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Marketing Management > BM after Midterm > Flashcards

BM after Midterm Flashcards

1
Q

Idea generation RT:new product development

A

the systematic search for new-product ideas.

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2
Q

Crowdsourcing

A

inviting broad communities of people-customers, employees independent scientists and researchers, and even the public at large- into the new-product innovation process.

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3
Q

idea screening

A

screening new-product ideas to spot good ideas and drop poor ones as soon as possible.

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4
Q

product concept

A

a detailed version of the new-product idea stated in meaningful consumer terms.

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5
Q

Concept testing

A

testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

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6
Q

Marketing strategy development

A

designing an initial marketing strategy for a new product based on the product concept

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7
Q

Business analysis

A

a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives.

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8
Q

Product development

A

developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.

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9
Q

test marketing

A

the stage of new-product development in which the product and its proposed marketing program are tested in realistic market settings.

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10
Q

commercialization

A

introducing a new product into the market

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11
Q

customer-centered new-product development

A

new-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

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12
Q

team-based new-product development

A

new-product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.

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13
Q

product life cycle (PLC)

A

the course of a product’s sales and profits over its lifetime.

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14
Q

style

A

a basic and distinctive mode of expression

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15
Q

fashion

A

a currently accepted or popular style in a given field.

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16
Q

Fad

A

a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

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17
Q

Introduction stage

A

the PLC stage in which a new product is first distributed and made available for purchase.

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18
Q

Growth stage

A

the PLC stage in which a product’s sales start climbing quickly

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19
Q

Maturity stage

A

the PLC stage in which a product’s sales growth slows or levels out.

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20
Q

Decline stage

A

the PLC stage in which a product’s sales fade away.

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21
Q

Adoption process

A

the mental process through which an individual passes from first hearing about an innovation to final adoption.

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22
Q

stages in adoption process

A

awareness, interest, evaluation, trial, adoption.

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23
Q

the eight major steps of the new product development process

A
  1. Idea generation
  2. idea screening
  3. concept development and testing
  4. marketing strategy development
  5. business analysis
  6. product development
  7. test marketing
  8. commercialization
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24
Q

the five stages of the product life styles

A
  1. product development
  2. introduction
  3. growth
  4. maturity
  5. decline.
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25
Q

the five adopter groups

A

innovators, early adopters, early mainstream, late mainstream, lagging adopters

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26
Q

customer value-based pricing

A

setting price based on buyers’ perceptions of value rather than on the seller’s cost

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27
Q

Good-value pricing

A

offering just the right combination of quality and good service at a fair price.

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28
Q

price

A

the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service

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29
Q

value-added pricing

A

attaching value-added features and services to differentiate a company’s offers and charging higher prices.

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30
Q

cost-based pricing

A

setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk.

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31
Q

fixed cost (overhead)

A

cost that do not vary with production or sales level

32
Q

variable costs

A

cost that vary directly with the level of production

33
Q

total costs

A

the sum of the fixed and variable costs for any given level of production

34
Q

experience curve (learning curve)

A

the drop in the average per-unit production cost that comes with accumulated production experience

35
Q

Cost-plus pricing (markup pricing)

A

adding a standard markup to the cost of the product.

36
Q

Break-even pricing (target return pricing)

A

setting price to break even on the costs of making and marketing a product, or setting price to make a target return.

37
Q

Competition-based pricing

A

setting prices based on competitors’ strategies, prices, costs, and market offerings.

38
Q

Demand curve

A

a curve that shows the number of units the market will buy in a given time period, at different prices that might be charged.

39
Q

Price elasticity

A

a measure of the sensitivity of demand to changes in price.

40
Q

market-skimming pricing (price skimming)

A

setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales

41
Q

market-penetration pricing

A

setting a low price for a new product in order to attract a large number of buyers and a large market share

42
Q

product ling pricing

A

setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors’ prices

43
Q

optional-product pricing

A

the pricing of optional or accessory products along with a main product.

44
Q

captive-product pricing

A

setting a price for products that must be used along with a main product, such as blade for a razor and games for a video-game console.

45
Q

by-product pricing

A

setting a price for by-products in order to make the main product’s price more competitive.

46
Q

product bundle pricing

A

combing several products and offering the bundle at a reduced price.

47
Q

straight rebuy

A

a business buying situation in which the buyer routinely reorders something without any modifications.

48
Q

modified rebuy

A

a business buying situation in which the buyers purchases a product or service for the first time

49
Q

new task

A

a business buying situation in which the buyer purchases a product or service for the first time

50
Q

systems selling (or solutions selling)

A

buying a packaged solution to a problem from a single seller, thus avoiding all separate decisions involved in a complex buying situation

51
Q

buying center

A

all the individuals and units that play a role in the purchase decision-making process

52
Q

user

A

members of the buying organization who will actually use the purchased product

53
Q

influencers

A

people in an organization’s buying center who affect the buying decision; they often help define specifications and also provide information for evaluating alternatives

54
Q

buyers

A

people in an organization’s buying center who make an actual purchase

55
Q

deciders

A

people in an organization’s buying center who ahve formal or informal power to select or approve the final suppliers

56
Q

gatekeepers

A

people in an organization’s buying center who control the flow of information to others.

57
Q

bench marketing

A

comparing the company’s products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance.

58
Q

market segmentation

A

dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

59
Q

market targeting (targeting)

A

evaluating each market segments attractiveness and selecting one or more segments to enter

60
Q

differentiation

A

differentiating the market offering to create superior customer value.

61
Q

positioning

A

arranging for a market offering to occupy a clear distinctive, and desirable place relative to competing products int he minds of target consumers

62
Q

geographic segmentation

A

dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods.

63
Q

demographic segmentation

A

dividing the market into segments based on variables such as age life-cycle stage, gender , income, occupation, education, religion, ethnicity, and generation.

64
Q

age and life-cycle segmentation

A

dividing a market into different age and life-cycle groups.

65
Q

gender segmentation

A

dividing a market into different segments based on gender.

66
Q

Income segmentation

A

dividing a market into different income segments.

67
Q

psychographic segmentation

A

dividing a market into different segments based on social class, lifestyle, or personality characteristics.

68
Q

behavioral segmentation

A

dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product.

69
Q

Occasion segmentation

A

dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.

70
Q

benefit segmentation

A

dividing the market into segments according to the different benefits that consumers seek from the product.

71
Q

product position

A

the way a product is defined by consumers on important attributes- the place the product occupies in consumers’ minds relative to competing products.

72
Q

competitive advantage

A

an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices.

73
Q

Which differences to promote

A

criteria: important, distinctive, superior, communicable, preemptive, affordable, profitable

74
Q

positioning statement

A

a statement that summarizes company or brand positioning using this form: to (target segment and need) our (brand) is (concept) that (point of difference)>

75
Q

product

A

anything

Marketing Management (2 decks)

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