Marketing Test 2

Front 1

lanham act

Back 1

protecting brand names

ie. kleenex, jacuzzi, popsicle, chapstick, etc.

Front 2

Early adopters vs. early majority

Back 2

Early adopters: the second group after the innovators to adopt a product. they wait until there is enough information about the product to review it and not take as high of a risk as the innovator does

EARLY MAJORITY: people who will wait til the bugs are worked out and seems to be profitable

Front 3

line extension vs. product dept

Back 3

LINE EXTENSION: when a company adds a new product within a line they are already in (i.e special k brand within the kellogg's cereal line

PRODUCT DEPT: kellogg releases a type of cookies under a different name altogether (famous amos cookies)

Front 4

homogenous products

Back 4

products that consumers will look for the lowest priced brand that has all desired features

Front 5

heterogeneous product

Back 5

products that consumers have to decide which one to choose based off the features they think are the most desirable because all the products in the category are different from each other

Front 6

cross docking

Back 6

when the product is received by the warehouse and immediately shipped to the store; quick turn-around; example: meat and produce

Front 7

cobranding vs. brand licensing

Back 7

co-branding is two brands on same packaging whereas brand licensing is paying to use the brand of another company on your product.

BRAND LICENSING: mattel making a wrestler action figure and using the WWE logo on the packaging

Front 8

Panel data vs. scanner data

Back 8

panel data is the data collected from a group of people over time

scanner data is data collected from scanning UPCs

Front 9

product mix breadth and product line depth

Back 9

product mix breadth: how many product lines there are (ie kellogg's has chips, cookies, breakfast foods)

product Depth: specific categories within a line; kellogg's has fruit loops, kashi, rice krispies, etc

Front 10

brand extension vs line extension

Back 10

brand extension: expansion into other similar products; colgate or crest having floss, mouthwash, etc

line extension: kellogg's breakfast foods. eggos syrup is within the line of breakfast foods, but it's an extension of the line

Front 11

Marketing research

Back 11

a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid decision makers involved in marketing goods, services, or ideas

Front 12

steps in the market research process

Back 12

1) defining objectives and research needs

2) designing the research

3) data collection process

4) analyzing and developing insights

5) action plan and implementation

Front 13

secondary data

Back 13

pieces of information that have already been collected from other sources and usually are readily available

Front 14

primary data

Back 14

data collected to address specific research needs

Front 15

sample

Back 15

a group of customers who represent the customers of interest in a research study

Front 16

data

Back 16

raw number or facts

Front 17

information

Back 17

organized, analyzed, interpreted data that offer value to marketers

Front 18

syndicated data

Back 18

data available for a fee from commercial research firms

Front 19

scanner data

Back 19

a type of syndiciated external secondary data used in quantitative research that is obtained from scanner readings of UPC codes at check-out counters

Front 20

panel data

Back 20

information collected from a group of consumers, organized into panels, over time

Front 21

data warehouses

Back 21

large computer files that store millions and even billions of pieces of individual data

Front 22

data mining

Back 22

the use of a variety of statistical analysis tools to uncover previously unknown individual patterns in the data stored in databases or relationships among variables

Front 23

churn

Back 23

the number of consumers who stop using a product or service, DIVIDED BY average number of consumers of that product or service

Front 24

qualitative research

Back 24

informal research methods; includes observation, following social media sites, indepth interviews, focus groups, and projective techniques

Front 25

quantitative research

Back 25

structured responses that can be statistically tested to confirm insights and hypotheses generated via qualitative research or secondary data

Front 26

observation

Back 26

an exploratory research method that entails examining purchases and consumption behaviors through personal or video camera scrutiny

Front 27

sentiment mining

Back 27

data gathered by evaluating customer comments posted through social media sites such as facebook and twitter

Front 28

in-depth interview

Back 28

an exploratory research technique in which traned researchers ask questions, listen to and record the answers, and then pose additional questions to clarify or expand on a particular issue

Front 29

focus group interviews

Back 29

a research technique in which a small group of persons comes together for an intensive discussion about a particular topic, with the conversation guided by a trained moderator using an unstructured method of inquiry

Front 30

survey

Back 30

a systematic means of collecting information from people that generally uses a questionnaire

Front 31

questionnaire

Back 31

a form that features a set of question designed to gather information from respondents and thereby accomplish the researchers' objectives; question can either by unstructured or structured

