Exam 2 Flashcards
Product Item
A specific version of a product that can be designated as a distinct offering among an organization’s products.
Product Line
A group of closely related product items
Product Mix
All products that an organization sells
Brand
A name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products
Diffusion
The process by which the adoption of an innovation spreads
Product Life Cycle
A concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death)
Service
The result of applying human or mechanical efforts to people or objects
Internal Marketing
Treating employees as customers and developing systems and benefits that satisfy their needs
Supply Chain
The connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function.
Inventory Control System
A method of developing and maintaining an adequate assortment of materials or products to meet a manufacturer’s or a customer’s demand
Order Processing System
A system whereby orders are entered into the supply chain and filled
Materials-handling System
A method of moving inventory into, within, and out of a warehouse
Third-Party Logistic Company
A firm that provides functional logistics services to others
Marketing Channel
A set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer
Channel Members
All parties in the marketing channel who negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the products from the manufacturer into the hands of the final consumer
