marking Flashcards
Good
A tangible physical entity.
Service
An intangible result of the application of human and mechanical efforts to people or objects.
Idea
A concept, philosophy, image, or issue.
Convenience Products
Inexpensive, frequently purchased items with minimal purchasing effort.
Shopping Products
Items for which buyers are willing to expend considerable effort in planning and making purchases.
Specialty Products
Items with unique characteristics that buyers are willing to expend considerable effort to obtain.
Unsought Products
Products purchased to solve sudden problems, of which customers are unaware, or do not necessarily think of buying.
Item
A specific version of a product.
Line
Closely related items viewed as a unit.
Mix
Total group of products that a company sells.
Width of Mix
Number of product lines a company offers.
Depth of Mix
Number of products within a line.
Introduction Stage
Initial market entry; sales start at zero and profits are negative.
Growth Stage
Rapid sales increase; peak profits then start to decline.
Maturity Stage
Sales peak then start to decline; profits fall due to intense competition.
Decline Stage
Sales and profits fall; strategies include elimination, repositioning, or rebranding.
Product Adoption Process
- Stages include awareness,
- interest
- evaluation
- trial
- adoption.
Brand
A name, term, design, symbol, or other feature that differentiates a seller’s products.
Brand Equity
The marketing and financial value associated with a brand’s strength in a market.
Co-Branding
Using two or more brands on one product.
Line Extensions
Development of products closely related to existing ones but designed to meet different customer needs.
Brand Licensing
Agreement allowing another company to use a brand on other products for a fee.
Quality Modifications
Affecting dependability and durability.
Functional Modifications
Affecting versatility, effectiveness, convenience, or safety.
Aesthetic Modifications
Affecting sensory appeal.
Concept Testing
Evaluates the feasibility of a product idea before prototyping.
New Product Development (NPD) Process
- idea generation,
- screening,
- business analysis,
- development,
- test marketing,
- commercialization.
Intangibility
Cannot be physically possessed.
Inseparability
Produced and consumed simultaneously.
Perishability
Unused services cannot be stored for future use.
Heterogeneity
Variation in service delivery.
Client-based Relationships
Importance of repeat customers and provider satisfaction.
Core Services
Basic benefits of a service.
Supplementary Services
Additional benefits that differentiate the service.
Supply Chain
All processes a product goes through, from creation to final consumer.
Marketing Channels
Routes that products take from producers to consumers.
General Merchandise Retailers
Wide variety of products in depth.
Specialty Retailers
Specific categories of goods, often with deeper selection.
Nonstore and Online Retailing
Selling products outside traditional store formats.
Direct Marketing
Selling directly to consumers via various channels.
Franchising
Arrangement allowing others to sell products under one’s brand.
