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120 Cards in this Set
- Front
- Back
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line extension
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development of a product that is closely related to existing products in the line but meets different customer needs.
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product modification
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change in one or more characteristics of a product.
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quality modifications
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changes relating to a product's dependability and durability.
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functional modifications
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changes affecting a product's versatility, effectiveness, convenience, or safety.
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aesthetic modifications
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changes to the sensory appeal o a product.
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new-product development process
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a seven-phase process for introducing products.
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idea generation
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seeking product ideas to achieve objectives.
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screening
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choosing th most promising ideas for further review.
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concept testing
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seeking potential buyer's responses to a product idea.
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business analysis
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evaluating the potential contribution of a product idea to the firm's sales, costs, and profits.
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product development
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determining if producing a product is technically feasible and cost effective.
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test marketing
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introducing a product on a limited basis to measure the extent to which potential customers will actually buy it.
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commercialization
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deciding on full-scale manufacturing and marketing plans and preparing budgets.
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prodct differentiation
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creating and designing products so that customers perceive them as different from competing products.
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quality
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characteristics of a product that allow it to perform as expected in satisfying customer needs.
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level of quality
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the amount of quality a product possesses.
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consistency of quality
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the degree to which a product has the same level of quality over time.
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product design
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how a product is conceived, planned, and produced.
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styling
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the physical appearance of a product.
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product features
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specific design characteristics that allow product to perform certain tasks.
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customer services
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human or mechanical efforts or activities that add value to a product.
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product positioning
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creating and maintaining a certain concept of a product in customers' minds.
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product deletion
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eliminating a product from the product mix.
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intangibility
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a service that is not physical and cannot be touched.
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inseparability
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being produced and consumed at the same time.
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perishability
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the inability of unused service capacity to be stored for future use.
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heterogeneity
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variation in quality.
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client-based relationships
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interactions that result in stisfied customers who use a service repeatedly over time.
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customer contact
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the level of interaction between provider and customer needed to deliver the service.
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product manager
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the person within an organization responsible for a product, a product line, or several distinct products that make up a group.
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brand manager
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the person responsible for a single brand.
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market manager
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the person responsible for managing the marketing activites that serve a particular group of customers.
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venture team
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a cross-functional group that creates entirely new products that may be aimed at new markets.
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market research
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the systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems r take advantage of marketing opportunities
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research design
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an overall plan for obtaining the information needed to address a research problem or issue
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hypothesis
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an informed guess or assumption abut a certain problem or set of circumstances
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exploratory research
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research conducted to gether more information about a problem or to make a tentative hypothesis more specific
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conclusive research
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research designed to verify insights through objective procedures and to help marketers in making decisions
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descriptive research
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research conducted to clarify the characteristics of certain phenomena and thus solve a particular poblem
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experimental research
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research that allows marketers to make causal inferences abut relationships
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reliability
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a condition existing when a research technique produces almost identical results in repeated trials
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validity
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a condition existing when a research method measures what is supposed to measure
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primary data
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data observed and recorded or collected directly from respondents
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secondary data
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data compiled both inside and outside the organization for some purpose other than the current investigation
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population
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all the elements, units, or individuals of interest to researchers for a specific study
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sample
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a limited number of units chosen to represent the characteristics of the population
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sampling
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the process of selecting representitive units from a total population
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probability sampling
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a sampling technique in thich every element in the population being studied has a known chance of being selected for study
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random sampling
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a type of probability sampling in which all units in a population have an equal chance of appearing in a sample
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stratified sampling
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a type of probability sampling in which the population is divided into groups according to a common attribute, and a random sample is then chosen within each group
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nonprobability sampling
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a sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
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quota sampling
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a nonprobability sampling technique in which researchers divide the population into groups and then arbitrarily choose participants from each group
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mail survey
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a research method in which respondents answer a questionnaire sent through the mail
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telephone survey
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a research method in whcih respondents' answers to a questionnaire are recorded by interviewers on the phone
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online survey
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a research method in which respondents answer a questionnaire via e-mail or on a website
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personal-interview survey
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a research method in which participants respond to survey questions face to face
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in home (door-to-door) interview
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a personal interview that takes place in the respondents home
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focus group interview
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a research method involving observation of group interaction when members are exposed to an idea or a concept
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customer advisory boards
