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MARKETING 310 > Exam 3 > Flashcards

Exam 3 Flashcards

1
Q

Product

A

The need-satisfying offering of a firm.

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2
Q

Quality

A

A product’s ability to satisfy a customer’s needs or requirements.

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3
Q

Individual Product

A

A particular product within a product line.

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4
Q

Product Line

A

A set of individual products that are closely related.

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5
Q

Product Assortment

A

The set of all product lines and individual products that a firm sells.

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6
Q

Service

A

An intangible offering involving a deed, performance, or effort.

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7
Q

Branding

A

The use of a name, term, symbol, or design—or a combination of these—to identify a product.

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8
Q

Brand Name

A

A word, letter, or a group of words or letters

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9
Q

Trademark

A

Those words, symbols, or marks that are legally registered for use by a single company.

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10
Q

Service Mark

A

Those words, symbols, or marks that are legally registered for use by a single company to refer to a service offering.

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11
Q

Brand Familiarity

A

How well customers recognize and accept a company’s brand.

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12
Q

Brand Rejection

A

Potential customers won’t buy a brand—unless its image is changed.

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13
Q

Brand Nonrecognition

A

Final customers don’t recognize a brand at all—even though intermediaries may use the brand name for identification and inventory control.

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14
Q

Brand Recognition

A

Customers remember the brand.

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15
Q

Brand Preference

A

Target customers usually choose the brand over other brands, perhaps b/c of habit or favorable past experience.

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16
Q

Brand Insistence

A

Customers insist on a firm’s branded product and are willing to search for it.

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17
Q

Brand Equity

A

The value of a brand’s overall strength in the market.

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18
Q

Lanham Act

A

A 1946 law that spells out what kinds of marks (including brand names) can be protected and the exact method of protecting them.

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19
Q

Family Brand

A

A brand name that is used for several products.

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20
Q

Licensed Brand

A

A well-known brand that sellers pay a fee to use.

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21
Q

Individual Brands

A

Separate brand names used for each product

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22
Q

Generic Products

A

Products that have no brand at all other than identification of their contents and the manufacturer or intermediary.

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23
Q

Manufacturer Brands

A

Brands created by producers

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24
Q

Dealer Brands (or Private Brands)

A

Brands created by intermediaries—sometimes referred to as private brands.

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25
Q

Battle of the Brands

A

The competition b/w dealer brands and manufacturer brands.

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26
Q

Packaging

A

Promoting, protecting, and enhancing the product.

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27
Q

Federal Fair Packaging and Labeling Act

A

A 1966 law requiring that consumer goods be clearly labeled in easy-to-understand terms.

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28
Q

Warranty

A

What the seller promises about its product.

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29
Q

Magnuson-Moss Act

A

A 1975 law requiring that producers provide a clearly written warranty if they choose to offer any warranty.

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30
Q

Consumer Products

A

Products means for the final consumer

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31
Q

Business Products

A

Products meant for use in producing other products.

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32
Q

Convenience Products

A

Products a consumer needs but isn’t willing to spend much time or effort shopping for.

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33
Q

Staples

A

Products that are bought often, routinely, and w/o much thought.

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34
Q

Impulse Products

A

Products that are bought quickly as unplanned purchases b/c of a strongly felt need.

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35
Q

Emergency Products

A

Products that are purchased immediately when the need is great.

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36
Q

Shopping Products

A

Products that a customer feels are worth the time and effort to compare w/ competing products.

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37
Q

Homogeneous Shopping Products

A

Shopping products the customer sees as basically the same and wants at the lowest price.

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38
Q

Heterogeneous Shopping Products

A

Shopping products the customer sees as different and wants to inspect for quality and suitability.

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39
Q

Specialty Products

A

Consume products that the customer really wants and makes a special effort to find.

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40
Q

Unsought Products

A

Products that potential customers don’t yet want or know they can buy.

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41
Q

New Unsought Products

A

Products offering really new ideas that potential customers don’t know about yet.

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42
Q

Regularly Unsought Products

A

Products that stay unsought but not unbought forever.

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43
Q

Derived Demand

A

Demand for business products derives from the demand for final consumer products.

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44
Q

Expense Item

A

A product whose total cost is treated as a business expense in the period it’s purchased.

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45
Q

Capital Item

A

A long-lasting product that can be used and depreciated for many years.

