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Intro To Business > Ch 14-15 > Flashcards

Ch 14-15 Flashcards

1
Q

Value

A

Good quality at a fair price.

What consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if benefits exceed the costs.

Value is foundation of marketing

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2
Q

Distributed product development

A

Handing off various parts of your innovation process- often to companies overseas.

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3
Q

Total product offer

Or

Value package

A

Everything that consumers evaluate when deciding whether to buy something.

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4
Q

Product line

A

A group of products that are physically similar or are intended for a similar market.

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5
Q

Product mix

A

The combination of product lines offered by a manufacturer.

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6
Q

Product differentiation

A

The creation of real or perceived product differences.

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7
Q

Convenience goods and services

A

Products that the consumer wants to purchase frequently and with minimal effort.

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8
Q

Shopping goods and services

A

These products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers.

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9
Q

Speciality goods and services

A

Consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them.

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10
Q

Unsought goods and services

A

Products that consumers are unaware of, haven’t necessarily thought of buying, or find that they need to solve an unexpected problem.

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11
Q

Industrial goods

A

Products used in the production of other products. Sometimes called business goods B2B goods.

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12
Q

Bundling

A

Grouping two or more products together and pricing then as a unit.

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13
Q

Brand

A

A name, symbol, or design that identifies the goods or services of sellers and distinguished them from the goods and services of competitors.

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14
Q

Trademark

A

A brand that has exclusive legal protection for both its brand name and its design.

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15
Q

Manufacturers

A

The brand names of manufactures that distribute products nationally.

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16
Q

Dealer(private-label) brands

A

Products that don’t carry the manufacturers name but carry a distributor or retailer’s name instead.

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17
Q

Generic goods

A

Non branded products that usually sell at a sizable discount compared to national or private label brands.

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18
Q

Knockoff brands

A

Illegal copies of national brand name goods.

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19
Q

Brand equity

A

The value of the brand name and associated symbols.

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20
Q

Brand loyalty

A

The degree to which customers are satisfied, like the brand, and are committed to further purchases.

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21
Q

Brand awareness

A

How quickly or easily a given brand name comes to mind when a product category is mentioned.

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22
Q

Brand association

A

The linking of a brand to other favorable images.

Ex: Coke and Santa

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23
Q

Brand manager

A

A manager who has direct responsibility for one brand or one product line; called a product manager in some firms.

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24
Q

Product screening

A

A process designed to reduce the number of new product ideas being worked on at any one time.

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25
Q

Product analysis

A

Making cost estimates and sales forecasts to get a feeling for profitability of new product ideas.

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26
Q

Concept testing

A

Taking a product idea to consumers to test their reactions.

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27
Q

Commercialization

A

Promoting a product to distributors and retailers to get wide distribution, and developing string advertising Nd sales to generate and maintain interest in the product amount distributors and consumers.

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28
Q

Product life cycle

A

A theoretical model of what happens to sales and profits for a product class over time; the four stages of the cycle are introduction, growth, maturity, and decline.

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29
Q

Stages of sales and profit

A

Introduction
Growth
Maturity
Decline

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30
Q

Target costing

A

Designing a product so that it satisfies customers and meets the profit margins designed by the firm.

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31
Q

Competition based pricing

A

A pricing strategy base on what other competitors are doing.

32
Q

Price leadership

A

The strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow.

33
Q

Break even analysis

A

The process used to determine profitability at various levels of sales.

34
Q

Total fixed costs

A

All the expenses that remain the same no matter how many products are made or sold.

35
Q

Variable costs

A

Costs that change according to the level of production.

36
Q

Skimming price strategy

A

Strategy in which a new product is priced high to make optimum product while there’s little competition.

37
Q

Penetration strategy

A

Strategy in which a product is priced low to attract many customers and discourage competition.

38
Q

Everyday low pricing EDLP

A

Setting prices lower than competitors and then not having any special sales.

39
Q

High low pricing strategy

A

Setting prices that are higher than EDLP stores, but facing many special sales where the prices are lower than competitors.

