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76 Cards in this Set
- Front
- Back
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Product
hint Auc Wn |
Anything that can be offered to a market for Attention, Use, or Consumption that might satisfy a Want or Need.
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Anything that can be offered to a market for Attention, Use, or Consumption that might satisfy a Need or Want
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Product
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Service
Hint the word Intangle |
Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
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Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
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Service
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What are the three levels of a product.
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Core benefit- what is the buyer really buying?
make actual product- brand name, quality level, design, special features Augmented product-additional consumer services and benefits (BlackBerry example) |
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Product bought by final consumer for personal consumption
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Consumer product
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Consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.
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Convenience product
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Consumer good that the customer, in the process of selection and purchase, characteristically compares on such bases as suitability quality, price, and style.
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Shopping product
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Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
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Speciality product
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Consumer product that the consumer either does not know about or knows about but does not normally think of buying.
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Unsought product
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what is the distinction between a consumer product and an industrial product?
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The purpose for which the product is bought.
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Industrial Product
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Product bought by individuals and organizations for further processing or for use in CONDUCTING A BUSINESS.
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Product bought by individuals and organizations for further processing or for use in CONDUCTING A BUSINESS.
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Industrial Product
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Social Marketing
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The use of commercial marketing concepts and tools in programs designed to influence individuals behavior to improve their well-being and that of society.
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Concepts and tools in programs designed to influence individuals behavior to improve their well-being and that of society.
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Social Marketing
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Product quality
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The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
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The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
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Product quality.
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Brand
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name, term, sign, symbol, or design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
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A name, term, sign, symbol, or design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
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Brand
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1 mg = ______ mcg
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1000
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A group of products that are closely related because they function in a smilar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
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Product line
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The set of all product lines and items that a particular seller offers for sale.
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Product Mix or Product portfolio
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Product Mix or Product portfolio
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The set of all product lines and items that a particular seller offers for sale
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Chapter 8
The positive differential effect that knowing the brand name has on customer response to the product or service |
Brand equity
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Chapter 8
A brand created and owned by a reseller of a product or service |
Private brand (or store brand)
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Chapter 8
The practice of using the established brand names of two different companies on the same product |
Co-branding
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Chapter 8
Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category Example-coke. Why could this be a bad thing? Think Hershey Kiss |
Line extension
An overextended brand name might lose its specific meaning and cause confusion or frustration |
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Chapter 8
Extending an existing brand name to new product categories Example-Huggies went from diapers to more toilet trees |
Brand extension
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A major characteristic of services- they cannot be seen, tasted, felt, Chapter 8
heard, or smelled before they are bought. Example-Cosmetic surgery, airplane flights |
Service intangibility
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Chapter 8
A major characteristic of services-they are produced and consumed at the same time and cannot be separated from their providers |
Service inseparability
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Chapter 8
A major characteristic of services- they cannot be stored for later sale or use. |
Service perishability
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Chapter 8
The chain that links service firm profits with employee and customer satisfaction ? confused |
Service-profit chain
Confused |
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Chapter 8
Orienting and motivating customer-contact employees and the supporting service people to work as a team to provide customer satisfaction. example: think ritz carlton: giving out rewards and other things to make employees happy. Everyone needs to be happy to make it work good! BOOOOYAMOS. |
Internal marketing
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Chapter 8
Training service employees in the fine art of interacting with customers to satisfy their needs |
Interactive marketing
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Chapter 9
The development of original products, product improvements, product modifications, and new brands through the firm's own R&D efforts |
New-Product development
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The systematic search for new-product ideas.
Use of external and internal sources |
Idea generation
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Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.
Company asks certain questions to figure out what should really go out into the world of marketing |
Idea screening
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A detailed version of the new product idea states in meaningful consumer terms
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Product Concept
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Testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.
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Concept testing
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Designing an initial marketing strategy for a new product based on the product concept.
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Marketing Strategy development
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what are the three parts of the marketing strategy development?
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1. Target Market
2. Planned price 3. Planned long -run sales,profit goals, and marketing mix strategy. |
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A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy he company's objectives.
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Business analysis
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The stage of new-product development in which the product and marketing program are tested in more realistic market settings
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Test marketing
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Introducing a new product into the market
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commercialization
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New-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.
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Customer-centered new product development
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An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness
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Team-based new-product development
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The course of a product's sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline.
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Product life cycle (PLC)
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A basic and distinctive mode of expression
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Style
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A currently accepted or popular style in a given field.
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Fashion
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A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity
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Fad
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The product life-cycle stage in which the new product is first distributed and made available for purchase.
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Introduction Stage
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The product life0cycle stage in which a products sales start climbing quickly
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Growth stage
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The product life-cycle stage in which sales growth slows or levels off
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Maturity stage
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The product life- cycle stage in which a products sales decline
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Decline Stage
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Chapter 1.
States of self depreviation |
Need
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The form human needs take as shaped by culture and individual personality
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Wants
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Human wants that are backed by buying power
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Demands
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Some combination of products, services,information, or experiences offered to a market to satisfy a need or want
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Market offering
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The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
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Marketing myopia
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Chapter 1 The act of obtaining a desired object from someone by offering something in return
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Exchange
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Chapter 1The set of all actual and potential buyers of a product or service
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Market
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Chapter 1
The art and science of choosing target markets and building profitable relationships with them. |
Marketing Management
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Chapter 1
The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. |
Production concept
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Chapter 1
The idea that consumers will favor products that offer the most quality, performance and features and that the organization should therefore devote its energy to making continuous product improvements |
Product concept
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The idea that consumers will not buy enough of the firms products unless it undertakes a large- scale selling and promotion effort
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Selling Concept
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Chapter 1
The marketing management philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do |
Marketing Concept
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A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers wants, the company's requirements, consumer's long-run interests, and society's long-run interests.
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Societal marketing concept
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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Customer relationship management
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THe customers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.
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Customer perceived value
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Chapter 1
The extent to which a products perceived performance matches a buyers expectations |
Customer Satisfaction
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Chapter 1
Working closely with partners in other company departments and outside the company to jointly bring greater value to customers |
Partner relationship management
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Chapter 1
The value of the entire stream of purchases that a customer would make over a lifetime of patronage. |
Customer lifetime value
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Chapter 1
The portion of the customers purchasing that a company gets in its product categories |
Share of customer
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Chapter 1
The total combined customer lifetime values of all of the company's customers |
Customer equity
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Chapter 1
word for word.. what is the definition of MARKETING! |
Marketing is about KNOWING, DELIVERING, and SATISFYING the CUSTOMERS NEEDS while meeting the ORGANIZATIONS GOALS.
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What are the four types of a product?
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convenience
shopping unsought specialty |