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46
Q

Installations

A

Important capital items such as buildings, land rights, and major equipment.

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47
Q

Accessories

A

Short-lived capital items—tools and equipment used in product or office activities.

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48
Q

Raw Materials

A

Unprocessed expense items—such as logs, iron ore, and wheat—that are moved to the next production process w/ little handling.

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49
Q

Farm Products

A

Products grown by farmers, such as oranges, sugar cane, and cattle.

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50
Q

Natural Products

A

Products that occur in nature—such as timber, iron ore, oil, and coal.

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51
Q

Components

A

Processed expense items that become part of a finished product.

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52
Q

Supplies

A

Expense items that do not become part of a finished product.

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53
Q

Professional Services

A

Specialized services that support a firm’s operations.

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54
Q

Product Life Cycle

A

The stages a new-product goes through from beginning to end.

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55
Q

Market Intro

A

A stage of the product life cycle when sales are low as a new idea is first introduced to a market.

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56
Q

Market Growth

A

A stage of the product life cycle when industry sales grow fast—but industry profits rise and then start falling.

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57
Q

Market Maturity

A

A stage of the product life cycle when industry sales level off and competition gets tougher.

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58
Q

Sales Decline

A

A stage of the product life cycle when new products replace the old.

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59
Q

Fashion

A

Currently accepted or popular style

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60
Q

Fad

A

An idea that is fashionable only to certain groups who are enthusiastic about it—but these groups are so fickle that a fad is even more short-lived than a regular fashion.

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61
Q

New Product

A

A product that is new in any way for the company concerned

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62
Q

Federal Trade Commission (FTC)

A

Federal government agency that polices antimonopoly laws.

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63
Q

Patent

A

Grants the inventor the ability to “exclude others from making, using, offering for sales, or selling the invention.”

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64
Q

Consumer Product Safety Act

A

A 1972 law that set up the Consumer Product Safety Commission to encourage more awareness of safety in product design and better quality control.

65
Q

Product Liability

A

The legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products.

66
Q

Concept Testing

A

Getting reactions from customers about how well a new-product idea fits their needs.

67
Q

Prototype

A

An early sample or model built to test a concept.

68
Q

Product Managers

A

Manage specific products, often taking over the jobs formerly handled by an advertising manager—sometimes called brand managers.

69
Q

Total Quality Management (TQM)

A

The philosophy that everyone in the organization is concerned about quality, throughout all of the firm’s activities, to better serve customer needs.

70
Q

Continuous Improvement

A

A commitment to constantly make things better on step at a time.

71
Q

Brand Managers

A

Manage specific products, often taking over the jobs formerly handled by an advertising manager—sometimes called product managers.

72
Q

Empowerment

A

Giving employees the authority to correct a problem without first checking w/ management.

73
Q

Place

A

Making goods and services available in the right quantities and locations—when customers want them.

74
Q

Channel of Distribution

A

Any series of firms or individuals who participate in the flow of products from producer to final user of customer.

75
Q

Direct Marketing

A

Direct Communication b/w a seller and an individual customer using a promotion method other than face-to-face personal selling.

76
Q

Discrepancy of Quantity

A

The difference b/w the quantity of products it is economical for a producer to make and the quantity final users or consumers normally want.

77
Q

Discrepancy of Assortment

A

The difference b/w the lines a typical producer makes and the assortment final consumers or users want.

78
Q

Regrouping Activities

A

Adjusting the quantities or assortments of products handled at each level in a channel of distribution.

79
Q

Accumulating

A

Collecting products from many small producers.

80
Q

Bulk-Breaking

A

Dividing larger quantities into smaller quantities as products get closer to the final market.

81
Q

Sorting

A

Separating products into grades and qualities desired by different target markets.

82
Q

Assorting

A

Putting together a variety of products to give a target market what it wants.

83
Q

Traditional Channel Systems

A

A channel in which the various channel members make little or no effort to cooperate w/ one another.

84
Q

Channel Captain

A

A manager who helps direct the activities or a whole channel and tries to avoid, or solve, channel conflicts.

85
Q

Vertical Marketing Systems

A

Channel systems in which the whole channel focuses on the same target market at the end of the channel.

86
Q

Corporate Channel Systems

A

Corporate ownership all along the channel.

87
Q

Vertical Integration

A

Acquiring firms at different level of channel activity.

