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173 Cards in this Set
- Front
- Back
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Steps to Manage Products:
1. Develop product _______ - For _______ products - For product _______ and _______ 2. Design Product _______. 3. Make _______ product decisions. - Product _______ - _______ & _______ design |
objectives, individual, lines, mixes, strategies, tactical, branding, packaging, labeling
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When developing product objectives with individual products, _______ products are introduced. A _______ product is introduced nationally. A _______ product increases consumer enthusiasm for the product.
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new, regional, mature
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When developing product objectives with multiple products, they are product _______ extensions. Adding new items to line is _______. Adding sizes or styles to line is _______. Dropping items is known as _______ a product line.
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line, stretching, filling, contracting
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Objectives and strategies for individual products:
- Successful _______ of new products. -Taking regional products _______. Breathing new life into _______ products while maintaining brand personality. |
introduction, national, mature
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New products owe their success to well-executed product _______ and _______.
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planning, management
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firm's total product offering designed to satisfy a single need or desire of target customers
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product line
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a type of product line strategy that offers a lot of different options for consumer
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full-line
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a type of product line strategy that offers limited options for consumer
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limited-line
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a type of product line strategy that offers new items at higher prices
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upward stretching
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a type of product line strategy that offers products at a lower price
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downward stretching
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a type of product line strategy where there are some products more expensive & some cheaper
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two-way line stretch
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_______ is a risk when having multiple products.
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cannibalization
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With cannibalization, people switch to other _______ within a product line. Ex: Ivory soap to liquid ivory soap. This can be good or bad.
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products
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the total set of products a firm offers for sale
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product mix strategies
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With Product mix strategies, _______ of product mix must be considered (when there's a whole lot of different products. Product lines in mix usually have some things in _______.
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Width, common
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Product quality is often an _______.
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objective
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A philosophy of _______ can help achieve quality objectives
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total quality management (TQM)
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The process of allowing no more than 3.4 defects per million is known as _______
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Six Sigma methodology
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In the _______ stage of the product life cycle, there are no profits because the company is recovering R&D costs.
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introduction
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In the _______ stage of the product lifecycle, profits increase and peak.
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growth
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In the _______ stage of the product life cycle, sales peak and profit margins narrow.
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maturity
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In the _______ stage of the product life cycle, the market shrinks: sales fall and profits fall.
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introduction, growth, maturity, decline
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New products that are offshoots of well-known _______ have an advantage. Many products don't make it out of the _______ phase; poor or insufficient advertising is often the cause.
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brands, introduction
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In the Growth stage of the PLC, the product is accepted and _______ rapidly increase.
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profits
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In the maturity stage of the PLC, _______ peak, _______ margins narrow.
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sales, profit
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In the decline stage of the PLC, sales _______ as customer needs change.
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decrease,
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Marketers ned to keep giving consumers new _______ to buy products in the mature phase. This may be accomplished by finding new uses for an existing product, moving into new products, changing the product's attributes by introducing variations to keep consumer interest.
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reasons
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a name, term, symbol, or any other unique element that identifies one firm's product and sets it apart from the competition
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brand
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A good brand name:
- Maintains _______ with customers. -Positions a product by: * Portraying an _______, or * Describing _______ the product works |
relationships, image, how
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A good brand name is easy to _______, _______, _______, & _______.
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say, spell, read, remember
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A good brand name fits the _______ market, product _______, customer's _______ and legal _______.
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target, benefits, culture, requirements
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the legal term for a brand name, brand mark, or trade character
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trademark
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Trademarks, which are legally registered by a _______, obtain protection for exclusive use in that country
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government
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A brand's value to its organization over and above the value of the generic version of the product
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brand equity
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Brand equity provides _______ advantage.
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competititve
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Brand equity results in brand _______ consumers and attachment.
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loyal
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Coca-Cola's red and white colors, the Nike swoosh logo, Harley-Davidson's characteristic sound are examples of what dimension of brand meaning?
