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ADM 2320 > definitions > Flashcards

definitions Flashcards

1
Q

Product

A

Anything that is of value to a consumer and can be offered through a marketing exchange

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2
Q

innovation

A

the process by which ideas are transformed into new products and services that will help firms grow

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3
Q

diffusion of innovation

A

the process by which the use of innovation, whether a product or service, spreads throughout a market group over time and over various categories of adopters

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4
Q

pioneers

A

new product introductions that establish a completely new market or radically change both the rules of the competition and consumer preferences in a market; also called breakthroughs

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5
Q

disruptive innovation

A

new product introductions that are simpler, less sophisticated, and usually less expensive than existing products or services

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6
Q

first movers

A

products pioneers that are the first to create a market or product category, making them readily recognizable to consumers and thus establishing a commanding and early market share lead

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7
Q

innovators

A

those buyers who want to be the first to have the new product or service

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8
Q

early adopters

A

the second group of consumers in the diffusion of innovation model, after innovators to use a product or service innovation; generally don’t like to take as much risk as innovators

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9
Q

early majority

A

a group of consumers in the diffusion of an innovation model that represents approximately 34% of the population; members don’t like to take much risk and therefore tend to wait until bugs are worked out

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10
Q

late majority

A

the last group of buyers to enter a new product market

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11
Q

laggards

A

consumers who like to avoid change and rely on traditional products until they are no longer available

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12
Q

reverse engineering

A

involves taking apart a competitor’s product, analyzing it and creating an improved product that does not infringe on the competitor.s patents

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13
Q

lead users

A

innovative product users who modify existing products according to their own ideas to suit their specific needs

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14
Q

concepts

A

a brief written description of a product or service; its technology, working principles, and forms; and what customer needs it would satisfy

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15
Q

concept testing

A

the process in which a concept statement that describes a product or service is presented to potential buyers or users to obtain their reactions

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16
Q

product development

A

entails a process of balancing various engineering, manufacturing, marketing and economic considerations to develop a product

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17
Q

prototype

A

the first physical form or service description of a new product, still in rough or tentative form, that has the same properties as a new product but is produced through different manufacturing processes, sometimes even crafted individually

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18
Q

alpha testing

A

an attempt by the firm to determine whether a product will perform according to its design and whether it satisfied the need for it was intended; occurs in the firm’s research and development

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19
Q

beta testing

A

having potential consumers examine a product prototype in a realuse setting to determine its funcationality, performance, potential problems, and other issues specific to its use

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20
Q

premarket tests

A

conducted before a product or service is brought to market to dtermine how many customers will try and then continue to use it

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21
Q

test marketing

A

introduces a new product or service to a limited geographical area (usually a few cities) prior to a national launch

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22
Q

product life cycle

A

defines the stages that new products move through as they enter, get established in, and ultimately leave the marketplace and thereby offers marketers a starting point for their strategy planning

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23
Q

introduction stage

A

stage of PLC when innovators start buying the product

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24
Q

growth stage

A

stage of PLC when product gains acceptance, demand and sales increase and competitors emerge in the product category

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25
Q

maturity stage

A

stage of PLC when industry sales reach their peak, so firms try to rejuvenate their products by adding new features or repositioning them

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26
Q

decline stage

A

stage of PLC when sales decline and the product eventually exits the market

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27
Q

core customer value

A

the basic problem solving benefits that consumers are seeking

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28
Q

associated services

A

the nonphysical attributes of the product, including product warranty, financing, product support , and after-sale service

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29
Q

product mix

A

the complete set of all products offered by a firm

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30
Q

product lines

A

groups of associated items, such as those that consumers use together or think of as part of a group of similar products

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31
Q

product category

A

an assortment of items that the customer sees as reasonable substitute for one another

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32
Q

brands

A

the names, terms, designs, symbols, or any other features that identify one seller’s good or service as distinct from those of other sellers

