Marketing - Exam 3

Front 1

product

Back 1

everything, both favorable and unfavorable, that a person receives in exchange

Front 2

business product (industrial product)

Back 2

a product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers

Front 3

consumer product

Back 3

a product bought to satisfy an individual's personal wants

Front 4

convenience product

Back 4

a relatively inexpensive item that merits little shopping effort

Front 5

shopping product

Back 5

a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

Front 6

specialty product

Back 6

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

Front 7

unsought product

Back 7

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

Front 8

product item

Back 8

a specific version of a product that can be designated as a distinct offering among an organization's products

Front 9

product line

Back 9

a group of closely related product items

Front 10

product mix

Back 10

all products that an organization sells

Front 11

planned obsolescence

Back 11

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

Front 12

product line extension

Back 12

adding additional products to an existing product line in order to compete more broadly in the industry

Front 13

brand

Back 13

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

Front 14

brand name

Back 14

that part of a brand that can be spoken, including letters, words, and numbers

Front 15

brand mark

Back 15

the elements of a brand that cannot be spoken

Front 16

brand equity

Back 16

the value of company and brand names

Front 17

global brand

Back 17

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

Front 18

manufacturer's brand

Back 18

the brand name of a manufacturer

Front 19

private brand

Back 19

a brand name owned by a wholesaler or a retailer

Front 20

captive brand

Back 20

a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation

Front 21

individual branding

Back 21

using different brand names for different products

Front 22

family branding

Back 22

marketing several different products under the same brand name

Front 23

co-branding

Back 23

placing two or more brand names on a product or its package

Front 24

trademark

Back 24

the exclusive right to use a brand or part of a brand

Front 25

persuasive labeling

Back 25

a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary

Front 26

informational labeling

Back 26

a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after purchase

Front 27

universal product codes (UPCs)

Back 27

a series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products

Front 28

warranty

Back 28

a confirmation of the quality or performance of a good or service

Front 29

express warranty

Back 29

a written guarantee

Front 30

implied warranty

Back 30

an unwritten guarantee that the good or service is fit for purpose for which it was sold

Front 31

new product

Back 31

a product new to the world, the market, the producer, the seller, or some combination of these

Front 32

new-product strategy

Back 32

a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation

Front 33

product development

Back 33

a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products

Front 34

brainstorming

Back 34

the process of getting a group to think of unlimited ways to vary a product or solve a problem

Front 35

screening

Back 35

the first filter in a product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some reason

Front 36

concept test

Back 36

a test to evaluate a new-product idea, usually before any prototype has been created

Front 37

development

Back 37

the stage in the product development process in which a prototype is developed and a marketing strategy is outlined

Front 38

simultaneous product development

Back 38

a team-oriented approach to new-product development

Front 39

test marketing

Back 39

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

Front 40

diffusion

Back 40

the process by which the adoption of an innovation spreads

Front 41

product life cycle (PLC)

Back 41

a concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death)

Front 42

introductory stage

Back 42

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

Front 43

growth stage

Back 43

the second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy

Front 44

maturity stage

Back 44

a period during which sales increase at a decreasing rate

Front 45

decline stage

Back 45

a long-run drop in sales

Front 46

supply chain

Back 46

the connected chain of all the business entities, both internal and external to the company, that perform or support the logistics function

Front 47

supply chain management

Back 47

a management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value

Front 48

supply chain integration

Back 48

when multiple firms or business functions in a supply chain coordinate their activities and processes so that they are seamlessly linked to one another in an effort to satisfy the customer

Front 49

business processes

Back 49

bundles of interconnected activities that stretch across the firms in the supply chain

Front 50

customer relationship management (CRM) process

Back 50

allows companies to prioritize their marketing focus on different customer groups according to each group's long-term value to the company or supply chain

Front 51

customer service management process

Back 51

present's a multi-company,unified response system to the customer whenever complaints, concerns, questions, or comments are voiced

Front 52

demand management process

Back 52

seeks to align supply and demand throughout the supply chain by anticipating customer requirements at each level and creating demand-related plans of action prior to actual customer purchasing behavior

Front 53

order fulfillment process

Back 53

a highly integrated process, often requiring persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time

Front 54

manufacturing flow management process

Back 54

concerned with ensuring that firms in the supply chain have the needed resources to manufacture with flexibility and to move products through a multi-stage production process

Front 55

supplier relationship management process

Back 55

supports manufacturing flow by identifying an maintaining relationships with highly valued suppliers

Front 56

product development and commercialization process

Back 56

includes the group of activities that facilitates the joint development and marketing of new offerings among a group of supply chain partner firms

Front 57

returns management process

Back 57

enables firms to manage volumes of returned products efficiently while minimizing return-related costs and maximizing the value of the returned assets to the firms in the supply chain