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Brand identification markers
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Starbucks as good coffee, BMW as "The Ultimate Driving Machine" are examples of what dimension of brand meaning?
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Product attribute and benefit
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NASCAR, Harley-Davidson, Marlboro and masculinity; Laura Ashley and femininity are examples of what dimension of brand meaning?
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Gender
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Mercedes and the old-guard elite, Jello and the lower-middle class are examples of what dimension of brand meaning?
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Social class
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Facebook, MySpace, Skechers, iPOd, Adult Swim are examples of what dimension of brand meaning?
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Age
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Dockers and the casual workforce; Williams-Sonoma and the serious cook are examples of what dimension of brand meaning?
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Reference group
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Dewar's and the coming of age; Parent's Soup and new mothers are examples of what dimension of brand meaning?
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Life stage
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BMW and the yuppie; Red Bull and the club culture are examples of what dimension of brand meaning?
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Lifestyles and taste subcultures
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Betty Crocker and the 1950s; VW and the 1960s countercultural revolution are examples of what dimension of brand meaning?
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Time and decade
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Coke and America; Ben & Jerry's and rural Vermont are examples of what dimension of brand meaning?
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Place
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Pottery Barn and cocooning; Starbucks and small indulgences are examples of what dimension of brand meaning?
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Trends
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Haagen-Dazs ice cream and the pampering of self are examples of what dimension of brand meaning?
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Traditions and rituals
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Marketers seek to engage consumers with compelling stories about brands. This is known as _______.
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brand storytelling
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New products sold with the same brand name are known as brand _______.
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extensions
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Creating a secondary brand within a main brand that can help differentiate a product line is known as _______.
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sub-branding
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Characteristics of the World's top brands:
1. The brand excels at delivering the _______ customers truly desire. 2. The brand stays _______. 3. The _______ strategy is based on consumers' perceptions of value. 4. The brand is properly _______. 5. The brand is _______. 6. The brand portfolio and _______ make sense. 7. The brand makes use of and coordinates a full repertoire of _______ activities to build equity. 8. The brand's _______ understand what the brand means to consumers. 9. The brand is given proper _______, and it is sustained over the long run. 10. The company monitors sources of brand _______. |
benefits, relevant, pricing, positioned, consistent, hierarchy, marketing, managers, support, equity
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_______ brands such as Campbell's provide an umbrella under which multiple products can be marketed.
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Family
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Family brands are trying to have positive connections with consumers based on the _______.
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brand
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An example of a national brand
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Under Armour
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_______ brands (private label brands) are exclusive to a given retailer.
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Store
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Hibbett brand is an example of a _______ brand.
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store
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_______ brands are on the way out, being taken over by store brands.
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Generic
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_______ labels are increasing exponentially (more people are buying).
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Private
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Overall _______ brands should make a higher profit margin. However, this doesn't mean they make a higher profit.
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store
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One firm sells the right to another to use a legally protected brand name for a specific purpose and for a specific period of time.
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licensing
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Two brands combining to create a product (Ex: Dawn Dishwashing Soap with Oil of Olay) is known as _______.
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co-branding
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Co-branding provides greater recognition or other _______ than either could achieve alone. Ingredient branding is _______.
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strengths, increasing
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An approach to measuring brand equity that focuses on awareness, attitudes, & loyalty toward a brand.
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Customer mind-set metrics
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An approach to measuring brand equity that focuses on the ability to charge a higher price for a branded product than an unbranded one.
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Product-market outcomes metrics
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An approach to measuring brand equity that considers the purchase price of a brand if it was sold or acquired.
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Financial market metrics
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An approach to measuring brand equity that compares the revenue a brand generates with revenue generated by similar private label brands.
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Revenue premium metric
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Effective packaging considers: packaging of other brands in same _______ category, choice of packaging material and _______ it projects, _______ impact of packaging, shape and _______ influences on image, and _______ information to be portrayed.