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33
Q

product mix breadth

A

the number of product lines, or variety, offered by the firm

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34
Q

product line depth

A

the number of products within a product line

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35
Q

Stock keeping units (SKU)

A

individual items within each product category; the smallest unit available for inventory control

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36
Q

brand equity

A

the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service

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37
Q

brand awareness

A

measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm’s communications to customers

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38
Q

perceived value

A

the relationship between a product or service’s benefits and its costs

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39
Q

brand associations

A

the mental link that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality

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40
Q

brand personality

A

refers to a set of human characteristics associated with a brand, which has symbolic or self-expressive meanings for consumer

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41
Q

brand loyalty

A

occurs when a consumer buys the same brands product or service over buying the product from a different supplier within the same category

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42
Q

manufacturer brands

A

brands owned and managed by the manufacturer

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43
Q

private label brands (store brands)

A

brands developed and marked by a retailer and available only from that retailer

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44
Q

generic

A

a product sold without a brand name, typically in commodity markets

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45
Q

family brands

A

the use of a combination of the company brand name and individual brand name to distinguish from a firm’s products

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46
Q

individual brand

A

use of individual brand names for each of a firm’s products

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47
Q

brand extension

A

the use of the same brand name for a new product being introduced to the same or new markets

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48
Q

cobranding

A

the practice of marketing two or more brands together, on the same package or promotion

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49
Q

brand licensing

A

a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, slogan, or characters in exchange for a negotiated fee

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50
Q

service

A

any intangible offering that cannot be physically possessed

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51
Q

customer service

A

specifically refers to human or mechanical activities firms undertake to help satisfy their customers’ needs and wants

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52
Q

intangible

A

a characteristic of service; it cannot be touched, tasted, or seen like a pure produced can

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53
Q

inseparable

A

a characteristic of a service: it is produced and consumed at the same time - that is, service and consumption are inseparable

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54
Q

inventory

A

a characteristic of a service: it is perishable and cannot be stored in inventory for future use

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55
Q

service gap

A

results when a service fails to meet the expectations that customers have about how it should be delivered

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56
Q

knowledge gap

A

reflects the difference between customers’ expectations and the firm’s perception of those expectations

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57
Q

standards gap

A

retains to the difference between the frim’s perceptions of customers’ expectations and the service standards it sets

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58
Q

delivery gap

A

the difference between the firm’s service standards and the actual service it provides to the customer

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59
Q

communication gap

A

refers to the difference between the actual service provided to customers and the service that the firm’s promotion program promises

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60
Q

service quality

A

customers’ perceptions of how well a service meets or exceeds their expectations

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61
Q

voice-of-customer programs

A

an ongoing marketing research system that collects customer insights and intelligence to influence and drive business decisions

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62
Q

zone of tolerance

A

the areas between consumers’ expectations regarding their desired service and the minimum level of acceptable service - that is the difference between what the customer really wants and what he or she will accept before going elsewhere

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63
Q

empowerment

A

in the context of service delivery, means allowing employees to make decisions about how service is provided to customers

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64
Q

profit orientation

A

a company objective that can be implemented by focusing on target profit pricing, maximizing profits, or target return pricing

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65
Q

target profit pricing

A

a pricing strategy implements by firms when they have a particular profit goal as their overriding concern uses price to stimulate a certain level of sales at a certain profit per unit

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66
Q

maximizing profits strategy

A

a mathematical model that captures all the factors required to explain and predict sales and profits, which should be able to identify the price at which its profits are maximized

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67
Q

sales-oriented

A

set prices very low to generate new sales and take sales away from competitors, even if profits suffer

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68
Q

competitor oriented

A

set price very low to discourage more competitors from entering the market. Set prices higher than a competitor to signal higher quality or market leadership. Match competitor prices to show a similar value

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69
Q

customer-oriented

A

target a market segment of consumers who highly value a particular product benefit and set prices relatively high (premium pricing)

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70
Q

target return pricing

A

a pricing strategy implemented by firms less concerned with the absolute level of profits and more interested in the rate at which their profits are generated relative to their investments: designed to produce a specific return on investment, usually expressed as a percentage of sales