88
Q

Administered Channel Systems

A

Various channel members informally agree to cooperate w/ one another.

89
Q

Ideal Market Exposure

A

When a product is available widely enough to satisfy target customers’ needs but not exceed them.

90
Q

Intensive Distribution

A

Selling a product through all responsible and suitable wholesalers or retailers who will stock or sell the product.

91
Q

Contractual Channel Systems

A

Various channel members agree by contract to cooperate w/ one another.

92
Q

Intensive Distribution

A

Selling a product through all responsible and suitable wholesalers or retailers who will stock or sell the product.

93
Q

Selective Distribution

A

Selling through only those intermediaries who will give the product special attention.

94
Q

Exclusive Distribution

A

Selling through only one intermediary in a particular geographic area.

95
Q

Multichannel Distribution

A

When a producer uses several competing channels to reach the same target market—perhaps using several intermediaries in addition to selling directly.

96
Q

Reverse Channels

A

Channels used to retrieve products that customers no longer want.

97
Q

Exporting

A

Selling some of what the firm produces to foreign markets.

98
Q

Licensing

A

Selling the right to use some process, trademark, patent, or other right for a fee or royalty.

99
Q

Management Contracting

A

The seller provides only management skills—others own the production and distribution facilities.

100
Q

Join Venture

A

In international marketing, a domestic firm entering into a partnership with a foreign firm.

101
Q

Direct Investment

A

A parent firm has a division (or owns a separate subsidiary firm) in a foreign market.

102
Q

Physical Distribution (PD)

A

The transporting, storing, and handling of goods in ways that match target customers’ needs w/ a firm’s marketing mix—both within individual firms and along a channel of distribution (i.e., another name for logistics)

103
Q

Customer Service Level

A

How rapidly and dependably a firm can deliver what customers want.

104
Q

PD Concept

A

All transporting, storing, and product-handling activities of a business and a whole channel system should be coordinated as one system that seeks to minimize the cost of distribution for a given customer service level.

105
Q

Total Cost Approach

A

Evaluating each possible PD system and identifying all of the costs of each alternative.

106
Q

Supply Chain

A

The complete set of firms and facilities and logistics activities that are involved in procuring materials, transforming them into intermediate and finished products, and distributing them to customers.

107
Q

Electronic Data Interchange (EDI)

A

An approach that puts information in a standardized format easily shared b/w different computer systems

108
Q

Transporting

A

The marketing function of moving goods.

109
Q

Containerization

A

Grouping individual items into an economical shipping quantity and sealing them in protective containers for transit to the final destination.

110
Q

Storing

A

The marketing function of holding goods.

111
Q

Inventory

A

The amount of goods being stored.

112
Q

Logistics

A

The transporting, storing, and handling of goods in ways that match target customers’ needs w/ a firm’s marketing mix—both within individual firms and along a channel of distribution (i.e., another name for physical distribution)

113
Q

Private Warehouses

A

Storing facilities owned or leased by companies for their own use

114
Q

Public Warehouses

A

Independent storing facilities

115
Q

Distribution Center

A

A special kind of warehouse designed to speed the flow of goods and avoid unnecessary storing costs.

116
Q

Retailing

A

All of the activities involved in the sale of products to final consumers

117
Q

Corporate Chain

A

A firm that owns and manages more than one store—and often it’s many

118
Q

Franchise Operation

A

A franchiser develops a good marketing strategy, and the retail franchise holders carry out the strategy in their own units.

119
Q

General Stores

A

Early retailers who carried anything they could sell in reasonable volume.

120
Q

Single-Line Stores

A

Stores that specialize in certain lines of related products rather than a wide assortment—sometimes called limited-line stores.

121
Q

Limited-Line Stores

A

Stores that specialize in certain lines of related products rather than a wide assortment—sometimes called single-line stores.

122
Q

Specialty Shops

A

A type of conventional limited-line store—usually small and w/ a distinct personality.

123
Q

Department Stores

A

Larger stores that are organized into many separate department and offer many product lines.

124
Q

Mass-Merchandising Concept

A

The idea that retailers should offer low prices to get faster turnover and greater sales volume by appealing to larger numbers.

125
Q

Supermarkets

A

Large stores specializing in groceries—w/ self-service and wide assortments.

