure, approach, and guidelines for pursuing innovation. p. 264
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idea generation
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Developing a pool of concepts as candidates for new products. p. 266
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Six Sigma
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A means to “delight the customer” by achieving quality through a highly disciplined process that focuses on developing and delivering near-perfect products and services. p. 266
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screening and evaluation
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The stage of the new-product process that involves internal and external evaluations of the new-product ideas to eliminate those that warrant no further effort. p. 268
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business analysis
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The stage of the new-product process that involves specifying the product features and marketing strategy and making financial projections needed to commercialize a product. p. 270
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development
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The stage of the new-product process that involves turning the idea on paper into a prototype. p. 270
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market testing
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Exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy. p. 271
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commercialization
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The stage of the new-product process that involves positioning and launching a new product in full-scale production and sales. p. 272
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failure fee
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A penalty payment a manufacturer makes to compensate a retailer for failed sales from its valuable shelf space. p. 273
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slotting fee
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A payment a manufacturer makes to place a new item on a retailer's shelf. p. 273
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product life cycle
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The stages a new product goes through in the marketplace: introduction, growth, maturity, and decline. p. 281
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product class
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The entire product category or industry. p. 285
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product form
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Variations of a product within the product class. p. 285
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market modification
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Strategy in which a company tries to find new customers, increase a product's use among existing customers, or create new-use situations. p. 287
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product modification
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Altering a product's characteristics, such as its quality, performance, appearance, features, or package to try to increase and extend the product's sales. p. 287
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trading down
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Reducing the number of features, quality, or price. p. 289
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trading up
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Adding value to a product (or line) through additional features or higher-quality materials. p. 289
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branding
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Activity in which an organization uses a name, phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors. p. 290
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brand name
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Any word, device (design, shape, sound, or colour), or combination of these used to distinguish a seller's goods or services. p. 290
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downsizing
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Reducing the content of packages without changing package size and maintaining or increasing the package price. p. 290
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brand equity
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The added value that a given brand name gives to a product beyond the functional benefits provided. p. 291
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brand personality
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A set of human characteristics associated with a brand name. p. 291
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trademark
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Identifies that a firm has legally registered its brand name or trade name so that the firm has its exclusive use. p. 291
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trade name
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A commercial, legal name under which a company does business. p. 291
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brand licensing
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A contractual agreement whereby a company allows another firm to use its brand name, patent, trade secret, or other property for a royalty or fee. p. 294
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multiproduct branding
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Use by a company of one name for all its products in a product class. p. 295
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co-branding
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The pairing of two or more recognized brands on a single product or service. p. 296
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multibranding
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A manufacturer's branding strategy giving each product a distinct name. p. 297
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cohort brand management
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The bundling of one company's multiple brands into a single marketing effort aimed at a common consumer group. p. 298
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label
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An integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients. p. 298
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mixed branding
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A firm markets products under its own name and that of a reseller because the segment attracted by the reseller is different from its own market. p. 298
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packaging
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Any container in which a product is offered for sale and on which label information is communicated. p. 298
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private branding
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When a company manufactures products but sells them under the brand name of a wholesaler or retailer (often calledprivate labelling or reseller branding). p. 298
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warranty
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A statement indicating the liability of the manufacturer for product deficiencies. p. 302
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services
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Intangible activities, benefits, or satisfactions that an organization provides to consumers in exchange for money or something else of value. p. 308
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four Is of services
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Four unique elements to services: intangibility, inconsistency, inseparability, and inventory. p. 309
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idle production capacity
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When the service provider is available but there is no demand. p. 311
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service continuum
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A range from the tangible to the intangible or goods-dominant to service-dominant offerings available in the marketplace. p. 312
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customer contact audit
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A flowchart of the points of interaction between consumer and service provider. p. 314
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gap analysis
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An evaluation tool that compares expectations about a service offering to the actual experience a consumer has with the service. p. 315
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eight Ps of service marketing
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Product, price, place, and promotion, as well as people, physical evidence, process, and productivity that constitute the services-marketing mix. p. 317
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internal marketing
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The notion that in order for a service organization to serve its customers well, it must care for and treat its employees like valued customers. p. 320
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capacity management
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Making service capacity as productive as possible without compromising service quality. p. 321
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off-peak pricing
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Charging different prices during different times of the day or days of the week to reflect variations in demand for the service. p. 321
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