Marketing Midterm 2

Front 1

define product

Back 1

anything that is value to consumer and can be offered thru a voluntary exchange

Front 2

define product assortment

Back 2

also called product mix

complete set of all product offered by a firm

Front 3

define product lines

Back 3

groups of associated items, such as those that consumers use together or think of as part of a group of similar products

Front 4

define product category

Back 4

an assortment of items that the customer sees as reasonable substitutes for one another

Front 5

define brand

Back 5

the name, term, design, symbol, or any other features that identify one seller's good or service as distinct from those of other sellers

Front 6

define breadth

Back 6

number of product lines offered by a firm

also called variety

Front 7

define depth

Back 7

the number of categories with a product line

Front 8

define SKU

Back 8

stock keeping units

individual items within each product category; the smallest unit available for inventory control

Front 9

define category depth

Back 9

number of stock keeping units (SKU's) within a category

Front 10

define brand equity

Back 10

set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service

Front 11

define licensed brand

Back 11

an agreement that one firm to use the other's name, image and/or logo for a fee

Front 12

define brand awareness

Back 12

measure how many consumers in a market are familiar with the brand and what it stands for

Front 13

define perceived value

Back 13

the relationship between a product or services benefits and cost

Front 14

define brand association

Back 14

mental links that consumers make between a brand and its key product attributes

can involve logo, slogan or famous personality

Front 15

define brand personality

Back 15

refers to a set of humans characteristics associated with a brand which has symbolic or self expressive meanings for consumers

Front 16

define brand loyalty

Back 16

occurs when a consumer buys the same product or service repeatedly over time rather than buying from multiple supplies within the same category

Front 17

define manufactures brands (national brands)

Back 17

brands owned and managed by the manufacturer

Front 18

define private-label brands

Back 18

brands developed and marketed by a retailer and available only from that retailer

also called store brands

Front 19

define premium brands

Back 19

a branding strategy that offers consumers a private lablel of comparable or superior quality to a manufacturer brand

Front 20

define generic (house) brand

Back 20

no-frills products offered at a low price without any branding information

Front 21

define copycat brands

Back 21

mimic a manufacturer's brand in appearance but generally with lower quality and price

Front 22

define exclusive cobrand

Back 22

developed by national brand vendor and retailer and sold only by that retailer

Front 23

define individual brands

Back 23

use of individual brand names for each of a firms product

Front 24

define brand extension

Back 24

the use of the same brand name for new products being introduced to the same or new markets

Front 25

define brand dilution

Back 25

occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold

Front 26

define brand repositioning

Back 26

also called rebranding

a strategy in which marketers change a brands focus to target new markets or realign the brands core emphasis with changing market preference

Front 27

define primary package

Back 27

the packaging the consumer uses such as toothpaste tube from which he or she typically seeks convenience in terms of storage, use and consumption

Front 28

define secondary package

Back 28

the wrapper or exterior carton that contains the primary package and provides the ups label used by retailer scanners; can contain additional product info that may not be on the primary package

Front 29

define innovation

Back 29

the process by which ideas are transformed into new products and services that will help the firm grow

Front 30

define pioneers

Back 30

new products that establish a completely new market or radically change both the rules of competition consumer preference in a market

also called breakthroughs

Front 31

define first movers

Back 31

product pioneers that are the first to create a market or product category, making them readily recognizable to consumers and thus establishing a commanding and early market share lead

Front 32

define diffusion of innovation

Back 32

the process by which the use of an innovation, whether a product or a service spreads throughout a market group over time and over various categories of adopters

Front 33

define innovators

Back 33

those buyers who want to be the first to have the new product or service

Front 34

define early adopters

Back 34

2nd group of consumers in diffusion of innovation model, after innovators, to use a product; generally do not take as much rick as innovators but wait and see critical reviews

Front 35

define early majority

Back 35

a group of consumers in the diffusion model that represents 34% of the population; wait until bugs are worked out

Front 36

define late majority

Back 36

the last group of buyers to enter a new product market, when they do, the product has reached its full market potential

Front 37

define laggards

Back 37

consumers who like to avoid change and rely on traditional products until they are no longer available

