Chapter 12 - Dimensions of Marketing Strategy Flashcards
Test Marketing
a trial minilaunch of a product in limited areas that represent the potential market
Commercialization
the full introduction of a complete marketing strategy and the launch of the product for commercial success
Consumer Products
products intended for household or family use
Business Products
products that are used directly or indirectly in the operation or manufacturing processes of business
Product Line
a group of closely related products that are treated as a unit because of similar marketing strategy, production, or end-use considerations
Product Mix
all the products offered by an organization
Branding
the process of naming and identifying products
Trademark
a brand that is registered with the U.S. Patent and Trademark Office and is thus legally protected from use by any other firm
Manufacturer Brands
brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase
Private Distributor Brands
brands, which may cost less than manufacturer brands, that are owned and controlled by a wholesaler or retailer
Generic Products
products with no brand name that often come in simple packages and carry only their generic name
Packaging
the external container that holds ans describes the product
Labeling
the presentation of important information on a package
Quality
the degree to which a good, service, or idea meets the demands and requirements of customers
Price Skimming
charging the highest possible price that buyers who want the product will pay
Penetration Price
a low price designed to help a product enter the market and gain market share rapidly
Psychological Pricing
encouraging purchases based on emotional rather than rational responses to the price
Reference Price
a type of psychological pricing in which a lower-priced item is compared to a more expensive brand in hopes that the consumer will use the higher price as a comparison price
Discounts
temporary price reductions, often employed to boost sales
Marketing Channel
a group of organizations that moves products from their producer to customers; also called a channel of distribution
Retailers
intermediaries who buy products from manufacturers (or other intermediaries) and sell them to consumers for home and household use rather than for resale or for use in producing other products
Wholesalers
intermediaries who buy from producers or from other wholesalers and sell to retailers
Intensive Distributiion
a form of market coverage whereby a product is made available in as many outlets as possible
