Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing > MT1 - Chapter 8 Vocab > Flashcards

MT1 - Chapter 8 Vocab Flashcards

1
Q

product

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

service

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

3 levels of products and services

A 
core customer value (what is the customer really buying)
actual product ( brand name, quality level, packaging, design, features)
augmented product (delivery and credit, product support, warranty, after-sale service)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

consumer products

A

a product bought by final consumers for personal consumption

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

types of consumer products (4)

A

convenience
shopping
specialty
unsought

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

convenience product

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

shopping product

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

specialty product

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

unsought product

A

consumer product that the consumer either does not know about or knows about but does normally not consider buying

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

industrial product

A

product bought by individuals and organizations for further processing or for use in conducting a business
distinction from consumer product based on purpose for which product is purchased

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

3 types of industrial products

A

materials and parts
capital items
supplies and services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

materials and parts

A

raw materials and manufactured materials and parts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

capital items

A

industrial products that aid in the buyer’s production or operations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

supplies and services

A

operating supplies, maintenance and repair services

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

organization marketing

A

activities undertaken to create, maintain, or change the attitudes and behaviors of target consumers toward an organization

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

person marketing

A

activities undertaken to create, maintain, or change the attitudes and behaviors toward particular people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

place marketing

A

activities undertaken to create, maintain or change attitudes or behavior toward particular places

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

social marketing

A

use of commercial marketing concepts and tools in programs designed to influence individual’s behavior to improve their well-being and that of society

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

important individual product and service decisions (5)

A 
product attributes
branding
packaging
labeling
product support services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

product quality

A

characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
consistency and level

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

total quality management

A

an approach in which all of the company’s people are involved in constantly improving the quality of products, services, and business processes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

return on quality approach

A

quality is an investment, hold quality efforts accountable for bottom line results

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

performance quality

A

product’s ability to perform its functions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

product and service attributes (3)

A

product quality
product features
product style and design

25
Q

conformance quality

A

freedom from defects and consistency in delivering a targeted level of performance

26
Q

style

A

describes appearance of a product

27
Q

design

A

contributes to product’s usefulness in addition to looks

28
Q

brand

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

29
Q

packaging

A

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

30
Q

label

A

identifies the product or brand, describes several things about the product, helps to promote the brand

31
Q

unit pricing

A

stating the price per unit of a standard measure

32
Q

open dating

A

stating the expected shelf life of the product

33
Q

nutritional labeling

A

stating the nutritional values in a product

34
Q

product line

A

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

35
Q

product line length

A

number of items in the product line

36
Q

product line filling

A

adding more items within the present range of the line

37
Q

product line stretching

A

adding items beyond the line’s present range

38
Q

product mix/portfolio

A

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

39
Q

product mix width, length, depth, consistency

A

width: number of different product lines
length: total number of items within product lines
depth: number of versions offered for each product in the line
consistency: how closely related product lines are in end use, production requirements, distribution channels, or some other way

40
Q

4 special service characteristics

A

intangibility
inseparability
variability
perishability

41
Q

service intangibility

A

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

42
Q

service inseparability

A

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

43
Q

service variability

A

quality of services may depend upon who provides them and when, where and how they are produced

44
Q

service perishability

A

services cannot be stored for later use

45
Q

service profit chain

A

chain that links service firm profits with employee and customer satisfaction

46
Q

5 links of service profit chain

A 
internal service quality
satisfied and productive service employees
greater service value
satisfied and loyal customers
healthy service profits and growth
47
Q

3 types of service marketing

A

internal marketing
interactive marketing
external marketing

48
Q

internal marketing

A

orienting and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction

49
Q

interactive marketing

A

training service employees in the fine art of interacting with customers to satisfy their needs

50
Q

3 major service marketing tasks

A 
service differentiation (offer, delivery, image)
service quality (recovery)
service productivity (don't take it too far)
51
Q

brand equity

A

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

52
Q

customer equity

A

value of customer relationships that the brand creates

53
Q

4 major brand strategy decisions

A 
brand positioning (attributes, benefits, beliefs & values)
brand name selection (selection, protection)
brand sponsorship (manufacturer's, private, licensing, co-branding)
brand development (line extensions, brand extensions, multibrands, new brands)
54
Q

store brand (private brand)

A

brand created and owned by a reseller of a product/service)

55
Q

co-branding

A

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

56
Q

line extension

A

extending an existing brand name to new forms, colors, sizes, ingredients or flavors of an existing product category

57
Q

brand extension

A

extending an existing brand name to new product categories

58
Q

4 consumer perception dimensions of brand

A

differentiation (what makes it stand out)
relevance (how consumers feel it meets their needs)
knowledge (how much consumers know about it)
esteem ( how highly consumers regard and respect it)

59
Q

megabrand strategies

A

weeding out weaker or slower-growing brands and focusing their marketing dollars on brands that can achieve the number one or number two market share positions with good growth prospects in their categories

Marketing (20 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions