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MKTG 3010 > Exam 2 (Chpts 5-9) > Flashcards

Exam 2 (Chpts 5-9) Flashcards

1
Q

customer relationship management (CRM)

A

A systematic tracking of consumer’s preferences and behaviors over time to tailor the value proposition as closely as possible to each individual’s unique wants and needs

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2
Q

mar-tech

A

Short for “marketing technology,” this term is commonly used to denote the fusion of marketing and technology. A particular focus is placed on the application of marketing through digital technologies

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3
Q

one-to-one marketing

A

Facilitated by CRM, one-to-one marketing allows for customization of some aspect of the goods or services that are offered to each customers

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4
Q

touchpoint

A

Any point of direct interface between customers and a company (online, by phone, or in person)

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5
Q

marketing automation

A

A group of systems and technologies that can be used to establish a set of rules for handling different marketing related processes in an automated fashion

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6
Q

share of customer

A

The percentage of an individual customer’s purchase of a product that is a single brand

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7
Q

Big Data

A

A popular term to describe the exponential growth of data-both structured and unstructured- in massive amounts that are hard or impossible to process using traditional database techniques

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8
Q

Internet of things

A

Describes a system in which everyday objects are connected to the Internet and in turn are able to communicate information throughout an interconnected system

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9
Q

web scraping

A

The process of using computer software to extract large amounts of data from websites

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10
Q

sentiment analysis

A

The process of identifying a follower’s attitude (e.g., “positive,” “negative,” or “neutral”) toward a product or brand by assessing the context or emotion of his or her comments

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11
Q

scanner data

A

Data derived from items that are scanned at the cash register when you check out with your loyalty card

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12
Q

channel partner model

A

A relationship between channel partners in which a two-way exchange of information between purchasing organizations and their respective vendors is facilitated through shared or integrated IT systems.

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13
Q

information overload

A

A state in which the marketer is buried in so much data that it becomes nearly paralyzing to decide which of the data provide useful information and which do not.

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14
Q

data mining

A

Sophisticated analysis techniques to take advantage of the massive amount of transaction information now available

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15
Q

structured data

A

Data that (1) are typically numeric or categorical; (2) can be organized and formatted in a way that is easy for computers to read, organize, and understand; and (3) can be inserted into a database in a seamless fashion

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16
Q

data warehouse

A

A system to store and process the data that result from data mining.

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17
Q

unstructured data

A

Nonnumeric information that is typically formatted in a way that is meant for human eyes and not easily understood by computers

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18
Q

emotion analysis

A

A sophisticated process for identifying and categorizing the emotions a follower possesses in relation to a product or brand by assessing the content of that communication

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19
Q

data scientist

A

An individual who searches through multiple, disparate data sources to discover hidden insights that will provide a competitive advantage.

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20
Q

Marketing analytics

A

A group of technologies and processes that enable marketers to collect, measure, analyze, and assess the effectiveness of marketing efforts.

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21
Q

digital marketing channels

A

The paths of distribution through which a company’s digital marketing communications can be delivered to reach their respective audiences.

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22
Q

A/B Test

A

A method to test the effectiveness of altering one characteristic of a marketing asset (e.g. a web page, a banner advertisement, or an e-mail.)

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23
Q

cost-per-click

A

An online ad purchase in which the cost of the advertisement is charged only each time an individual clicks on the advertisement and is directed

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24
Q

cost-per-impression

A

An online ad purchase in which the cost of the advertisement is charged each time the advertisement shows up on a page that the user views

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25
Q

search engine optimization (SEO)

A

A systematic process to ensure that your firm comes up at or near the top of lists of typical search phrases related to your business.

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26
Q

Landing page

A

A single page on a website that is built for a particular direct marketing opportunity

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27
Q

predictive analytics

A

Uses large quantities of data within variables that have identified relationships to more accurately predict specific future outcomes.

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28
Q

Churn rate

A

The percentage of a company’s customers (for a given span of time) who by the end of that time span can no longer be considered customers of the company (e.g. because they have canceled their contract for a service or they have stopped shopping t the related retail location).

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29
Q

marketing metrics

A

Specific measures that help marketers watch the performance of their marketing campaigns, initiatives, and channels and, when appropriate, serve as a control mechanism

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30
Q

click-through

A

A metric that indicates the percentage of website users who have decided to click on an advertisement to visit the website or web page associated with it.

