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MKTG 400 > Exam 3 > Flashcards

Exam 3 Flashcards

1
Q

describes the stage a new product goes through in the marketplace: introduction, growth, maturity, and decline

A

product life cycle

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2
Q

when a product is introduced to its intended market

A

introduction stage

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3
Q

the initial purchase of a product by a consumer

A

trial

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4
Q

the desire for the product class rather than for a specific brand, since there are few competitors with the same product

A

primary demand

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5
Q

the preference for a specific brand

A

selective demand

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6
Q

high initial price to help the company recover the costs of development as well as capitalize on the price insensitivity of early buyers

A

skimming

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7
Q

pricing low to discourage competitive entry

A

penetration pricing

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8
Q

characterized by rapid increases in sales, more competitors appear

A

growth stage

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9
Q

people who tried the product, were satisfied, and bought again

A

repeat purchasers

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10
Q

characterized by a showing of total industry sales or product class revenue, marginal competitors begin to leave the market

A

maturity stage

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11
Q

when sales drop

A

decline stage

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12
Q

dropping the product from a company’s product line, most drastic

A

deletion

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13
Q

when a company retains the product but reduces marketing costs

A

harvesting

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14
Q

important aspects of the product life cycle

A

length, shape of the sales curve, difference between product classes and forms

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15
Q

a product has no set time to go through its life cycle. However, consumer products tend to have shorter life cycles than business products

A

length

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16
Q

not all products have the same shape to their curve

A

shape of sales curve

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17
Q

one for which significant customer education is required and there is an extended introductory period

A

high learning product

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18
Q

little learning is required by the consumer and the benefits are readily understood

A

low learning product

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19
Q

style of the times; are introduced, decline, then seem to return

A

fashion product

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20
Q

rapid sales on introduction and then an equally rapid decline

A

fad product

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21
Q

refers to the entire product category or industry

A

product class

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22
Q

pertains to variations of a product within the product class

A

product form

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23
Q

common reasons for resisting new products

A

usage barriers, value barriers, risk barriers, psychological barriers

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24
Q

the product is not compatible with existing habits

A

usage barriers

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25
Q

the product provides no incentive to change

A

value barriers

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26
Q

physical, economic, or social

A

risk barriers

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27
Q

cultural differences or image

A

psychological barriers

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28
Q

manages the marketing efforts for a close-knit family of products or brands

A

brand manager

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29
Q

involves altering one or more of a products characteristics, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales

A

product modification

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30
Q

the sale of two or more separate products in one package

A

product bundling

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31
Q

strategies by which a company tries to find new customers, increase a product’s use among existing customers, or create new situations

A

market modification

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32
Q

changes the place a product occupies in a consumer’s mind relative to competitive products

A

product repositioning

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33
Q

four factors that trigger repositioning

A

changing the value offered, reacting to a competitor’s position, reaching a new market, catching a rising trend

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34
Q

adding value to the product (or line) through additional features or higher-quality materials

A

trading up

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35
Q

reducing a product’s number of features, quality, or price

A

trading down

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36
Q

reducing the package content without changing the package size and maintaining or increasing the package price

A

downsizing

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37
Q

price inflation in disguise

A

shrinkflation

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38
Q

a commercial, legal, name which a company does business

A

trade name

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39
Q

a marketing in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors

A

branding

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40
Q

identifies that a firm has legally registered its brand name or trade name so the firm has exclusive use, thereby preventing others from using it

A

trademark

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41
Q

a set of human characteristics associated with a brand name

A

brand personality

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42
Q

the added value a brand name gives to a product beyond the functional benefits provided

A

brand equity

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43
Q

the reason why a brand exists, the place it has in consumers’ lives, the solution it provides to customers, and the brand’s role in making society better off

A

brand purpose

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44
Q

a contractual agreement whereby one (licensor) allows its brand name(s) or trademark(s) to be used with products or services offered by another company (licensee) for a royalty or fee

A

brand licensing

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45
Q

a component of a product that refers to any container in which it is offered for sale and on which label information is conveyed

A

packaging

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46
Q

an integral part of the package that typically identifies the product or brand, who made it and when it was made, how it is to be used, and package contents and ingredients

A

label

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47
Q

challenges of packaging and labeling

A

the continuing need to connect with customers, environmental concerns, health, safety, and security issues, and cost reduction

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48
Q

information for consumer

A

communication benefits

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49
Q

storage, convenience, or protection

A

functional benefits

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50
Q

distinguishes brand in consumer’s eyes

A

perceptual benefits

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51
Q

intangible activities or benefits that an organization provides to satisfy consumer’s needs in exchange for money or something else of value

