MAR3023 - Exam 2 (Jumbo Set)

a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value

has tangible attributes that a consumer's five senses can perceive (ex: iPad); it may also have intangible attributes consisting of its delivery or warranties and embody more abstract concepts, such as becoming healthier or wealthier

an item consumed in one or a few uses, such as food products and fuel

one that usually lasts over many uses, such as appliances, cars, and mobile phones

a thought that leads to a product or action, such as a concept for a new invention or getting people to vote

products purchased by the ultimate consumer

items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort

items for which the consumer compares several alternatives on criteria such as price, quality or style

items that the consumer makes a special effort to search out and buy

items that the consumer does not know about or knows about but does not initially want

products organizations buy that assist in providing other products for resale

sales of business products frequently result (or are derived) from the sale of consumer products

items that become part of the final product (ex: raw materials or parts)

items used to assist in producing other goods and services

a specific product that has a unique brand, size, or price

a unique identification number that defines an item for ordering or inventory purposes

a group of product or service items that are closely related because they satisfy a class of needs, a used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range

consists of all of the product lines offered by an organization

product that requires no new learning by consumers

product that disrupts consumer's normal routine but does not require totally new learning

product that requires new learning and consumption patterns by consumers

a statement that, before product development begins, identifies 1) a well-defined target market, 2) specific customers' needs, wants and preferences, and 3) what the product will be and do to satisfy consumers

the seven stages an organization goes through to identify business opportunities and convert them into salable products or services

defines the role for a new product in terms of the firm's overall objectives

involves developing a pool of concepts to serve as candidates for new products, building upon the previous stage's results

where an organization finds and executes creative new-product ideas by developing strategic relationships with outside individuals and organizations

involves generating insights leading to actions based on massive numbers of people's ideas

the stage that internally and externally evaluates new-product ideas to eliminate those that warrant no further effort

internal approach where the firm's employees evaluate the technical feasibility of a proposed new product idea to determine whether it meets the objectives defined in the new-product strategy development stage

external evaluations with consumers that consist of preliminary testing of a new-product idea rather than an actual product; more useful with minor modification of existing products rather than new, innovative products

specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections

the stage of the new-product process that turns the idea on paper into a prototype

the stage of the new-product process that involves exposing actual products to prospective customers under realistic purchase conditions to see if they will buy

the stage of the new-product process that positions and launches a new product in full-scale production and sales; most expensive stage

an approach where cross-functional team members who conduct the simultaneous development of both the product and the production process stay with the product from conception to production; helps speed up TtM

a "do it, try it, fix it" approach used in software development that encourages continuing improvement even after the initial design

a payment a manufacturer makes to place a new item on a retailer's shelf; used in grocery products

a penalty payment a manufacturer makes to compensate a retailer for devoting valuable shelf space to a product that failed to sell

describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline

the desire for the product class rather than for a specific brand, since there are few competitors in the same product

the preference for a specific brand

a pricing strategy where a company offers a high initial price to help it recover the costs of development as well as capitalize on the price insensitivity of early buyers

a pricing strategy to discourage competitive entry where a company prices low to help build unit volume; but, must monitor costs

dropping the product from the company's product line

when the company retains the product but reduces marketing costs

products where significant consumer education is required and there is an extended introductory period

products where the sales curve begins immediately because little learning is required by the consumer, and the benefits of purchase are readily understood; the product is also easily imitated by competitors, so marketers must broaden distribution quickly

products that are a style of the times; will be introduced, decline, and then return

products that experience rapid sales on introduction and then equally rapid decline

refers to the entire product category or industry, such as prerecorded music

pertains to variations within the product class

the way a product spreads through the population

involves altering one or more of a product's characteristics, such as its quality, performance, or appearance, to increase the product's value to customers and increase sales

a company tries to find new customers, increase a product's use among existing customers, or create new use situations

changes the place a product occupies in the mind relative to competitive products; can do this by changing one or more of the four marketing mix elements

involves adding value to the product (or line) through additional features or higher quality materials

involves reducing the number of features, quality, or price of a product

reducing the package content without changing package size and maintaining or increasing package price

using a name, phrase, design, symbols, or combination of these to identify a company's products and distinguish them from those of competitors; is a basic decision in marketing products

any word, device (design, sound, shape or color), or combination of these used to distinguish a seller's goods or services

a commercial, legal name under which a company does business

identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others form using it

a set of human characteristics associated with a brand name; research shows that consumers assign personality traits to products (traditional, rugged, etc.) and choose brands that are consistent with their own or desired self-image

the added value a brand name gives to a product beyond the functional benefits provided; provides 1) a competitive advantage and 2) consumers are willing to pay a higher price for a product with brand equity

a contractual agreement whereby one company (licensor) allows its brand name or trademark to be used with products or services offered by another company (licensee) for a royalty or fee

a type of branding where a company uses one name for all its products in a product class (sometimes called family branding or corporate branding)

involves giving each product a distinct name

used when a company manufactures products but sells them under the brand name of a wholesaler or retailer

a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market

the practice of using a current brand name to enter a new market segment in its product class

combines a corporate or family brand with a new brand, to distinguish a part of its product line from others

the practice of using a current brand name to enter a different product class

the pairing of two brand names of two manufacturers on a single product

any container in which a product is offered for sale and on which label information is conveyed

an integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients

a statement indicating the liability of the manufacturer for product deficiencies

regulates the content of consumer warranties and so has strengthened consumer rights with regard to warranties

intangible activities or benefits (such as airline trips, financial advice, or automobile repair) that an organization provides to satisfy consumers' needs in exchange for money or something else of value

intangibility, inconsistency, inseparability, and inventory

when the service provider is available but there is no demand for the service

the range of product-dominant to service-dominant offerings for a company

identification of the differences between the consumer's expectations and experience with a service offering; this type of analysis asks consumers to assess their expectations and experiences on dimensions of service quality such as reliability, tangibles, responsiveness, assurance, and empathy

a flowchart of the points of interaction between consumer and service provider

includes the 4 P's of the marketing mix (product, price, place, and promotion), as well as people, physical environment, and process

consists of charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service

based on the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at consumers

the process of managing the entire customer experience with the company

integrating the service component of the marketing mix with efforts to influence consumer demand

any paid form of nonpersonal communication about an organization, good, service, or idea by an identified sponsor

advertisements that focus on selling a good or service and which take three forms: 1) pioneering (or informational), 2) competitive (or persuasive), and 3) reminder

tell people what a product is, what it can do, and where it can be found (informational)

promotes a specific brand's features and benefits (persuasive)

used to reinforce previous knowledge of a product

used to assure current users they made the right choice

advertisements designed to build goodwill or an image for an organization rather than promote a specific good or service

appeals that suggest to the consumer that he or she can avoid some negative experience through the purchase and use of a product or service, a change in behavior, or a reduction in the use of a product

appeals that suggest to the audience that the product will increase the attractiveness of the user

appeals that imply either directly or subtly that the product is more fun or exciting than the competitor's offerings

the number of different people or households exposed to an advertisement

the percentage of households in a market that are tuned to a particular TV show or radio station