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