Ama Pcm - Domain 4-2: Products And Services

Front 1

Accessory Equipment

Back 1

Equipment that doesn't become part of the final physical product but is used in production or office activities.

Front 2

Assurance

Back 2

Knowledge and courtesy of employees and their ability to convey trust and confidence.

Front 3

Breadth of Product Mix

Back 3

The number of product lines a company offers.

Front 4

Business Services

Back 4

Intangible products that many organizations use in their operations.

Front 5

Capacity Management

Back 5

The service component of the marketing mix must be integrated with efforts to influence consumer demand.

Front 6

Commercialization

Back 6

Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product.

Front 7

Communications Gap

Back 7

The difference between the actual service provided to customers and the service that the firm's promotion program promises.

Front 8

Component Parts

Back 8

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

Front 9

Concept Testing

Back 9

Seeking a sample of potential buyers' responses to a product idea.

Front 10

Consumer Products

Back 10

Products purchased to satisfy personal and family needs.

Convenience, shopping, specialty, and unsought.

Front 11

Continuous Innovation

Back 11

Manufacturers can add new attributes or features without the need to reeducate customers.

Front 12

Convenience Products

Back 12

Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.

Front 13

Credence Properties (Credence Qualities)

Back 13

Attributes that customers may be unable to evaluate even after purchasing and consuming a service.

Front 14

Customer Contact

Back 14

The interaction between the customer and the provider of the product or service.

Front 15

Customer Contact Audit

Back 15

A flowchart of the points of interaction between consumer and service provider.

Front 16

Customer Experience Management (CEM)

Back 16

The process of managing the entire customer experience with the company.

Front 17

Delivery Gap

Back 17

The difference between the firm's service standards and the actual service it provides to customers.

Front 18

Demand-Based Pricing

Back 18

Pricing based on the level of demand for the product.

Front 19

Depth of Product Mix

Back 19

The average number of different products offered in each product line.

Front 20

Dicsontinuous Innovation

Back 20

Making the consumer learn entirely new consumption patterns to use the product.

Front 21

Divesting Approach

Back 21

A company adopting this approach withdraws all marketing support from a product or Strategic Business Unit in the Decline stage of the business cycle.

Front 22

Durable Good

Back 22

Products such as cars, televisions, computers, and refrigerators that should be made, used, and returned to the manufacturer within a closed loop; designed for disassembly and recycling.

Front 23

Dynamically Continuous Innovation

Back 23

Requires only minor changes in consumer behavior to educate prospective buyers on the product's benefits.

Front 24

Early Adopters

Back 24

People who adopt new products early, choose new products carefully, and are viewed as "the people to check with" by later adopters.

Front 25

Early Majority

Back 25

Individuals who adopt a new product just prior to the average person.

Front 26

Empathy

Back 26

Caring, individualized attention provided to customers.

Front 27

Experience Properties (Experience Qualities)

Back 27

Attributes that can be assessed only during purchase and consumption of a service.

Front 28

Idea Generation

Back 28

Seeking product ideas to achieve organizational objectives.

Front 29

Idle Production Capacity

Back 29

When the service provider is available but there is no demand for the service.

Front 30

Inconsistency

Back 30

Potential problem with delivering quality services. Organizations attempt to reduce inconsistency through standardization and training.

Front 31

Innovators

Back 31

First adopters of new products.

Front 32

Inseparability

Back 32

The quality of being produced and consumed at the same time.

Front 33

Installations

Back 33

Facilities and non portable major equipment.

Front 34

Instrumental Support

Back 34

The systems and equipment to deliver a service properly.

Front 35

Intangibility

Back 35

The characteristic that a service is not physical and cannot be perceived by the senses.

Front 36

Inventory Cost of Service

Back 36

The cost of paying the person used to provide the service along with any needed equipment.

Front 37

Knowledge Gap

Back 37

The difference between customers' expectations and the firm's perception of those customer expectations.

Front 38

Laggards

Back 38

The last adopters; they distrust new products.

Front 39

Late Majority

Back 39

Skeptics who adopt new products when they feel it is necessary.

Front 40

Market Testing

Back 40

A limited introduction of a product in geographic areas chosen to represent the intended market.

Front 41

New-Product Process

Back 41

A seven phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test marketing, and commercialization.