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31
Q

conversion

A

Signifies an event that occurs on a web page that indicates the meeting of a predefined goal associated with the consumer’s interaction with that page

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32
Q

cost-per-order

A

the cost of gaining an order in terms of the marketing investment made to turn a website visitor into a customer who has chosen to make a transaction

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33
Q

margin of sales

A

The difference between the price at which a product is sold and the cost of the product

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34
Q

Consumer behavior

A

The process involved when individuals or groups select purchase use and dispose of goods services ideas or experiences to satisfy their needs and desires

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35
Q

Involvement

A

the relative importance of perceived consequences of the purchase to a consumer

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36
Q

Perceived risk

A

The belief that choice of a product has potentially negative consequences with their financial physical or social

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37
Q

Problem recognition

A

The process that occurs whenever the consumer sees a significant difference between his or her current state of affairs and some desired or ideal state this recognition initiates the decisionmaking process

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38
Q

Information search

A

The process whereby a consumer searches for appropriate information to make a reasonable decision

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39
Q

Evoked set

A

All of the alternative brands are consumers aware of when making a decision

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40
Q

Consideration set

A

The alternative brands of consumer seriously considers in making a decision

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41
Q

Comparison-shopping agents or shopbots

A

Web applications that help online shoppers find what they’re looking for the lowest price and provide customer reviews and ratings of products and sellers

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42
Q

Determinate attributes

A

The features most important to differentiate and compare among the product choices

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43
Q

Evaluative criteria

A

The dimensions consumers used to compare competing product alternatives

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44
Q

Compensatory decision rules

A

The methods for making decisions that allow information about attributes of competing products to be averaged in someway

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45
Q

Hueristics

A

A mental rule of thumb that leads to a speedy decision by simplifying the process

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46
Q

Brand loyalty

A

A pattern of repeat product purchases, accompanied by an underlying positive attitude towards the brand, based on the belief that the brand makes product superior to those of its competition

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47
Q

Consumer satisfaction/dissatisfaction

A

The overall feelings or attitude a person has about a product after purchasing it

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48
Q

Cognitive dissonance

A

The anxiety or regret a consumer may feel after choosing from several similar attractive choices

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49
Q

Perception

A

The process by which people select, organize, and interpret information from the outside world

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50
Q

Exposure

A

The extent to which is stimulus is capable of being registered by a person sensory receptors

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51
Q

Subliminal advertising

A

Supposedly hidden messages in marketers’ communications

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52
Q

Attention

A

The extent to which a person about mental processing to a particular stimulus

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53
Q

Multitasking

A

Moving back-and-forth between various activities such as emails TV instant messages and so on

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54
Q

Rich media

A

A digital advertising term for an ad that includes advanced features other elements like video and audio that encourage viewers to interact and engage with the Content

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55
Q

Interpretation

A

The process of assigning meaning to a stimulus based on prayer associations a person has with it and assumptions here she makes about it

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56
Q

Motivation

A

An internal state that drives us to satisfy needs by activity goal oriented behavior

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57
Q

Hierarchy of needs

A

An approach that categorizes motives according to five levels of importance the more basic needs being on the bottom of the hierarchy in the higher needs at the top

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58
Q

Gamification 

A

Strategy in which market as a player game design techniques often by awarding of points badges or levels to nongame experiences to engage consumers

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59
Q

Learning

A

A relatively permanent change in behavior Cosby required information or experience

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60
Q

Behavioral learning theories

A

Series of learning that focus on how consumer behavior is changed by external events or stimuli

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61
Q

Classical conditioning

A

The learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not un a a response on its own but will cause a similar response overtime because of it’s association with the first stimulus

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62
Q

Operant conditioning

A

Learning that occurs as a result of rewards or punishments

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63
Q

Data brokers

A

Company that collect information on consumers use it to create detailed profiles of individuals and sell or share the information with others

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64
Q

Cognitive learning theory

A

Three of learning that stresses the importance of internal mental processes and that Views people as problem-solved who actually use information from the world around them to master their environment

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65
Q

Observational learning

A

Learning that occurs when people watch the actions of others a note what happens to them as a result

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66
Q

Attitude

A

I learned predisposition to respond favorably or unfavorably to stimuli on the basis of relative lien during a valuations of people objects and issues