A

services

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52
Q

intangibility, inconsistency, inseparability, inventory

A

four I’s of service

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53
Q

can’t be held, touched, or seen before the purchase decision

A

intangibility

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54
Q

services that depend on the people who provide them, the quality varies with each person’s capabilities and day-to-day job performance

A

inconsistency

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55
Q

the consumer can not and does not separate the deliverer of the service from the service itself

A

inseparability

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56
Q

problems exist because many items are perishable and because there are cost associated with handling inventory

A

inventory

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57
Q

occurs when the service provider is available but there is no demand for the service

A

idle production capacity

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58
Q

the range of offerings companies bring to the market, from the tangible to the intangible or the product-dominant or to the service-dominant

A

service continuum

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59
Q

whether they are delivered by people or equipment, whether they are for-profit or nonprofit, whether they are government sponsored

A

ways services can be classified

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60
Q

self-checkout, self check-in

A

self-service technologies

61
Q

smartwatches, sport trackers, and smart home assistants

A

self-service devices

62
Q

excesses in revenue over expenses are not taxed or distributed to shareholders

A

nonprofit organizations

63
Q

what makes service organizations successful?

A

understanding of how the consumer makes a service purchase decision, understand how the consumer evaluates the quality, determine how to present a differential advantage relative to competing offerings

64
Q

a type of analysis that compares the differences between the consumer’s expectations about and experiences with a service based on dimensions of service quality

A

gap analysis

65
Q

a flowchart of the points of interaction or “service encounters” between consumers and a service provider

A

customer contact audit

66
Q

the notion that a service organization must focus on its employees, or internal market, before successful programs can be directed at customers

A

internal marketing

67
Q

customers will often judge the quality of the service experience based on the performance of the people providing the service

A

people

68
Q

the appearance of the environment in which the service is delivered and where the firm and customer interact can influence the customer’s perception of the service

A

physical environment

69
Q

the actual procedures, mechanisms, and flow of activities by which the service is created and delivered

A

process

70
Q

technological development, improved understanding of service delivery and consumption, the social imperative for sustainability

A

will change services in the future

71
Q

charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service

A

off-peak pricing

72
Q

the money or other considerations exchanged for the ownership or use of a product or service

A

price

73
Q

the practice of exchanging products and services for other products and services rather than for money

A

barter

74
Q

the ratio of perceived benefits to price

A

value

75
Q

the practice of simultaneously increasing the product and service benefits while maintaining or decreasing price

A

value pricing

76
Q

identify pricing objectives and constraints, estimate demand and revenue, determine cost, volume, and profit relationships, set an approximate price level, set list or quoted price, make special adjustments to list or quoted price

A

steps to pricing

77
Q

specifying the role of price in an organization’s marketing and strategic plans

A

pricing objectives

78
Q

factors that limit the range of prices a firm may set

A

pricing constraints

79
Q

consumers compare prices on the Internet

A

consumer-driven pricing actions

80
Q

aggressive price changes through the Internet

A

retailer-driven pricing actions

81
Q

a graph that relates the quantity sold and price, showing the maximum number of units that will be sold at a given price

A

demand curve

82
Q

consumer tastes, price and availability to similar products, consumer income

A

factors for demand

83
Q

factors that determine consumers’ willingness and ability to pay for products and services

A

demand factors

84
Q

the percentage change in quantity demanded relative to percentage changed in price

A

price elasticity of demand

85
Q

when a 1 percent decrease in price produces more than a 1 percent increase in quantity demanded, increasing total revenue

A

elastic demand

86
Q

when a 1 percent decrease in price produces less than a 1 percent increase in quantity demanded, decreasing total revenue

A

inelastic demand

87
Q

the total expense incurred by a firm in producing and marketing a product

A

total cost

88
Q

the sum of the expenses of the firm that are stable and do not change with the quantity of product that is produced and sold

A

fixed cost

89
Q

a technique that analyzes the relationship between the total revenue and total cost to determine profitability at various levels of output

A

break-even analysis

90
Q

the quantity at which total revenue and total costs are equal

A

break-even point

91
Q

a graphic presentation of the break-even analysis that shows when total revenue and total costs intersect to identify profit or loss for a given quantity sold

A

break-even chart

92
Q

demand-oriented, cost-oriented, profit-oriented, competition-oriented

A

approaches to find approximate price level

93
Q

setting the highest initial price that consumers really desiring the product are willing to pay when introducing a new or innovating product

A

skimming pricing

94
Q

setting a low initial price on a new product to appeal immediately to the mass market

A

penetratiton pricing

95
Q

setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it

A

prestige pricing

96
Q

setting the price of a line of products at a number of different specific pricing points