Front 42

Nondurable Good

Back 42

An item consumed in one or a few uses, such as food or fuel.

Front 43

Peak Demand

Back 43

Some services are very time sensitive in that a significant number of customers desire the service at a particular time.

Front 44

Process Materials

Back 44

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

Front 45

Product Class

Back 45

The entire product category or industry, such as prerecorded music. (Product form pertains to variations within the product class.)

Front 46

Product Life Cycle

Back 46

The progression of a product through four stages: introduction, growth, maturity, and decline.

Front 47

Product Line

Back 47

A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations.

Front 48

Product Mix

Back 48

The composite, or total, group of products that an organization makes available to customers.

Front 49

Psychological Barriers

Back 49

Factors affecting whether or not a consumer will adopt a new product: Cultural differences or image.

Front 50

Raw Materials

Back 50

Basic natural materials that become part of a physical product.

Front 51

Reliability

Back 51

Ability to perform the promised service dependably and accurately.

Front 52

Responsiveness

Back 52

Willingness to help customers and provide prompt service.

Front 53

Risk Barriers

Back 53

Factors affecting whether or not a consumer will adopt a new product: Physical, economic, or social.

Front 54

Roll-Out

Back 54

A product is introduced in stages, starting in one set of geographic areas and gradually expanding into adjacent areas.

Front 55

Search Properties / Qualities

Back 55

Tangible attributes that can be judged before the purchase of a product.

Front 56

Service Continuum

Back 56

How offerings can vary in their balance of products and services.

Front 57

Service Gap

Back 57

When a firm's delivery of a service fails to meet the expectations of their customers. (knowledge gap, standards gap, delivery gap, and communications gap)

Front 58

Service Quality

Back 58

Customers' perceptions of how well a service meets or exceeds their expectations.

Front 59

Shopping Products

Back 59

Items for which buyers are willing to expend considerable effort in planning and making purchases.

Front 60

Slotting Allowance (Slotting Fee)

Back 60

A fee paid by the manufacturer to the retailer simply to get new products into stores or to gain more or better shelf space for their products.

Front 61

Specialty Products

Back 61

Items with unique characteristics that buyers are willing to expend considerable effort to obtain.

Front 62

Standards Gap

Back 62

The difference between the firm's perception of customers' expectations and the service standards it sets.

Front 63

Support Products

Back 63

Items used to assist in producing other goods and services. For example, buildings, tools, office supplies, repair and maintenance services, etc.

Front 64

Tangibles

Back 64

Appearance of physical facilities, equipment, personnel, and communication materials.

Front 65

Time to Market

Back 65

The time required to get a new product through the process from R&D to commercialization.

Front 66

Unsought Products

Back 66

Products purchased to solve a problem, products of which customers are unaware, and products that people do not necessarily think of buying.

Front 67

Usage Barriers

Back 67

The product is not compatible with existing habits.

Front 68

Value Barriers

Back 68

The product provides no incentive to change.

Front 69

Zone of Tolerance

Back 69

The area between customers' expectations regarding their desired service and the minimum level of acceptable service. The difference between what the customer really wants and what he or she is willing to accept.

Front 70

Business Products

Back 70

Products which are bought to use in a firm's operations, to resell, or to make other products.

Installations, accessory equipment, raw materials, component parts, process materials, MRO supplies, business services.

Front 71

MRO Supplies

Back 71

Maintenance, repair, and operating items that facilitate production and operations but don't become part of the finished product.

Front 72

Product Item

Back 72

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

Front 73

Introduction Stage

Back 73

The initial stage of a product's life cycle; its first appearance in the marketplace when sales start at zero and profits are negative.

Front 74

Growth Stage

Back 74

The product life-cycle stage when sales rise rapidly, profits reach a peak , and then they start to decline.

Front 75

Maturity Stage

Back 75

The stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall.

Front 76

Decline Stage

Back 76

The stage of a product's life cycle when sales fall rapidly.

Front 77

Screening

Back 77

Selecting the ideas with the greatest potential for further review.

Front 78

Business Analysis

Back 78

Evaluating the potential impact of a product idea on the firm's sales, costs, and profits.

Front 79

Product Development

Back 79

Determining whether producing a product is technically feasible and cost effective.