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67
Q

Affect

A

The feeling component of attitudes; refers to the overall emotional response a person has to a product

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68
Q

Sadvertising

A

Advertising design to arouse more negative emotions to get our attention and create a bond with their products

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69
Q

Cognition

A

The knowing component of attitudes refers to the beliefs or knowledge a person has a better product and it’s important characteristics

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70
Q

Behavior

A

The doing component of attitude; involves a consumers intention to do some thing, such as the intention to purchase or use a certain product

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71
Q

Personality

A

The set of unique physiological characteristics that consistently influences the way a person responds to situations in the environment

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72
Q

Self-concept

A

An individual self image that is composed of a mixture of beliefs, observations, And feelings about personal attributes

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73
Q

Family life cycle

A

Means of characterizing consumers within a family structure of the basis of different stages through which people pass as they grow older

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74
Q

Lifestyle

A

The pattern of living that determines how people choose to spend time, money, and energy and that reflects our values, taste, and preferences

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75
Q

Psychographics

A

Do use of psychological, sociological, and anthropological factors to construct market segments

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76
Q

Activities, interests, and opinions (AIOs)

A

Measures of consumer activities, interest, and opinions used to place consumers into dimensions

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77
Q

Sensory marketing

A

Marketing techniques that link distinct sensory experiences such as unique fragrance with a product or service

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78
Q

Sensory branding

A

The use of distinct sensory experience is not only to appeal to customers but also to enhance their brand

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79
Q

Time poverty

A

Consumers believe that they are more pressed for time than ever before

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80
Q

Culture

A

The values, beliefs, customs, and taste a group of people values

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81
Q

Subculture

A

A group within a society whose members share a distinctive set of beliefs, characteristics, or common experiences

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82
Q

Micro cultures

A

Groups of consumers who identify with a specific activity or art form

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83
Q

Consumerism

A

A social movement that attempts to protect consumers from harmful business practices

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84
Q

Conscientious consumerism

A

Continuation of the consumerism movement in which consumers are more mindful of environmental issues in their daily purchases in marketer support consumerism issues in their advertising

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85
Q

Social class

A

The overall rate or Social standing of groups of people within a society according to the value of sine two factors such as family background, education, occupation, and income

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86
Q

Status symbols

A

Visible markers that provide away for people to flat to their membership in higher society classes (or at least to make others believe they are members)

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87
Q

Mass class

A

The hundreds of millions of global consumers who now enjoy a level of purchasing power that’s sufficient to let them afford high-quality products – except for big ticket items like college educations, Housing, or luxury cars

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88
Q

Reference group

A

An actual or imaginary individual or group that has a significant effect on an individual’s evaluation, aspirations, or behavior

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89
Q

Opinion leader

A

A person who is frequently able to influence others attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories

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90
Q

Gender roles

A

Societies expectations regarding the appropriate attitudes, behaviors, and appearance for men and women

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91
Q

Business to business (b2b) markets

A

The group of customers that includes manufacturers, wholesalers, retailers, and other organizations

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92
Q

Organizational markets

A

Another name for business to business markets

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93
Q

Producers

A

The individuals and organizations that purchase products for used in the production of other goods and services

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94
Q

Resellers

A

The individuals and organizations that buy finished goods for the purpose of reselling renting or leasing to others to make a profit and to maintain their business operations

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95
Q

Government markets

A

The federal state county and local governments that buy goods and services to carry out public objectives and to support their operations

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96
Q

 North American industry classification system (NAICS)

A

 Numerical coding system that the United States Canada Mexico used to classify firms into detail categories according to their business activities

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97
Q

Derived demand

A

Demand for businesses or organizational products cause by demand for consumer goods or services

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98
Q

Joint demand

A

Demand for two or more goods that are used together to create a product

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99
Q

Inelastic demand

A

Demanding exchanges in price have little or no effect on the amount demanded

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100
Q

Buy class

A

One of three classifications of business buying situation that characterizes the degree of time and effort required to make a decision

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101
Q

Straight rebuy

A

Buying situation in which business buyers make routine purchases that require minimal decision making

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102
Q

Modified rebuy

A

I’m buying situation classification used by business page to categorize a previously made purchase that involves some change and that requires limited decision making

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103
Q

new task buy

A

A new business to business purchase that is complex or whiskey and that requires extensive decision making

