Chapter 10 and 11 exam review Flashcards
electronic media that function using digital codes (rather than film, or magnetic media
Digital media
uses digital media to develop communications and exchanges with customers
digital marketing
refers to the strategic process of distributing, promoting, pricing products, and discovering the desires of customers using digital media and digital marketing
Electronic Marketing (e-marketing )
the ability of the marketer to identify customers before they make a purchase
addressability
allows customers to express their needs and wants directly to the firm in response to its communications
interactivity
the ability to obtain digital information on competing products, prices, reviews and details on firms
accessibility
keeps customers and businesses connected with each other
connectivity
consumer’s ability to regulate the information they receive via the internet
control
what are the 5 characteristics why digital marketing is different than traditional
addressability, interactivity, accessibility, connectivity, and control
allows marketers to offer promotions via customers’ mobile devices
mobile marketing
Marketers use social networks to…
promote products, handle questions and complaints, and to provide information to assist customers in buying decisions
a web-based meeting place for friends, family, co-workers, and peers allowing users to create a profile and connect with other users fo purposes ranging from getting acquainted to keeping in touch and building a work-related network
Social Networks
are web-based journals in which writers can editorialize and interact with other internet users
Blogs
a type of software that creates an interface enabling users to add or edit content of some websites
Wiki
a media sharing site that allows companies to market themselves with snapshots of company events
Photosharing
media sharing site that allows companies to upload ads and informational videos and are now using consumer-generated videos
video sharing
media sharing that is audio or video files that can be downloaded with a subscription that automatically delivers new content to listening devices or personal computers; offers convenience allowing users to listen when and where they choose
podcasting
user-created, 3D worlds with their own economies, currencies, and businesses; allows businesses to reach consumers in a creative, fun way
Virtual Sites
6 common mobile marketing tools
sms messages, mobile ads, location-based networks, multimedia messages, mobile websites, mobile applications
bring convenience and cost-saving to the customer; companies are using mobile marketing to offer consumers additional incentives
Apps
small bits of software on a website, desktop or mobile device; innovative digital marketing too to personalized webpages, alerts users to company information and spread product awareness
Widgets
what are the four points of online consumer behavior
requires constant effort to stay on top of the latest technology; customers’ habits and consumption pattern’s change, learning how we use new media can be daunting for many marketers; 7 different types of digital technology users (Forrester research)
connectivity of digital media creates opportunities for businesses to add services and enhance product benefit; some products are only available digitally, the internet is a large resource of consumer needs
Product consideration
internet is a new distribution channel; reduces inefficiencies, costs, and redundancies and increases speed. distribution involves a push-pull dynamic
distribution consideration
social networking sites allows marketers to approach promotion in entirely new, creative ways; digital promotions attempts to increase brand awareness
promotion considerations
pricing releases to perceptions of value and is the most flexible element in the marketing mix; digital online media marketing facilitates both price and nonprice competition
price considerations
a significant privacy issue is the personal information companies collect from website visitors
Privacy
any attempt to conduct fraudulent activities online, including deceiving customers into releasing personal information
online fraud
name three governmental legislations implementing safeguards
U.S. Federal Trade Commission; American association of advertising agencies; the association of national advertisers
setting up fraudulent profiles on social networking sites
using social network sites to pose as charitable institutions
Cybercriminals
can be anything from ideas and creative materials to songs, movies, books, or other products
Intellectual Property
a tangible, physical entity
good
the intangible result of the application of human and mechanical efforts to people or objects
service
a concept, philosophy, image, or issue
idea
the product’s fundamental utility or main benefit; addresses basic needs of customer. Example: sports drink —-> hydrates
The core product
provide the added value or attributes in addition to a product’s core utility; help differentiate the product brand
supplemental features
buyers purchase the benefits and satisfaction they think the product will provide
symbolic and experiential benefits
products purchased to satisfy personal and family wants and needs
consumer products
relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
convenience products
items for which buyers are willing to expend considerable effort in planning and making purchases (more extensive search, available substitutes, and less frequent purchase)
shopping products
require no search, many retail outlets, heavy brand promotion, reliance on self-service, available at many retailers, and usually low-cost points are strategic considerations of what kind of product
Convenience product
no brand loyalty, fewer retail outlets than convenience, lower inventory turnover, personal selling, producer and channel member cooperation are strategic considerations for what kind of product
Shopping products
items with unique characteristics that buyers are willing to expend considerable effort to obtain ( Require extensive search, are generally higher price points, and no ready substitutes
Specialty products
limited retail outlets, lower inventory turnover, and high gross margins are strategic considerations for what type of product
specialty Product
products purchased to solve a sudden problem; products of which customers are unaware; and products that people do not necessarily think of buying (no search, price is not important and purchased compelled
unsought products
Built trust with consumers prior to need, recognizable brand, and superior performance are strategic considerations for what type of product
unsought products
convenience product, shopping product, specialty product, and unsought product are what types of products
Consumer Products
