Exam 2 Flashcards
Product
everything, both favorable and unfavorable, that a person receives in an exchange.
Product Item
a specific version of a product that can be designated as a distinct offering
among an organization’s products.
Brand
a name, term, symbol, design, or combination thereof that identifies a
seller’s products and differentiates them from competitors’ products.
Co-branding
placing two or more brand names on a product or its package.
Trademark
the exclusive right to use a brand or part of a brand.
Diffusion
the process by which the adoption of an innovation spreads.
Innovation
a product perceived as new by a potential adopter.
Concept test
a test to evaluate a new-product idea, usually before any prototype has been created.
Test marketing
the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.
Product Category
all brands that satisfy a particular type of need.
Service
the result of applying human or mechanical efforts to people or objects.
Empathy
caring, individualized attention to customers.
Mass customization
a strategy that uses technology to deliver customized services on a mass basis.
Internal marketing
treating employees as customers and developing systems and benefits that meet their needs.
Public service advertisement (PSA)
an announcement that promotes a program of a federal, state, or local government or of a nonprofit organization.
Order fulfillment process
a highly integrated process, often requiring persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time.
Blockchain
a digital ledger in which transactions are made and recorded chronologically and publicly.
Digitalization
the use of digital technologies to change a business model and provide new revenue or value.
M-commerce
the ability to conduct commerce using a mobile device for the purpose of buying or selling goods or services.
Sharing economy
the way connected consumers exchange goods and services with each other through a digital marketplace.
Shopper analytics
searching for and discovering meaningful patterns in shopper data for
the purpose of fine-tuning, developing, or changing market offerings.
Beacon
a device that sends out connecting signals to customers’ smartphones and tablets in order to bring them into a retail store or improve their shopping experience.
Retail channel omnification
the reduction of multiple retail channel systems into a single, unified system for the purpose of creating efficiencies or saving costs.
Which of the following is a characteristic shared by both the early majority and the late majority?
Both tend to have opinion leaders within their groups.
Both rely on science and experts for information.
Both depend on word-of-mouth communication.
Both are primarily influenced by the mass media.
Both depend on word-of-mouth communication.
Which of the following is characteristic of both early adopters and the early majority?
Both groups tend to be opinion leaders.
Both rely on group norms and values.
Both desire to earn the respect of others.
Both are influenced by social media websites and digital promotions.
Both rely on group norms and values.