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104
Q

Buying center

A

the group of people in an organization who participate in a purchasing decision

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105
Q

Product specifications

A

A written description of the quality size weight and other details required of a product purchase

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106
Q

Customer reference program

A

Formalized process by which customers for malicious success stories and actively recommend products to other potential clients usually facilitated through an online community

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107
Q

Single sourcing

A

The business practice of buying a particular product from only one supplier

108
Q

Multiple sourcing

A

The business practice of buying a particular product from several different suppliers

109
Q

Reciprocity

A

Trading partnership in which to firms agree to buy from one another

110
Q

Outsourcing

A

The business buying process of obtaining outside vendors to provide goods or services that otherwise might be supplied in-house

111
Q

Off shoring

A

A process by which companies contract with companies or individuals and remote places like China or India to perform work they used to do at home

112
Q

Reverse marketing

A

A business practice in which a buyer firm attempt to identify suppliers who will produce products according to the buyers firms specifications

113
Q

Business-to-business (B2B) e-commerce

A

Online exchanges between companies and individual consumers

114
Q

Intranet

A

An internal corporate communication networks that uses Internet technology to link company department employees and databases

115
Q

Extranet

A

A private corporate computer network that links company department employees and databases to suppliers customers and others outside the organization

116
Q

Malware

A

Software designed specifically to damage or disrupt computer systems

117
Q

Firewall

A

A combination of hardware and software that insures the only authorized individuals gain entry into a computer system

118
Q

Encryption

A

The process of scrambling a message so that only another individual or computer with the right key can unscramble it

119
Q

Market fragmentation

A

The creation of mini consumer groups due to a diversity of the stick needs and wants in modern society

120
Q

Target marketing strategy

A

Dividing the total market into different segments on the basis of customer characteristics selecting one or more segments in developing products to meet the needs of the specific segments

121
Q

Segmentation

A

The process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics

122
Q

Segmentation variables

A

Dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences

123
Q

Demographics

A

Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structures

124
Q

Generational marketing

A

Marketing to members of a generation, who tend to share the same outlook, values, and priorities

125
Q

Generation Z

A

The group of consumers born after 1994

126
Q

Digital natives

A

Individuals who spend a big chunk of their time online, so they expect Brands engage them into a digital conversations

127
Q

Generation Y (millennials)

A

The group of consumers born between 1979 and 1994

128
Q

Generation X

A

The group of consumers born between 1965 and 1978

129
Q

Baby boomers

A

The segment of people born between 1946 and 1964

130
Q

Metrosexual

A

A straight urban male who is keenly interested in fashion home design gourmet cooking and personal care

131
Q

Buying power

A

I concept and segmentation that can help marketers to develop how to better match different products and versions of products to different consumer groups based on an understanding of what discretionary and non-discretionary allocation define slayer able to make

132
Q

Content marketing

A

The strategy of establishing thought leadership in the form of bylines, blogs, commenting opportunities, videos, shareable social images, and info graphics

133
Q

Cultural diversity

A

Management practice that an actively Six to include people of different sexes, racist, ethnic groups, and religions in an organizations employees customers suppliers in distribution channel partners

134
Q

Geographic segmentation

A

An approach in which market is Taylor they are offering specific geographic areas because people’s preferences often vary depending on where they live

135
Q

Geographic information system (GIS)

A

A system that combines a geographic map with digitally store data about consumers in a particular geographic area

136
Q

Geodemography

A

A segmentation technique that combines geography with demographics

137
Q

Geo targeting

A

Determining the geographic location of a website visitor and delivering different contact to the visitor based on his or her location

138
Q

Micro marketing

A

The ability to identify in target very small geographic segments that sometimes amount to individuals

139
Q

Psychographics

A

Do use of psychological sociological an anthropological factors to construct a market segments

140
Q

Vals

A

Psychographic segmentation system that divides US adults into eight groups according to what drive some psychologically as well as by the economic resources

141
Q

Gamer segment

A

A consumer segment that combines a psycho graphic/lifestyle component with a heavy dose of generational marketing

142
Q

Badge

A

A mile stone a reward earned by progressing through a video game

143
Q

Behavioral segmentation

A

A technique that divides consumers into segments on the basis of how they act towards feel about her use a good or service

144
Q

80/20 rule

A

A marketing rule of thumb that 20% of purchases account for 80% of a product sales

