MARK 3000: Exam 2
91 Cards in this Set
| Front | Back |
|---|---|
|
Convenience Product
|
A relatively inexpensive item that merits little shopping effort
|
|
Shopping Product
|
A product that requires comparison shopping, because it is usually more expensive and found in fewer stores
|
|
Specialty Product
|
A particular item for which consumers search extensively and are reluctant to accept substitutes
|
|
Unsought Product
|
A product unknown to the potential buyer or known product that the buyer does not actively seek
|
|
Homogeneous Products
|
Consumer usually look for lowest priced brand that has desired features.
Example: washer, dryers, refigerator
|
|
Heterogeneous Product
|
Consumer usually have trouble comparing this product
Example: comparing small private college to a large public university
|
|
Product Mix
|
All products that an organization sells.
Each specific version of a product is referred to as a product item
|
|
Product Line
|
A group of closely-related product items
|
|
Product Items
|
a specific version of a product that can be designated as a distinct offering among an organization products
|
|
Product Line Depth
|
the number of product items in a product line:
|
|
Product Mix Width
|
The number of product lines an organization offers
|
|
Product Line Extension
|
Adding additional product to an existing product line in order to compete more broadly in the industry
|
|
Brand
|
A name, term, symbol, and or/ design that identifies a seller's products and differentiates then from competitors' products.
|
|
Brand Name
|
That part of a brand that can be spoken, including letters, words, and numbers
|
|
Brand Mark
|
The element of a brand that cannot be spoken
|
|
Global Brand
|
A brand where at least 20% of the product is sold outside its home country
|
|
Product Modification (Quality)
|
reducing can appeal to lower price target markets; also increase help firm compete with rival firms. Increase brand loyality
|
|
Product Modification (Functional)
|
Change in the product's versatility effectiveness, convenience or safety.
|
|
Product Modification (Style)
|
aesthetic product change rather than a quality or functional change
|
|
Planned Obsolescence
|
the practice of modifying products so those that have already been sold become obsolete before they can actually need replacement
Ex: Cell phones, printers
|
|
Product Line Contraction
|
to deal with overextended
|
|
Lovemark
|
a brand that as a emotional connection to the consumer
|
|
Brand Equity
|
The financial value of a company/brand name
|
|
Generic Brand
|
A no-frills, no-brand-name low coast product that is simply identified by its product category
|
|
Manufacturer's Brand
|
the band name of a manufacturer
|
|
Private Brand
|
a brand name owned by the wholesaler or a retailer
|
|
Captive Brands
|
a brand name manufactured by a third party for an exclusive retailer without evidence of that retailer's affiliation
|
|
Individual Brand
|
Using different brand names for different products
|
|
Family Brand
|
Marketing several different products under the same brand name.
|
|
Co-branding
|
Two or more brands on one product
|
|
Trademark
|
is the exclusive right to use a brand
|
|
Co-Branding (Ingredient)
|
identifies the brand of a part that makes up the product
|
|
Co-Branding (Cooperative)
|
occurs when two brands receiving equal treatment borrow from each other's brand equity
|
|
Co-Branding (Complementary)
|
products are advertised or marketed together to suggest usage.
|
|
Magnuson-Moss Warranty Federal Trade Commission Improvement
|
made in 1975 to help consumers understand warranties and get action from manufactures and dealers
|
|
Persuasive labeling
|
focus on a promotional theme or logo and consumer information secondary
|
|
Informational Labeling
|
to help consumers make proper product selections and lower their cognitive dissonance after the purchase
|
|
Greenwashing
|
when a product or company attempts to give the impression of environmental friendliness whether or not it is environmental friendly
|
|
Universal Product Codes
|
(Bar codes) readable by computerized optical scanners that represent numbers used to track products
|
|
Express Warranty
|
is a written guarantee simple statement to extensive documents written
|
|
Implied Warranty
|
a unwritten guarantee that the good or service is fit for the purpose for which it was sold
|
|
New Product Strategy
|
A goal or strategy on how new products will fit into overall corporate success
|
|
Product Development
|
a marketing strategy that entails the creation of marketable new products, the process of converting application for technologies into marketable products
|
|
Brainstorming
|
to get a group to think of unlimited ways to vary a product or solve a problem
|
|
Idea Screening
|
the first filter in the product development process, which eliminates bad ideas
|
|
Concept Test
|
a test to evaluate a new product idea, usually before any prootype has been created
|
|
Simultaneous product development
|
a team oriented approach to new-product development
|
|
Test Marketing
|
the limited introduction of a product and a marketing program to determine the reaction of potential customers in a market situation
|
|
Simulated market testing
|
the presentation of advertising and other promotional materials for several products, including a test product, to members of the product's target market
|
|
Diffusion
|
the process by which how quickly the new product takes off and spread.
