CH 12 -- Product and Servive Strategies Flashcards
Marketing Mix
Blending of the four strategy elements – product, distribution, promotion and price – to fin the needs and preferences of a specific target market
Product
Bundle of physical, service and symbolic attributes designed to satisfy a customer’s wants and needs
Services
Intagible tasks that satisfty the needs of consumer and business users
Goods
Tangible products customers can sees, hear, smell, touch, or tasts
Good-Services Continuum
Spectrum along which goods and services fall according to their attributes, from pure good to pure service.
Homeshoring
hiring workers to do jobs from their homes
Business to Consumer Product (B2C)
Product designed for use by ultimate consumer
Business to Business Product (B2B)
Product that contributes directly or indirectly to the output of other products for resale; also called industrial or organizational product.
Unsought Products
Products marketed to consumers who may not yet recognize a need for them
Convenience Products
Goods and services consumers want to purchase frequently, immediately, and with minimal effort
Impulse Goods and Services
Products purchased on the spur of the moment
Staples
Convenience goods and services consumers constantly replenish to maintain a steady inventory
Emergency Goods and Services
Products bought in response to unexpected and urgent needs
Shopping Products
Products consumers purchase after comparing competing offers
Specialty Products
Products with unique characteristics that cause buyers to prize those particular brands
Installations
Major Capital Investments in the B2B market
Accessory Equipment
Capital Items, such as desktop computers and printer that typically cost less and last for shorter periods that installations
Industrial Distributor
Channel Intermediary that takes title to goods it handles and then distributes these goods to retailers, other distrubtors, or business; also called wholesaler
Component Parts and Materials
Finished business products of one producer that become part of the final products of another producer
Raw Materials
Raw Materials
Supplies
Regular expenses a firm incurs in its daily operations
MRO Items
Business Supplies that include maintenance items, repair items and operating supplies
Business services
Intangible products firms but to facilitate their production and operating processes
TQM
Total Quality Management Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance
Benchmarking
Method of measuring quality by comparing performance against industry leaders
Service Encounter
Point at which the customer and service provider interact
Product Line
Series of related products offered by one company
Product Mix
Assortment of product lines and individual product offerings a company sells
Product Lifecycle
Progression of a product through introductions, growth, maturity, and decline stages
Introductory Stage
First Stage of product lifecycle, in which a firm works to stimulate sales of a new market entry
Growth Stafe
Second stage of the product lifecycle that begins when a firms starts to realize substantial profits from its investment in a product
Decline Stage
Final stage of the product lifecycle, in which a decline in total industry sales occurs