145
Q

Usage rate

A

A measurement that reflects the quantity purchased or frequency of use among consumers of a particular product or service

146
Q

Long tail

A

How do approach to segmentation based on the idea that companies can make money by selling small amounts of items that only a few people want provided they sell enough different items

147
Q

Usage Occasions

A

An indicator used in behavioral market segmentation based on when consumers use a product most

148
Q

Organizational demographics

A

Organization specific dimensions that can be used to describe classify an organized different organizations for the purpose of segmenting business-to-business market

149
Q

Targeting

A

A strategy in which marketers evaluate the attractiveness of each potential segment and deciding which of these groups they will invest resources to try to turn them in to customers

150
Q

Target market

A

The market segments on Wishon organization focuses its marketing plan and toward which it directs its marketing efforts

151
Q

Segment profile

A

A description of the typical customer in a segment

152
Q

Undifferentiated targeting strategy

A

Appealing to a broad spectrum of people

153
Q

Differentiated targeting strategy

A

Developing one or more products for each of several distinct customer groups and making sure these offerings I kept separate in the marketplace

154
Q

Concentrated targeting strategy

A

Focusing affirmed efforts on offering one or more products to a single segment

155
Q

Customize marketing strategy

A

An approach that Taylor specific products and the messages about them to individual customers

156
Q

Mass customization

A

And approach that modifies a basic good or service to meet the needs of an individual

157
Q

Positioning

A

Developing a marketing strategy to influence our particular market segment perceives a good or service in comparison to the competition

158
Q

Positioning statement

A

An expression of a product positioning that is internally developed and maintained in order to support and develop of marketing communication that articulates the specific value offered by a product

159
Q

Repositioning

A

Redoing a product position to respond to marketplace

160
Q

Retro brands

A

I want popular brand that has been revive to experience a popularity come back after by writing a wave of nostalgia

161
Q

Brand personality

A

A distinctive image that captures a goods or services character and benefits

162
Q

Brand anthropomorphism

A

The assignment of human characteristics and qualities to a brand

163
Q

Perceptual map

A

A technique to visually describe where brands are located in consumers mind relative to competing brands

164
Q

Attributes

A

Include features functions benefits and uses of a product. Marketers view products as a bundle of attributes that include the packaging brand-name benefits and supporting features in addition to a physical good

165
Q

Good

A

A tangible product that we can see touch smell here or taste

166
Q

Core product

A

Are the benefits the product will provide for consumers of business customers

167
Q

Actual product

A

The physical good or the delivery service that supplies the desired benefit

168
Q

Augmented product

A

The actual product plus other supporting features such as warranty credit delivery and installation and repair service after the sale

169
Q

Durable good

A

Consumer products that provide benefits over a long period of time such as cars furniture and appliances

170
Q

Nondurable goods

A

Consumer products that provide benefits for a short time because they are consumed such as food or no longer useful such as newspapers

171
Q

Convenience product

A

Consumer good or service that is usually low priced widely available and purchased frequently with a minimum of comparison and effort

172
Q

Staple products

A

Basic or necessary items that are available almost everywhere

173
Q

Consumer packaged goods (CPG) or fast moving consumer goods (FMCG)

A

A low cost good that is consumed quickly and replaced frequently

174
Q

Impulse products

A

A product people often by on the spur of the moment

175
Q

Emergency products

A

Products with purchase one we are in dire need

176
Q

Shopping products

A

Goods and services for which consumers spent considerable time and effort gathering information and comparing alternatives before making a purchase

177
Q

Specialty products

A

Goods or services that have unique characteristics in a important to the buyer and for which here she would have a significant effort to acquire

178
Q

Unsought products

A

Goods or services for which consumer has little awareness or interest until the product or a need for the product is brought to his or her attention

179
Q

Equipment

A

Expensive good set an organization uses and it’s daily operations that last for a long time

180
Q

Maintenance repair and operating (MRO) products

A

Good start a business consumer consumes in a relatively short time

181
Q

Raw materials

A

Products of the fishing lumber agricultural and mining industries that organizational consumers purchase to use in their finished products

182
Q

Processed materials

A

Product created when a firm transforms raw materials from the original states

183
Q

Specialized services

A

Services that are essential to the operation of an organization but are not part of the production of a product

184
Q

Component parts

A

Manufactured goods subassemblies finished items that organizations need to complete their own products

185
Q

Innovation

A

A product that consumers perceived to be new and different from existing products

186
Q

Creativity

A

Phenomenon whereby something new and valuable is created

187
Q

Continuous innovation

A

Modification of an existing product that sets one brand apart from its competitors

188
Q

Knock off

A

A new product that copies with slight modification the design of an original product

189
Q

Dynamically continuous Innovation

A

A change in an existing product that requires moderate amount of learning or behavior change

190
Q

Discontinuous innovation

A

I totally new product that creates major changes in the way we live

191
Q

Convergence

A

The coming together of two or more technologies to create a new system with greater benefits than it separate parts

192
Q

Research and development

A

Well defined in systematic approach to have innovation is done within the firm

193
Q

New-product development

A

Faces by which firms develop new products including Idea generation Product concept development in screening marketing strategy development business analysis technical development test marketing and commercialization

194
Q

Idea generation Ideation

A

Phase of product development which Mark Tracie as a variety of sources to come up with a great new product ideas that provide customer benefits that are compatible with the company mission

195
Q

 Value Cocreation

A

The process by which benefits based value is created third collaborative participation by customers and other stakeholders in the new product development process

196
Q

Product concept development in screening

A

The second step of product development in which marketers test product ideas for technical in Commercial success

197
Q

Technical success

A

Indicates that a product concept is feasible purely from the standpoint of whether or not it is possible to physically develop it regardless of whether it is perceive to be commercially viable

198
Q

Commercial success

A

Indicates that a product concept is feasible from the standpoint of whether the firm developing the product believes that there is or will be sufficient consumer demand torrent its development an entry into the market

199
Q

Business analytics

A

the step in the product development process in which marketers access products commercial viability

200
Q

Technical development

A

The step in the product development process in which company engineers refining perfect a new product

201
Q

Proto types

A

Test versions of the proposed product

202
Q

Patent

A

Illegal mechanism to prevent competitors from producing are selling an invention aimed at reducing or eliminating competition in the market for a period of time

203
Q

Market test or test market

A

Testing the complete marketing plan in a small geographic area that is similar to the larger market The Firm hopes to enter

204
Q

Simulated market test

A

Application of a special computer software to imitate the introduction of a product into the marketplace allowing the company to see the likely impact of Prescotts a new packaging or even to determine where in the store he should try to place the product

205
Q

Commercialization

A

The final step in the product development process in which a new product is launched into the market

206
Q

Crowdfunding

A

Online platforms that allow thousands of individuals to each contribute small amounts of money to find a new product from the start up company

207
Q

Product adoption

A

the process by which a consumer or business customer begins to buy and use a new good service or idea

208
Q

Diffusion

A

The process by which the use of a product spread throughout the population

209
Q

Tipping point

A

In the context of product effusion the point when a product sales spike from a slow claim to unprecedented new level

210
Q

Adoption pyramid

A

Reflects how a person goes from being unaware of an innovation through stages from the bottom up of awareness interest evaluation trial adoption and confirmation

211
Q

Media blitz

A

Mass of advertising campaign that occurs of a relatively short timeframe

212
Q

Impulse purchase

A

Purchase made without any planning or certain effort

213
Q

Beta test

A

Limited release of a product especially an innovative technology to allow usage and feedback from a small number of customers were willing to test the product under normal every day conditions of use

214
Q

Bleeding edge technology

A

An innovative technology that is not yet ready for release to the market as a whole potentially because of issues related to reliability instability but it is in a suitable state to be offered for beta testing to evaluate consumer perceptions of his performance identify any potential issues and its usage

215
Q

Innovators

A

The first segment roughly 2. 5% of a population to adopt a new product

216
Q

Early Adopters

A

Those who adopted an innovation early in the diffuseion process but after the innovators

217
Q

Early majority

A

Those whose adoption I have a new product signals a general acceptance of the innovation

218
Q

Late majority

A

The adopters who are willing to try new products when there is little or no risk associated with the purchase when the purchase becomes an economic necessity or when there is social pressure to purchase

219
Q

Laggards

A

The last consumers to adopt an innovation

220
Q

Relative advantage

A

The degree to which a consumer perceives that a new product provide superior benefits

221
Q

Compatibility

A

The extent to which new product is consistent with existing cultural values customs and practices

222
Q

Complexity

A

The degree to which consumers find a new product or it’s used difficult to understand

