MARK 3321 Exam 3 Flashcards
everything, both favorable and unfavorable, that a person receives in an exchange
Product
is used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers
Business Product/Industrial Product
is bought to satisfy an individual’s personal wants
Consumer Product
is a relatively inexpensive item that merits little shopping effort—that is, a consumer is unwilling to shop extensively for such an item. Candy, soft drinks, aspirin, small hardware items, dry cleaning, and car washes fall into this category.
Convenience Product
is usually more expensive than a convenience product and is found in fewer stores.
Shopping Product
When consumers search extensively for a particular item and are very reluctant to accept substitutes, that item is a
Specialty Product
a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products
Brand
that part of a brand that can be spoken, including letters (GM, YMCA), words (Chevrolet), and numbers (WD-40, 7-Eleven)
Brand Name
The elements of a brand that cannot be spoken are called
Brand Mark
refers to the value of company and brand names
Brand Equity
refers to a brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
Global Brand
a consistent preference for one brand over all others, is quite high in some product categories.
Brand Loyalty
an unwritten guarantee that the good or service is fit for the purpose for which it was sold.
Implied Warranty
protects the buyer and gives essential information about the product.
Warranty
a written guarantee
Express Warranty
the first 2.5 percent of all those who adopt the product.
Innovators
the next 13.5 percent to adopt the product
Early adopters
the next 34 percent to adopt. weighs the pros and cons before adopting a new product.
Early majority
the next 34 percent.adopt a new product because most of their friends have already adopted it
Late majority
the final 16 percent to adopt
Laggards
means treating employees as customers and developing systems and benefits that satisfy their needs
Internal Marketing
a characteristic that can be easily assessed before purchase—for instance, the color of an appliance or automobile.
Search quality
a characteristic that can be assessed only after use, such as the quality of a meal in a restaurant
Experience quality
a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience. Medical and consulting services are examples
Credence quality
the ability to perform the service dependably, accurately, and consistently
Reliability
the ability to provide prompt service
Responsiveness
the knowledge and courtesy of employees and their ability to convey trust.
Assurance
caring, individualized attention to customers.
Empathy
caring, individualized attention to customers.
Tangibles
firms that sell mainly to consumers
Retailers
organizations that facilitate the movement of products and services from the manufacturer to producers, resellers, governments, institutions, and retailers
Merchant Wholesalers
simply facilitate the sale of a product from producer to end user by representing retailers, wholesalers, or manufacturers.
Agents and brokers
the efficient and cost-effective forward and reverse flow and storage of goods, services, and related information into, through, and out of channel member companies
Logistics
the pipeline through which products, their ownership, communication, financing and payment, and risk flow to the consumer.
Marketing Channel
functions include contacting with prospective customers and highlighting various features of products.
Transactional functions
The loosest form of relationship among channel members is the
arm’s-length relationship
Vertical conflict within a marketing channel occurs primarily between
Manufacturer and retailer
consists of six Ps: the four Ps of the marketing mix (product, place, promotion, and price) plus presentation and personnel
Retailing mix
refers to the number of different brands offered within each assortment
depth
refers to the assortment of products offered
width
Product, place, promotion and price are
All ways marketers can do what? (hint: not understand the world of marketing/ get to know your market)
Take charge of your market
During this stage, sales increase at a
decreasing rate
Maturity stage