|
|
Innovators
|
(Smallest Adopters) seek out risk and new ideas 2.5%
|
|
Early Adopters
|
marketers connection to others, opinion leaders, respect of other is important 13.5%
|
|
Early Majority
|
adopt new product, but not before researching the product 34%
|
|
Late Majority
|
sit back and observe the use of the new product 34%
|
|
Laggards
|
tied to tradition 16%
|
|
Market Research
|
the process of planning,collecting, and analyzing data relevant to a marketing decision
|
|
Management Decision Problem
|
a board-based problem that requires marketing research in order for managers to take proper actions.
|
|
Marketing Research Problems
|
Determining what information is needed and how that information can be obtained efficiently and effectively
|
|
Universe
|
the populations of interest
|
|
Sample
|
A subset of the population
|
|
Probability Sample
|
a sample in which every element in the population has a known chance of being selected
|
|
Random Sample
|
Every member has equal chance of being selectes
|
|
Stratified Random
|
Population is the first divided into exclusive groups, then each group is randomly sampled
|
|
Systematic Random
|
Based upon random starting point, every nth person selected.
|
|
Nonprobability Sample
|
Probability of selection is not known
|
|
Convenience Sample
|
Respondents selected based upon ease
|
|
Secondary Data
|
Data previously collected for any purpose other than the one at hand
|
|
Primary Data
|
information collected for the first time, Unique to particular problem at hand
|
|
Survey Research
|
the most popular technique for gathering primary data, ask people question to obtain facts, opinions, and attitudes
|
|
Ethnographic Research
|
the observation of human behavior in its natural context
|
|
Observation Research
|
watching and recording, can be done by people or machines
|
|
Behavior Scan
|
where you opt in to doing this research(households)
|
|
Info Scan
|
way for the industry to track the product being used (Store level)
|
|
Elizabeth Hirschman
|
on of the founders of behavior scan; did research at a flea market
|
|
Unrestricted Internet Sample
|
a survey in which anyone with a computer and modern can fill out the questionaire
|
|
Screened Internet Sample
|
An internet sample with quotas based on desired sample characteristics
|
|
Recruited Internet Sample
|
A sample in which respondents are prerecruited and must quality to participate
|
|
Frequency Counts
|
X% of people said yes and Y% said No
|
|
Cross tabulations
|
information of the X and Y: that is combined with characteristic
|
|
Marketing Channels
|
a set od interdependent organizations involves in transfer of ownership as finished products move from producer to consumer
|
|
Retailer
|
sells mainly to final consumer
|
|
Merchant Wholesaler
|
buys and takes title to goods from; stores,ships,and sells to other businesses
|
|
Agent and/or Broker
|
facilitates sale between mfg and others. Does not take title
|
|
Discrepancy of Quality
|
Difference between efficient production volumes and volume desired by end customer
|
|
Discrepancy of Assortment
|
Difference between mix of items produced by one manufacturer and mix of items desired by customer
|
|
Temporal Discrepancy
|
Difference between time when items is produced and time when consumer wants to buy it
|
|
Spatial Discrepancy
|
Difference between place where item is produced and place consumer wants to buy it
|
|
Logistics
|
Management of physical flow of raw materials,components, and products across the supply chain
|
|
Production Scheduling
|
determining method and timing of the manufacturing of a mix of products
|
|
Order Processing
|
a system for easily receiving orders and accurately and quickly filing them
|
|
Electronic Data Interchange(EDI)
|
computer to computer exchange of ordering information
|
MARK 3000: EXAM 1