Front 38

define clinical trial

Back 38

medical test of the safety and efficacy of a new drug or `treatment with human subjects

Front 39

define reverse engineering

Back 39

involves taking a competitors product and analyzing it and creating and improve product that does not infringe on any existing patents

Front 40

define lead users

Back 40

innovative product users who modify existing products according to their own ideas to suit their own specific needs

Front 41

define concepts

Back 41

brief written descriptions of a product or service its technology, working principles, and forms; and what customer needs it would satisfy

Front 42

define concept testing

Back 42

the process in which a concept statement that describes a product or a service is presented to potential buyers or users to obtain their reactions

Front 43

define product development

Back 43

also called product design

entails a process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a products form and features or a services features

Front 44

define prototype

Back 44

1st physical form or services description of a new product, still in rough form, that has the same properties of the new product but is produced differently, sometimes even crafted individually

Front 45

define alpha testing

Back 45

an attempt by the firm to determine whether a product will perform according to its design and whether it satisfies the need for which it was intended; occurs in firms R&D

Front 46

define Beta testing

Back 46

having potential consumers examine a product prototype in a real use setting to determine it functionality, performance, potential problems, and other issues

Front 47

define Pre-market test

Back 47

conducted by a product or service is brought to market to determine how many customers will try and then continue to use it

Front 48

define test marketing

Back 48

introduces a new product or service to a limited geographical area (normally a few cities) prior to a national launch

Front 49

define introductory price promotion

Back 49

short term price discounts designed to encourage trial

Front 50

define slotting allowances

Back 50

fees firms pay to retailers simply to get new products into stores or gain better shelf space

Front 51

define product life cycle

Back 51

the stages of a new product as they enter, get established in and ultimately leave the market place and thereby offer marketers a starting point for their strategy planning

Front 52

define introduction stage

Back 52

stage of the product life cycle when innovators start buying the products

Front 53

define growth stage

Back 53

stage of the product life cycle when the product gains acceptance, demand and sales increase and competitors emerge in the product category

Front 54

define maturity stage

Back 54

stage of the product life cycle when industry sales reach their peak, so their firms try to rejuvenate their products by adding new features or repositioning them

Front 55

define decline stage

Back 55

stage of the product life cycle when sales decline and the product eventually exits the market

Front 56

define service

Back 56

any intangible offering that involves a deed, performance or effort that can not be physically possessed

intangible customer benefits that are produced by people or machines and can not be separated from the producer

Front 57

define customer service

Back 57

specifically refers to human or mechanical activities firms undertake to help satisfy their customer needs and wants

Front 58

define intangible

Back 58

a characteristics of a service

it can not be touched, tasted, or seen like a pure product

Front 59

define inseparable

Back 59

a characteristic of a service

it is produced and consumed at a time that is a service and consumption are inseparable

Front 60

define variability

Back 60

characteristic of a service

its quality may vary because it is provided by humans

Front 61

define perishability

Back 61

characteristic of a service

it can not be store for future use

Front 62

define service quality

Back 62

customers perceptions of how well a service meets or exceeds their expectations

Front 63

define Voice of Customer Programs (VOC)

Back 63

an ongoing marketing research system that collects inputs and integrates them into managerial decisions

Front 64

define zone of tolerance

Back 64

the area between customers expectations regarding their desired service and the minimum level of acceptance service

basically what the customer will accept before taking their business else where

Front 65

define empowerment

Back 65

in context of service delivery, means allowing employees to make decisions about how service is provided to customers

Front 66

define emotional support

Back 66

concern for others well-being and support for their decisions in a job setting

Front 67

define instrumental support

Back 67

providing the equipment or systems needed to perform a task in a job setting

Front 68

define Service Gap

Back 68

results when a service fails to meet the expectations that customers have about how it should be DELIVERED

Front 69

define Knowledge Gap

Back 69

a type of service gap

reflects the difference between customers expectations and the firms perception of those expectations

Front 70

define Standards Gap

Back 70

a type of service gap

pertains to the difference between the firms perception of customer expectations and the service standards it sets

Front 71

define Delivery Gap

Back 71

a type of service gap

the difference between the firms standards and the actual service it provides to customers