A

price lining

97
Q

setting prices a few dollars or cents under an even number

A

odd-even pricing

98
Q

consists of estimating the price that ultimate consumers would be willing to pay for a product, working backward through markups taken by retailers and wholesalers to determine what price to charge wholesalers, deliberately adjusting the composition and features of the product to achieve the target price to the consumer

A

target pricing

99
Q

marketing two or more products in a single package price

A

bundle pricing

100
Q

charging different prices to maximize revenue for a set amount of capacity at any given time

A

yield management pricing

101
Q

adding a fixed percentage to the cost of all items in a specific product class

A

standard markup pricing

102
Q

summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price

A

cost-plus pricing

103
Q

setting an annual target of a specific dollar volume of profit

A

target-profit pricing

104
Q

setting a price to achieve a profit that is a specified percentage of the sales profit volume

A

target return-on-sales pricing

105
Q

setting a price to achieve and annual target return on investment (ROI)

A

target return-on-investment pricing

106
Q

setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors

A

customary pricing

107
Q

setting a market price for a product class based on a subjective feel for the competitors’ price or market price as the benchmark

A

above-, at-, or below-market pricing

108
Q

deliberately selling a product below its customary price, but not to attract consumers’ attention to it in hopes that they will buy other products with large markups as well

A

loss-leader pricing

109
Q

setting one price for all buyers of a product or service

A

fixed price policy

110
Q

setting different prices for products and services in real time response to supply and demand conditions

A

dynamic pricing policy

111
Q

setting prices for all items in a product line to cover the total cost and produce a profit for the complete line, not necessarily for each item

A

product line pricing

112
Q

successive price cutting by competitors to increase or maintain their unit sales or market share

A

price war

113
Q

reductions in unit costs for a larger order

A

quantity discount

114
Q

cash payments or an extra amount of “free goods” awarded sellers in the marketing channel for undertaking certain advertising or selling activities to promote a product

A

promotional allowances

115
Q

the practice of replacing promotional allowances with lower manufacturer list prices

A

everyday low pricing

116
Q

a conspiracy among firms to set prices for a product

A

price fixing

117
Q

charging different prices to different buyers for products of like grade and quality

A

price discrimination

118
Q

charging a very low price for a product with the intent of driving competitors out of business

A

predatory pricing

119
Q

consists of the individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users

A

marketing channel

120
Q

when intermediaries buy and sell products or services

A

transactional function

121
Q

buying, selling, risk taking

A

what happens during a transactional function

122
Q

when products or services are grouped for convience

A

logistical function

123
Q

assorting, storing, sorting, transporting

A

what happens during a logistical function

124
Q

when intermediaries make a transaction easier for buyers

A

facilitating functions

125
Q

financing, grading, marketing information and research

A

what happens during a facilitating function

126
Q

the producer and the ultimate consumer deal directly with each other

A

direct channel

127
Q

intermediaries are inserted between the producer and the consumers and perform numerous channel functions

A

indirect chanel

128
Q

make products and services available for consumption or use by consumers or organizational buyers

A

digital marketing channel

129
Q

allow consumers to buy products by interacting with various print or electronic media without a face-to-face meeting with a salesperson

A

direct to consumer marketing channel

130
Q

the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online

A

multichannel marketing

131
Q

an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product

A

dual distribution

132
Q

kitchen appliances

A

example of dual distribution

133
Q

professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact

A

vertical marketing system

134
Q

the combination of successive stages of production and distribution under a single ownership

A

corporate vertical marketing system

135
Q

where a manufacturer owns a store to sell its products

A

forward integration

136
Q

Apple, Ralph Lauren, Goodyear

A

examples of forward integration

137
Q

retailer owns manufacturer

A

backward integration

138
Q

Kroger/Dillon’s, generic brands

A

examples of backward integration

139
Q

independent production and distribution firms integrate their efforts on a contractual basis to obtain greater functional economies and marketing impact than they could achieve alone

A

contractual vertical marketing system

140
Q

the number of stores in a geographical area

A

target market coverage (density)

141
Q

a level of distribution density whereby a firm tries to place its products and services in as many outlets as possible

A

intensive distribution

142
Q

a level of distribution density whereby only one retailer in specific geographic area carries the firms products

A

exclusive distribution

143
Q

a level of distribution density whereby a firm selects a few retailers in a specific area to carry its products

A

selective distribution

144
Q

information, convenience, variety, pre- or post-sale purchase

A

channel requirements to satisfy buyer requirements

145
Q

arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals

A

channel conflict

146
Q

a source of channel conflict that occurs when a channel member bypasses another channel member and sells or buys products direct

A

disintermediation

147
Q

those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost

A

logistics

148
Q

the various firms involved in performing the activities required to create and deliver a product or service to consumers or industrial users

A

supply chain

MKTG 400 (2 decks)

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