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product, image, environmental, color, graphic
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You can tell who the _______ market is by looking at packaging. Ex: Monster - younger males
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target
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The Federal Fair Packaging and Labeling Act of 1966 aims at making labels more helpful to consumers by providing _______ information.
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useful
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The Nutrition Labeling and Education Act of 1990 requires food labels to state how much fat, saturated fat, cholesterol, calories, carbohydrates, protein, and vitamins that are in each product _______.
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serving
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Apple Packaging wants to convey it's a _______ product.
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premium
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Specialists in different areas who work together to focus on new-product development are known as _______ teams.
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venture
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Small and isolated group in remote location that function with minimal supervision.
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"Skunk works"
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What Good Packaging Does:
- View, Visibility, Information, _______ Appeal (Toms- picture of guy working with kids), Workability. |
Emotional
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Services and other experience-based products that cannot be touched (ex: concerts, movies, tax preparation, hair styling)
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intangibles
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The KU intro video is an example of marketing _______.
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intangibles
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acts, efforts, or performances exchanged from producer to user without ownership rights
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services
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Services may target _______ and/or _______.
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consumers, businesses
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Characteristics of services:
- _______- can't touch - _______- even if the same service is performed for different people, their experience varies - _______- can't save it - _______- impossible to separate production & consumption of service |
intangibility, variability, perishability, inseparability
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Marketers often use vivid _______ in advertising to help market intangibles.
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imagery
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_______ occurs when the Internet or other technology can be used to "cut-out the middleman", cut people out. This cuts _______.
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Disintermediation, costs
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Capacity _______ allows firms to adjust their services to match supply with demand (run specials, airlines-manage capacity by price, matinees, early-bird special).
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management
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An example of _______ is : going on vacation, you would probably look online/handle it on your own before you ask a travel agent (person).
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disintermediation
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the interaction between the customer and the service provider
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service encounter
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Service encounter dimensions:
- Social _______ dimension - _______ dimension |
contact, physical
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The quality of service is only as good as its _______ employee.
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worst
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_______-dominated products: firms that sell tangible products still provide support services.
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Goods
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_______-or _______-based services: operational factors, locational factors, and environmental factors are important.
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Equipment, facility
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_______-based services are increasing in importance as people lack the time or expertise to do on their own.
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People
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The benefit a customer gets from the service is known as the _______ service.
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core
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Additional services that enhance value are known as the _______ service. They help you differentiate businesses from one another.
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augmented
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Environment in which the service is delivered and where the firm and customer interact.
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servicescape
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_______ influence purchase decisions, service quality evaluations, and customer satisfaction.
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Servicescapes
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Web sites influence customer _______. They are the first stop for many potential customers. Poor navigation, unattractive sites offer negative first impressions. Search engine optimization is critical for getting noticed (also consider paid search advertising).
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perceptions
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Not everyone has the same idea of what providing _______ service is.
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quality
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Quality service ensures that customers are _______ with what they have paid for. Satisfaction is based on customer _______. Not all customers expect the same _______ of service. Not all customers can be _______.
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satisfied, expectations, level, satisfied
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Characteristics that the consumer can examine before purchase are known as _______ qualities.
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search
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Characteristics that buyers can determine during or after consumption are known as _______ qualities.
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experience
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Characteristics that are difficult to evaluate even after they have been experienced are known as _______ qualities.
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credence
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_______ scale (questionnaire) measures customer perceptions of five key dimensions: tangibles, reliability, responsiveness, assurance, empathy.
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SERVQUAL
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The Gap Model of Service Delivery looks at what your _______ were and what you ended up with.
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expectations
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A method of measuring service quality that uses customers' complaints to identify problems that lead to dissatisfaction.
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Critical incident technique
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Maximizing the likelihood that a customer will use a service and become a loyal user requires: development of effective _______ strategies, fast and appropriate responses to _______ failures.
