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Principles of Marketing #1 > Exam #3 > Flashcards

Exam #3 Flashcards

1
Q

Product

A

Anything offered for sale for the purpose of satisfying a want or a need on both sides
of the exchange process.

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2
Q

Core Product

A

The good or service itself.

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3
Q

Tangible Product

A

The elements of design, color packaging, and any other physical dimensions that provide benefits to the customer.

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4
Q

Augmented Product

A

Enhancements such as guarantees, warranty and service benefits, producer/seller reputation,
and the psychological benefits
conveyed by the product.

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5
Q

Durable Goods

A

Goods that are
used or consumed
over a long period of time.

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6
Q

Nondurable Goods

A

Goods that are
used or consumed
over a short period of time.

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7
Q

Consumer Goods (4)

A
  • Convenience Goods
  • Shopping Goods
  • Specialty Products
  • Unsought Products
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8
Q

`Convenience Goods

A
  • Staples
  • Impulse goods
  • Emergency products
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9
Q

Shopping Goods

A
  • homogeneous

- heterogeneous

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10
Q

Organizational Goods (3)

A
  • Capital
  • Production
  • Operational
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11
Q

Organizational Goods

A
  • Installations
  • Accessories
  • Raw Materials
  • Components
  • Professional Services
  • Supplies
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12
Q

Raw Materials

A
  • Farm Products

- Natural Products

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13
Q

Components

A
  • Parts

- Materials

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14
Q

Supplies

A
  • Maintenance
  • Repair
  • Operating
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15
Q

Brand

A

A name, term, phrase, design, symbol, or any combination chosen to distinguish a product from competing products.

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16
Q

Brand Name

A

Portion of brand that can be expressed verbally.

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17
Q

Brandmark

A

Portion of brand that CANNOT be expressed verbally.

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18
Q

Trade Name

A

The business name under which an organization operates.

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19
Q

Trade Mark

A

Portion of brand that is legally registered with the US government for exclusive use by the owner.

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20
Q

Brand Equity

A

Overall strength of a brand in the marketplace and its value to the company that owns it.

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21
Q

Logo

A

A unique symbol that represents a specific firm or organization.

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22
Q

Service Mark

A

A trademark

that represents a service.

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23
Q

Branding Issues (4)

A
  • Selection
  • Protection
  • Extension
  • Cannibalization
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24
Q

Brand Awareness

A

Measure of the percentage

of the target market that is aware of a brand name.

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25
Q

Brand Loyalty

A

The level of commitment that customers feel toward a given brand as represented by continuing purchase.

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26
Q

Brand Extension

A

Assigning an existing brand name to a new product.

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27
Q

Types of Brands (6)

A
  • Generic
  • Individual
  • Family
  • Manufacturer
  • Private
  • Hybrid
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28
Q

Generic

A

No brand name is used.
(lower cost, commodity position)
(Ex, vegetables, ground beef)

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29
Q

Individual

A

Unique brand name for each major product or line.
(dissimilar products, products matched to segments)
(Ex, Tide, Bold, Gain, Cheer, Dreft, Ivory)

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30
Q

Family

A 
Umbrella name covers all products in the line.
(economical brand identity,
increased market presence)
(Ex, Dole, Sara Lee, Progresso,
Sony, DeWalt)
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31
Q

Manufacturer (National)

A

Brand name synonymous with the firm.
(ties corporate reputation to product)
(Ex, McDonald’s, Kodak, Fisher-Price, Johnson& Johnson, GE)

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32
Q

Private (Label)

A 
Brand name applied to product
by wholesaler or retailer.
(lower cost, builds on firm reputation)
(Ex, A&P; Aunt Jane
Sears; Kenmore, Craftsman; Wal-Mart; Sam’s Choice; Best Value)
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33
Q

Hybrid

A

No brand name is used.
(merger and acquisition)
(Ex, Kraft-Oscar Meyer, Post-Nabisco)

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34
Q

Favorable Conditions for Branding (7)

A
  • Easy to identify
  • Product quality best value for price
  • Dependable and widespread availability
  • Demand for product class is large
  • Demand strong enough to support price high enough to brand
  • Economies of scale present
  • Favorable shelf locations or display
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35
Q

Characteristics of a Good Brand Name (12)

A
  • Short and simple
  • Easy to spell and read
  • Easy to recognize and remember
  • Easy to pronounce
  • Can be pronounced only one way
  • Can be pronounced in all languages
  • Suggestive of product benefits
  • Adaptable to packaging/labeling needs
  • Not offensive, obscene, or negative
  • Always timely
  • Adaptable to any advertising medium
  • Legally available for use
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36
Q

Product Cannibalization

A

A firm’s new brand takes business from its established brand.

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37
Q

Cannibalization Scenarios (4)

A
  • Worst Product
  • Firm Product
  • Shared Product
  • Best Product
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38
Q

Worst Product

A

The new brand provides no competitive advantages and simply shares sales with the firm’s existing brand.

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39
Q

Firm Product

A

The firm has expanded its total marketand increased market share, but it shares some sales with its current brand.