Front 72

define communication gap

Back 72

a type of service gap

refers to the difference between the actual service provided to customers and the service that the firms promotions programs promises

Front 73

define advertising

Back 73

a paid form of communication from an identifiable source, delivered through a communication channel and designed to persuade the receiver to take some action now or in the future

Front 74

define advertising plan

Back 74

a section of the firm's overall plan that explicitly outlines the objectives of the advertising campaign, how the campaign might accomplish those objectives and how the firm can determine whether the campaign was successful

Front 75

define Pull Strategy

Back 75

designed to get consumers to pull the product into the supply chain by demanding it

Front 76

define Push Strategy

Back 76

designed to increase demand by motivating sellers

to highlight the product rather than the competitors and thereby push the product onto consumers

Front 77

define informative advertising

Back 77

communication used to create and build brand awareness with the ultimate goal of moving the consumer thru the buying cycle to a purchase

Front 78

define persuasive advertising

Back 78

communication used to motivate consumers to take action

Front 79

define Reminder Advertising

Back 79

communication used to remind consumers of a product or to prompt repurchases especially for products that have gained market acceptance and are in the maturity stage of their life cycle

Front 80

define Product-focused Advertisements

Back 80

Used to inform, persuade or remind consumers about a specific product or service

Front 81

define institutional advertisement

Back 81

used to perform, persuade and remind consumers about issues related to places, politics, an industry or a particular corporation

Front 82

define Primary demand advertising

Back 82

Ads designed to generate demand for the product category or an entire industry

Front 83

define public service announcements

Back 83

also called PSA

advertising that focuses on public welfare and generally is sponsored by non profit institutions, civic groups, religious groups, political groups or trade groups

a form of social marketing

Front 84

define Social marketing

Back 84

the application of marketing principles to a social issue to bring about attitudinal and behavioral change among the general public or a specific population segment

Front 85

define Selective Demand

Back 85

demand for a specific brand

Front 86

define unique selling proposition

Back 86

USP

a strategy of differemtiating a product by communicating its unique attributes

often becomes common theme or slogan of ad campaign

Front 87

define niche media

Back 87

channels that are focused and generally used to reach narrow segments

often unique interests or demographic

Front 88

define flighting advertising

Back 88

an ad schedule implemented in spurts with period of heavy advertising and then period of no advertising

Front 89

define pulsing advertising

Back 89

maintain a base level of advertising but increase advertising intensity during certain periods

Front 90

define Lift

Back 90

additional sales caused by advertising

Front 91

define puffery

Back 91

legal exaggeration of praise on a product

borderline deception

Front 92

define public relations

Back 92

organizational function that manages the firm's communication to achieve a variety of objectives like maintaining positive relationships with the media

Front 93

define Sales Promotion

Back 93

special incentives or excitement building programs that encourage the purchase of a product such as

ex. coupons, rebates, free samples, contest

Front 94

define deal

Back 94

a type of short term price reduction

ex. buy one, get one free
a certain percentage off when you buy one

Front 95

define premium

Back 95

an item offered for free or at a bargain price

Front 96

define personal selling

Back 96

2 way flow of communication between a buyer and a seller that is designed to influence a buyers purchase decision

Front 97

define Leads

Back 97

a list of potential customers

Front 98

define Qualify

Back 98

the process of assessing the potential of sales leads

Front 99

define cold calls

Back 99

a method of prospecting in which sales people telephone or go to see potential customers without appointments

Front 100

define company sales force

Back 100

comprised of people who are the employees of selling company and are engaged in the selling process

Front 101

define order Getters

Back 101

a sales person whose primary responsibilities are identifying potential customers and engaging those customers in discussion to make a sale

Front 102

define Order Takers

Back 102

a sales person whose primary responsibility is to process routine orders or reorder or rebuys for products

Front 103

define Sales Support Personnel

Back 103

employees who enhances and help with a firms overall selling effort such as by responding to the customer technical questions or facilitating repairs

Front 104

define independent agents

Back 104

sales people who sell a manufacturer's products on an extended contract basis but are not employees of manufacturer

also called manufacturer reps