Questions Most Likely to be on the Test Flashcards
Belief
a descriptive thought that a person holds about something. You might believe that mcDonald’s has good hamburgers but your attitude as a vegetarian makes you not eat them no matter how good they are
Attitude
describes a person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
Positioning
the act of designing a company’s offering and image to occupy a distinctive place in the target market’s mind. It is all about letting go of everything but the one thing you have the greatest chance of succeeding with.
Levels of a Product
Core: the benefit/solution that the product provides (intangible)
Actual Product: the tangible item you are providing
Augmented Product: less essential, just adds value. (warranty)
Brand
A brand is something that is bought by a customer, bot made in a factory. It is unique and can’t be copied by competitors. It is timeless.
Product
goods or services that are offered to customers that satisfy a want or a need. Not limited to tangible objects.
Product-Service Continuum
A product and service can coexist. Ex: Being waited on in a restaurant and receiving food.
What are the three stages to sustain the maturity stage of PLC?
Modify the Market: change what current customers use the product for so they use more of it.
Modify the Product: new variations of the product (crayola colors)
Modify the Marketing Mix: changing things other than the product itself (price, distribution, advertising)
convenience product
a consumer product that customers usually buy frequently, immediately , and with minimal comparison and buying effort
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
Style
a particular manner or technique by which something is made or done
Brand Extension
extending an existing brand name to new product categories. ex: Reese’s dessert bar mix
Co-Branding
The practice of using the established brand names of two different companies on the same product. ex: tagalong blizzard
Line Stretching
Increasing the number of products within an existing product range with similar products that have additional or different features. All the different kinds of converse chuck taylors.
Brand Equity
The different effect that knowing the brand name has on consumer response to the product or its marketing
Variability
the changes in the quality of the same service provided by different vendors.
Inseparability
The inseparability of services makes it difficult to separate a service from the service provider.
Intangibility
Services are basically intangible. They can’t be felt, smelled, tasted, seen or heard before they are bought.
Perishability
Services cannot be stored, saved, returned or resold once they have been used.
Product Rollout
A significant product release, often accompanied by a strong marketing campaign to generate a large amount of hype
Commercialization
Introducing a new product into the market
Maturity Stage
The PLC stage in which a product’s sales growth slows or levels off
Growth Stage
The PLC stage in which a product’s sales start climbing quickly
Decline Stage
The PLC stage in which a product’s sales fade away
Culture
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
Opinion Leader
A person of a reference group who, because of their special skills, knowledge, personality, or other characteristics, exerts social influence on others
Learning
Changes in an individual’s behavior arising from experience
Belief
A descriptive thought that a person holds about something
Personality
The unique psychological characteristics that distinguish a person or group
Perception
The process by which people select, organize, and interpret information to form a meaningful picture of the world
Attitude
A person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
Lifestyle
A person’s pattern of living as expressed in his or her activities, interests, and opinions
Niche
A specialized but profitable corner of the market
Differentiated
a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
Undifferentiated
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
Concentrated
a market-coverage strategy in which a firm goes after a large share of one or a few segment niches
Unique Selling Proposition
Real or perceived benefit of a good or service that differentiates it from the competing brands and gives the buyer a logical reason to prefer it
What is the difference between a product and brand?
A product is made in a factory, a brand is bought by a customer. A product can be copied by competitors, a brand is unique. A product can be quickly outdated, a brand is timeless.
What are the nature and characteristics of a service?
Inseparability, variability, intangibility, and perishability.
What is the concept behind the product life-cycle? What are the stages of PLC? And what are some of the strategies that marketers should be mindful of at each of these stages?
PLC describes the course of a product’s sales and profits over its lifetime. Stages include: development, introduction, growth, maturity, and decline.