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small groups of actual customers who serve as sounding boards for new product ideas and offer insights into their feelings and attitudes toward a firm's products and other elements of marketing strategy
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telephone depth interview
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an interview that combines the traditional focus group's ability to probe with the confidentiality provided by telephone surveys
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shopping-mall intercept interviews
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a research method that involves interviewing a percentage of persons passing by "intercept" points in a mall
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statistical interpretation
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analysis of what is typical or what deviates from the average
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marketing information system
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a framework for the management and structuring of information gathered regularly from sources inside and outside an organization
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single source data
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information provided by a single maketing research firm
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marketing decision support system
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customized computer software that aids marketing managers in decision making
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good
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a tangible physical entity
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service
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an intangible result of the application of human and mechanical efforts to people or objects
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idea
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a concept, philosophy, image, or issue
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consumer products
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products purchased to satisfy personal and family needs
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business products
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products bought to use in an organization's operations, to resell, or to make other products
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convenience products
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relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
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shopping products
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items for whcih buyers are willing to expend considerable effort in planning and making purchases
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specialty products
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items with unique characteristics that buyers are willing to expend considerable effort to obtain
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unsought products
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products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think about buying
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installations
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facilities and nonportable major equipment
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accessory equipment
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equipment that does not become part of the final physical product buy is used in production or office activities
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raw materials
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basic natural materials that become part of a physical product
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component parts
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items that become part of the physical product and are either finished items ready for assembly or products that need little processing before assembly
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process materials
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materials that are used directly in the production of other products but are not readily identifiable
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MRO supplies
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maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product
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business services
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the intangible products that many organizations use in their operations
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product item
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a specific version of a product that can be designated as a distinct offering among a firm's products
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product line
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a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
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product mix
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the total group of products that an organization makes available to customers
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width of product mix
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the number of product lines a company offers
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depth of product mix
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the average number of different product items offered in each product line
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product life cycle
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the progression of a product through four stages: introduction, growth, maturity, and decline
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introduction stage
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the initial stage of a product's life cycle- its first appearance in the marketplace-when sales start at zero and profits are negative
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growth stage
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the stage of product's life cycle when sales rise rapidly and profits reach a peak and then start to decline
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maturity stage
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the stage of a product's life cycle when the sales curve peaks and starts to decline as profits continue to fall
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decline stage
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the stage of a product's life cycle when sales fall rapidly
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product adoption process
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the stages buyers go through in accepting a product
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innovators
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first adopters of new products
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early adopters
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careful choosers of new products
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early majority
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those adopting new products just before the average person
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late majority
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skeptics who adopt new products when they feel it is necessary
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laggards
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the last adopters, who distrust new products
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brand
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a name, term, design, symbol, or any other feature that identifies one marketer's product as distinct from those of other maketers
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brand name
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the part of a brand that can be spoken
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brand mark
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the part of a brand not made up of words
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trademark
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a legal designation of exclusive use of a brand
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trade name
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full legal name of an organization
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brand equity
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the marketing and financial value associated with a brand's strength in a market
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brand loyalty
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a customer's favorable attitude toward a specific brand
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brand recognition
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a customer's awareness that the brand exists and is an alernative purchase
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brand preference
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the degree of brand loyalty in which a customer prefers one brand overcompetitive offerings
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brand insistence
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the degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute
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maunfacturer brands
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brands initiated by producers
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private distributor brands
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brands initiated and owned by resellers
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generic brands
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brands indicating only the product category
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individual branding
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a policy f naming each product differently
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family branding
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branding all of a firm's products with the same name
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brand extension
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usng an existing brand to brand a new product in different product category
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co-branding
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using two or more brands on one product
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brand licensing
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an agreement whereby a company prmits another organization to use its brand on other products for a licensing fee
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family packaging
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using similar packaging for all of a firm's products or packaging that has one common design element
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labeling
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providing identifying, promotional, or other information on package labels
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points of parity
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associations that are not necessarily unique to a brand but may be shared with other brands
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points of difference
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attributes or benefits that consumers strongly attribute with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand
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brand promise
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the marketers vision of what the brand must be and do for consumers
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