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Marketing 101 > Exam Two > Flashcards

Exam Two Flashcards

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1
Q

What is a product?

A

May be defined as everything, both favorable and unfavorable, that a person receives in an exchange.

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2
Q

What is the Product Item?

A

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

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3
Q

What is product line?

A

A group of closely related product items.

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4
Q

What is the product mix?

A

All Products that an organization sells.

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5
Q

Define what brand means:

A

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

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6
Q

What is diffusion?

A

The process by which the adoption of an innovation spreads

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7
Q

Describe the product life cycle?

A

A concept that provides a way to trace the stages of a product’s acceptance, from it’s introduction (birth) to its decline (death).

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8
Q

Define Service:

A

The Result of applying human or mechanical efforts to people or objects.

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9
Q

Define Internal Marketing

A

Treating employees as customers and developing systems and benefits that satisfy their needs.

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10
Q

What is a supply chain?

A

The connected chain of all the business entities both internal and external to the company that perform or support that logistics functions.

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11
Q

What is an inventory control system?

A

A method of developing and maintaining and adequate assortment of materials or products to meet a manufacturers or a customers demand.

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12
Q

Order Processing System:

A

A system whereby orders are entered into the supply chain and filled

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13
Q

What is a materials handling system?

A

A method of moving inventory into within and out of a warehouse

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14
Q

What is a third party logistics company?

A

A firm that provides functional logistics services to others.

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15
Q

What is a marketing channel?

A

a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer.

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16
Q

What are channel members?

A

All parties in the marketing channel who negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer into the hands of the final consumer.

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17
Q

What is a direct channel?

A

A marketing channel in which there are no intermediaries.

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18
Q

What is a channel conflict?

A

A clash of goals and methods between distribution channel members.

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19
Q

What is retailing?

A

All the activities directly related to the sale of goods and services to the ultimate consumer for personal. non business use

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20
Q

What is an independent retailer?

A

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

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21
Q

What is a franchise?

A

A business where the operator is granted a license to operate and sell a product under a larger supporting organization

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22
Q

What is a chain store?

A

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

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23
Q

What are the four types of consumer products?

A

Convenience product
Shopping Products
Specialty products
unsought products

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24
Q

What are convenience products?

A

a relatively inexpensive item that merits little shopping effort

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25
Q

What are shopping products?

A

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

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26
Q

What are specialty products?

A

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

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27
Q

What are unsought products?

A

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

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28
Q

What is the product mix width?

A

The number of product lines an organization offers

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29
Q

What is the product mix depth?

A

The number of product items in a product line.

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30
Q

What is family branding?

A

Marketing several different products under the same brand name

31
Q

What is individual branding?

A

Using different brand names for different products.

32
Q

What is co branding?

A

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

33
Q

What are the three common types of co branding?

A

Ingredient branding
cooperative branding
complementary branding

34
Q

What is ingredient branding

A

This type of branding identifies the brand of a part that makes up the product.

35
Q

What is cooperative branding?

A

This is the type of branding that occurs when two brands receiving equal treatment borrow from each others brand equity.

36
Q

What is complementary branding?

A

This is used when products are advertised with complementary branding products are marketed together to suggest usage.

37
Q

What are the five adopter categories?

A

innovators, early adopters, early majority, late majority, laggards

38
Q

Define Innovators?

A

Innovators are the first 2.5 percent of all those who adopt the product. Innovators are eager to try new ideas and products, almost as an obsession.

39
Q

Define early adopters

A

Early adopters are the next 13.5 percent to adopt the product. Although early adopters are not the very first, they do adopt early in the product’s life cycle.

40
Q

Define late majority

A

The late majority is the next thirty-four percent to adopt. The late majority adopts a new product because most of their friends have already adopted it.

41
Q

Define laggards

A

The final sixteen percent to adopt are called laggards. Like innovators, laggards do not rely on group norms. Their independence is rooted in their ties to tradition.

42
Q

What are the five product characteristics?

A

complexity, compatibility, relative advantage, observability, and trialabiylity.

43
Q

Define complexity

A

the degree of difficulty involved in understanding and using a new product. The more complex the product, the slower is its diffusion.

44
Q

Define Compatibility

A

the degree to which the new product is consistent with existing values and product knowledge, past experiences, and current needs. Incompatible products diffuse more slowly than compatible products.

45
Q

What is the relative advantage?

A

the degree to which a product is perceived as superior to existing substitutes. Because it can store and play back thousands of songs, the iPod and its many variants have a clear relative advantage over the portable CD player.

46
Q

Define observability

A

the degree to which the benefits or other results of using the product can be observed by others and communicated to target customers. For instance, fashion items and automobiles are highly visible and more observable than personal-care items.

47
Q

Define Triability

A

the degree to which a product can be tried on a limited basis. It is much easier to try a new toothpaste or breakfast cereal, for example, than a new personal computer.

48
Q

What is the difference between fads and styles?

A

Style: A style is the manner in which a product is presented and certain styles come and go. The current style for mobile phone is touch screen and this style will last until a new technology style appears. So the shape of a style life cycle is like a wave, as one style fades out, another appears.

Fad: A fad is a product that is around for a short period and is generated by hype. As you can see (in the graph below) for a fad product sales peak very quickly, as this product has a very short life cycle. Sometimes a product may follow the standard product life cycle but have one stage of the cycle which has a fad type of unusually high peak in sales.

49
Q

What is the introductory stage?

A

This represents the full-scale launch of a new product into the marketplace.

50
Q

What is the growth stage?

A

this stage, sales typically grow at an increasing rate, many competitors enter the market, and large companies may start to acquire small pioneering firms.

51
Q

What is the maturity stage?

A

New users cannot be added indefinitely, and sooner or later the market approaches saturation. Normally, this is the longest stage of the PLC.

52
Q

What is the decline stage?

A

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.

53
Q

What is people processing?

A

takes place when the service is directed at a customer. Examples are transportation services and health care.

54
Q

What is possession processing?

A

This occurs when the service is directed at customers’ physical possessions. Examples are lawn care, dry cleaning, and veterinary services.

55
Q

What is the difference between a core service and supplementary service?

A

core service, which is the most basic benefit the customer is buying, and a group of supplementary service that support or enhance the core service.

56
Q

How does mass customization work?

A

Mass customization uses technology to deliver customized services on a mass basis, which results in giving each customer whatever she or he asks for.

57
Q

What are the three pricing objectives?

A

Revenue-oriented
Operations-oriented
Patronage-oriented

58
Q

What is revenue oriented pricing objective?

A

focuses on maximizing the surplus of income over costs. This is the same approach that many manufacturing companies use.

59
Q

What is operations oriented pricing objective?

A

pricing seeks to match supply and demand by varying prices. For example, matching hotel demand to the number of available rooms can be achieved by raising prices at peak times and decreasing them during slow times.

60
Q

What is patronage oriented pricing objective?

A

pricing tries to maximize the number of customers using the service. Thus, prices vary with different market segments’ ability to pay, and methods of payment (such as credit) are offered that increase the likelihood of a purchase.

61
Q

What do merchant wholesalers do?

A

organizations that facilitate the movement of products and services from the manufacturer to producers, resellers, governments, institutions, and retailers.

62
Q

What is the job of agents and brokers?

A

facilitate the sale of a product from producer to end user by representing retailers, wholesalers, or manufacturers.

63
Q

What are intermediaries?

A

The products stop along the way while it travels through the marketing channel

64
Q

What does the book say intermediaries do?

A

in marketing channels perform essential functions that enable goods to flow between producer and consumer.

65
Q

What is horizontal conflict?

A

a channel conflict that occurs among channel members on the same level

66
Q

What is vertical conflict?

A

a channel conflict that occurs between different levels in a marketing channel, most typically

67
Q

What are the types of retailers?

A
  • In-Store Retailers
    • Department stores
    • specialty stores
    • supermarkets
    • drugstores
    • convenience stores
  • Discount Stores
    • Full-line discount stores
    • supercenters
    • specialty discount stores (category killers) - Bed bath and beyond, Home Dept, Pets Mart
    • Warehouse club
    • Off-price retailers
      • Factory Outlets
      • Used Goods Retailers
  • Restaurants
68
Q

What are non retail sellers?

A
  • Automatic Vending / Self-Service Technologies
  • Direct Retailing - jewelry home party sellers
  • Direct Marketing
    • Telemarketing
    • direct mail
    • Shop-at-home Television
  • Online Retailing
69
Q

What is a reverse channel?

A

a channel that enables customers to return products or components for reuse or remanufacture

70
Q

What is a trademark? Understand the five techniques a company can employ to keep a trademarked brand from becoming a generic term

A

1) Federal Trade Mark: Highest level of protection
2)State Trade Mark
3) Can place TM on brand until official trademark is approved. Anyone can use TM
Make sure brand name does not become a generic term.
-Spell your brand name with a capital letter.
-Use it as an adjective(Jell-O, Zip lock)
-Include the world Brand after Brand name
-Go after companies that are infringing on your brand name

71
Q

Understand the characteristics of services (intangibility, inseparability, perishability, heterogeneity, client-based relationships, customer contact.) and the marketing challenges each one presents.

A

1) Intangibility: Can’t touch a service
2) Inseparability: Production and consumption happen at same time
3) Perishability: Can’t inventory service, difficult to distribute
4) Heterogenity: Variability and quality
5) Client based relationships: Hard to establish and maintain
6) Customer contact: Interaction between provider and customer.

72
Q

The good and bad with Dual disturbtion

A

Dual distribution systems differ from single channel systems, and managers should recognize those differences. Multiple channels must be organized and managed as a group—managers must try to make the whole system work well. As more people embrace online shopping, an increasing number of retailers are using multiple distribution channels. This distribution arrangement allows retailers to reach a wider customer base, but may also lead to competition between distribution channels through cannibalization (that is, one channel takes sales away from another).

73
Q

Explain contact efficiency

A

Retailers are those firms in the channel that sell directly to consumers as their primary function. A critical role fulfilled by retailers within the marketing channel is that they provide contact efficiency for consumers. Suppose you had to buy your milk at a dairy, your meat at a stockyard, and so forth. You would spend a great deal of time, money, and energy just shopping for a few groceries. Retailers simplify distribution by cutting the number of transactions required by consumers, making an assortment of goods available in one location. Consider the example illustrated in Exhibit 14.1 Four consumers each want to buy a tablet computer. Without a retail intermediary like Best Buy, tablet manufacturers Samsung, Asus, Microsoft, Apple, and Lenovo would each have to make four contacts to reach the four consumers who are in the target market, for a total of twenty transactions. But when Best Buy acts as an intermediary between the producer and consumers, each producer needs to make only one contact, reducing the number to nine transactions. This benefit to customers accrues whether the retailer operates in a physical store location or online format.

Marketing 101 (3 decks)

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