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71
Q

competitive parity

A

a firm’s strategy of setting prices that are similar to those of major competitors

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72
Q

demand curve

A

show how many units of a product or service consumers will demand during a specific period at different prices

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73
Q

price elasticity of demand

A

measures how changes in a price affect the quantity of the product demanded; specifically the ratio of the percentage change in quantity demanded to the percentage change in price

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74
Q

elastic

A

refers to a market for a product or service that is price sensitive, that is relatively small, changes in price will generate fairly large changes in the quantity demanded

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75
Q

inelastic

A

refers to a market for a product or service that is price-insensitive; that is relatively small changes in price will not generate large changes in the quantity demanded

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76
Q

substitution effect

A

the consumer’s ability to substitutes other products for the focal brand thus increases the price elasticity of demand for the focal brand

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77
Q

cross-price elasticity

A

the percentage change for product A that occurs in response to a percentage change in price of product B

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78
Q

complementary products

A

products whose demand curves are positively related, such that they rise or fall together, a percentage increase in demand for one result in a percentage increase in demand for other

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79
Q

substitute products

A

products for which changes in demand are negatively related to that is a percentage increase in the quantity demanded product B

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80
Q

monopoly

A

occurs when only one firm provides the product or service in a particular industry

81
Q

olihopolistic competition

A

occurs when only a few firms dominate a market

82
Q

price wars

A

occurs when two or more firms compete primarily by lowering their prices

83
Q

monopolistic competition

A

occurs when many firms sell closely related by not homogenous products, these products may be viewed as substitutes but are not perfect substitutes

84
Q

pure competition

A

occurs when different companies sell commodity products that consumers perceive as substitutable; price usually is set according to the law of supply-demand

85
Q

grey market

A

employs irregular but not necessarily illegal methods; generally, it legally circumvents authorized channels of distribution to sell goods at prices lower than those intended by the manufacturer

86
Q

cross-shopping

A

the pattern of buying both premium and low prices merchandise or patronizing both expensive status-oriented retailers and price-oriented retailers

87
Q

distribution channel

A

the institution that transfers the ownership of goods and moves goods from the point of production to the point of consumption

88
Q

supply chain management

A

refers to a set of approaches and techniques firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, at the right time

89
Q

logistics management

A

the integration of two or more activities for the purpose of planning, implementing, and controlling the efficient flow of raw materials, in-process inventory, and finished goods from the point of origin to the point of consumption

90
Q

distribution centre

A

a facility for the receipt, storage, and redistribution of goods to company stores or customers; may be operated by retailers, manufacturers, or distribution specialists

91
Q

channel conflict

A

results when supply chain members are not in agreement about their goals, roles, or rewards

92
Q

pull marketing strategy

A

designed to get consumers to pull the product into the supply chain by demanding that retailers carry it

93
Q

contractual vertical marketing system

A

A system in which independent firms at different levels of the supply chain join together through contracts to obtain economies of scale and coordination and to reduce conflict

94
Q

franchising

A

a contractual agreement between a franchisor and a franchisee that allows the franchisee to operate a retail outlet, using a name and format developed and supported by the franchisor

95
Q

corporate vertical marketing system

A

a system in which the parent company has complete control and can dictate the priorities and objectives of the supply chain; it may own facilities such as manufacturing plants, warehouse facilities, retail outlets, and design studios

96
Q

strategic relationship (partnering relationship)

A

a supply chain relationship that the members are committed to maintaining long-term, investing in opportunities that are mutually beneficial; requires mutual trust, open communication, common goals and credible commitments

97
Q

distribution intensity

A

the number of channel members to use at each level of the supply chain

98
Q

intensive distribution

A

a strategy designed to get products into as many outlets as possible

99
Q

exclusive distribution

A

the strategy of grants exclusive rights to sell to one or very few retail customers so no other customers can sell a particular brand