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40
Q

Shared Product

A

The new brand shares some sales with its current brand, but it has attracted some sales from the competitor.The new brand has also expanded the firm’s total market and increased its market share.

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41
Q

Best Product

A

The new brand attracts customers from the competitor and expands the market.

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42
Q

Product Life Cycle

A

Distinct stages in the sales history of a product.

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43
Q

Product Life Cycle Assumptions (4)

A
  • products have limited life
  • sales pass through stages
  • profits rise and fall at different stages
  • different value chain activities are required in each stage
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44
Q

Common Cycles (6)

A
  • Growth-Slump-Maturity
  • Cycle-Recycle
  • Scalloped
  • Idealized/styles
  • Fashion
  • Fad
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45
Q

PLC Objectives by Stage (4)

A
  • Awareness
  • Maximize Market Share
  • Maximize Profit
  • Milk
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46
Q

Product Life Cycle Stages (4)

A
  • Introduction
  • Growth
  • Maturity
  • Saturation/Decline
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47
Q

Introduction Stage

A

slow sales growth, heavy expenses

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48
Q

Growth Stage

A

rapid market acceptance

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49
Q

Maturity Stage

A

acceptance by most potential buyers

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50
Q

Saturation/Decline Stage

A

sales drift downward, profits erode

51
Q

IDEO Design Steps (5)

A
  • Observation
  • Brainstorming
  • Rapid Prototyping
  • Refining
  • Implementation
52
Q

Observation (7)

A
  • Shadowing
  • Behavioral Mapping
  • Consumer Journey
  • Camera Journals
  • Extreme User Interviews
  • Storytelling
  • Unfocus Groups
53
Q

Shadowing

A

Observing people using products: shopping, going to hospitals, taking the train, using their cell phones.

54
Q

Behavioral Mapping

A

Photographing people within a space, such as a hospital waiting room, over two or three days.

55
Q

Camera Journals

A

Asking consumers to keep visual diaries of their activities and impressions relating to a product.

56
Q

Extreme User Interviews

A

Talking to people who really know, or know nothing, about a product or service, and evaluating their experience using it.

57
Q

Storytelling

A

Prompting people to tell personal stories about their consumer experiences.

58
Q

Unfocus Groups

A

Interviewing a diverse group of people.

59
Q

Brainstorming

A

An intense, idea-generating session analyzing data gathered by observing people. Each lasts no more than an hour. Rules of brainstorming are strict and stenciled on the walls.

60
Q

Brainstorming (7)

A
  • Defer Judgment
  • Build on the Ideas of Others
  • Encourage Wild Ideas
  • Go for Quantity
  • Be Visual
  • Stay Focused on the Topic
  • One Conversation at a Time
61
Q

Observation

A

IDEO’s cognitive psychologists,

anthropologists, and sociologists team up with corporate clients to understand the consumer experience.

62
Q

Defer Judgment

A

Don’t dismiss any ideas.

63
Q

Build on the Ideas of Others

A

No “buts,” Only “ands.”

64
Q

Encourage Wild Ideas

A

Embrace the most out-of-the-box notions because they can be the key to solutions.

65
Q

Go for Quantity

A

Aim for as many new ideas as possible. In a good session,
up to 100 ideas are generated
in 60 minutes.

66
Q

Be Visual

A

Use yellow, red, blue markers to write on big 30-inch by 25-inch Post-Its that are put on a wall.

67
Q

Stay Focused on the Topic

A

Always keep the discussion on target.

68
Q

One Conversation at a Time

A

No interrupting, no dismissing,

no disrespect, no rudeness.

69
Q

Rapid Prototyping

A

Mocking up working models

helps everyone visualize possible solutions and speeds up decision-making and innovation.

70
Q

Rapid Prototyping (6)

A
  • Mock up Everything
  • Use Videography
  • Go Fast
  • No Frills
  • Create Scenarios
  • Bodystorm
71
Q

Mock up Everything

A

It is possible to create models not only of products but also of services such as health care and spaces such as museum lobbies.

72
Q

Use Videography

A

Make short movies to depict the consumer experience.

73
Q

Go Fast

A

Build mock-ups quickly and cheaply. Never waste time on complicated concepts.

74
Q

No Frills

A

Make prototypes that demonstrate a design idea without sweating over the details.

75
Q

Create Scenarios

A

Show how a variety of people

use a service in different ways and how various designs can meet their individual needs.

76
Q

Bodystorm

A

Delineate different types of consumers and act out their roles.

77
Q

Refining

A

At this stage, IDEO narrows down the choices to a few possibilities.

78
Q

Refining (6)

A
  • Brainstorm
  • Focus Prototyping
  • Engage the Client
  • Be Disciplined
  • Focus
  • Get Agreement
79
Q

Brainstorm

A

Brainstorm in rapid fashion

to weed out ideas and focus on the remaining best options.

80
Q

Focus Prototyping

A

Focus prototyping on a few key ideas to arrive at an optimal solution to a problem.

81
Q

Engage the Client

A

Engage the client actively in the process of narrowing the choices.

82
Q

Be Disciplined

A

Be disciplined and ruthless in making decisions.

83
Q

Focus

A

Focus on the outcome of the process, reaching the best possible solution.