Front 58

logistics

Back 58

the process of strategically manage the efficient flow and storage of raw materials, in-process inventory, and finished goods from point of origin to point of consumption

Front 59

supply chain team

Back 59

an entire group of individuals who orchestrate the movement of goods, services, and information from the source to the consumer

Front 60

inventory control system

Back 60

a method of developing and maintaining an adequate assortment of materials or products to meet a manufacturer's or a customer's demand

Front 61

materials requirement planning (MRP; materials management)

Back 61

an inventory control system that manages the replenishment of raw materials, supplies, and components from the supplier to the manufacturer

Front 62

distribution resource planning (DRP)

Back 62

an inventory control system that manages the replenishment of goods from the manufacturer to the final consumer

Front 63

order processing system

Back 63

a system whereby orders are entered into the supply chain and filled

Front 64

materials-handling system

Back 64

a method of moving inventory into, within, and out of the warehouse

Front 65

logistics information system

Back 65

the link that connects all the logistics functions of the supply chain

Front 66

outsourcing (contract logistics)

Back 66

a manufacturer's or supplier's use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing

Front 67

electronic distribution

Back 67

a distribution technique that includes any kind of product or service that can be distributed electronically, whether over traditional forms such as fiber-optic cable or through satellite transmission of electronic signals

Front 68

sustainable supply chain management

Back 68

a supply chain management philosophy that embraces the need for optimizing social and environmental costs in addition to financial costs

Front 69

marketing channel (channel of distribution)

Back 69

a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer

Front 70

intensive distribution

Back 70

a form of distribution aimed at having a product available in every outlet where target customers might want to buy it

Front 71

selective distribution

Back 71

a form of distribution achieved by screening dealers to eliminate all but a few in any single area

Front 72

exclusive distribution

Back 72

a form of distribution the establishes one or a few dealers within a given area

Front 73

arm's-length relationship

Back 73

a relationship between companies that is loose, characterized by low relational investment and trust, and usually taking the form of a series of discrete transactions with no or low expectation of future interaction or service

Front 74

cooperative relationship

Back 74

a relationship between companies that takes the form of informal partnerships with moderate levels of trust and information sharing as needed to further each company's goals

Front 75

integrated relationship

Back 75

a relationship between companies that is tightly connected, with linked processes across and between firm boundaries and high levels of trust and interfirm commitment

Front 76

channel power

Back 76

the capacity of a particular marketing channel member to control or influence the behavior of other channel members

Front 77

channel control

Back 77

a situation that occurs when one marketing channel member intentionally affects another member's behavior

Front 78

channel captain

Back 78

a member of a marketing channel that exercises authority and power over the activities of other channel members

Front 79

channel conflict

Back 79

a clash of goals and methods between distribution channel members

Front 80

channel partnering

Back 80

the effort of all channel members to create a channel that serves customers and creates a competitive advantage

Front 81

retailing

Back 81

all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use

Front 82

independent retailer

Back 82

a retailer owned by a single person or partnership and not operated as part of a larger retail institution

Front 83

automatic vending

Back 83

the use of machines to offer goods for sale

Front 84

direct retailing

Back 84

the selling of products by representatives who work door-to-door, office-to-office, or at home sales parties

Front 85

retailing mix

Back 85

a combination of the six Ps - product, place, promotion, price, presentation, and personnel - to sell goods and services to the ultimate consumer

Front 86

Six Ps (retailing mix)

Back 86

product, place, promotion, price, presentation, and personnel

Front 87

atmosphere

Back 87

the overall impression conveyed by a store's physical layout, decor, and surroundings

Front 88

m-commerce

Back 88

the ability to conduct commerce using a mobile device for the purpose of buying or selling goods or services

Front 89

focus group

Back 89

the objective of focus group interviews is to stimulate insightful comments through group interaction

Front 90

functions of packaging

Back 90

contain and protect
promote
facilitate storage, use, and convenience
facilitate recycling

Front 91

just-in-time manufacturing (JIT)

Back 91

a process that redefines and simplifies manufacturing by reducing inventory levels and delivering raw materials at the precise time they are needed in the production line

Front 92

overcoming discrepancies

Back 92

quantity, assortment, temporal, and spatial

Front 93

channel intermediaries

Back 93

retailer, merchant wholesalers, agents and brokers

Front 94

full-line discount store

Back 94

a retailer that offers consumers very limited service and carries a broad assortment of well-known, nationally branded "hard goods"

Front 95

discount stores

Back 95

full-line discount stores
specialty discount store
mass merchandising
supercenter

Front 96

category killer

Back 96

a specialty discount store that heavily dominates their merchandise segment