Marketing Chapters 10-12

Front 1

Convenience Product

Back 1

Relatively inexpensive item that merits little shopping effort.. That is, a consumer is unwilling to shop extensively for such an item. Ex- aspirin, drinks, hardware items fall into this category

Front 2

Shopping Products

Back 2

Usually more expensive than a convenience product and is found in fewer stores. Consumers usually buy a shopping product only after comparing several brands or stores on style, practicality, price and lifestyle compatibility.

Front 3

Specialty Products

Back 3

When consumers search extensively for a particular item and are very reluctant to accept substitutes.

Examples are Rolls Royces, Bose Speakers Etc....

Front 4

Unsought Products

Back 4

A product that is unknown to the potential buyer or a known product that the buyer does not actively seek.

Front 5

Product Item

Back 5

a specific version of a product that can be designated as a distinct offering among an organizations products. Campbell's Cream of chicken soup is an example of a product item.

Front 6

Product Line

Back 6

A group of closely related product items

Front 7

Product Mix

Back 7

Includes all of the products it sells.

Ex- All Campbells products- soups, sauces, frozen entrées, beverages and biscuits constitute its product mix.

Front 8

Product mix width

Back 8

Refers to the number of product lines an organization offers.

Front 9

Product line depth

Back 9

Number of product items in a product line.

Front 10

Product Modification

Back 10

Changes one or more of a products characteristics.

Front 11

Planned obsolescence.

Back 11

Term used to describe the practice of modifying products so that those that have already been sold become obsolete before they actually need replacement

Front 12

Product line extension

Back 12

Occurs when a company's management decides to add products to an existing product line in order to compete more broadly in the industry.

Front 13

Brand

Back 13

name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products.

Front 14

Brand Name

Back 14

is that part of a brand that can be spoken, including letters such as GMC. 7-Eleven, Etc.....

Front 15

Brand Mark

Back 15

The elements of a brand that cannot be spoken.

Ex: The mercedes benz symbol.

Front 16

Brand Equity

Back 16

Refers to the value of a company or brand name.

Front 17

Global Brand

Back 17

Refers to a brand that obtains at least one-third of its earnings from outside its home country, is recognizable outside its home base of customers , and has publicly available marketing and financial data.

Front 18

Brand Loyalty.

Back 18

A consistent preference for one brand over all others.

Front 19

Manufacturers brand

Back 19

The brand name of a manufacturer such as La-Z-Boy and Fruit of the loom.

Front 20

Private brand

Back 20

brand name owned by a wholesaler or a retailer.

Front 21

Trademark

Back 21

Exclusive rights to use a brand or part of a brand

Front 22

Service mark

Back 22

performs the same function for services, such as H&R Block and Weight Watchers.

Front 23

Generic Product Name

Back 23

Identifies a product by class or type, and cannot be trademarked.

Front 24

Greenwashing

Back 24

when a product or company attempts to give the impression of environmental friendliness whether or not it is environmentally friendly.

Front 25

Express Warranty

Back 25

Is a written Guarantee

Front 26

Implied warranty

Back 26

Unwritten guarantee that the good or service is fit for the purpose for which it was sold.

Front 27

New product strategy

Back 27

links the new product development process with the objectives of the marketing department, the business unit, and the corporation.

Front 28

Brainstorming

Back 28

is to get a group to think of unlimited ways to vary a product or solve a problem.

Front 29

Screening

Back 29

eliminates ideas that are inconsistent with the organizations new product strategy or are obviously inappropriate for some other reason.

Front 30

Concept Test

Back 30

evaluates a new product idea usually before any prototype has been created.

Front 31

Test Marketing

Back 31

Limited introduction of a product and the marketing program to determine the reactions of potential customers in a market situation.

Front 32

Commercialization

Back 32

Final stage in the new product development process. It is the decision to market a product.

Front 33

Diffusion

Back 33

The process by which the adoption of an innovation spreads.

Front 34

Product Category

Back 34

Includes all brands that satisfy a particular type of need, such as shaven products, passenger automobiles, or soft drinks.

Front 35

Introductory Stage "Of the Plc"- Product Life Cycles

Back 35

Represents the full-scale launch of a new product into the marketplace.

Front 36

Growth Stage

Back 36

Sales typically begin to grow at an increasing rate. Profits rise rapidly.

Front 37

Maturity Stage

Back 37

A period during which sales increase at a decreasing rate.

Front 38

Decline Stage

Back 38

A long -run drop in sales

Front 39

Intangibility

Back 39

Things that cannot be touched, seen, tasted, heard or felt in the same manner that foods can be sensed.

An example can be a patent.

Front 40

Search Quality

Back 40

Characteristic that can be easily assessed before purchase- for instance, the color of an appliance or automobile.

Front 41

Experience Quality

Back 41

Characteristic that can be assessed only after use, such as the quality of a meal in a restaurant.

Front 42

Credence Quality

Back 42

Characteristic that consumers may have difficulty assessing even after a purchase because they do not have the necessary knowledge or experience.

Front 43

Inseperability

Back 43

Means that because consumers must be present during the production of services like haircuts or surgery, they are actually involved in the production of the services they buy.

Front 44

Heterogeneity

Back 44

or variability of inputs and outputs, they tend to be less standardized and uniform than goods.

Front 45

Perishability

Back 45

refers to the inability of services to be stored, warehoused, or inventoried

Front 46

Internal Marketing

Back 46

Which means treating employees as customers and developing systems and benefits that satisfy their needs.

Front 47

Non-Profit organization marketing

Back 47

Effort by nonprofit organizations to bring about mutually satisfying exchanges with target markets.