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mk 240 > final > Flashcards

final Flashcards

1
Q

product

A

anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need

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2
Q

services

A

an activity, benefit or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

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3
Q

levels of products/ services

A

1st level core customer value, 2nd level actual product, 3rd level augmented product

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4
Q

consumer, industrial products

A

a product bought by final consumers for personal consumption

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5
Q

connivence products

A

a consumer product that customers usually buy frequently, immediately and with minimal comparison and buying effort

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6
Q

shopping product

A

a consumer product that the customer, in the process of selecting and purchasing usually compares on such attributes as suitability, quality, price and style

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7
Q

specialty products

A

a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

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8
Q

product features

A

competitive tool for differentiating the company’s products from competitors’ products

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9
Q

product style and design

A

style is the appearance of a Product, design is the heart of the product, a product’s usefulness as well as looks.

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10
Q

brand

A

a name, term sign, symbol or design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.

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11
Q

packaging

A

the activities of designing and producing the container or wrapper for a product

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12
Q

labeling

A

identifies the product or brand

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13
Q

product line

A

a group or products that are closely related because they function in a similar manner are sold t the same customer groups are marketed through the same types of outlets or fall within given price ranges

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14
Q

product mix

A

the set of all product lines and items that a particular seller offers for sale.

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15
Q

service inseparability

A

services are produced ad consumed at the same time and cannot be separated from their providers

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16
Q

service intangibility

A

services cannot be seen, tasted, felt, heard or smelled before they are bought

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17
Q

service variability

A

the quality of services may vary greatly depending on who provides them and when and where and how they are provided

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18
Q

service perishability

A

services cannot be stored for later sale or use

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19
Q

brand equity

A

the differential effect that knowing the brand name has on customer response to the product or its marketing

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20
Q

national brand

A

its the manufacturers brands that have dominated the retail scene

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21
Q

private/ store brands

A

brands created for their own stores

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22
Q

licensing

A

protecting. Brand name or characters so apparel and accessories seller pay large royalties to adorn products with these licensed characters and symbols.

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23
Q

co branding

A

the practice of using the established brand names of two different companies on the same product

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24
Q

multibranding

A

company that market many different brands in a given product category

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25
Q

what are the 8 basic categories of brand names?

A

1.Founders, 2.plain vanilla, 3. places, 4. sleek and chic, 5. two into one mashup, 6. whimsy, 7. inspirational, 8. metaphor,

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26
Q

idea generation

A

the systematic search for new product ideas

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27
Q

product concept

A

a detailed version of the new product idea stated in meaningful consumer terms

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28
Q

concept development

A

creating relatively new products or services to the market

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29
Q

concept testing

A

testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

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30
Q

business analysis

A

a review of the sales, costs, and profit projections for anew product to find out whether these factors satisfy the company’s objectives.

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31
Q

product development

A

developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.

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32
Q

test marketing

A

the stage of new product development to which the product and its proposed marketing program are tested in realistic market settings.

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33
Q

commercialization

A

introducing a new product into the market

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34
Q

product life cycle

A

the course of a product’s sales ad profits over its lifetime: 1. Product development, 2. Introduction, 3. Growth, 4. Maturity, 5. Decline

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35
Q

fashion

A

a currently accepted or popular style in a given field

36
Q

fad

A

temporary period of intense sales driven by short term consumer enthusiasm

37
Q

introduction stage

A

the PLC stage in which a new product is first distributed and made available for purchase

38
Q

growth stage

A

PLC stage in which a product’s sales start climbing quickly

39
Q

maturity stage

A

PLC stage in which a product’s sales growth slows or levels off

40
Q

decline stage

A

PLC stage in which product’s sales fade away

41
Q

what are tide pods

A

Palm size, liquid detergent detergent filled tablet to take messiness out of laundry

42
Q

how long did they take to develop

A

8 years

43
Q

what did market reveal about customers’ laundry perceptions/experiences

A

many apartment dwellers hate lugging a 7 ld bottle of detergent down downstairs to laundry, laundry was complicated

44
Q

describe the technological challenges P&G had to overcome to develop Tide pods

A

needed to develop water soluble film that dissvoles in cold wanter, needs to be stretched and not break but soft to the touch. Also is 10% water instead of normal 50%, also adding softeners and brighteners in pod.

45
Q

why did powder tablets fail

A

didn’t dissolve entirely leading to messiness, only worked in hot water.

46
Q

what did P&G’s consumer tests reveal?

A

needed to make a clear packaging,

47
Q

promotion mix

A

the specific blend of promotion tools that the company uses to persuavsiely communicate customer valued build customer relationships.

48
Q

push strategy

A

a promotion strategy that calls for using the sales force and trade promotion to push the product through channels. The producers promotes the product to channel members who in turn promote it to final consumers

49
Q

pull strategy

A

a promotion strategy that calls for spending a lot on consumer advertising, promotion and other content to induce final consumers to engage with and buy the product, creating demand vacuum that ‘pulls’ the product through the channel.