100
Q

selective distribution

A

lies between the intensive and exclusive distribution strategies; use a few selected customers in a territory

101
Q

universal product code (UPC)

A

the black and white bar code found on most merchandie

102
Q

electronic data interchange (EDI)

A

the computer-to-computer exchange of business document from a retailer to a vendor and back

103
Q

advanced shipping notice

A

an electronic document that the supplier sends the retailer in advance of a shipment to tell the retailer exactly what to expect in the shipment

104
Q

vendor-managed inventory (VMI)

A

an approach in which the manufacturer is responsible for replenishing inventory to meet retailers’ needs

105
Q

dispatcher

A

the person who coordinates deliveries to distribution centres

106
Q

radio frequency identification tages (RFID)

A

tiny computer chips that automatically transmit to a special scanner all the information about a container’s contents or individual products

107
Q

omnichannel strategy

A

selling in more than one channel (e.g. store, kiosk, catalogue)

108
Q

conventional supermarket

A

offers groceries, meat, and product with limited sale of non-food items, sich as health and beauty aids and general merchandise in a self-service format

109
Q

big-box retailer

A 
come in three types:
1. supercentre
2. hypermarket
3. warehouse club
larger than a conventional supermarket; carries both foods and non-food items
110
Q

general merchandise retailers

A

may be discount stores, specialty stores, category specialists, department stores, drugstores, off-price retailers; may sell through multiple channels, such as the internet and catalogues

111
Q

discount store

A

offers a broad variety of merchandise limited service, and low prices

112
Q

specialty stores

A

concentrate on a limited number of complementary merchandise categories in a relatively small store

113
Q

category specialist

A

offers a narrow variety but a deep assortment of merchandise

114
Q

category killer

A

offers an extensive assortment in a particular category, so overwhelming the category that other retailers have difficulty competing

115
Q

drugstores

A

a specialty store that concentrates on health and personal grooming merchandise, through pharmaceuticals may represent more than 60% of its sales

116
Q

off-price retailer

A

a type of retailer that offers an inconsistent assortment of merchandise at relatively low prices

117
Q

extreme-value retailer

A

a general merchandise discount store found in lower-income urban or rural areas

118
Q

service retailers

A

firms that primarily sell services rather than merchandise

119
Q

retail mix

A

product (merchandise assortment), pricing, promotion, place, personnel, and presentation (store design and display) strategies to reach and serve customers

120
Q

Cooperative (co-op) advertising

A

an agreement between a manufacturer and retailer in which the manufacturer agrees to defray some advertising costs

121
Q

share of wallet

A

the percentage of the customer’s purchases made from a particular retailer

122
Q

omnichannel

A

a strategy that creates a consistent experience for consumers across all distribution channels

123
Q

omnichannel

A

a strategy that creates a consistent experience for consumers across all distribution channels

124
Q

sender

A

the firms from which an IM message originates; the sender must be clearly identified t the intended audience

125
Q

deceptive advertising

A

a representation, omission, act, or practice in an advertisement that is likely to mislead consumers acting reasonably under the circumstances

126
Q

transmitter

A

an agent or intermediary with which the sender works to develop the marketing communications; for example, a firm’s creative department or an advertising agency

127
Q

encoding

A

the process of converting the sender’s ideas into a message, which could be verbal, visual, or both

128
Q

communication channel

A

the medium - print, broadcast the internet - that carries the message

129
Q

receiver

A

the person who reads, hears, or sees and processes the information contained in the message or advertisement

130
Q

decoding

A

the process by which the receiver interprets the sender’s message

131
Q

noise

A

any inference that stems from competing messages, a lack of clarity in the message, or a law in the medium; a problem for all communication channels

132
Q

feedback loop

A

allows the receiver to communicate with the sender and thereby informs the sender whether the message was received and decoded properly

133
Q

objective-and-task method

A

IMC budgeting methods that determine the cost required to undertake specific tasks to accomplish communication objectives; process entails setting objectives, choosing media, and determining costs