40
Q

Psychological pricing

A

Pricing goods and services at price points that make the product appear less expensive than it is.

41
Q

Marketing intermediaries

A

Organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C)

42
Q

Channel of distribution

A

A whole set of marketing intermediaries such as agents, brokers, wholesalers, and retailers, that join together to transport and store goods in their path from producers to consumers.

43
Q

Agents/brokers

A

Marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don’t take title to goods.

44
Q

Wholesaler

A

A marketing intermediary that sells to other organizations

45
Q

Retailer

A

An organization that sells to ultimate customers (end customer/ the consumer).

46
Q

Utility

A

In economics, the want-satisfying ability, or value, that organizations add to goods or services when the products are made more useful or accessible to consumers than before.

47
Q

Time utility

A

Adding value to products by making them available when needed.

48
Q

Place utility

A

Adding value to products by having them where people want them.

49
Q

Possession utility

A

Doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation , guarantees and follow up service.

50
Q

Information utility

A

Adding value to products by opening two way flows of information between marketing participants.

51
Q

Service utility

A

Adding value by providing fast and friendly service during and after the sale by teaching customers how to best use their products over time.

52
Q

Merchant wholesalers

A

Independently owned firms that take title to the goods they handle.

53
Q

Rack jobbers

A

Wholesalers that furnish racks or shelves full of merchandise to retailers, display products, and sell on consignment.

54
Q

Cash and carry wholesalers

A

Wholesalers that serve mostly smaller retailers with a limited assortment of products.

55
Q

Drop shippers

A

Wholesalers that solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer.

56
Q

Intensive distribution

A

Distribution that puts products into as many retail outlets as possible.

57
Q

Selective distribution

A

Distribution that sends products to only a preferred group of retailers in an area.

58
Q

Exclusive distribution

A

Distribution that sends products to only one retail outlet in a given geographic area.

59
Q

Online retailing

A

Selling goods and services to ultimate customers over the internet.

60
Q

Social commerce

A

A form of electronic commerce that involves using social media and user contributions to assist in the online buying and selling of services

61
Q

Telemarketing

A

The sales of goods and services by telephone

62
Q

Direct selling

A

Selling to consumers in their home or where they work.

63
Q

Direct marketing

A

Any activity that directly links manufactures or intermediaries with the ultimate customer.

64
Q

Corporate distribution system

A

A distribution system in which all the organizations in the channel of the distribution are owned by one firm.

65
Q

Contractual distribution system

A

A distribution system in which members are bound to cooperate through contractual agreements.

66
Q

Administered distribution system

A

A distribution system in which producers manage all of the marketing functions at the retail level.

67
Q

Supply or value chain

A

The sequence of linked activities that must be performed by various organizations to move goods from the sources of raw materials to ultimate consumers.

68
Q

Supply chain management

A

The process of managing the movement of raw materials, parts, works in progress, finished goods and related information through all organizations involved in the supply chain, managing the return of such goods if necessary; and recycling materials when appropriate.

69
Q

Logistics

A

The marketing activity that involves planning implementing and controlling the physical flow of materials final goods and related information from points of origin to points of consumption to meet customers requirements at a profit.

70
Q

Inbound logistics

A

The area of logistics that involves being raw materials packaging other goods and services and information from suppliers to producers.

71
Q

Materials handling

A

The movement of goods with a warehouse from warehouses to the factory floor and from floor to various workstations.

72
Q

Outbound logistics

A

Invoices managing the flow of finished products and information to business buyers and ultimate consumers.

73
Q

Reverse logistics

A

The area of logistics that involves bringing goods back to the manufacturer because of defects or for recycling materials.

74
Q

Freight forwarder

A

An organization that puts many small shipments together to create a single large shipment that can be transported cost effectively to the final destination

75
Q

Inter model shopping

A

The use of multiple modes of transportation to complete a single long distance movement of freight.

Intro To Business (4 decks)

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