Mktg Test 3 Vocab

Front 1

good

Back 1

a tangible physical entity

Front 2

service

Back 2

an intangible result of the application of human & mechanical efforts to ppl/objects

Front 3

idea

Back 3

a concept, philosophy, image/issue

Front 4

consumer products

Back 4

products purchased to satisfy personal & family needs

Front 5

business products

Back 5

products bought to use in a firm's operations, to resell/to make other products

Front 6

convenience products

Back 6

relatively inexpensive, frequently purchased items for which buyers exert min purchasing effort

Front 7

shopping product

Back 7

items for which buyers are willing to expend considerable effort in planning & making purchases

Front 8

specialty products

Back 8

items w/ unique characteristic that buyers are willing to expend considerable effort to obtain

Front 9

unsought products

Back 9

products purchased to solve a sudden prod, products of which customers are unaware & products that ppl do not necessarily think of buying

Front 10

installations

Back 10

facilities & nonportable major equip

Front 11

accessory equip

Back 11

equip that does not become part of the final physical product but is used in production/office activities

Front 12

raw materials

Back 12

basic natural materials that become part of a physical product

Front 13

component parts

Back 13

items that become part of the physical product and are either finished items ready for assembly/items that need little processing before assembly

Front 14

process materials

Back 14

materials that are used directly in the production of other products but are not readily identifiable

Front 15

MRO supplies

Back 15

maintenance, repair & operating items that facilitate production & operations but do not become part of the finished product

Front 16

business services

Back 16

intangible products that many orgs use in their operations

Front 17

product item

Back 17

a specific version of a product that can be designated as a distinct offering among a firm's products

Front 18

product line

Back 18

a group of closely related product items viewed as a unit because of mktg tech/end-use considerations

Front 19

product mix

Back 19

the composite/ttl group of products that an org makes available to customers

Front 20

width of product mix

Back 20

the #of product lines a company offers

Front 21

depth of product mix

Back 21

the avg# of different products offered in each product line

Front 22

product life cycle

Back 22

the progression of a product through 4 stages: intro, growth, maturity & decline

Front 23

introduction

Back 23

the initial stage of a product's life cycle: its 1st appearance in the market place when sales start at 0 & profits are -

Front 24

growth

Back 24

when sales rise rapidly, profits reach a peak & then they start to decline

Front 25

maturity

Back 25

when sales curve peaks & starts to decline & profits continue to fall

Front 26

decline

Back 26

when sales fall rapidly

Front 27

product adoption process

Back 27

the 5-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial & adoption

Front 28

innovators

Back 28

1st adopters of new products

Front 29

early adopters

Back 29

ppl who adopt new products early, choose new products carefully & are viewed as "the ppl to check w/" by later adopters

Front 30

early majority

Back 30

individuals who adopt a new product just prior to the avg person

Front 31

late majority

Back 31

skeptic who adopt new products when they feel it is necessary

Front 32

laggards

Back 32

the last adopters, who distrust new products

Front 33

line extension

Back 33

development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs

Front 34

product modifications

Back 34

changes in 1/+ characteristics of a product

Front 35

quality modifications

Back 35

changes relating to a product's dependability & durability

Front 36

functional modifications

Back 36

changes affecting a product's versatility, effectiveness, convenience/safety

Front 37

aesthetic modification

Back 37

changes relating to the sensory appeal of a product

Front 38

new-product development process

Back 38

a 7 phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test mktg & commercialization

Front 39

Idea generations

Back 39

seeking product ideas to achieve organizational objectives

Front 40

screening

Back 40

selecting ideas w/ the greatest potential for further review

Front 41

concept testing

Back 41

seeking a sample of potential buyers' responses to a product idea

Front 42

business analysis

Back 42

evaluating the potential impact of a product idea on the firm's sales, costs & profits

Front 43

product development

Back 43

determing if producing a product is technically feasible & cost effective

Front 44

test mktg

Back 44

a limited intro of a product in geographic areas chosen to represent the intended market

Front 45

commercialization

Back 45

refining & finalizing plans & budgets for full-scale manufacturing & mktg of a product

Front 46

product differentiation

Back 46

creating & designing products so that customers perceive them as different from competing products

Front 47

quality

Back 47

the overall characteristics of a product that allow it to perform as expected in satisfying customer needs

Front 48

lvl of quality

Back 48

the amount of quality a product possesses

Front 49

consistency of quality

Back 49

the degree to which a product has the same lvl of quality over time

Front 50

product design

Back 50

how a product is conceived, planned & produced

Front 51

styling

Back 51

the physical appearance of a product

Front 52

product features

Back 52

specific design characteristics that allow a product to perform certain tasks

Front 53

customer services

Back 53

human/mechanical efforts/activities that + value to a product

Front 54

product deletion

Back 54

eliminating a product from the product mix when it no longer satisfies a sufficient #of customers

Front 55

product manager

Back 55

the person w/in an org who is responsible for a product, a product line/several distinct products that make up a group

Front 56

market manager

Back 56

the person responsible for managing the mktg activities that serve a particular group of customers

Front 57

brand manager

Back 57

ther person responsible for a single brand

Front 58

venture team

Back 58

a cross-functional group that creates entirely new products that may be aimed @ new markets

Front 59

intangibility

Back 59

the characteristic that a service is not physical & cannot be perceived by the senses

Front 60

inseparability

Back 60

the quality og being produced & consumed at the same time

Front 61

perishability

Back 61

the inability of unused service capacity to be stored for future use

Front 62

heterogeneity

Back 62

variation in quality

Front 63

client-based relationships

Back 63

interactions that result in satisfied customers who use a service repeatedly over time

Front 64

customer contact

Back 64

the lvl of interaction between provider & customer needed to deliver the service

Front 65

service quality

Back 65

cusotomers perceptions of how well a service meets/exceeds their expectations

Front 66

search qualities

Back 66

tangible attributes that can be judged before the purchase of a product

Front 67

experience qualities

Back 67

attributes that can be assessed only during purchase & consumption of a service

Front 68

credence qualities

Back 68

attributes that customers may be unable to evaluate even after purchasing & consuming service

Front 69

nonprofit mktg

Back 69

mktg activities conducted to achieve some goal other than ordinary business goals such as profit, market share/return on investment

Front 70

target public

Back 70

a collective of individuals who have an interest in/concern about an org. product/social cause

Front 71

client publics

Back 71

direct consumers of a product of a nonprofit org

Front 72

general publics

Back 72

indirect consumers of a product of a nonprofit org

Front 73

opportunity cost

Back 73

the value of the benfit given up by choosing 1 alternative over another

Front 74

brand

Back 74

a name, term, design, symbol/other feature that identifies 1 marketer's product as distinct from those of other marketers

Front 75

brand name

Back 75

the part of a brand that can be spoken, including letters, words & #s

Front 76

brand mark

Back 76

the part of a brand that is not made up of words, such as symbol/design

Front 77

trademark

Back 77

a legal designation of exclusive use of a brand

Front 78

trade name

Back 78

the full legal name of an org

Front 79

brand loyalty

Back 79

a customer's favorable attitude toward a specific brand

Front 80

brand recognition

Back 80

the degree of brand loyalty in which a customer is aware that a brand exists & views the brand as an alternative purchase if their preferred brand is unavailable

Front 81

brand preference

Back 81

the degree of brand loyalty in which a customer prefers 1 brand over competitive offerings.

Front 82

brand insistence

Back 82

the degree of brand loyalty in which a customer strongly prefers a specific brand & will accept no sub.

Front 83

brand equity

Back 83

the mktg & financial value associated w/ a brand's strength in a market

Front 84

manufacturer brand

Back 84

a brand initiated by producers to ensure that producers are identified w/ their products @ the point of purchase.

Front 85

private distributer brand

Back 85

a brand initiated & owned by a reseller

Front 86

generic brand

Back 86

a brand indicating only the product category

Front 87

individual branding

Back 87

a branding strategy in which each product is given a different name

Front 88

family branding

Back 88

branding all of a firm’s products w/the same name/part of the name.

Front 89

brand extension

Back 89

an org uses 1 of its existing brands to brand a new product in a different product category

Front 90

co-branding

Back 90

using 2/+ brands on 1 product

Front 91

brand licensing

Back 91

an agreement whereby a company permits another org to use its brand on other products for a licensing fee.

Front 92

family packaging

Back 92

using a similar packaging for all of a firm’s products/packaging that has 1 common design element.

