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