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36 Cards in this Set

  • Front
  • Back
Marketing Mix
Blending of the four strategy elements--- product, distribution, promotion, and price--- to fit the needs and preferences of a specific target market.
Bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs.
Intangible tasks that satisfy the needs of consumer and business users.
Services are:
-inseparable from the service providers
-not easily standardized
Tangible products customers can see, hear, smell, taste, or touch.
Goods-Services Continuum
Spectrum along which goods and services fall according to their attributes, from pure good to pure service.
Hiring workers to do jobs from their homes.
Business-to-Consumer Product (B2C)
Product destined for use by ultimate consumers.
Business-to-Business Product (B2B)
Product that contributes directly or indirectly to the output of other products for resale; also called industrial or organizational product.
Unsought Products
Products marketed to consumers who may not yet recognize a need for them.
Convenience Products
Goods and services consumers want to purchase frequently, immediately, and with minimal effort.
Impulse Goods and Services
Products purchased on the spur of the moment.
Convenience goods and services consumers constantly replenish to maintain a ready inventory.
Emergency Goods and Services
Products bought in response to unexpected and urgent needs.
Shopping Products
Products consumers purchase after comparing competing offerings.
Specialty Products
Products with unique characteristics that cause buyers to prize those particular brands.
Major capital investments in the B2B market.
Accessory Equipment
Capital items, such as desktop computers and printers, that typically cost less and last for shorter periods than installations.
Industrial Equipment
Channel intermediary that takes title to foods it handles and then distributes these goods to retailers, other distributers, or business or B2B customers; also called a wholesaler.
Component Parts and Materials
Finished business products of one producer that become part of the final products of another producer.
Raw Materials
Natural resources, such as farm products, coal, copper, or lumber that become part of a final product.
Business Services
Intangible products firms buy to facilitate their production and operating processes.
Regular expenses a firm incurs in its daily operations.
MRO Items
Business supplies that include maintenance items, repair items, and operating supplies.
Total Quality Management (TQM)
Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance.
ISO 9001:2008
Standards developed by the International Organization for Standardization in Switzerland to ensure consistent quality management ad quality assurance for goods and services throughout the European Union.
(What a wordy definition for such a simple idea: Standards for goods and services in the EU)
Method of measuring quality by comparing performance against industry leaders.
Service Encounter
Point at which the customer and service provider interact.
Service Quality
Expected and perceived quality of a service offering.
Product Line
Series of related products offered by one company.
Product Mix
Assortment of product lines and individual product offerings a company sells.
Line Extension
Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.
Product Lifecycle
Progression of a product through introduction, growth, maturity, and decline.
Introductory Stage
First stage of the product lifecycle, in which a firm works to stimulate sales of a new-market entry.
Growth Stage
Second stage of he product lifecycle that begins when a firm starts to realize substantial profits from its investment in a product.
Maturity Stage
Third stage in the product lifecycle, in which industry sales level out.
Decline Stage
Final stage of the product lifecycle, in which a decline in total industry sales occurs.