126
Q

Discount Houses

A

Stores that sell hard goods (cameras, TVs, Appliances) at substantial price cuts to customers who go to discounter’s low-rent store, pay cash, and take care of any service or repair problems themselves.

127
Q

Mass-Merchandisers

A

Large, Self-service stores w/ many departments that emphasize soft goods (housewares, clothing, and fabrics) and staples (like health and beauty aids) and selling on lower margins to get faster turnover.

128
Q

Supercenters (Hypermarkets)

A

Very large stores that try to carry not only food and drug items, but all goods and services that the consumer purchases routinely

129
Q

Convenience Stores

A

A convenience-oriented variation of the conventional limited-line food stores.

130
Q

Automatic Vending

A

Selling and delivering products through vending machines.

131
Q

Door-to-Door Selling

A

Going directly to the consumer’s home

132
Q

Multichannel Shoppers

A

Shoppers who use different retailers as they move through the purchase process

133
Q

Omnichannel

A

A multichannel selling approach where a single retailer provides a seamless customer shopping experience from desktop computer, mobile device, telephone, or brick-and-mortar store.

134
Q

Wheel of Retailing Theory

A

New types of retailers enter the market as low-status, low-margin, low-price operators and then, if successful, evolve into more conventional retailers offering more services w/ higher operating costs and higher prices.

135
Q

Scrambled Merchandising

A

Retailers carrying any product lines that they think they can sell profitably.

136
Q

Wholesaling

A

The activities of those persons or establishments that sell to retailers and other merchants, or to industrial, institutional, and commercial users, but who do not sell in large amounts to final consumers.

137
Q

Wholesalers

A

Firms whose main function is providing wholesaling activities

138
Q

Manufacturers’ Sales Branches

A

Separate warehouses that producers set up away from their factories.

139
Q

Merchant Wholesalers

A

Wholesalers who one (take title to) the products they sell.

140
Q

Service Wholesalers

A

Merchant wholesalers that provide all the wholesaling functions

141
Q

General Merchandise Wholesalers

A

Service wholesalers that carry a wide variety of nonperishable items such as hardware, electrical supplies, furniture, drugs, cosmetics, and automobile equipment.

142
Q

Single-Line (or general0line) Wholesalers

A

Service wholesalers that carry a narrower line of merchandise than general merchandise wholesalers.

143
Q

Specialty Wholesalers

A

Service wholesalers that carry a very narrow range of products and offer more information and service than other service wholesalers

144
Q

Limited-Function Wholesalers

A

Merchant wholesalers that provide only some wholesaling functions.

145
Q

Cash-and-Carry Wholesalers

A

Like service wholesalers, except that the customer must pay cash

146
Q

Drop-Shippers

A

Wholesalers that own (take title to) the products they sell but do not actually handle, stock, or deliver them.

147
Q

Truck Wholesalers

A

Wholesalers that specialize in delivering products that they stock in their own trucks.

148
Q

Rack Jobbers

A

Merchant wholesalers that specialize in hard-to-handle assortments of products that a retailer doesn’t want to manage—and they often display the products on their own wire racks.

149
Q

Catalog Wholesalers

A

Sell out of catalogs that may be distributed widely to smaller industrial customers or retailers that might not be called on by other wholesalers.

150
Q

Agent Wholesalers

A

Wholesalers who do not own (take title to) the products they sell.

151
Q

Manufacturers’ Agents

A

Agent wholesalers who sell similar products for several noncompeting producers for a commission on what is actually sold.

152
Q

Export Agents

A

Manufacturers’ agents who specialize in export trade

153
Q

Import agents

A

Manufacturers’ agents who specialize in import trade

154
Q

Brokers

A

Agent wholesalers who specialize in bringing buyers and sellers together.

155
Q

Export Brokers

A

Brokers who specialize in bringing together buyers and sellers from different countries

156
Q

Import Brokers

A

Brokers who specialize in bringing together buyers and sellers from different countries

157
Q

Selling Agents

A

Agent wholesalers who take over the whole marketing job of producers, no just the selling function

158
Q

Combination Export Manager

A

A blend of manufacturers’ agent and selling agent—handling the entire export function for several producers of similar but noncompeting lines.

159
Q

Auction Companies

A

Agent wholesalers that provide a place where buyers and sellers can come together and complete a transaction

MARKETING 310 (4 decks)

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