Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

HR > Unit 9 > Flashcards

Unit 9 Flashcards

(70 cards)

Start Studying
1
Q

What is product

A

product is a good or service that is characterized by tangible and intangible attributes

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

what are goods

A

physical/virtual items capable of being delivered to a purchaser

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

what are durable vs non durable goods

A

durable goods last over an extended number of uses and are purchased infrequently
non durable goods are conusmed in one or a few uses and are replenished frequently

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

what are services

A

actions or activities resulting in a measurable change of state for the purchaser caused by the provider

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

what are tangible attributes

A

physical characteristics of a product that are discernible by the senses

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

what are intangible attributes

A

attributes that are symbolic or subjective eg., stylish, reliable, comfortable

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

what is the good service continuum

A

a way to put products on a spectrum between goods dominated offerings and service dominated offerings

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

what are examples of good dominated, service dominates, and balanced offerings

A

pure commodities are good dominated, services like consulting are service dominates as they offer no tangible product, a balanced offering is something like a fast food restaurant offering both a good and a service

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

what are the types of products

A

convenience products, shopping products, specialty products, unsought goods

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

what are convenience products

A

purchased frequently, minimal shopping effort, widely available, inexpensive
marketers should focus on packaging, price, and availability

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

what are shopping products

A

higher in price, purchased less frequently, involved evaluation of alternatives
marketers should focus on effective messaging

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

what are specialty products

A

expensive, purchased rarely, limited sellers, deliberately sought out, brand comparison is rare
marketers should focus on quality and brand status

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

what are unsought goods

A

unknown to customer, not of interest to customer, delay of benefits
marketers should focus on extensive promotion(awareness, value, counter negative attitudes)

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

what is the total product concept

A

conceptualization of a product that helps to identify it’s benefits

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

what is core product

A

basic definition of the product
fundamental benefits derived from using the product

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

what is actual product

A

attributes that deliver the intended benefits
features a customer takes into consideration when buying a product
point of product differentiation

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

what is augmented product

A

additional features that the buyer may not require
typically non-tangible and service related
creates better customer experience
eg., warranty, product assembly

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

what is the product mix

A

the total range of products offered for sale by a company
it is a combination of product lines

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

what is product line

A

the group of similar or related products marketed under a single brand name offered by the same company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

what is product mix width

A

the number of product lines an org has

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

what is product line depth

A

the amount of products in a product line
no one overall depth for the entire org but have to go line by line

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

what is price

A

price is the money or other something of value exchanged for the ownership or use of a product

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

what is demand oriented pricing

A

focusing on customers and what they are looking for and establishing price based on that

