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HR > Unit 9 > Flashcards

Unit 9 Flashcards

1
Q

What is product

A

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

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2
Q

what are goods

A

physical/virtual items capable of being delivered to a purchaser

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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

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4
Q

what are services

A

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

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5
Q

what are tangible attributes

A

physical characteristics of a product that are discernible by the senses

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6
Q

what are intangible attributes

A

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

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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

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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

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9
Q

what are the types of products

A

convenience products, shopping products, specialty products, unsought goods

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10
Q

what are convenience products

A

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

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11
Q

what are shopping products

A

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

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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

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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)

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14
Q

what is the total product concept

A

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

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15
Q

what is core product

A

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

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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

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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

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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

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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

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20
Q

what is product mix width

A

the number of product lines an org has

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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

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22
Q

what is price

A

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

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23
Q

what is demand oriented pricing

A

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

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24
Q

what is competition oriented pricing

A

adjusting prices in relation to competitors in the market

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25
Q

what is cost oriented pricing

A

when you base the pricing of a product on how much it costs to make a product
price is typically just above the cost

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26
Q

what is profit oriented pricing

A

getting as much for a product as possible to maximize profits

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27
Q

what is penetration pricing

A

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

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28
Q

what is price skimming

A

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

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29
Q

what is prestige pricing

A

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
Q

what is odd-even pricing

A

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
Q

what is below marketing pricing

A

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
Q

what is loss leader pricing

A

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
Q

what is retailing

A

the sale of a product from a point of purchase direfctly to a customer who intends to use that product

34
Q

what is retailing utility

A

the usefulness or value provided by a retailer

35
Q

what is place utility

A

making products easily accessible to potential customers
conveniant store locations, discoverability online, numerous purchasing locations

36
Q

what is possession utility

A

increasing ease of ownership
payment plans, numerous payment options

37
Q

what is form utility

A

degree to which product design meets customer needs
customized products, product alterations, wider selection

38
Q

what is time utility

A

making products available when customers need them
extended hours, fast delivery, seasonal items year-round

39
Q

what are independent retailers

A

owned by an individual, family, or partnership
owners are responsible for decision making, usually just 1-3 locations, higher prices

40
Q

what is corporate chain retailing

A

multiple outlets under common ownership
largely centralized control with lower prices and larger inventory

41
Q

what is a contractual system

A

agreement between an individual and a business to operate and outlet
greater independence

42
Q

what is promotion

A

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
Q

what is consumer promotion(sales promotion)

A

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
Q

what are public relations

A

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
Q

what is earned media vs unearned media

A

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
Q

what is experiential marketing

A

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
Q

what is advertising

A

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
Q

what is shock appeal in advertising

A

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
Q

what is sexual appeals in advettising

A

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
Q

what is a unique selling point

A

the primary benefit of a product or service
the one feature that distinguishes a product form competing products

51
Q

what are consumer vs business(industrial) goods

A

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
Q

what are the major marketing considerations for industrial goods

A

price, personal selling, ability to meet customer specifications, reliability of supply

53
Q

what are capital items

A

expensive goods with long life span that are used in the production of another good or service

54
Q

what are parts and materials

A

less expensive gods that directly enter a manufacturers production process

55
Q

what is a brand

A

a name, term, symbol, or design that identifies a good or service
components are brand danme, logo, trademark, patents

56
Q

what are national branding options

A

individual brand strategy or family brand strategy

57
Q

what is an individual brand strategy

A

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
Q

what is a family brand strategy

A

family brand is the use of the same brand name for a group of related productswha

59
Q

what is co branding

A

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
Q

what are private label brands and generic brands

A

products produced at the specification of the distributor eg., Kirkland signature costco
generic brands are products without a brand name or identifying feature

61
Q

what are licensed brands

A

occurs when a brand name or trademark is used by a license

62
Q

what are cult brands

A

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
Q

what are the three stages of brand loyalty

A

brand recognition, brand preference, brand insistencew

64
Q

what is brand equity

A

the value a customer derives from a product over and above the value derived from its physical attributes

65
Q

what is the difference between advertising and sales promotion

A

advertising says why to buy a product, sales promotion offers incentives

66
Q

what are the two types of sales promotion

A

consumer promotion, trade promotion

67
Q

what is the difference between consumer promotion and trade
promotion

A

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
Q

what are the objectives of consumer promotion

A

trial purchase, repeat purchase, multiple purchase

69
Q

what is redemption rate of a coupon

A

number of coupons returned to an organization expressed as a percentage of the total number of coupons in distribution for a particular offer

70
Q
A

HR (10 decks)

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