84
Q

Get Agreement

A

Get agreement from all stakeholders. The more top-level executives who sign off on the solution, the better the chances off success.

85
Q

Implementation

A

Bring IDEO’s strong engineering, design, and social science capabilities to bear when actually creating a product or service.

86
Q

Implementation (2)

A
  • Tap All Resources

- Diverse Workforce

87
Q

Four Attributes Distinguish Services

A
  • Intangibility
  • Inseparability
  • Perishability
  • Heterogeneity
88
Q

Intangibility

A

Services cannot be touched, seen, tasted, heard or felt in the same manner as goods can be sensed.

89
Q

Inseparability

A

Services are typically produced and consumed simultaneously.

90
Q

Perishability

A

Services typically cannot be stored, warehoused, or inventoried.

91
Q

Heterogeneity

A

Services are typically less standardized and less uniform

than goods. (customer cooperation, employee morale, company workload)

92
Q

Classification of Services (5)

A
  • Profit
  • Customer
  • Labor and equipment needs
  • Customer contact
  • Provider skill level
93
Q

Packaging Functions (2)

A
  • facilitating promotion

- facilitating distribution

94
Q

Promotion (4)

A
  • get attention
  • creating/supporting an image
  • in-store promotion
  • packaging sizes/features
95
Q

Distribution (4)

A
  • provide protection of product
  • provide protection for customers
  • materials cost/distribution costs
  • aseptic packaging
96
Q

Types of Non-For-Profit Marketing (5)

A
  • Person
  • Place
  • Cause
  • Event
  • Organization
97
Q

Physical Distribution

A

involves planning, implementing, and controlling the physical flows of materials and final goods from points of origin to points of use to meet customer requirements at a profit

98
Q

Physical Distribution Objectives (4)

A
  • getting the right goods,
  • to the right places,
  • at the right time,
  • for the least cost
99
Q

Four Major Decision Issues

A
  • How should orders be handled? (order processing)
  • Where should stocks be located? (warehousing)
  • How much stock should be held? (inventory)
  • How should goods be shipped? (transportation)
100
Q

Order Processing (3)

A
  • Receiving the order
  • Routing it to the proper supplying department
  • Billing the customer
101
Q

Warehousing Purposes (6)

A
  • Storage
  • Sorting
  • Breaking bulk
  • Consolidation
  • Unitization
  • Containerization
102
Q

Materials Management (5)

A

-Automated sorters based on size or other attributes
-Bar-code scanners UPC codes to catalog, sort, and store
-Automatic guided vehicles predetermined path
-Radio-linked inventory systems provides up-to-date information
-Computer-controlled shelving
brings parts to operator.

103
Q

Transport Modes (5)

A
  • Truck
  • Rail
  • Water
  • Air
  • Pipeline
104
Q

Transport Features (6)

A
  • Cost
  • Speed
  • Number of locations ( access )
  • Ability to handle variety ( load flexibility )
  • Frequency of shipments
  • Dependability
105
Q

Retailing

A

The end link in the marketing channel that moves products from manufacturers to consumers

106
Q

Retailing Categories (6)

A
  • Ownership
  • Product lines
  • Pricing
  • Size of store
  • Location
  • Method of operation
107
Q

Ownership (2)

A
  • Independent

- Chain

108
Q

Pricing (3)

A
  • Full-price
  • Off-price
  • Discount
109
Q

Size of Store (4)

A
  • Hypermarkets
  • Superstores (200,000 sq. ft.)
  • Supermarkets/mass (60,000 sq. ft.)
  • Boutique
110
Q

Dimensions of Atmospherics (8)

A
  • Architecture
  • Layout
  • Lighting
  • Color Scheme
  • Sounds
  • Odors
  • Merchandise Display
  • Employee Appearance
111
Q

Architecture

A

Imposing room heights; elegant details; period look; small or large rooms

112
Q

Lighting

A

Bright or dim; purely functional or attention getting

113
Q

Color Scheme

A

Warm colors to draw in customers and stimulate quick decisions; cool colors to relax customers

114
Q

Layout

A

Basic grid or straight aisles; boutique clustering; main aisle as a loop

115
Q

Odors

A

Pleasant smells such as chocolate, cinnamon, leather, cologne, fresh produce, popcorn

116
Q

Sounds

A

High or low noise level; music (loud or soft, fast or slow)

117
Q

Merchandise Display

A

Huge volumes of merchandise stacked high on displays; few product items well-spaced in store

118
Q

Employee Appearance

A

Well-dressed and well-groomed for upscale personnel; uniforms or costumes for theme businesses

119
Q

Wheel of Retailing (3)

A

A regular pattern in retailing evolution.

  • Entry
  • Trade-up
  • Vulnerability
120
Q

Entry (3)

A
  • low prices
  • low profit margins
  • limited product lines
121
Q

Trade-up (3)

A
  • more services
  • expanding product lines
  • fancier stores
122
Q

Vulnerability

A

new opportunity to start

123
Q

PLC Characteristics (5)

A
  • Sales
  • Costs
  • Profits
  • Customers
  • Competitors

Principles of Marketing #1 (9 decks)

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