products bought to use in a firm’s operations to resell or to make other products; purchased to satisfy the goals of the organization
business products
facilities and non-portable equipment
installations
equipment that does not become part of the final physical product but is used in the production or office activities
accessory equipment
natural materials that are part of a product
raw materials
finished items ready for assembly or that they need little processing
Component Part
used in production but not identifiable
Process materials
maintenance, repair and operating items that are not part of the final product
MRO supplies
intangible products in operations
business services
a specific version of a product that is a distinct offering among an organization’s line of products
Product item
a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
Product line
the total group of products that an organization makes available to customers
product mix
the number of product lines a company offers
Width of the Product mix
the average number of different products in each product line
depth of product mix
the average number of different products in each product line
depth of product mix
first stage of a product’s life cycle
sales start at 0 and profits are negative
high risk of failure
buyers must be made aware of features, uses, advantages
sellers lack resources, technological knowledge, marketing how-to
Introduction
second stage of a product’s life cycle where sales rise rapidly, profits reach a peak, then they start to decline
promotion costs drop as percentage of sales
marketers must:
-stress brand benefits to encourage brand loyalty
-intensify segmentation
-strengthen market share
-analyze production position
-ensure efficient distribution system
Growth
thrid stage of a product's life cycle where the sales curve peaks and starts to decline and profits continue to fall intense competition weaker competitors exit the market distribution sometimes expands into global markets strategic objectives: -generate cash flow -maintain market share -increase share of customer
maturity
fourth and final stage of a products life cycle where sales fall rapidly during this stage marketers will likely... -eliminate/ reposition items -cut promotions -eliminate marginal distributors -plan to phase out product
Decline
What are the four stages of a products life cycle in order
introduction, growth, maturity, decline
what are the 5 stages of the product adoption process in order
Awareness, interest, evaluation, trial, adoption
the buyer becomes aware of the product
Awareness
the buyer seeks information and is receptive to learning about the product
interest
the buyer considers the products benefits and decides whether to try it
Evaluation
the buyer examines, tests, or tries the product to determine if it meets his/her needs
trial
the buyer purchases the product and can be expected to use it again whenever the need for this general type of product arises
Adoption
when an organization introduces a product, people do not begin the adoption process at the same time, nor do they move through it at the same spend
Adoptor categories
first adoptors of new products
innovators
careful choosers of new products
early adopters
those adopting new products just before the average person
early majority
skeptics who adopt new products when they feel it necessary
late majority
the last adopters who distrust new products
laggards
what are the five adoptor categories
innovators, early adopters, early majority, late majority, laggards
a name, term, design, symbol, or other feature that identifies the marketer’s product as distinct from those other marketers
Brand
the part of the brand that can be spoken, including letters, words, and numbers
brand name
the part of the brand that is not made of up words such a symbol or design
Brand Mark
a legal designation of exclusive use of brand
Trademark
the full legal name of an organization
Trade name
a customer’s favorable attitude towards a specific brand
Brand loyalty
buyer is aware that the brand exists and considers it as an alternative if the preferred brand is unavailable
brand recognition
buyer prefers the product over competitive offerings and will purchase if available
Brand preference
product is strongly preferred; buyer will accept no substitute
brand insistence
the marketing and financial value associated with a brand’s strength in a market;
Brand Equity
what are the 4 brand equity elements
brand name and awareness, brand loyalty, perceived brand quality, brand associations
initiated by producers to ensure that producers are identified with their products at the point of purchase
manufacturer brands
initiated and owned by a reseller; manufacturers are not identified
Private distributer brands (private and store brands)
indicate only the product category and do not include company name or anything identifying terms; usually sold at lower prices
Generics
each product is given a different name
individual branding
all of the firm’s products are branded with the same name or part of the name
family branding
an organization uses one of its existing brands to brand a new product in a different product category
brand extension
using two or more brands on one product
capitalizes on the brand equity of multiple brands
can help an organization differentiate its products from competitors
co-branding
an agreement in which a company permits another organization to use its brand on other products for a licensing fee
result in extra revenues
problem is consumer overexposure
Brand licensing
protect product and maintain its functional form
promotes products features and uses
provide customer convenience
Packaging
using similar packaging for all of a firms’ products packaging that has one common design elements
family packaging
to update style
highlight new product features
new packaging materials
Altering the Package
reused for purposes other than its initial function
can add to the perception of values
Secondary-Use Packaging
product is packaged in line with a particular category
traditional designs or colors are used
category-consistent packaging
unique features are used to make a product distinctive
uniquely shaped packages can attract attention
innovative packaging
may increase demand because it increases amount of product available at point of consumption
may make products easier to handle instore
multiple packaging
changing the outer carton, special bundling, shrink wrap, etc.
easier in the distribution channel
may help the product to proceed more easily through automated warehousing systems
handling-improved packaging
is closely interrelated with packaging and is used for identification, promotional, informational, and legal purposes
labeling
a series of electronically readable lines identifying a product and containing inventory and pricing information
Universal Product Code (UPC)