134
Q

competitive parity method

A

a method of determining a communications budget in which the firm’s share of the communication expenses is in line with its market share

135
Q

percentage-of-sales method

A

a method of determining a communications budget that is based on a fixed percentage of forecasted sales

136
Q

affordable method

A

a method of determining a communication budget based on what is left over after other operating costs have been converted

137
Q

unique selling proposition (UPS)

A

a strategy of differentiating a product by communicating its unique attributes; often becomes the common theme or slogan in the entire advertising campaign

138
Q

rational appeal

A

helps consumers make purchases decisions by offering factual information and strong arguments built around relevant issues that encourage consumers to evaluate the brand favourably on the basis of the key benefits

139
Q

emotional appeal

A

aims to satisfy consumers’ emotional desires rather than their utilitarian needs

140
Q

media planning

A

the process of evaluating and selecting the media mix that will deliver a clear, consistent, complying message to the intended audience

141
Q

media mix

A

the combination fo the media used and the frequency of advertising in each medium

142
Q

media buy

A

the purchase of air time or print messages

143
Q

mass media

A

channels such as national newspapers, magazines, radio, and television that are ideal for searching large numbers of anonymous audience members

144
Q

niche media

A

channels that are focused and generally used to reach narrow segments, often with unique demographic characteristics or interests

145
Q

advertising schedule

A

specifies the timing and duration of advertising

146
Q

pretesting

A

assessments perfromed before and ad campaign is implemented to ensure that the various elements are working in an integrated fashion adn doing what they are intended to do

147
Q

tracking

A

includes monitoring key indicators, such as daily or weekly sales volume, while the advertisment is runnign to shed light on any problems with the message or the medium

148
Q

pretesting

A

assessments performed before and ad campaign is implemented to ensure that the various elements are working in an integrated fashion and doing what they are intended to do

149
Q

tracking

A

includes monitoring key indicators, such as daily or weekly sales volume, while the advertisement is running to shed light on any problems with the message or the medium

150
Q

reach

A

measure of consumers exposure to marketing communications; the percentage of the target population exposed to a specific marketing communication, such as an advertising at least once

151
Q

frequency

A

the measure of how often the target audience is exposed to a communication within a specified period of time

152
Q

reach

A

a measure of consumers exposure to marketing communications; the percentage of the target population exposed to specific marketing communication, such as advertising at least once

153
Q

gross rating points (GRP)

A

a measure used for various media advertising-print, radio, or television

154
Q

click-through tracking

A

measures how many times users click on banner advertising on websites

155
Q

search engine marketing (SEM)

A

uses tools such as Google AdWords to increase the visibility of websites in search engine results

156
Q

impressions

A

the number of times an ad appears to a user

157
Q

click-through rate (CTR)

A

the number of times a user clicks on an ad divided by the number of impressions

158
Q

ROI

A

used to measure the benefit of an investment

159
Q

advertising

A

a paid form of communication from an identifiable source, delivered through a communication channel, and designed to persuade the receiver to take some action, now or in the future

160
Q

personal selling

A

the two-way flow of communication between a buyer and selling that is designed to influence the buyer’s purchase decision

161
Q

sales promotion

A

special incentives or excitement-building programs that encourage the purchase of a product or service, such as coupons, rebates, contests, free samples, and point-of-purchase displays

162
Q

direct marketing

A

marketing that communicates directly with target customers to generate a response or transaction

163
Q

direct mail/email

A

a targeted form of communication distributed to a prospective customer’s mailbox or inbox

164
Q

direct response TV (DRTV)

A

TV commercials or infomercials with a strong call to action

165
Q

Public relations

A

the organizational function that manages the firm’s communications to achieve a variety of objectives, including building and maintain a positive image, handling or heading off unfavourable stores or events, and maintain positive relationships with the media

166
Q

cause-related marketing

A

commercial activity in which businesses and charities form a partnership to market an image, product, or service for their mutual benefit; a type of promotional campaign

