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Comm 102 > Chapter 14 > Flashcards

Chapter 14 Flashcards

1
Q

product

A

in marketing, any goof or service, along with its perceived attributes and benefits, that creates value for the customer

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2
Q

brand

A

a name, design, symbol, specific colour, slogan, or any other feature that identifies a product, distinguishes it from other products, and creates a perception in the minds of consumers

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3
Q

trademark

A

a legally exclusive design, name, or other identifying mark associated with a company’s brand

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4
Q

brand loyalty

A

a customer’s preference for a particular brand that results in advocacy for that brand

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5
Q

master brand

A

a brand that is so dominant that customers think of it immediately when a product category is mentioned

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6
Q

manufacturer brand

A

a brand that is owned by a national or regional manufacturer; the products are widely distributed

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7
Q

dealer brand

A

a brand that is owned by the wholesaler or retailer rather than the manufacturer

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8
Q

generic brand

A

a brand that carries no specific name associated with a manufacturer, wholesaler, or retailer and usually comes in plain containers and sells for less than brand name products

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9
Q

unsought products

A

products that are either unknown to the potential buyer or are known but not actively sought by the buyer

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10
Q

convenience products

A

relatively inexpensive items that require little shopping effort and are purchased routinely without planning

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11
Q

shopping products

A

items that are bought after considerable planning, including brand-to-brand and store-to-store comparisons of price, suitability, and style

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12
Q

specialty products

A

items for which consumers search long and hard, and for which they refuse to accept substitutes

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13
Q

capital products

A

large, expensive items with a long lifespan that are purchased by businesses for use in making other products or providing a service

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14
Q

expense items

A

items, purchased by businesses, that are smaller and less expensive than capital products and usually have a lifespan of less than one year

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15
Q

product life cycle

A

the pattern of sales and profits over time for a product or product category; consists of an introductory stage, growth stage, maturity stage, and decline stage (that ultimately results in death of the product or product category)

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16
Q

profit maximization

A

a pricing objective that entails getting the largest possible profit from a product by producing it for as long as the revenue from selling the product exceeds the cost of producing it

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17
Q

target return of investment

A

a pricing objective where the price of a product is set so as to give the company the desired profitability in terms of return on its money

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18
Q

value pricing

A

a pricing strategy in which the target market is offered a high-quality product at a fair price and with good service

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19
Q

price skimming

A

the strategy of introducing a product with a high initial price and lowering the price over time as the product moves through its life cycle

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20
Q

penetration pricing

A

the strategy of selling new products at low prices in the hope of achieving a large sales volume

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21
Q

leader pricing

A

the strategy of pricing products below the normal markup or even below cost to attract customers to a store where they would not otherwise shop

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22
Q

loss leader

A

a product priced below cost as part of a leader pricing strategy

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23
Q

bundling

A

the strategy of grouping two or more related products together and pricing them as a single product

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24
Q

odd-even (psychological) pricing

A

the strategy of setting a price at an odd number to connote a bargain and at an even number to suggest quality

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25
Q

prestige pricing

A

the strategy of increasing the price of a product so that consumers will perceive it as being of higher quality, status, or value

26
Q

break-even point (or break-even quantity)

A

the price at which a product’s costs are covered, so additional sales result in profit

27
Q

fixed costs

A

costs that do not vary with different levels of output; for example, rent

28
Q

variable costs

A

costs that change with different levels of output; for example; wages and cost of raw materials

29
Q

fixed-cost contribution

A

the selling price per unit (revenue) minus the variable costs per unit

30
Q

total revenue

A

the selling price per unit times the number of units sold

31
Q

total cost

A

the sum of the fixed costs and the variable costs

32
Q

total profit

A

total revenue minus total cost

33
Q

markup pricing

A

a method of pricing in which a certain percentage (the markup) is added to the product’s cost to arrive at the price

34
Q

activity-based costing (ABC)

A

ABC assigns resource costs through all the activities to either produce the product or acquire it for resale

35
Q

distribution (logistics)

A

efficiently managing the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers

36
Q

manufacturer

A

a producer; an organization that converts raw materials to finished products

37
Q

distribution channel

A

the series of marketing entities through which goods and services pass on their way from producers to consumers

38
Q

marketing intermediaries

A

organizations that assist in moving goods and service from producers to end users

39
Q

agents

A

sales representatives of manufacturers and wholesalers

40
Q

brokers

A

go-betweens that bring buyers and sellers together

41
Q

industrial distributors

A

independent wholesalers that buy related product lines from many manufacturers and sell them to industrial users

42
Q

wholesalers

A

companies that sell finished goods to retailers, manufacturers, and institutions

43
Q

retailers

A

companies that sell goods to consumers and to industrial users for their own consumption

44
Q

dual distribution (or multiple distribution)

A

two or more channels that distribute the same product to target markets

45
Q

strategic channel alliances

A

one manufacturer using another manufacturer’s previously established channel to distribute its goods

46
Q

breaking bulk

A

the process of breaking large shipments of similar products into smaller, more usable lots

47
Q

exclusive distribution

A

a distribution system in which a manufacturer selects only one or two dealers in an area to market its products

48
Q

selective distribution

A

a distribution system in which a manufacturer selects a limited number of dealers in an area (but more than one or two) to market its products

49
Q

intensive distribution

A

a distribution system in which a manufacturer tries to sell its products wherever there are potential customers

50
Q

promotion

A

the attempt by marketers to inform, persuade, or remind consumers and industrial users to engage in the exchange process

51
Q

promotional mix

A

the combination of advertising, personal selling, sales promotion, and public relations used to promote a product

52
Q

advertising

A

and paid form of non-personal presentation by an identified sponsor

53
Q

personal selling

A

a face-to-face sales presentation to a prospective customer

54
Q

sales promotions

A

marketing events or sales efforts - not including advertising, personal selling, and public relations - that stimulate buying

55
Q

public relations

A

any communication or activity designed to win goodwill or prestige for a company or person

56
Q

integrated marketing communications (IMC)

A

the careful coordination of all promotional activities - media advertising, sales promotion, personal selling, and public relations, as well as direct marketing, packaging, and other forms of promotion - to produce a consistent, unified message that is consumer focused

57
Q

detailing

A

the physical stocking of merchandise at a retailer by the salesperson who delivers the merchandise

58
Q

push strategy

A

a promotional strategy in which a manufacturer uses aggressive personal selling and trade advertising to convince a wholesaler or retailer to carry and sell its merchandise

59
Q

pull strategy

A

a promotional strategy in which a manufacturer focuses on stimulating consumer demand for its product, rather than on trying to persuade wholesalers or retailers to carry the product

60
Q

distribution centres

A

warehouses that specialize in rapid movement of goods to retail stores by making and breaking bulk

61
Q

inventory control system

A

a system that maintains an adequate assortment of items to meet users’ or customers’ needs

Comm 102 (17 decks)

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