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SGMA - Chapter 14 > SGMA - CHAPTER 14 > Flashcards

SGMA - CHAPTER 14 Flashcards

1
Q

In marketing, any good or service, along with its perceived attributes and benefits, that creates value for the customer

A

Product

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2
Q

A name, design, symbol, specific colour, slogan or other feature that identifies a product, distinguishes it from other products, and creates a perception in the minds of consumers.

A

brand

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3
Q

A legally exclusive design, name or other identifying mark associated with a company’s brand.

A

trademark

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4
Q

A customer’s preference for a particular brand that results in advocacy for that brand.
Master brand: A brand that is so dominant that customers think of it immediately when a product category is mentioned.

A

Brand loyalty

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5
Q

A brand that is owned by a national or regional manufacturer; the products are widely distributed.

A

manufacturer brand

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6
Q

A brand that is owned by the wholesaler or retailer rather than the manufacturer.

A

dealer brand

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7
Q

A brand that carries no specific name associated with a manufacture, wholesaler, or retailer and usually comes in plan containers and sells for less than brand name products.

A

generic brand

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8
Q

Products that either are unknown to the potential buyer or are known but not actively sought by the buyer.

A

unsought products

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9
Q

Relatively inexpensive products that require little shopping effort and are purchased routinely without planning.

A

convenience products

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10
Q

Items that are bought after considerable planning, including brand-to-brand and store-to-store comparisons of price, suitability, and style.

A

shopping products

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11
Q

Items for which consumers search long and hard, and for which they refuse to accept substitutes.

A

specialty products

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12
Q

Large, expensive items with a long lifespan that are purchased by businesses for use in making other products or providing a service.

A

capital products

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13
Q

Items, purchased by businesses, which are smaller and less expensive than capital products and usually have a lifespan of less than one year.

A

expense items

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14
Q

Product life cycle

A

Introductory, growth, maturity, decline

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15
Q

A pricing objective that entails getting the largest possible profit from a product by producing it for as long as the revenue from selling the product exceeds the cost of producing it.

A

profit maximization

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16
Q

A pricing objective where the price of a product is set so as to give the company the desired profitability in terms of return on its money

A

target return on invesment

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17
Q

A pricing strategy in which the target market is offered a high-quality products at a fair price and with good service

A

value marketing

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18
Q

A value marketer does the following:

A
  • Offer products that perform
  • Gives consumers more than they expect
  • Gives meaningful guarantees
  • Gives the buyer facts
  • Builds long-term relationships
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19
Q

The strategy of introducing a product with a high initial price and lowering the price over time as the product moves through its life cycle.

A

price skimming

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20
Q

The strategy of selling new products at low prices in the hope of achieving a large sales volume.

A

penetration pricing

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21
Q

Pricing products below the normal makeup or even below cost to attract customers to a store where they normally wouldn’t shop. A product priced below cost is a loss leader.

A

leader pricing

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22
Q

The strategy of grouping two or more related products together and pricing them as a single product.

A

bundling

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23
Q

The strategy of setting a price at an odd number to connote a bargain and at an even number to suggest quality.

A

odd - even psychological pricing

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24
Q

The strategy of increasing the price of a product so that consumers will perceive it as being of higher-quality, status, or value.

A

prestige pricing

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25
Q

The price at which a product’s costs are covered, so additional sales result in profit. To find the break-even point, the company measures the various costs associated with product:

A

break-even point / quantity

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26
Q

Costs that don’t vary with different levels of output (ex: rent)

A

fixed costs

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27
Q

Costs that change with different levels of output. (ex: wages)

A

variable costs

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28
Q

The selling price per unit (revenue) minus the variable costs per unit

A

fixed - cost contribution

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29
Q

The selling price per unit times the number of units sold

A

total revenue

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30
Q

The sum of the fixed costs and the variable costs

A

total cost

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31
Q

Total revenue minus the total cost.

A

total profit

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32
Q

A method of pricing in which a certain percentage (the markup_ is added to the product’s cost to arrive at the price. The retail price is thus cost plus markup.

A

markup pricing

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33
Q

break-even point formula

A

break-even point = (total fixed cost)/(fixed-cost contribution)

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34
Q

Markup based on item cost

A

markup % = markup amount / item cost

35
Q

markup based on selling price

A

markup % = markup amount / selling price

36
Q

ABC assigns resource costs through all the activities to either produce the product or acquire it for resale.

A

acitivity based costing (ABC)

37
Q

Efficiently managing the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.

A

distribution(logistics)

38
Q

A producer; an organization that converts raw materials to finished products.

A

manufacturer

39
Q

The series of marketing entities through which goods and services pass on their way from producers to end users.

A

distribution channel

40
Q

supply chain model

A

Suppliers of raw materials -> Production -> Wholesaler or distribution centre -> Retailers, wholesalers, distribution centres -> Customers

41
Q

Organizations that assist in moving goods and services from producers to end users and consumers.

