Mrkt 2

Front 1

new product

Back 1

product new to the world, the market, the producer, the seller, or some combination of these. six categories (new to world/product lines/additions to existing lines/revisions of existing products/repositioned products/lower priced products)

Front 2

new product strategy

Back 2

a plan that links the new product development process with the objectives of the marketing department, the business unit and the corporation. specifies, roles of new product in org.'s overall plan, describes char. of products the organization wants to offer and the markets it wants to serve.

Front 3

product development

Back 3

marketing strategy that goes beyond r&d that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products. Nike marathon runners ask for sock, nike invents flyknit shoes like a sock.

Front 4

brainstorming

Back 4

process of getting a group to think of unlimited ways to vary a product or solve a problem

Front 5

screening

Back 5

the first filter in the product development process, which eliminates ideas that are inconsistant with the organizations new product stategy or are obviously inappropriate for some reason

Front 6

concept test

Back 6

a test to evaluate a new product idea usually before any prototype has been created. Visuals and descriptions to see consumer reaction, before proto type.

Front 7

business analysis

Back 7

the second stage of the screening process where preliminary figures for demand, cost, sales and profitability are calculated

Front 8

development

Back 8

stage in the product development process in which a prototype is developed and a marketing strategy is outlined

Front 9

simultanious product development

Back 9

a team oriented approach to new product development

Front 10

test marketing

Back 10

the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation

Front 11

simulated lab market testing

Back 11

presentation of advertisiing and other promotional materials for several products including a test product to members of the products target market

Front 12

commercialization

Back 12

decision to market a product

Front 13

innovation

Back 13

product perceived as new by a potential adopter

Front 14

diffusion

Back 14

the process by which the adoption of an innovation spreads

Front 15

product life cycle

Back 15

concept that provides a way to trace the stages of a products acceptance from its introduction (birth) to its decline (death)

Front 16

product category

Back 16

all brands that satisfy a particular type of need

Front 17

introductory stage

Back 17

full scale launch of a new product into the marketplace

Front 18

growth stage

Back 18

second stage of the product lifecyle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy.

Front 19

maturity stage

Back 19

period during which sales increase at a decreasing rate

Front 20

decline stage

Back 20

a long run drop in sales

Front 21

advertising response function

Back 21

phenomenon in which spending for advertisinig and sales promotion increases sales or market share up to a certain level but then produces diminishing returns.

Front 22

institutional advertising

Back 22

form of advertising designed to enhance a companys image rather than promote a particular product.

Front 23

product advertising

Back 23

form of advertising that touts the benefits of a specifc good or service.

Front 24

advocacy advertising

Back 24

form of advertising in which a organization expresses its views on controversial issues or responds to media attacks

Front 25

pioneering advertising

Back 25

form of advertising designed to stimulate primary demand for a new product or product category. Used introductory cycle

Front 26

competitive advertising

Back 26

form of advertising designed to influence demand for a specific brand. Used growth phase

Front 27

comparative advertising

Back 27

form of advertising that compares two or more specifically named or shown competing brands on one or more specific attributes. Used slow growth.

Front 28

advertising campaign

Back 28

series of related advertisments focusing on a common theme, slogan, and set of advertising appeals

Front 29

advertising objective

Back 29

specific communication task that a campaign should accomplish for a specified target audience during a specified period

Front 30

advertising appeal

Back 30

a reason for a person to buy a product

Front 31

unique selling propositon

Back 31

desirable exclusive and believable advertising appeal selected as the theme for a campaign. Saddleback bags.

Front 32

medium

Back 32

the channel used to convey a message to a target market

Front 33

media planning

Back 33

series of decisions advertisers make regarding the selection and use of media allowing the marketer to optimally and cost effectively communicate the message to the target audience.

Front 34

cooperative advertising

Back 34

arrangement in which the manufacturer and the retailer split the costs of advertising the manufacturers brands

Front 35

infomercial

Back 35

thirty minute or longer advertisement that looks more like a television talk show than a sales pitch

Front 36

advergaming

Back 36

placing advertising messages in web based mobile console or handheld video games to advertise or promote a product service organization or issue

Front 37

media mix

Back 37

combination of media to be used for a promotional campaign

Front 38

cost per contact (cost per thousand or CPM)

Back 38

Cost of reaching one memeber of the target market

Front 39

cost per click

Back 39

cost associated with a consumer clicking on a display or banner ad

Front 40

reach

Back 40

number of target consumers exposed to a commercial at least once during a specific period, usually four weeks.

Front 41

frequency

Back 41

number of times an individual is exposed to a given message dring a specific period

Front 42

audience selectivity

Back 42

ability of an advertising medium to reach a precisely defined market teens with teen vogue mag

Front 43

media schedule

Back 43

designation of the media, specifc publications or programs, and the insertion dates of advertising

Front 44

continuous media schedule

Back 44

media scheduling strategy in which the advertising is run steadily thoughout the advertising period, used for products in the later stages of the product life cyle

Front 45

flighted media schedule

Back 45

media scheduling strategy in which ads are run heavily every other month or every two weeks to acheive greater impact with an increased frequency and reach at those times

Front 46

pulsing media schedule

Back 46

media scheduling strategy that uses continuous scheduling throughout the year coupled with a lighted schedule during the best sales periods

Front 47

seasonal media schedule

Back 47

media scheduling strategy that runs advertising only during times of the year when the product is most likely to be used

Front 48

public relations

Back 48

element in the promotional mix that evaluates public attitudes, identifies issues that may elicit public concern and executes programs to gain public understanding and acceptance

Front 49

publicity

Back 49

effort to cature media attention often initiated through press releases that further a corporations public relations plans

Front 50

product placement

Back 50

public relations strategy that involves getting a product service of company name to appear in a movie television show radio program magazine newspaper video game video or audio clip book or commerical for another product on the internet or at special events

Front 51

sponsorship

Back 51

public relations strategy in which a company spends money to support an issue cause or event that is consistent with corporate objectives such as improving brand awareness or enhancing corporate image

Front 52

crisis management

Back 52

coordinated effort to handle all the effects of unfavorable publicity or another unexpected unfavorable event.

Front 53

sales promotion

Back 53

marketing communication activities other tan advertising personal selling and public realtions in which a short term incentive motivates cosumers or member os the distribution channel to purhase a good or service immediately either by lowering the price or by adding value

Front 54

trade sales promotion

Back 54

promotion activities directed to member of the marketing channel such as wholesalers and retailers

Front 55

consumer sales promotion

Back 55

promotion activities targeted to the ultimate consumer market

Front 56

trade allowance

Back 56

price reduction offered by manufacturers to intermediaries such as wholesalers and retailers

Front 57

push money

Back 57

money offered to channel intermediaries to encourage them to puch products that is to encourage other members of the channel to sell the product

Front 58

coupon

Back 58

certificate that entitles consumers to an immediate price reduction when the product is purchased.

Front 59

rebate

Back 59

cash refund given for the purchase of a product during a specific period

Front 60

premium

Back 60

an extra item offered to the consumer usually in exchange for some proof of purchase of the promoted product

Front 61

loyalty marketing program

Back 61

promotional program designed to build long term mutually beneficial relationships between a compay and its key customers

Front 62

frequent buyer program

Back 62

loyalty program in which loyal customers are rewarded for making multiple purchases of a particular good or service

Front 63

sampling

Back 63

promotional program that allows the consumer the opportunity to try a product or service for free.

Front 64

point of purchase (pop display)

Back 64

promotional display set up at the retailers location to build traffic, advertise the product, or induce impulse buying.

Front 65

relationship selling (consultative selling)

Back 65

sales practice that involves building maintaining and enhancing interations with customers in order to develop long term satisfaction through mutually beneficial partnerships

Front 66

customer centric

Back 66

philosophy under which the company customizes its product and service offering based on data generated through interations between the customer and the company

Front 67

learning

Back 67

informal process of collecting customer data through customer comments and feedback on product or service performance

Front 68

knowledge management

Back 68

process by which customer information is centralized and shared in order to enhance the relationship between customers and the organization

Front 69

interation

Back 69

point at which customer and company representative exchange information and develop learning relationships

Front 70

touch points

Back 70

areas of business where customers have contact with the company and data might be gathered

Front 71

point of sale interactions

Back 71

a touch point in store or information kiosks that uses software to enable customers to easily provide information about themselves without feeling violated

Front 72

campaign management

Back 72

developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships

Front 73

sales process (sales cycle)

Back 73

the set of steps a salesperson goes through in a particular organization to sell a particular product of service

Front 74

lead generation (prospecting)

Back 74

identification of those firms and people most likely to by the sellers offerings

Front 75

referral

Back 75

recommendation to a salesperson fro a customer or business associate

Front 76

networking

Back 76

process of finding out about potential clients from friends busines contacts coworkers acquaintances and fellow memebers in professional and civic organizations.

Front 77

cold calling

Back 77

form of lead generation in which the salesperson approaches potential buysers without any prior knowledge of the prospeces needs or financial status.

Front 78

lead qualifications

Back 78

determination of a sales prospects 1. recognized need, 2. buying power 3. receptivity and accessibility

Front 79

preapproach

Back 79

process that describes the homework that must be done by a sales person before he or she contacts a prospect

Front 80

needs assessment

Back 80

determination f the customers specific needs and wants and the range of options the customer has for satisfying them

Front 81

sales proposal

Back 81

formal meeting in which the salesperson presents a sales proposal to a prospective buyers

Front 82

negotiation

Back 82

process during which both the sales person and the prospect offer special concessions in an attempt to arrive at a sales agreement

Front 83

follow up

Back 83

final step of the selling process in which the salesperson ensures delivery schedules are met, goods or services perform as promised and the buyers emplyees are property trained to use the product

Front 84

quota

Back 84

statement of the salespersons sales goals usually based on sales volume.

Front 85

price

Back 85

that which is given up in an exchange to acquire a good or serivice

Front 86

revenue

Back 86

price charged to customers multiplied by the number of units sold

Front 87

profit

Back 87

revenue minus expenses

Front 88

return on investment ROI

Back 88

Net profit after taxes divided by total assets

Front 89

market share

Back 89

company's product sales as a percentage of total sales for that industry

Front 90

status quo pricing

Back 90

pricing objective that maintains existing prices or meets the competitions prices

Front 91

demand

Back 91

quantity of a product that will be sold in the market at various prices for specified period

Front 92

supply

Back 92

the quantity of a product that will be offered to the market by a supplier at varous prices for a specified period

Front 93

price equilibrium

Back 93

price at which demand and supply are equal

Front 94

elasticity of demand

Back 94

consumers responsiveness or sensitivity to changes in price

Front 95

elastic demand

Back 95

situation in which consumers demand is sensitive to changes in price

Front 96

inelastic demand

Back 96

situation in which an increase or decrease in price will not significantly affect demand for the product

Front 97

unitary elasticity

Back 97

a situation in which total revenue remains the same when prices change

Front 98

dynamic pricing

Back 98

strategy whereby prices are adjusted over time to maximize a companys revenues

Front 99

yeild management system (yms)

Back 99

technique for adjusting prices that uses complex mathematical software to profitably fill unused capacity by discounting early purchases limiting early sales at these discounted prices and overbooking capacity

Front 100

variable cost

Back 100

cost that varies with changes in the level of output

Front 101

fixed cost

Back 101

cost that does not change as output is increased or decreased

Front 102

average variable cost (avc)

Back 102

total variable costs divided by quantity of output

Front 103

average total cost (atc)

Back 103

total costs divided by quantity of output

Front 104

average fixed cost (afc)

Back 104

total fixed costs divided by quantity of output

Front 105

marginal cost (mc)

Back 105

the change in total costs associated with one unite change in output

Front 106

markup pricing

Back 106

cost of buying the product from the producer plus amounts for profit and for expenses not otherwise accounted for

Front 107

key stoning

Back 107

the practice of marking up prices by 100 percent or doubling cost

Front 108

marginal revenue (mr)

Back 108

the extra revenue associated with selling an extra unit of output or the change in total revenue with a one unit change in output

Front 109

break even analysis

Back 109

method of determining what sales volume must be reached before total revenue equals total cost

Front 110

selling against the brand

Back 110

stocking well known branded items at high prices in order to sell store brands at discounted prices

Front 111

extranet

Back 111

private electronic network that links a company with its suppliers and customers

Front 112

prestige pricing

Back 112

charging a high price to help promote a high quality image