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

what is competition oriented pricing

A

adjusting prices in relation to competitors in the market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
what is cost oriented pricing
when you base the pricing of a product on how much it costs to make a product price is typically just above the cost
26
what is profit oriented pricing
getting as much for a product as possible to maximize profits
27
what is penetration pricing
setting a low price on a new product to appeal to the mass market then increase the price over time generates intent but may not retain customers
28
what is price skimming
setting the highest initial price that consumers are willing to pay then lower the price once the demand for those consumers is satisfied creates perception of high quality, high early revenues, but can ecourage entry of competitors
29
what is prestige pricing
product price is set high and remains high effective for status symbol products high profits but potential for limited customer based and needs a sound reputation
30
what is odd-even pricing
set prices slightly under a target price creates illusion of a bargain, product may be perceived as lower quality and pricing may seem manipulative
31
what is below marketing pricing
setting a price lower than that of competitors attracts price conscious shoppers and allows for larger sales volume but product may be perceived as lower quality
32
what is loss leader pricing
product is sold at a price that is not profitable in hopes that customer will buy additional regularly priced products common for new business as it helps build a customer base but can attract cherry picking customers
33
what is retailing
the sale of a product from a point of purchase direfctly to a customer who intends to use that product
34
what is retailing utility
the usefulness or value provided by a retailer
35
what is place utility
making products easily accessible to potential customers conveniant store locations, discoverability online, numerous purchasing locations
36
what is possession utility
increasing ease of ownership payment plans, numerous payment options
37
what is form utility
degree to which product design meets customer needs customized products, product alterations, wider selection
38
what is time utility
making products available when customers need them extended hours, fast delivery, seasonal items year-round
39
what are independent retailers
owned by an individual, family, or partnership owners are responsible for decision making, usually just 1-3 locations, higher prices
40
what is corporate chain retailing
multiple outlets under common ownership largely centralized control with lower prices and larger inventory
41
what is a contractual system
agreement between an individual and a business to operate and outlet greater independence
42
what is promotion
promotion is the communication or activity intended to persuade the target market of the merits of a given product intended to generate interest, encourage sales, improve brand image
43
what is consumer promotion(sales promotion)
short term incentives to generate interest in a product includes coupons, contests, rebates encourages immediate purchase and promotes word of mouth but may result in lower revenue
44
what are public relations
activities meant to build and maintain a positive image for a product brand or org includes press releases, conferences, content on websites or social media
45
what is earned media vs unearned media
earned media is unpaid content generated about a product, brand, or org limited control of messaging from earned media but may seem more objective and trustworthy
46
what is experiential marketing
creating an interactive experience between customers and a product or brand taxing on time and resources but can create an emotional connection to a product or brand
47
what is advertising
paid form of media used to communicate to consumers about a product/brand includes billboards, print ads, tv commercials, radio ads, online ads, controlled messaging but can be seen as a nuisance
48
what is shock appeal in advertising
words images and or actions meant to startle and offend may be controversial, disturbing, or provocative intended to capture attention but may have a negative impact on brand image
49
what is sexual appeals in advettising
words, images, or actions intended to deliver a message designed to evoke sexual thought, feelings, and or arousal in a target audience may be explicit or subtle and is meant to attract attention but has not been shown to have any significant effect and just results in more negative attitudes
50
what is a unique selling point
the primary benefit of a product or service the one feature that distinguishes a product form competing products
51
what are consumer vs business(industrial) goods
consumer goods are purchased for personal use business goods are purchased to be used directly or indirectly in the production of other goods for resale
52
what are the major marketing considerations for industrial goods
price, personal selling, ability to meet customer specifications, reliability of supply
53
what are capital items
expensive goods with long life span that are used in the production of another good or service
54
what are parts and materials
less expensive gods that directly enter a manufacturers production process
55
what is a brand
a name, term, symbol, or design that identifies a good or service components are brand danme, logo, trademark, patents
56
what are national branding options
individual brand strategy or family brand strategy
57
what is an individual brand strategy
each product in a companies product mix has its own name multi branding is using a different brand name for each item a company offers in the same product category
58
what is a family brand strategy
family brand is the use of the same brand name for a group of related productswha
59
what is co branding
when a company uses equity in another brand name to market its own brand name product or service also aplies to two orgs sharing common facilities such as two restaurants in one location
60
what are private label brands and generic brands
products produced at the specification of the distributor eg., Kirkland signature costco generic brands are products without a brand name or identifying feature
61
what are licensed brands
occurs when a brand name or trademark is used by a license
62
what are cult brands
a brand that captures the imagination of a small group of devotees who then spread the word, make convets, and help turn a fringe product into a mainstream name
63
what are the three stages of brand loyalty
brand recognition, brand preference, brand insistencew
64
what is brand equity
the value a customer derives from a product over and above the value derived from its physical attributes
65
what is the difference between advertising and sales promotion
advertising says why to buy a product, sales promotion offers incentives
66
what are the two types of sales promotion
consumer promotion, trade promotion
67
what is the difference between consumer promotion and trade promotion
consumer promotion pulls a product through distribution chain by increasing consumer demand trade promotion pushes product through chain by encouraging channel members to market on behalf of the product
68
what are the objectives of consumer promotion
trial purchase, repeat purchase, multiple purchase
69
what is redemption rate of a coupon
number of coupons returned to an organization expressed as a percentage of the total number of coupons in distribution for a particular offer
70

HR (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions