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marketing 327 > EXAM 3 > Flashcards

EXAM 3 Flashcards

1
Q

What is a product?

A

Everything both favorable and unfavorable that a person receives in an exchange

(Such as: Tangible Good
, Service
 & Idea)

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2
Q

Business product

Types of Consumer Products

A

: A product used to manufacture other goods or services to facilitate an organization’s operations, or to resell to offer customers

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3
Q

Consumer Product:

Types of Consumer Products

A

A product bought to satisfy an individual personal wants

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4
Q

Shopping products


Types of Consumer Products

A

A product that requires comparison shopping, because it is usually more expensive and found in fewer stores



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5
Q



Unsought product 


Types of Consumer Products

A

A product unknown to the potential buyer or a known product that the buyer does not actively seek.

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6
Q

Product item

A

A specific version of a product that can be designated as a distinct offering among an organization products

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7
Q

Product Line

A

A group of closely-related product items

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8
Q

Product Mix

A

All products that an organization sells

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9
Q

Planned Obsolescence

A

The practice of modifying products so those that have already been sold become obsolete before they actually need replacement

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10
Q

Types of product modification

A

Quality, functional and style modification

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11
Q

why reposition established brands

A

changing demographics, declining sales, change in social environment.

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12
Q

Product Line Extension

A

Adding additional products to an existing product line sales to complete more broadly in the industry

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13
Q

Brand Name

A

That part of a brand that can be spoken including letters, words and numbers


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14
Q

Brand Mark

A

: The elements of a brand that cannot be spoken

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15
Q

Brand Equity

A

: The value of company and brand names

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16
Q

Global Brand

A

: A brand where at least a third of the earnings come from outside its home country

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17
Q

Focus Group

A

The objects ……

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18
Q

Screening

A

The first filter in the product development process, which elongates ideas that are inconsistent with the organizational’s new-product strategy or are inappropriate for some other reason.

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19
Q

Concept test

A

A test to evaluate a new-product idea, usually before any protypes been created.

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20
Q

Brand loyalty

A

consistent preference for one brand over all others

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21
Q

Co-branding

A

placing two or more brand names on a product or its package

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22
Q

Informational labeling

A

a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase

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23
Q

Persuasive labeling

A

a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary

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24
Q

Planned obsolescence

A

the practice of modifying products so those that have already been sold become obsolete before they actually need replacement

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25
Q

Product line depth

A

the number of product items in a product line

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26
Q

Product mix width

A

the number of product lines an organization offers

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27
Q

Product modification

A

changing one or more of a product’s characteristics

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28
Q

brand

A

a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products

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29
Q

captive brands

A

a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer’s affiliation

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30
Q

convenience product

A

a relatively inexpensive item that merits little shopping effort

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31
Q

express warranty

A

a written guarantee

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32
Q

family branding

A

marketing several different products under the same brand name

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33
Q

generic product name

A

identifies a product by class or type and cannot be trademarked

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34
Q

implied warranty

A

an unwritten guarantee that the good or service is fit for the purpose for which it was sold

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35
Q

individual branding

A

using different brand names for different products

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36
Q

manufacturer’s brand

A

the brand name of a manufacturer

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37
Q

private brand

A

a brand name owned by a wholesaler or a retailer

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38
Q

product line extension

A

adding additional products to an existing product line in order to compete more broadly in the industry

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39
Q

service mark

A

a trademark for a service

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40
Q

shopping product

A

a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

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41
Q

specialty product

A

a particular item for which consumers search extensively and are very reluctant to accept substitutes

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42
Q

trademark

A

the exclusive right to use a brand or part of a brand

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43
Q

universal product codes (UPCs)

A

a series of thick and thin vertical lines (bar codes) readable by computerized optical scanners that represent numbers used to track products

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44
Q

warranty

A

a confirmation of the quality or performance of a good or service

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45
Q

Diffusion

A

the process by which the adoption of an innovation spreads

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46
Q

Product development

A

a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products

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47
Q

Test marketing

A

the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation

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48
Q

brainstorming

A

the process of getting a group to think of unlimited ways to vary a product or solve a problem

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49
Q

business analysis

A

the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated

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50
Q

commercialization

A

the decision to market a product

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51
Q

development

A

the stage in the product development process in which a prototype is developed and a marketing strategy is outlined

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52
Q

innovation

A

a product perceived as new by a potential adopter

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53
Q

new product

A

a product new to the world, the market, the producer, the seller, or some combination of these

54
Q

new-product strategy

A

a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation

55
Q

simulated (laboratory) market testing

A

the presentation of advertising and other promotional materials for several products, including a test product, to members of the product’s target market

56
Q

simultaneous product development

A

a team-oriented approach to new-product development

57
Q

Automatic vending

A

the use of machines to offer goods for sale

58
Q

Department stores

A

a store housing several departments under one roof

59
Q

Direct marketing (DM)

A

techniques used to get consumers to make a purchase from their home, office, or other nonretail setting

60
Q

Direct retailing

A

the selling of products by representatives who work door-to-door, office-to-office, or at home sales parties

61
Q

Discount stores

A

a retailer that competes on the basis of low prices, high turnover, and high volume

62
Q

Drugstores

A

a retail store that stocks pharmacy-related products and services as its main draw

63
Q

Full-line discount stores

A

a discount store that carries a vast depth and breadth of product within a single product category

64
Q

Microtargeting

A

the use of direct marketing techniques that employ highly detailed data analytics in order to isolate potential customers with great precision

65
Q

Off-price retailers

A

a retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its stock and usually doesn’t ask for return privileges

66
Q

Online retailing, or e-tailing

A

a type of shopping available to consumers with personal computers and access to the Internet

67
Q

Restaurants

A

a retailer that provides both tangible products—food and drink—and valuable services—food preparation and presentation

68
Q

Retailing

A

all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use

69
Q

Self-service technologies (SST)

A

technological interfaces that allow customers to provide themselves with products and/or services without the intervention of a service employee

70
Q

Shop-at-home television networks

A

a specialized form of direct response marketing whereby television shows display merchandise, with the retail price, to home viewers

71
Q

Shopper marketing

A

understanding how one’s target consumers behave as shoppers, in different channels and formats, and leveraging this intelligence to generate sales or other positive outcomes

72
Q

Specialty stores

A

a retail store specializing in a given type of merchandise

73
Q

Supercenters

A

a large retailer that stocks and sells a wide variety of merchandise including groceries, clothing, household goods, and other general merchandise

74
Q

Supermarkets

A

a large, departmentalized, self-service retailer that specializes in food and some nonfood items

75
Q

Telemarketing

A

the use of the telephone to sell directly to consumers

76
Q

Used goods retailers

A

a retailer whereby items purchased from one of the other types of retailers are resold to different customers

77
Q

atmosphere

A

the overall impression conveyed by a store’s physical layout, décor, and surroundings

78
Q

back stock

A

inventory held in reserve for potential future sale in a retailer’s storeroom or stockroom

79
Q

beacons

A

a device that sends out connecting signals to customers’ smartphones and tablets in order to bring them into a retail store or improve their shopping experience

80
Q

big data analytics

A

the process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior

81
Q

brand cannibalization

A

the reduction of sales for one brand as the result of the introduction of a new product or promotion of a current product by another brand

82
Q

category killer

A

a large discount store that specializes in a single line of merchandise and becomes the dominant retailer in its category

83
Q

chain store

A

a store that is part of a group of the same stores owned and operated by a single organization

84
Q

click-and-collect

A

the practice of buying something online and then traveling to a physical store location to take delivery of the merchandise

85
Q

convenience store

A

a miniature supermarket, carrying only a limited line of high-turnover convenience goods

86
Q

destination store

A

a store that consumers purposely plan to visit prior to shopping

87
Q

direct mail

A

the delivery of advertising or marketing material to recipients of postal or electronic mail

88
Q

factory outlet

A

an off-price retailer that is owned and operated by a manufacturer

89
Q

floor stock

A

inventory displayed for sale to customers

90
Q

franchise

A

a relationship in which the business rights to operate and sell a product are granted by the franchisor to the franchisee

91
Q

franchisee

A

an individual or business that is granted the right to sell another party’s product

92
Q

franchisor

A

the originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product

93
Q

gross margin

A

the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted

94
Q

independent retailer

A

a retailer owned by a single person or partnership and not operated as part of a larger retail institution

95
Q

layout

A

the internal design and configuration of a store’s fixtures and products

96
Q

nonstore retailing

A

shopping without visiting a store

97
Q

retail channel omnification

A

the reduction of multiple retail channel systems into a single, unified system for the purpose of creating efficiencies or saving costs

98
Q

retailers

A

a channel intermediary that sells mainly to consumers

99
Q

retailing mix

A

a combination of the six Ps—product, promotion, place, price, presentation, and personnel—to sell goods and services to the ultimate consumer

100
Q

shopper analytics

A

searching for and discovering meaningful patterns in shopper data for the purpose of fine-tuning, developing, or changing market offerings

101
Q

specialty discount stores

A

a retail store that offers a nearly complete selection of single-line merchandise and uses self-service, discount prices, high volume, and high turnover

102
Q

warehouse club

A

a large, no-frills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee

103
Q
  1. Which of the following statements is true of product lines?

A. An advantage of a narrow product line is the ability to have a greater gap between price points.

B. Product line refers to consumer products; product mix refers to industrial products.

C. An advantage of broad product lines is the increased likelihood of gaining access to large retail chain distributions.

D. A benefit of having a narrow product line is that it enables both consumers and retailers to simplify their buying decisions.

E. A broad product line reduces the need for products to be linked by usage or customer base.

A

D. A benefit of having a narrow product line is that it enables both consumers and retailers to simplify their buying decisions.

104
Q
  1. The most obvious function of packaging is to:
A

is to contain products that are liquid, granular, or otherwise divisible.

105
Q
  1. Product line depth refers to the number of:
A

of versions offered of each product in the line.

106
Q
  1. Torque Roz, an automobile company, uses a unique tire design on its vehicles. A rival company was found copying the exact design in its automobiles. Torque Roz was able to file a case against the rival company about this issue and win the lawsuit. In this scenario, Torque Roz’s unique tire design is a registered _____.
A

trademark

107
Q
  1. Dunchen Moo, a manufacturer of dairy products, sells milk powders, flavored whipped cream, and yogurts. It markets a number of yogurts, including Dunchen All Natural, Dunchen Fruit on the Bottom, Dunchen Light & Fit, DunActive, and Dun-o-nino. The large variety of yogurts sold by the Dunchen brand is collectively an example of a _____.
A

Product Line

108
Q
  1. _____ occurs when two brands receiving equal treatment borrow from each other’s brand equity.
A

cooperative branding

109
Q
  1. Which of the following statements is true of an implied warranty?
A

It comes with the sale of every product under the Uniform Commercial Code.

110
Q
  1. Which of the following statements is true of trademarks?

A. Trademarks must always be registered in their home country only.

B. In the U.S., common law protects the rights of the owners of brand names and trademarks.

C. The Lanham Act requires that all trademarks be registered.

D. Registering under the Lanham Act is often a first step to protecting a trademark to be used in foreign markets.

E.Both B and D are true.

A

E.Both B and D are true.

111
Q
  1. Which of the following statements is true of a specialty product?
    a. Purchasers are usually bargain hunters who are not willing to pay much.
    b. Purchasers begin shopping with complete information of the desired product.
    c. Purchasers tend to exert minimal effort to obtain the desired product.
    d. Purchasers generally accept substitutes if the desired product is unavailable.
A

.b. Purchasers begin shopping with complete information of the desired product.

112
Q
  1. A _____ occurs when a company’s management decides to add products to an existing product line in order to compete more broadly in the industry.
A

.product line extension

113
Q
  1. Which of the following statements is true of an express warranty?

A. It contains an unwritten guarantee about the performance of a product.

B. It ranges from simple statements to extensive documentswritten in technical language.

C. It gives the impression of environmental friendliness to a product.

D. It prohibits other firms from using a brand or part of a brand without permission.

A

B.

It ranges from simple statements to extensive documentswritten in technical language.

114
Q
  1. In the context of diffusion of innovation, a dominant characteristic of innovators is tradition?

TRUE OR FALSE?

A

FALSE

115
Q
  1. Roger, an affluent college graduate, buys gadgets on the day of their launch in the market. He reads expert reviews on the Internet, and he is not influenced by the opinions of his family and friends while choosing products. Roger is most likely to belong to the category of _____ in the context of diffusion of innovation.
A

innovators

116
Q
  1. What are the disadvantages of test marketing?
A

Expensive, Time consuming, Competitive Awareness & Inconclusive Results

117
Q
  1. Steven, a construction worker, tends to buy a new gadget if most of his friends have them. He relies on reviews from his friends rather than on television or newspaper advertisements to make his purchase decisions. It can be inferred that Steven belongs to the category of _____ in the diffusion of innovation.
A

the late majority

118
Q
  1. What are the similarities between early adopters and the early majority?
A

Likely to collect more information and evaluate more brands

119
Q
  1. Which of the following statements is true of the maturity stage of the product life cycle (PLC)?
A

Marketing attention is directed toward holding market share through further product differentiation and finding new buyers.

120
Q
  1. In the context of the product life cycle, a long-run drop in a product’s sales signals the beginning of what stage?
A

decline stage

A long-run drop in sales signals the beginning of the decline stage. The rate of decline is governed by how rapidly consumer tastes change or substitute products are adopted.

121
Q
  1. In a franchise situation, who pays for the right to use a brand name, product, and methods of operation.
A

franchisee

122
Q
  1. Asif, a member of a local baseball team, broke his bat during a practice match. With the final match scheduled for the next day, Asif urgently required a new bat. Therefore, he placed an order on Duke.com, an online portal for sports goods, and he dropped in at its nearest physical store to pick up his order. This is an example of the use of _____.
A

click-and-collect​

123
Q
  1. A _____ is a type of discount store that carries a vast depth and breadth of product within a single product category.
A

Full Line Discount Store

124
Q
  1. A(n) _____ is a retail business where the operator is granted a license to operate and sell a product under the brand name of a larger supporting organizational structure.
A

franchise

125
Q
  1. Which of the following statements is true of click-and-collect?

A.It requires representatives to sell products door­to­door, in offices, or at in­home sales parties.

B.It employs outbound and inbound telephonecontacts to sell directly to customers.

C.It enables consumers to make their purchases online and pick up their orders from physical stores.

D.It allows customers to shop over the Internet andhave items delivered directly to their door.

A

C. It enables consumers to make their purchases online and pick up their orders from physical stores.

126
Q
  1. A _____ is the originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product.
A

.Franchisor

127
Q
  1. _____ is a form of nonstore retailing that entails the use of machines to offer goods for sale.
A

Automatic vending

128
Q
  1. What are the differences between off-price retailers and specialty shops?
A

Off-price retailers focus on lean inventory management, while specialty shops are supported by an agile approach to inventory.

129
Q
  1. The Hunt, a liquor store, is famous for its unique and extensive collection of alcoholic beverages. Its employees possess up-to-date knowledge of the liquor available in the store, which allows them to assist customers in their purchasing decisions. The Hunt is an example of a _____ type of retailer.
A

.specialty store​

130
Q
  1. Lily’s Apparel, a renowned apparel store, focuses on Gen Y customers and provides them with a customized clothing experience. Lily’s Apparel has defined its target market by _____.
A

psychographic characteristics

131
Q
  1. What is brand cannibalization? Why is it dangerous to the retailer?
A

Retailers incur financial loss from discounting the surplus inventory of the cannibalized brand.

First, retailers incur significant expense in executing the promotion itself.
Second, the promotion creates inaccurate sales forecasts for both the promoted and cannibalized products, leading to stockouts of the promoted brand and financial losses from discounting surplus inventory of the cannibalized brand.

132
Q
  1. _____ refers to the number of product lines an organization offers.
A

Product mix width

marketing 327 (6 decks)

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