Front 32

unstructured questions

Back 32

open-ended questions that allow respondents to answer in their own words

Front 33

structured questions

Back 33

closed ended questions for which a discrete set of response alternatives, or specific answers is provided for respondents to evaluate

Front 34

experimental research (experiment)

Back 34

a type of conclusive and quantitative research that systematically manipulates one or more variables that have a causal effect on sumer input and continual feedback-usually based on sales/product awareness

Front 35

biometric data

Back 35

digital scanning of the physiological or behavioral characteristics of individuals as a means of identification

Front 36

product

Back 36

anything that is of value to a customer and can be offered througha voluntary marketing exchange

Front 37

core customer value

Back 37

the basic problem solving benefits taht consumers are seeking

Front 38

actual product

Back 38

the physical attributes of a product including the brand name, features/design, quality level, and packaging

Front 39

associated services/augmented product

Back 39

the non-physical attributes of the product including product warranties financing product support, and after-sale service

Front 40

consumer products

Back 40

products and services used by people for their personal use

Front 41

specialty products/services

Back 41

products or services in which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers, go out of their way to get/obtain

cars, wedding dress, houses

Front 42

shopping products/services

Back 42

those for wihch consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances

Front 43

convenience products/services

Back 43

those for which the consumer is not willing to evaluate prior to purchase

Front 44

unsought products/services

Back 44

products or services consumers either do not normally think of buying or do know about

burial plots, insurance

Front 45

product mix

Back 45

the complete set of all products offered by a firm

Front 46

product lines

Back 46

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

Front 47

breadth

Back 47

number of product lines offered by a firm; also known as variety

Front 48

depth

Back 48

the number of products within a product line

Front 49

brand equity

Back 49

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

Front 50

brand awareness

Back 50

measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements

Front 51

perceived value:

Back 51

the relationship between a product's or services benefits and its cost

Front 52

retailer/store brans

Back 52

also called the private-label brands, are products developed by retailers

Front 53

brand associations

Back 53

the mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality

Front 54

brand loyalty

Back 54

occurs when a consumer buys the same bran's product or service repeatedly over time rather than buying multiple suppliers within the same category

Front 55

manufacturer brands (national brands)

Back 55

brands owned and managed by the manufacturer (nike)

Front 56

family brand

Back 56

a firm's own corporate name used to brand its product lines and products (kellogg)

Front 57

co-branding

Back 57

the practice of marketing two or more brands together, on the same package or promotion

Front 58

individual brands

Back 58

the use of individual brand names for each of a firm's products (P&G)

Front 59

brand extension

Back 59

the use of the same brand for new products being introduced to the same or new markets (coke and, eventually, dasani water)

Front 60

line extension

Back 60

the use of the same brand name within the same product line and represents an increase in a product line's depth (coke and coke zero)

Front 61

brand dilution

Back 61

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

Front 62

brand licensing

Back 62

a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee

Front 63

brand repositioning (rebranding)

Back 63

a strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences

Front 64

primary package

Back 64

the packaging the consumer uses, such as the toothpaste tube, from which the customer typically seeks convenience in terms of shortage, use and consumption

Front 65

secondary package

Back 65

the wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners

Front 66

innovation

Back 66

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

Front 67

diffusion on inoovation

Back 67

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

Front 68

pioneers

Back 68

new product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market; also called breakthroughs

Front 69

first movers

Back 69

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 70

innovators

Back 70

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

Front 71

early adopters

Back 71

the second group of consumers in the diffusion of innovation model, after innovators, to use a product or service innovation; generally don't like to take as much risk as innovators but instead wait and purchase the product after careful review

Front 72

early majority

Back 72

a group of consumers int he diffusion of innovation model that represents apx 34% of the population; members don't like to take much risk and therefore tend to wait until bus are worked out of a particular product or service; few new products and services can be profitable until large group buys them

Front 73

late majority

Back 73

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

Front 74

laggards

Back 74

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

Front 75

product development process

Back 75

idea generation

concept testing

product development

market testing

product launch

evaluation of results

Front 76

idea generation

Back 76

development of viable new product ideas

Front 77

concept testing

Back 77

testing the new product idea among a set of potential customers

Front 78

product development

Back 78

development of prototypes and/or the product

Front 79

market testing

Back 79

testing the actual products in a few test markets

Front 80

product launch

Back 80

full scale commercialization of the product

Front 81

evaluation of results

Back 81

analysis of the performance of the new product and making appropriate modifications

