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58 Cards in this Set
- Front
- Back
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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 sonsumers and is receibed in exchange for money
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product line
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a group of products that are closely related because they satify a class of needs, are used together, are sold to the same customer group, are distributed through thte same type of outlets or fall within a given price range
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product mix
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number of product lines offered by a company
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consumer goods
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products purchased by the ultimate consumer
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business goods
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products that assist directly or indirectly in providing products for resale
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convenience goods
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itmes that the consumer purchases frequently, conveniently, and with minimum shopping effort; relatively inexpensive, widespread distribution; toothpaste, soap, cake mix...
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shopping goods
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items for which the consumer compared several alternatives on criteria, such as price, quality, or style; fairly expensive; large number of selective outlets; differentiation from competitors stressed; cameras, tvs, clothes, briefcases...
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specialty goods
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items that a consumer makes a special effort to search out and buy; usually very expensive; very limited distribution; very brand loyal; rolls royce cars, rolex...
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unsought goods
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items that the consumer either does not know about or knows about by does not initially want; often limited distribution; burial plots, insurance...
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production goods
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items used in the manufacturing process that become part of the final product
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support goods
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items used to assist in producin other goods and services; include installations, accessory equipment, supplies, and services
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installations
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consist of buildings and fixed equipment
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accessory equipment
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includes tools and office equipment and is usually purchased in small orders by buyers
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supplies
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similar to consumer convenience goods and consist of products such as stationary, paper clips, and brooms
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industrial services
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intangible activities to assist the industrial buyer; includes maintenance and repair services etc...
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new-product process
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the stages a firm goes through to identify business opportunities and convert them to a salable good or service
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new-product strategy development
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the stage of the new-product process that defines the role for a new product in terms of the firm's overall corporate objectives
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idea generation
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the stage of the new-product process that involves developing a pool of concepts as candidates for new products
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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
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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 necessary financial projections needed to commercialize a product
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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
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market testing
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the stage of the new-product process that involves exposing actual products to prospective buyers under realistic purchase conditions to see if they will buy it
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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
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product life cycle
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describes the stages a new product goes through in the marketplace; introduction, growth, maturity, and decline
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brand equity
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the added value a given brand name gives to a product beyond the functional benefits provided
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packaging
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refers to any container in which the product is offered for sale and on which lebel information is conveyed
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labeling
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an intergral part of the package and 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
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services
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intangible activities or benefits that an organizaiton provides to consumers in exchange for money
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gap analysis
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differences between consumer's expectations and experience; asks consumers to assess their expectations and experiences on dimensions of service quality
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harvesting
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when a company retains the product but reduces marketing costs
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product class
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refers to the entire product catergoy or industry; ex video game consoles
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product form
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pertains to variations within the class; ex playstation, ps2, ps3, xbox
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product life cycles
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innovators: 2.5%
early adopters: 13.5% early majority: 34% late majority: 34% laggards: 16% |
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branding
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organizaiton uses a name, phrase, design, symbols, or combination of these to identify its products and distinguist them from those of competitors
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brand name
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any word, design, sound, shape, or color or combination used to distinguish a seller's goods or services
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internal marketing
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based on the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers
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capacity management
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integrating the service component of the markeitng mix with efforts to influence consumer demand
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price
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money or other considerations exchanged for the ownership or use of a good or service
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barter
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exchanging goods and services for other goods and services rather than for money
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adoption process stages
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awareness, interest, evaluation, trial, adoption
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fashion product
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is introduced, declines, and then seems to return. life cycle length may be in years or decades
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fad
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a fashion that experiences rapid sales on introduction and then an equally rapid decline; typically have a short life cycle
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style
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a basic and distinctive mode of expression
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total cost
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the total expense incurred by a firm in producing and marketing a product
tc = fc + vc |
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fixed cost
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the sum of the expenses of the firm that are stable and do not change with the quantity of a product produced
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variable cost
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the sum of the expenses of the firm that vary directly with the quantity of the product produced; expressed on a per unit basis called unit variable cost
uvc = vc / q |
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marginal analysis
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continuing, concise trade-off of incremental costs against incremental revenues; people will continue to do something as long as the incremental return exceeds the incremental costs
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break-even point
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the quantity at which total revenue and total cost are equal
bep = fc / (price - uvc) |
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price elasticity of demand
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the percentage change in quantity demanded relative to a percentage change in price
e = % change in quantity demanded / % change in price |
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elastic demand
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when 1% decrease in price produced more than a 1% increase in quantity demanded; increasing sales revenue; ex product with many substitutes
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inelastic demand
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when a 1% decrease in price produces less that a 1% increase in quantity demanded; decreasing sales revenue; ex nessessities
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unitary demand
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when the % change in price is the same as the % change in quantity demanded; sales revenue remains the same
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total revenue
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the total money received from the sale of a product
tr = p x q |
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average revenue
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the average amount of money received for selling one unit of a product
ar = tr / q |
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marginal revenue
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the change in total revenue that results from producing and marketing one additional unit
mr = change in tr / 1 unit increase in q = slope of tr curve |
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demand curve
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a graph relating the quantity sold and price which shows the maximum number of units that will be sold at a given price
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demand factors
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factors that determine consumers' willingness and ability to pay for goods and services
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pricing contraints
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factors that limit the range of prices a firm may set
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