Marketing Test 2

Front 1

Product

Back 1

Anything Offered to a market for consumption that satisfies a need
A bundle of attributes that satisfies consumers and is recieved in exchange for money or some other unit of value

Front 2

Consumer Goods

Back 2

Consumer goods are products purchased
by the ultimate consumer.

Front 3

Convenience Products

Back 3

Relatively inexpensive product that
merits little shopping effort

Front 4

Shopping Products

Back 4

Extensive search effort; consumer
reluctant to accept substitute

Front 5

Unsought Products

Back 5

Product that the buyer does not
actively seek

Front 6

Business Goods

Back 6

Business goods are products that assist
directly or indirectly in providing
products for resale.

Front 7

Production Products

Back 7

Production Products
Items used in the manufacturing
process that become part of the
final product

Front 8

Support Products

Back 8

Items used to assist in producing
goods and services

Front 9

Product Item

Back 9

A specific version of a product

Front 10

Product Line

Back 10

A group of closely related product
items
Product Line

Front 11

Product Mix

Back 11

All products an organization sells

Front 12

3 Levels of a Product

Back 12

Augmented Product(service, warranty), Basic Product, Core Benefit

Front 13

The Product Life Cycle

Back 13

The stages a product goes through in
the market place: introduction, growth,
maturity, and decline

Front 14

4 Premises of the Life Cycle

Back 14

1. Products have limited life
2. Product sales pass through distinct stages, each with
different marketing implications
3. Profits from a product vary at different stages in the life
cycle
4. Products require different strategies at different life-
cycle stages

Front 15

8 Stages of Product Development

Back 15

Idea Generation, Idea Screening, Concept Testing, Marketing Strategy, Business Analysis, Product Development, Market Testing, Commercialization

Front 16

Brand

Back 16

A name, term, symbol, design, or
combination thereof that identifies a
seller’s products and differentiates
them from competitors’ products.

Front 17

Advantages of Branding

Back 17

1. Branding allows marketers to distinguish their
products from all others.
2. Branding helps consumers identify products they
wish to buy again and avoid those they do not.
3. Branding is useful when introducing new products.

Front 18

Functional brands

Back 18

Satisfy functional needs
- Wash clothes
- Relieve pain
- Close shave

Front 19

Brand Equity

Back 19

Brand Awareness, Image, Loyalty, Equity

Front 20

Image Brands

Back 20

Image brands create value
by projecting a distinct and
admired image

Front 21

Experiential brands

Back 21

While image brands focus on
what the product represents,
experiential brands focus on
how consumers feel when
interacting with the brand

Front 22

Promotion Mix

Back 22

Advertising, Promotion, Personal Selling, Publicity

Front 23

Push vs Pull Strategy

Back 23

Push - firms never market the end use,
Pull - firms market the end use and they ask for the product

Front 24

Thee Objectives of Advertising

Back 24

Cognitive - build awareness
Affect - gain interest
Behavioral - stimulate action

Front 25

Three rules for good ads

Back 25

Product, advertiser, benefit are obvious

Front 26

Benefits of using Intermediaries

Back 26

Provide assortment, breaking bulk, holding inventory, offering services, market efficiency, 36 transactions vs 12

Front 27

Marketing Arm of a Channel

Back 27

manufacturers, wholesalers, retailers, dealers, customers, right locations, quantities, when customers want them,

Front 28

Logistics Arm of a Channel

Back 28

transportation, warehousing

Front 29

Intensive Distribution

Back 29

Maximum market coverage--firm seeks to make the product available in every outlet where the customer might want to buy it

Front 30

selective Distribution

Back 30

A level of distribution intensity whereby a firm selects a few retail outlets
in a specific geographical area

Front 31

Exclusive distribution

Back 31

A level of distribution intensity whereby only one retail outlet in a specific geographical area carries the firm’s
products

Front 32

Operating Efficiency

Back 32

Direct Channel vs indirect chanel

Front 33

Service Quality

Back 33

Direct channel vs Indirect channel

Front 34

retailing mix

Back 34

Place, product, pricing, promotion

Front 35

Price

Back 35

the money paid for the product, the money recieved for the product, rent, fee, fare, tuition allowance

Front 36

Importance of Price

Back 36

determinant of buyers choice, compare non comparable's, creates competition,

Front 37

Price Equation

Back 37

Profits=(Unit Price - COGS) x unit sales volume

Front 38

3 Points Marketing on Price

Back 38

1. the higher we push the price the better job we have done in uncovering consumer needs
2. Markets make make money by getting a premium price
3. Consumers may use price as an indicator of product quality

Front 39

External Reference Price

Back 39

what everyone else is paying for the product

Front 40

Internal reference price

Back 40

what you think you should pay given
your past experience and the buying situation.

Front 41

Setting Price

Back 41

Price is determined by what the consumer is willing to pay,
not the cost to manufacture, distribute, and promote.

Front 42

How do we know how much the consumer is willing to pay?

Back 42

The buying situation or context, as well as core dimensions of
the product, determine what the consumer is willing to pay.

Front 43

Pricing Methods

Back 43

cost-plus pricing, target return, skimming, penetration, prestige pricing, price lining, odd-even pricing, bundle pricing

Front 44

Exporting in a Global Market

Back 44

Entering a foriegn market by selling goods produced in the company's home country, often with little modification, low risk and low return