Front 82

sources of ideas

Back 82

includes internal R&D, R&D consortia (groups of firms funding research together), licensing, brainstorming, outsourcing, competitors' products, and customer input

Front 83

reverse engineering

Back 83

involves taking apart a competitor's product, analyzing it, and creating an improved product that does not infringe on the competitor's patents, if any exist

Front 84

lead users

Back 84

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

Front 85

concepts

Back 85

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

Front 86

concept testing

Back 86

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 87

product development/ product design

Back 87

a process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product's form and features of a services's features

Front 88

prototype

Back 88

the first physical form or service description of a new product, still in rough or tentative form, that has the same properties as a new product but its produced through different manufacturing processes, sometimes even crafted individually

Front 89

alpha testing

Back 89

an attampt 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 the firm's research and development department

testers are employees of the company

Front 90

beta testing

Back 90

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

Front 91

premarket test

Back 91

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

Front 92

test marketing

Back 92

introduces a new product or service to a limited geographical area prior to a national launch

Front 93

trade promotions

Back 93

advertising to wholesalers or retailers to get them to purchase new products, often through precial pricing incentives

Front 94

introducory price promotions

Back 94

short term price discounts designed to encourage trial

Front 95

trade show

Back 95

major events attended by buyers who chose to be exposed to products and services offered by potential suppliers in an industry

Front 96

manufacturer's suggested retail price

Back 96

the price that manufacturer's suggest retailers use to sell their merchandise

Front 97

slotting allowance

Back 97

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

Front 98

product life cycle

Back 98

defines the stages that new products move through as they enter, get established in, and ultimately leave the marketplace and thereby offers marketers a starting point for their strategy planning

Front 99

introduction stage

Back 99

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

Front 100

growth stage

Back 100

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

Front 101

maturity stage

Back 101

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

Front 102

decline

Back 102

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

Front 103

market channel management

Back 103

also called supply chain management, refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers

Front 104

wholesalers

Back 104

those firms engaged in buying, taking title to, often storing and physically handling goods in large quantities then reselling goods (usually in smaller quantities to retailers or industrial business users

Front 105

supply chain management

Back 105

refers to a set of appraches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, as well as to minimize system wide costs while satisfying the service levels their customers require

Front 106

distribution center

Back 106

a facility for the receipt, storage, and redistribution of goods to company stores or customers; may be operated by retailers, manufacturers or distribution specialists

Front 107

direct marketing channel

Back 107

the manufacturer sells directly to the buyer

Front 108

indirect marketing channels

Back 108

when one or more intermediaries work with manufacturers to provide goods and services to customers

Front 109

universal product code

Back 109

the black and white barcode found on most merchandise

Front 110

advanced shipping notice (ASN)

Back 110

an electronic document that the supplier sends the retailer in advance of a shipment to tell the retailer exactly what to expect in the shipment

Front 111

electronic data interchange (EDI)

Back 111

the computer to computer exchange of business documents from a retailer to a vendor and back

Front 112

vendor-managed inventory (VMI)

Back 112

an approach for improving supply chain efficiently in which the manufacturer is responsible for maintaining the retailer's inventory levels in each of its stores

Front 113

push marketing strategy

Back 113

designed to increase demand by motivating sellers--wholesalers, distributors, or salespeople-- to highlight the product, rather than the products of competitors, and thereby push the product onto the consumers

Front 114

pull marketing strategy

Back 114

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

Front 115

planners

Back 115

in a retailing context, employees who are responsible for the financial planning and analysis of merchandise, and its allocation to stores

Front 116

receiving

Back 116

the process of recording the receipt of merchandise as it arrives at a distribution center or store

Front 117

radio frequency identification tags

Back 117

tiny computer chips that automatically transmit to a special scanner all the information about a container's contents or individual products

Front 118

ticketing and marking

Back 118

creating price and identification labels and placing them of the merchandise

Front 119

pick ticket

Back 119

a document or display on a screen in a forklift truck indicating how much of each item to get from specific storage areas

Front 120

just in time (JIT) inventory systems

Back 120

inventory management systems designed to deliver less merchandise on a more frequent basis than traditional inventory systems; the firm gets the merchandise "just in time" for it to be used in the manufacture of another product

Front 121

quick response

Back 121

an inventory management system used in retailing; merchandise is received just in time for sale when the customer wants it