A

marketing intermediaries

42
Q

sales representatives of manufacturers and wholesalers

A

agents

43
Q

go-betweens that bring buyers and sellers together

A

brokers

44
Q

Independent wholesalers that buy related product lines from many manufacturers and sell them to industrial users.

A

industrial distributors

45
Q

Companies that sell finished goods to retailers, manufacturers, and institutions (such as schools and hospitals).

A

wholesalers

46
Q

Companies that sell goods to consumers and to industrial users for their own consumption.

A

retailers

47
Q

When a producer selects two or more channels to distribute the same product to target markets.

A

dual distribution

48
Q

One manufacturer using another manufacturer’s previously established channel to distribute its good.

A

strategic channel alliances

49
Q

The process of breaking large shipments of similar products into smaller, more usable lots.

A

breaking bulk

50
Q

A distribution system in which a manufacturer selects only one or two dealers in an area to market its products.

A

exclusive distribution

51
Q

A distribution system in which a manufacturer selects a limited number of dealers (more than one or two) to market its products

A

selective distribution

52
Q

A distribution system in which a manufacturer tries to sell its products wherever there are potential customers

A

intensive distribution

53
Q

Efficiently managing the acquisition of raw materials to the factory and the movement of products from the producer to industrial users and consumers.

A

distribution(logistics)

54
Q

A producer; an organization that converts raw materials to finished products.

A

manufacturer

55
Q

The series of marketing entities through which goods and services pass on their way from producers to end users.

A

distribution channel

56
Q

supply chain model

A

Suppliers of raw materials -> Production -> Wholesaler or distribution centre -> Retailers, wholesalers, distribution centres -> Customers

57
Q

Organizations that assist in moving goods and services from producers to end users and consumers.

A

marketing intermediaries

58
Q

sales representatives of manufacturers and wholesalers

A

agents

59
Q

go-betweens that bring buyers and sellers together

A

brokers

60
Q

Independent wholesalers that buy related product lines from many manufacturers and sell them to industrial users.

A

industrial distributors

61
Q

Companies that sell finished goods to retailers, manufacturers, and institutions (such as schools and hospitals).

A

wholesalers

62
Q

Companies that sell goods to consumers and to industrial users for their own consumption.

A

retailers

63
Q

When a producer selects two or more channels to distribute the same product to target markets.

A

dual distribution

64
Q

One manufacturer using another manufacturer’s previously established channel to distribute its good.

A

strategic channel alliances

65
Q

The process of breaking large shipments of similar products into smaller, more usable lots.

A

breaking bulk

66
Q

A distribution system in which a manufacturer selects only one or two dealers in an area to market its products.

A

exclusive distribution

67
Q

A distribution system in which a manufacturer selects a limited number of dealers (more than one or two) to market its products

A

selective distribution

68
Q

A distribution system in which a manufacturer tries to sell its products wherever there are potential customers

A

intensive distribution

69
Q

The attempt by marketers to inform, persuade, or remind consumers and industrial users to engage in the exchange process

A

Promotion

70
Q

Goals of promotion

A
  • Creating awareness
  • Getting consumers to try products
  • Providing information
  • Keeping loyal customers
  • Increasing the amount and frequency of use
  • Identifying target customers
71
Q

The combination of advertising, personal selling, sales promotion, and public relations used to promote a product. What are the four elements?

A

promotional mix: advertising, personal selling, public relations, sales promotion

72
Q

any paid form of non-personal promotion by an identified sponsor

A

advertising

73
Q

A face-to-face presentation to a prospective buyer

A

personal selling

74
Q

Marketing activities that stimulate consumer buying (ex :coupons or demonstrations)

A

sales promotions

75
Q

Any communication or activity designed to win goodwill or prestige for a company of person

A

public relations

76
Q

The careful coordination of all promotional activities – media advertising, sales promotion, personal selling, and public relations, as well as direct marketing, packaging and other forms of promotion – to produce a consistent unified message that is customer focused.

A

Integrated Marketing Communications (IMC)

77
Q

Four factors that affect promotional mix

A
  • Nature of the product
  • Market characteristics
  • Available funds
  • Push and Pull Strategies
78
Q

The physical stocking of merchandise at a retailer by the salesperson who delivers the merchandise

A

detailing

79
Q

A promotional strategy in which a manufacturer uses aggressive personal selling and trade advertising to convince a wholesaler to retailer to carry and sell its merchandise

A

push strategy

80
Q

A promotional strategy in which a manufacturer focuses on stimulating consumer demand for its product, rather than trying to persuade wholesalers or retailers to carry the product.

A

pull strategy

81
Q

Warehouses that specialize in rapid movement of goods to retail stores by making or breaking bulk

A

distribution centre

82
Q

A system that maintains an adequate assortment of items to meet users’ or customer’s needs.

A

inventory control system

83
Q

Key decisions in managing the logistical flow

A
  • Sourcing and Procurement
  • Production Scheduling
  • Choosing a Warehouse Location and Type
  • Inventory Control
  • Setting Up a Materials – Handling System
  • Making Transportation Decisions

SGMA - Chapter 14 (1 decks)

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