50
Q

advertising

A

reaching masses of geographical dispersed buyer at a low cost per exposure and enables sells to repeat message many times

51
Q

pursuasive advertising

A

important as competition increase, objective to build selective demand
Comparative advertising- a company directly or indirectly compares its brand with one or more other brands

52
Q

informative advertising

A

heavily used when introducing a new product category, objective to build primary demand

53
Q

reminder advertising

A

important for mature products, it helps to maintain customer relationships and keeps consumers think about the product

54
Q

creative concept or big idea

A

the compelling big idea that will bring advertising message strategy to life in a distinctive ad memorable way

55
Q

execution style

A

slice of life, fantasy, testimonial (the approach, style, tone, words and format used for executing ad advertising message)

56
Q

media types

A

tv, digital, mobile, social media, newspapers, direct mail, magazines, radio and outdoor

57
Q

media vehicle

A

specific media within each general media type

58
Q

public relations

A

activities designed to engage the company’s various publics and build good relations with them.

59
Q

personal selling

A

personal presentations by the firm’s sales force for the purposes of engaging customers, making sales and building customer relationships

60
Q

salesperson

A

an individual who represents a company to customers by performing one or more of the following activities: prospecting, communicating, selling, servicing, information gathering and relationship building

61
Q

sales force management

A

analyzing, implementing and controlling sales force activities

62
Q

territorial sales force structure

A

a sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company’s full line

63
Q

product sales force structure

A

a sales force organization in which salespeople specialize in selling only a portion of the company’s products or lines

64
Q

customer sales force structure

A

a sales force organization in which salespeople specialize in selling only to certain customers or industries

65
Q

team selling

A

using teams of people from sales, marketing, engineering, finance, technical support and even upper management to service large, complex accounts.

66
Q

personal selling process

A

prospecting ( the sales step in which a salesperson or company identifies qualified potential customers) , preapproach ( the sales step in which a salesperson learns as much as possible about a prospective customer before making a sales call) , approach (a sales step in which salesperson meets the customer for the first time) , presentation/demonstration ( the sales step in which a salesperson tells the ‘value story’ to the buyer, showing how the company’s offer solves the customer’s problems) , handling objections ( the sales step in which a salesperson seeks out, clarifies and overcomes any customer objections to buying) , closing (the sales step in which a salesperson asks the customer for an order) , follow-up (the sales step in which a salesperson follows up after the sale to ensure customer satisification and repeat business)

67
Q

sales promotion

A

short term incentives tot encourage the purchase or sale of a product or a service

68
Q

samples

A

offers of a trial amount of a product

69
Q

coupons

A

certificates that save buyers money when they purchase specified products

70
Q

rebates

A

like coupons except that the price reduction occurs after the purchase rather than at the retail outlet.

71
Q

premiums

A

goods offered either free or at low cost as an incentive to buy a product, ranging from toys included with kids products to a free memory card with phone purchase
advertising specialties- useful articles imprinted with an advertiser’s name, logo, message that are given as gifts to consumers

72
Q

contests

A

gives consumers chance to win something such as cash, trip, good by luck or through extra effort

73
Q

sweepstakes

A

calls for consumers to submit name for a drawing

74
Q

comparative advertising

A

a company directly or indirectly compares its brand with one or more brands

75
Q

what is Disney’s new yield management approach?

A

Focusing less on maximizing quantity of visitors and focusing more on how much money the visitors spend

76
Q

what are the benefits and costs of Genie+ to a) consumers and b) Disney

A

A) allows customers to skip one for some rides 15$ per person per day b) more money and more control about ride lines

77
Q

what are some new products/services that Disney has introduced at its theme parks?

A

New rides around movies, TRON ride Chaining things that used to be free such as parking for passholders and airport shuttles to paid things

78
Q

what are some changes that Disney has made that have upset its annual pass holders

A

Gotten rid of the free perks they used to have an increasing the price and more blackout dates

79
Q

why has disney made these changes?

A

It makes them more money, helps direct traffic and spreads people around the park more evenly, reduces wait times and upsell visitors by offering food promotions, merchandise and ride reservation fees.
Allows customers more choice about how to spend their time and money while also making the parks extremely commercially successful

80
Q

before Mark Tritton took over CEO what were 2 reasons why Bed Bath and Beyond was beloved by customers?

A

20% off coupons and wide variety of products that they carried

81
Q

mark tritton decided to switch BBB to __ brands

A

private labels

82
Q

Why was Bed Bath & Beyond at a disadvantage when the pandemic hit?

A

People bought online and then rushed into the store to pick it up without buying other things.

83
Q

Why did companies add more private brands during the pandemic?

A

Gave greatest control over their supply chains and provided less expensive alternative for inflation weary consumers

84
Q

costco’s private label brand is

A

kirkland

85
Q

BBB followed a ___ philosophy which gave its stores a cluttered look

A

pile it high and let it fly

86
Q

At BBB store managers purchased __ % of products which allowed them to customize selections

A

70

mk 240 (1 decks)

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