chapter 3 quiz Flashcards
Something that can be marketed
to customers because it
provides them with a benefit and
satisfies a need
Product
An intangible product is
also known as this
Service
If no product existed prior
to its invention, then the
product is _____.
“new-to-the-market”
The value to a consumer
of having a good or service
available at a convenient
time
Time Utility
The value to consumers
from changing the
composition
of a product
Form Utility
A specific group of consumers
that have particular interests in a
product, access to it, and the
means to buy it
Target Market
buyers who want the product for personal use
consumer market
group of potential customers with common characteristics that influence their buying decisions
market segement
a word letter sound or symbol that differentiates a products from similar products on the market
brand
When the manufacturer attaches no branding information to a product except a description of its context
generic branding
classifies consumers on the basis of individual lifesytles as they’re reflected in peoples interests activities and attitudes and values
psychographic segmentation
process of dividing the market into groups based on such variables as age and income
demographic segmentation
pricing strategy in which seller generates early profits by starting off charging the highest price that customers will pay
skimming pricing
pricing strategy in which the seller charges a low price on a new product to discourage competition and market share
penetration pricing
A narrowly defined group of potential customers with a fairly specific set of needs
niche
electronic devices that are able to connect to the internet and share data with other internet-enabled devices
Internet of things
very large collections of data that are analyzed by computers to reveal useful consumer information
big data
a pricing strategy where the price of an item fluctuates frequently based on complicated algorithms
dynamic pricing
intended to attract potential buyers by building a strong brand reputation through online content
content marketing
consumer preference for particular brand that develops over time based on satisfaction
brand loyalty
rider grad and moderator of the J&J panel
nicole addesso
rider grad and founder of the LGS marketing services
laura glotzbach
scientist, cosmonaut angel investor
greg olsen
country of rocket lift off when Greg olsen went to the ISS
Kazakhstan
laura Glotzbach said “identifying this is a fundamental, critical piece of your marketing strategy”
target market
a series of activities by which a product idea is transformed into a final product
product development process
buyers who want the product for use in making other products
industrial market
pricing strategy that sets prices artificially high to give the impression of a high-quality product
prestige pricing
the key to persuading customers to buy your products is delivering_?
value
this gives customers a glimpse of the product, and it should be designed to attract their attention
packaging
4 Ps of marketing
product(product, services, packaging), price(discount, offer price, credit policy), place(market, channel, distribution), promotion(advertising, publicity, sales promotion)
4 types of utility
time(good or service available at a convenient time), place(good or service available at a convenient location), ownership(created by transferring a products ownership), Form (created by changing the composition of a product)
what is utility
Utility refers to the benefits obtained from consuming an item or service.
Pricing strategies and when each would be used
the pricing strategy a company would adopt
depends on whether its product is new or existing. depends on whether its product
The Internet of Things is having a major impact on our lives in numerous
ways including:
how we interact with our homes, safter automobiles and future that includes driverless cars safer, and fitness and health
How do companies use Big Data?
Data extracted from social networks and search engines help marketers create better ads geared to targeted customers
what is product marketing
focuses on selling product to a specific demographic by using a traditional approach
advantages of selling online?
reach people from all locations, less expensive
easier to capture data on customers
disadvantages of selling online
consumers feel uncomfortable buying online, some want to see the product, lots of competition, especially from amazon.
effective ways to drive sales with social media?
use social channels that your target market in using, create great content that doesn’t sound pushy, make it easy for people to buy, and consider paid ads.
