Marketing Final

Front 1

channel partnering

Back 1

a joint effort bya ll channel members to create a suplly chain that serves customers and creates a competitive advantage

Front 2

mass customization vs. Just in time

Back 2

Mass Customization method-orders are produced after they are ordered

JIT-raw materials arrive just before they are needed.

Front 3

2 kinds of inventory control systems

Back 3

Materials Requirement Process-manages the replenishment of raw materials

Distribution Resource Process- manages the replenishment of the goods from the manufacturer to the consumer

Front 4

retailing

Back 4

all the activities related to the sale of goods and servces to the consumer

Front 5

gross margin

Back 5

the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted

Front 6

scrambled merchandising

Back 6

the offering of non-traditional goods and services under one roof

Front 7

mass merchandising

Back 7

a retailing strategy using moderate to low prices on large quantities of merchandice adn lower service to stimulate high turnover of products

Front 8

direct retailing

Back 8

the selling of products by reps who work door to door, office to office, or at home parties

Front 9

direct marketing

Back 9

techniques used to make a customer make purchases from their home, office, or other nonretail setting.

Front 10

retailing mix

Back 10

COnsists of the 6 P's:
Product, Placement, Price, Promotion, Presentation, and Personnel

Front 11

adopter

Back 11

a consumer that is happy enough with their initial experience with a product to use it again

Front 12

innovation

Back 12

a product percieved as new by a potential adopter

Front 13

diffusion

Back 13

the process by which the adoption of an innovation spreads

Front 14

product category

Back 14

includes all brands that satisfy a particular type of need

Front 15

4 stages of a product

Back 15

Introductory
Growth
Maturity
Decline

Front 16

Service

Back 16

The result of applying human or mechanical efforts to people or objects

Front 17

search quality

Back 17

a characteristic that can be assessed before purchase

Front 18

experience quality

Back 18

a characterstic that can be assessed only after purchase

Front 19

creedence quality

Back 19

a quality that still cannot be assessed even after purchase
eg. medical and consulting services

Front 20

reliability

Back 20

The ability of a service to preform dependably, accurately, and consistently

Front 21

responsiveness

Back 21

The ability to provide prompt service

Front 22

assurance

Back 22

The ability to convey trust to the consumer

Front 23

empathy

Back 23

caring, individualized attention to customers

Front 24

tangibles

Back 24

the physical evidence of a service

Front 25

gap models

Back 25

identifies 5 gaps that could cause problems in service delivery

Front 26

mass customization

Back 26

a strategy that uses technology to deliver customized services on a mass basis

Front 27

marketing channel

Back 27

a set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer

Front 28

supply chain

Back 28

a connected chain of all the business entities that preform the logistics function

Front 29

merchant wholesaler

Back 29

buys from manufacturers, sells them to business

Front 30

logistics

Back 30

the process of strategically managing the efficient flow and storafe of raw materials, in process inventory, and finished goods from point or origni to point of consumption

Front 31

direct channel

Back 31

a distributon channel in which the manufacturer sells directly to the consumer

Front 32

strategic channel alliance

Back 32

a cooperation between two or more business in which their channels are shared

Front 33

supply chain management

Back 33

a management system that coordinates adn integrates all of the activities performed by supply chain members

Front 34

channel power, control, and leader

Back 34

power-power to influence behavior of another channel member
control-actually influencing
leader-person who actually does the influencing

Front 35

retailer

Back 35

a channel member that sells mainly to consimers

Front 36

undiferentiated targeting strategy

Back 36

views market as one big market with no individual segments, and thus requires only one marketing mix

Front 37

niche

Back 37

One segment of the market

Front 38

Product

Back 38

Everything, good and bad, that is gained in an exchage

Front 39

4 types of consumer products

Back 39

convenience, shopping, specialty, and unsought

Front 40

product mix

Back 40

all the products an organization sells

Front 41

brand

Back 41

a name, term, symbol, design, or combonation thereof that identifies a seller's products and differentiates them from competitors' products.

Front 42

brand name vs. brand mark

Back 42

name is everythign that can be spoken, while mark is everything that can't

Front 43

brand equity

Back 43

the value of a company and brand names

Front 44

generic product

Back 44

A no frills, no brand name, low cost product that is simply identified by its product category.

Front 45

manufacturer's brand vs. private brand

Back 45

manuf. is the brand name of a man., while a prvate brand is owned by a retailer.

Front 46

Individual vs. family brands

Back 46

Individual has a different brand for different products, while family use the same one for a group of products.

Front 47

persuasive labeling

Back 47

Tries to promote a theme or logo, and doesn't provide useful info.

Front 48

express warranty

Back 48

a written guarantee

Front 49

implied warranty

Back 49

an unwritten guarentee that the good or service is fit for the purpose for which it was sold

Front 50

New Product development Processm (7 steps)

Back 50

1.New Product Strategy
2.Idea Generation
3.Idea Screening
4.Business Analysis
5.Development
6.Test Marketing
7.Commercialization

Front 51

screening

Back 51

eliminating the ideas which are inconsistent with a businesses new product strategy

Front 52

concept test

Back 52

testing a new product idea, before it has been created

Front 53

simultaneous product development

Back 53

A team approach to new product development

Front 54

simulated (laboratory) market testing

Back 54

the presentation of advertising and other promo materials for a test product to members of the test market

Front 55

commericialization

Back 55

the decision to produce a product

Front 56

Steps in Segmenting a Market

Back 56

1. Choose a Market
2. Choose a basis for segmenting it
3. Choose Segmentations Descriptors
4. Profile and Analyze Segments
5. Select Target Market
6. Design, implement, and maintain appropriate marketing mixes.

Front 57

Market

Back 57

People or Organization with the ability and willingness to buy a good or service

Front 58

segmentation bases (variables)

Back 58

characteristics of individuals or groups

Front 59

6 kinds of segmentation bases

Back 59

geographic, demographic, Psychographic, Benefit, and geodemographic, and usage-rate

Front 60

geodemographic

Back 60

segmenting potential customers into neighborhood lifestyle categories (i.e. somewhat personality, somewhat geographic)