Front 93

labeling

Back 93

providing identifying, promo/other info on package labels

Front 94

universal product code (UPC)

Back 94

a series of electronically readable lines identifying a product & containing inventory & pricing info.

Front 95

distribution

Back 95

the decisions & activities that make products available to customers when & where they want to purchase them.

Front 96

supply chain

Back 96

all the activities associated w/ the flow & transformation of products from raw materials through to the end customer.

Front 97

operations mngmt

Back 97

the ttl set of managerial activities used by an org to transform resource inputs into products.

Front 98

logistics mngmt

Back 98

planning, implementing & controlling the efficient & effective flow & storage of products & info from the point of origin to consumption to meet customers’ needs & wants.

Front 99

supply mngmt

Back 99

: in its broadest form, refers to the processes that enable the progress of value form raw material to final customer & back to redesign & final disposition.

Front 100

suppl-chain mngmt

Back 100

: a set of approach used to integrate the fxs of operation mngmt, logistics mngmt, supply mngmt & mktg channel mngmt so products are produced & distributed in the right quantities, to the right locations & @ the right time.

Front 101

mktg channel

Back 101

a group of individuals & orgs that direct the flow of products from producers to customers w/in the supply chain.

Front 102

mktg intermediaries

Back 102

middlemen that link producers to other intermediaries/ultimate consumers through contractual arrangements/through the purchase & resale of products.

Front 103

industrial distributer

Back 103

an independent business org that takes title to industrial products & carries inventories.

Front 104

dual distribution

Back 104

the use of 2/+ mktg channels to distribute the same products to the same target market.

Front 105

strategic channel alliance

Back 105

an agreement whereby the products of 1 org are distributed through the mktg channels of another.

Front 106

intensive distribution

Back 106

using all available outlets to distribute a product

Front 107

selective distribution

Back 107

using only some availbale outlets in an area to distribute a product.

Front 108

exclusive distribution

Back 108

using a single outlet in a fairly large geographic area to distribute a product.

Front 109

channel captain

Back 109

the dominant leader of a mktg channel/supply channel

Front 110

channel power

Back 110

the ability of 1 channel member to influence another member’s goal achievement.

Front 111

vertical channel integration

Back 111

combo 2/+ stages of the mktg channel under 1 mngmt

Front 112

vertical mktg sys (VMSs)

Back 112

a mktg channel managed by a single channel member to achieve efficient, low-cost distribution aimed at satisfying target market customers.

Front 113

horizontal channel integration

Back 113

combo orgs at the same lvl or operation under 1 mngmt.

Front 114

physical distribution

Back 114

activities used to move products form producers to consumers & other end users.

Front 115

outsourcing

Back 115

the contracting of physical distribution tasks to 3rd parties

Front 116

cycle time

Back 116

the time needed to complete a process

Front 117

order processing

Back 117

the receipt & transmission of sales order info

Front 118

electronic data interchange (EDI)

Back 118

a computerized means of integrating order processing w/ production, inventory, accy & transportation.

Front 119

inventory mngmt

Back 119

developing & maintaining adequate assortments of products to meet customers’ needs.

Front 120

just-in-time (JIT)

Back 120

an inventory-mngmt approach in which supplies arrive just when needed for production/resale.

Front 121

materials handling

Back 121

physical handling of tangible goods, supplies & resources

Front 122

warehousing

Back 122

the design & operation of facilities for storing & moving goods

Front 123

private warehouses

Back 123

company-operated facilities for storing & shipping products

Front 124

public warehouses

Back 124

storage space & related physical distribution facilities that can be leased by companies.

Front 125

distribution centers

Back 125

large. Centralized warehouses that focus on moving rather than storing goods.

Front 126

transportation

Back 126

the movement of products from where they are made to intermediaries & end users.

Front 127

intermodal transportation

Back 127

2/+ transportation modes used in combo

Front 128

freight forwarders

Back 128

orgs that consolidate shipments from several firms into efficient lot sizes.

Front 129

megacarriers

Back 129

freight transportation firms that provide several modes of shipment

Front 130

tying agreement

Back 130

an agreement in which a supplier furnishes a product to a channel member w/ the stipulation that the channel member must purchase other products as well.

Front 131

exclusive dealing

Back 131

a situation in which a manufacturer forbids an intermediary to carry products of competing manufacturers.