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marketing, service
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Politicians and celebrities are commonly _______. Consultants "_______" celebrities. _______ changes are common.
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marketed, package, name
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_______ marketing strategies treat a city, state, country, or other locale as a brand.
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Place
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When marketing _______, you gain market share for a concept, philosophy, belief or issue (religious institutions market ideas about faith).
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ideas
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The new dominant logic for marketing argues that _______ is the central core deliverable in every exchange. Services will continue to grow due to several factors: changing demographics, globalization, technological advances, proliferation of information.
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service
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the assignment of value, or the amount the consumer must exchange to receive the offering
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price
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Price includes both _______, goods, services, favors, votes or anything else that has value to the other party as well as _______ costs.
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money, opportunity
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Elements of Price Planning:
1. Set Pricing _______. 2. Estimate _______. 3. Determine _______. 4. Examine the pricing _______. 5. Choose a _______ strategy. 6. Develop pricing _______. |
objectives,demand, costs, environment, pricing, tactics
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Bad _______ decisions can hurt an entire industry, as the U.S. airline industry found out.
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pricing
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Pricing Objectives:
- _______ or _______ Share- develop bundle pricing offers in order to increase market share - _______ Enhancement- alter pricing policies to reflect the increased emphasis on the product's quality image - _______ Satisfaction- alter price levels to match customer expectations - _______ Effect- alter pricing strategy during first quarter of the year to increase sales during competitor's introduction of a new product - _______- set prices to allow for an 8 percent profit margin on all goods sold. |
sales, market, image, customer, competitive, profit
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A shift in demand is not solely influenced by _______.
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price
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The _______ of demand measures how sensitive demand is to price.
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elasticity
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Changes in the prices of other products affect a products demand. This is known as the _______-elasticity of demand. If products are _______, an increase in the price of one will increase demand for the other. If one product is essential for use of second, an increase in the price of one decreases demand for another, these are _______.
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cross, substitutes, complement
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An amount added to the cost of the product to create a price at which the channel member will sell the product
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markup
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When pricing through the channel, look at _______ & figure out how much each person is going to make.
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margins
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When evaluating the price environment, one important factor is the _______.
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economy
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backward trend in economy- have less disposable income, spending less
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recession
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An increase in prices is known as _______.
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inflation
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Some other important aspects when evaluating the pricing environment are: the _______ (what they're doing, direct/indirect), _______ regulation, consumer _______ and the _______ environment.
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competition, government, trends, international
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Choose a Price Strategy:
Pricing strategies are based on the _______, the _______ needs, and _______ product pricing. |
competition, customers', new
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Charging the highest possible price you think someone will pay is known as price _______.
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skimming
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Charging the lowest price possible (trial pricing) with the intent of raising it in the future is known as price _______.
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penetration
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Developing Price Tactics:
- Pricing for individual products: _______ part pricing, _______ pricing - Pricing for multiple products: price _______, and _______ pricing. |
two-part, payment, bundling, captive
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With cell phones, there is a certain fee per month & if you go over your minutes you pay more. This is an example of _______ pricing.
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two-part
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Buying the whole meal at a fast food restaurant is an example of price _______.
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bundling
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When you have to buy something to use another product (ex: printer, print cartridge), this is known as _______ pricing.
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captive
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Charging different prices for different consumers is known as _______ pricing. (Airline industry- can charge different prices at different times.)
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dynamic
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Psychological Issues in Pricing:
_______ Expectations _______ Reference Prices _______ inferences |
Buyer', Internal, Price-Quality
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Psychological Pricing Strategies:
- _______ Pricing - Price _______ - _______ Pricing |
Odd-Even, Lining, Prestige
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What psychological pricing strategy is used when a car dealer charges you $14,990 instead of $15,000 (a way of getting you to think you are getting a better deal).