223
Q

Trialability

A

The ease of sampling a new product at its benefits

224
Q

Observability

A

How visible a new product in his benefits or to others who might adopt it

225
Q

Product management

A

The systematic and usually team-based approach to coordinating all aspects of a product strategy development and execution

226
Q

Product line

A

Affirms total product offering design to satisfy single need or desire of target customers

227
Q

Product line length

A

Determined by the number of separate items within the same category

228
Q

Stock keeping unit

A

Unique identifier for each distinct product

229
Q

Cannibalization

A

The loss of sales of an existing brand for the new item in a product line or product family is introduced

230
Q

Product mix

A

The total set of our products affirm offers for sale

231
Q

Product mix width

A

The number of different product lines the firm produces

232
Q

Product quality

A

The overall ability of the product to satisfy customer expectations

233
Q

Total quality management

A

Management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement

234
Q

Internal customers

A

Coworkers to interact to harbor the attitude and belief that all activities ultimately impact external customers

235
Q

Internal customer mindset

A

An organizational culture in which organization members treated each other as valued customers

236
Q

ISO 9000

A

Criteria developed by the international organization for standardization to regulate product quality in europe

237
Q

Six sigma

A

A process whereby firms work to limit product effects to 3.4 per million or fewer

238
Q

Product life cycle

A

The concept that explains how products go through for distinct stages from birth to death introduction growth maturity and decline

239
Q

Introduction stage

A

The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace

240
Q

Growth stage

A

The second stage of the product life cycle during which consumers accept the product and sales rapidly increase

241
Q

Maturity stage

A

The third stage and longest stage in the product lifecycle during which sales peak and profit margin’s narrow

242
Q

Decline stage

A

The final stage of the product life cycle during which cells decreases customer needs change

243
Q

Brand

A

Name a term assemble or any other unique element of a product that identifies one firms products and sets it apart from the competition

244
Q

Trademark

A

The legal term for a brand name Brand Mark or trade character trademarks legally registered by a government obtain protection for exclusive use in that country

245
Q

Brand equity

A

The value of a brand to an organization

246
Q

Brand meaning

A

The beliefs and associations that a consumer has about the brand

247
Q

Brand storytelling

A

Compelling stories told by marketers about browns to engage consumers

248
Q

Brand extensions

A

A new product sold with the same brand name as a strong existing brand

249
Q

Brand dilution

A

A reduction in the value of a brand typically driven by the introduction of a brand extension that possesses attributes the adversely contrast with the current attributes consumers associate with the brand

250
Q

Sub branding

A

Creating a secondary brand with an a main brand that can help differentiate a product line to a desired target group

251
Q

Family brand

A

I Brandon a group of individual products or individual brands share

252
Q

National or manufacturer brands

A

Brands that the product manufacturer owns

253
Q

Private label brands

A

Bran said a certain retailer distributor owns and sells

254
Q

Generic branding

A

The strategy in which products are not branded and I saw that the lowest price possible

255
Q

Licensing

A

An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time

256
Q

Cobranding

A

Agreement between two brands to work together to market a new product

257
Q

Ingredient branding

A

A type of branding in which Brandon materials become a component parts of other branded products

258
Q

Package

A

The covering or container for a product that provides product protection facilitates product use and storage and supplies important marketing communication

259
Q

Universal product code

A

I said a black bars or lions printed on the side or bottom of most items sold in grocery stores and other mass merchandise outlets that correspond to unique 10 digit number

260
Q

Sustainable packaging

A

Packaging that involves one or more of the following: elements of the packaging that can be produced from previously used materials, elements of the packaging that use materials in the development that can be re-purposed after used, the use of materials that require fewer resources to cultivate, and the use of materials and processes that are generally less harmful to the environment

261
Q

Copycat packaging

A

Packaging design to mimic the look of a similar or functionally identical national branded product often meant to lead the consumer to receive the two products is comparable

262
Q

Brand manager

A

An individual who is responsible for developing and implementing the marketing plan for a single brand

263
Q

Product category manager

A

Individuals who are responsible for developing and implementing the marketing plan for all the brands and products with a product category

264
Q

Market manager

A

An individual who is responsible for developing and implementing marketing plans for products sold to a particular customer group

265
Q

Venture teams

A

Groups of people within an organization to work together to focus exclusively on the development of a new product

MKTG 3010 (3 decks)

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