CH 12 -- Product and Servive Strategies Flashcards

1
Q

Marketing Mix

A

Blending of the four strategy elements – product, distribution, promotion and price – to fin the needs and preferences of a specific target market

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2
Q

Product

A

Bundle of physical, service and symbolic attributes designed to satisfy a customer’s wants and needs

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3
Q

Services

A

Intagible tasks that satisfty the needs of consumer and business users

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4
Q

Goods

A

Tangible products customers can sees, hear, smell, touch, or tasts

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5
Q

Good-Services Continuum

A

Spectrum along which goods and services fall according to their attributes, from pure good to pure service.

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6
Q

Homeshoring

A

hiring workers to do jobs from their homes

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7
Q

Business to Consumer Product (B2C)

A

Product designed for use by ultimate consumer

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8
Q

Business to Business Product (B2B)

A

Product that contributes directly or indirectly to the output of other products for resale; also called industrial or organizational product.

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9
Q

Unsought Products

A

Products marketed to consumers who may not yet recognize a need for them

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10
Q

Convenience Products

A

Goods and services consumers want to purchase frequently, immediately, and with minimal effort

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11
Q

Impulse Goods and Services

A

Products purchased on the spur of the moment

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12
Q

Staples

A

Convenience goods and services consumers constantly replenish to maintain a steady inventory

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13
Q

Emergency Goods and Services

A

Products bought in response to unexpected and urgent needs

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14
Q

Shopping Products

A

Products consumers purchase after comparing competing offers

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15
Q

Specialty Products

A

Products with unique characteristics that cause buyers to prize those particular brands

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16
Q

Installations

A

Major Capital Investments in the B2B market

17
Q

Accessory Equipment

A

Capital Items, such as desktop computers and printer that typically cost less and last for shorter periods that installations

18
Q

Industrial Distributor

A

Channel Intermediary that takes title to goods it handles and then distributes these goods to retailers, other distrubtors, or business; also called wholesaler

19
Q

Component Parts and Materials

A

Finished business products of one producer that become part of the final products of another producer

20
Q

Raw Materials

A

Raw Materials

21
Q

Supplies

A

Regular expenses a firm incurs in its daily operations

22
Q

MRO Items

A

Business Supplies that include maintenance items, repair items and operating supplies

23
Q

Business services

A

Intangible products firms but to facilitate their production and operating processes

24
Q

TQM

A
Total Quality Management
Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance
25
Benchmarking
Method of measuring quality by comparing performance against industry leaders
26
Service Encounter
Point at which the customer and service provider interact
27
Product Line
Series of related products offered by one company
28
Product Mix
Assortment of product lines and individual product offerings a company sells
29
Product Lifecycle
Progression of a product through introductions, growth, maturity, and decline stages
30
Introductory Stage
First Stage of product lifecycle, in which a firm works to stimulate sales of a new market entry
31
Growth Stafe
Second stage of the product lifecycle that begins when a firms starts to realize substantial profits from its investment in a product
32
Decline Stage
Final stage of the product lifecycle, in which a decline in total industry sales occurs