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Odd-Even Pricing
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Price lining has different _______ points.
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price
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With _______ pricing, you expect a certain quality.
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prestige
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A Legal/Ethical Issue in B2C Pricing where a company advertises certain prices & they don't have those products (technically is illegal but hard to prove).
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Bait-and-Switch
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A Legal/Ethical Issue in B2C Pricing where someone will sell a product at a loss because either the product is obsolete or to knockout competition.
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Loss-Leader pricing
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A legal/ethical issue in B2B pricing were businesses are trying to set a price.
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Price-Fixing
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A legal/ethical issue in B2B pricing where a business tries to scare people from entering the market.
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Predatory Pricing
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Two or more companies conspire to keep prices at a certain level
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price fixing
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_______ pricing - people that are at the same level of the the industry and agree to charge a certain price
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Horizontal
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Two or more companies conspire to keep prices at a certain level
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price fixing
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_______ pricing - doing it at different levels in the distribution or even the supply chain (guaranteeing price will increase)
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vertical price fixing
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the coordination of marketing communication efforts to influence attitudes or behavior
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promotion
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Marketing communications purpose is to: _______, _______, _______ and build _______
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inform, remind, persuade, relationships
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Process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to targeted audiences
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Integrated marketing communication (IMC)
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Marketers often choose _______ endorsers as sources to make their messages more believable or their products more attractive to the buyers.
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celebrity
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_______ scores can be helpful in selecting the right endorser. They measure how familiar people are with a particular spokesperson, appeal of the person.
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Q
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For effective decoding to occur, the source and the receiver must share a mutual frame of _______.
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reference
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Making sure consumers get the message (what you are trying to convey) & interpret the message in the right way is known as _______.
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decoding
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The promotion mix includes the major _______ elements that the marketer controls.
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communication
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non personal communication from an identified sponsor using mass media
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advertising
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With advertisements, the company knows who their _______ is, but the advertisements aren't written for just one person.
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target market
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Contests, coupons, and other incentives designed to build interest or encourage product purchase during a specified period.
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Sales promotion
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A disadvantage of sales promotions is that it is hard to build customer _______ out of their promotions.
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loyalty
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Communication activities that create or maintain a positive image of a firm and its products are known as _______.
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public relations
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Direct interaction between a company representative and a customer is known as _______ selling.
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personal
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Efforts to gain a direct response from individual consumers is known as _______ marketing.
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direct
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A social trend in which people use technology to get the things they need from each other, rather than from traditional institutions such as corporation.
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groundswell
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The many-to-many communication model relies on consumers _______ to one another.
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talking
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Word-of-mouth communication that customers view as authentic.
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buzz
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_______ marketing- Marketing activities that aim to increase brand awareness or sales by consumers passing a message along to other consumers.
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Viral
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Loyal customers of a brand recruited to communicate and be salespeople with other consumers for a brand they care a great deal about are known as brand _______ and _______.
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ambassadors, evangelists
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Internet-based platforms that allow users to create their own content and share it with others who access these sites are known as _______.
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social media
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Social _______ sites connect people with similar based profiles.
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networking
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Online, highly engaging digital environments where avatars live and interact with other avatars in real time (Toontown, Second Life, World of Cars).
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virtual worlds
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Social media sites that enable people to post stories about their experiences with products and services are known as _______ sites.
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product review
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When you are given a budget from management, this is known as a _______ budgeting technique
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top-down
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When you go to management & say how much you need to accomplish goal this is known as _______ budgeting techniques.
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bottom-up
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When you try to motivate middlemen to sell the product (ex: med samples at doctor's office), this is known as a _______ strategy.
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push
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When you try to inform consumers about your product (heavy on advertising), this is known as a _______ strategy.
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pull
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What are the components of the AIDA model, which regards message communication goals?
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Attention, interest, desire, action
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_______ promotional strategies combine traditional mass media with online buzz building activities.
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Multichannel
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