167
Q

event sponsorship

A

a popular PR tool; occurs when corporations support various activities (financially or otherwise) usually in the cultural or sports and entertainment sectors

168
Q

digital media

A

tools ranging from simple website content to far more interactive features such as corporate blogs, online games, text messages, social media and mobile apps

169
Q

blog (weblog or web log)

A

a web page that contains periodic posts; corporate blogs are a new form of marketing communications

170
Q

AIDA model

A

a common model of the series of mental stages through which consumers move as a result of marketing communications

171
Q

aided recall

A

occurs when consumers recognize the brand when its name is presented to them

172
Q

top-of-mind awareness

A

a prominent place in people’s memories that triggers a response without them having to put any thought into it

173
Q

lagged effect

A

a delayed response to a marketing communication campaign

174
Q

informative advertising

A

communication use to create and build brand awareness, with the ultimate goal of moving the consumer through the buying cycle to a purchase

175
Q

persuasive advertising

A

communication used to motivate consumers to take action

176
Q

reminder advertising

A

communication used to remind consumers of a product or to promote repurchases, expecially for products that have gained market acceptance and are in teh amturity stage of their life

177
Q

product-focused advertising

A

used to inform, persuade, or remind consumers about a specific product or service

178
Q

institutional advertisement

A

used to inform, persuade, and remind consumers about issues related to places, politics, an industry, or a particular corporation

179
Q

product placement

A

inclusion of a product in non-traditional situations, such as in a scene in a movie or TV program

180
Q

public service announcement

A

advertisement that focuses on public welfare and generally is sponsored by non-profit institutions, civic groups, religious organizations, trade associations, or political groups; a form of social marketing

181
Q

social marketing

A

the application of marketing principles to a social issue to bring about attitudinal and behaviour change among the general public or a specific population segment

182
Q

puffery

A

the legal exaggeration of praise, stopping just short of deception, lavish on a product

183
Q

deal

A

a type of short-term price reduction that can take several forms, such as “featured price” (a price lower than the regular price); a “BOGO” offer; or a certain percentage “more free” offer contained in larger packaging

184
Q

premium

A

an item offered for free or at a bargain price to reward some type of behaviour, such as buying, sampling, or testing

185
Q

contest

A

a brand-sponsored competition that requires some form of skill or effort

186
Q

sweepstakes

A

a form of sales promotion that offers prizes based on a chance of drawing of entrants’ names

187
Q

sampling

A

offers potential customers the opportunity to try a product or service before they make a buying decision

188
Q

loyalty program

A

specifically designed to retain customers by offering premiums or other incentives to customers who make multiple purchases over time

189
Q

point-of-purchase (POP) display

A

a merchandise display located at the point of purchase, such as at the checkout counter in a grocery store

190
Q

poop-up stores

A

temporary storefronts that exist for only a limited time and generally focus on a new product or a limited group of products offered by a retailer, manufacturer or service provider; gives consumers a chance to interact with the brand and build brand awareness

191
Q

cross-promoting

A

efforts of two or more firms joining together to reach a specific target market

192
Q

relationship selling

A

a sales philosophy and process that emphasizes a commitment to maintaining the relationship over the long term and investing in opportunities that are mutually beneficial to all parties

193
Q

lead

A

a list of potential customers

194
Q

qualify

A

the process of assessing the potential of sales leads

195
Q

trade shows

A

major events attended by buyers who choose to be exposed to products and services offered by potential suppliers in an industry

196
Q

cold calls

A

a method of prospecting in which salespeople telephone or go to see potential customers without appointments

197
Q

telemarketing

A

a method of prospecting in which salespeople telephone potential customers

198
Q

pre-approach

A

in the personal selling process, occurs prior to meeting the customer for the first time and extends the qualification of leads procedure, in this step, the salesperson conducts additional research and develops plans for meeting with the customer

199
Q

closing the sale

A

obtaining a commitment from the customer to make a purchase

ADM 2320 (2 decks)

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