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Principles of Marketing Management > Test 3 > Flashcards

Test 3 Flashcards

1
Q

What are the four types of consumer products?

A

Conveince product, shopping product, specialty product, unsought product.

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2
Q

What is derived demand?

A

sales of business products frequently result from the sale of consumer products.

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3
Q

What are supporty products?

A

items used to assist in producing other products and services

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4
Q

How can services be classified?

A

1 delivered by people or equpment
2 firms or nonprofit
goverment agencies

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5
Q

Four I’s of services?

A

Intangibility–can’t be seen or touched before purchase decision

Inconsistency–depend on the people who provide them

Inseparability–cannot distinguish between provider from service

Inventory–service provider is available when no demand (idle production capacity)

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6
Q

How is service quality assessed?

A

By comparing consumer expectation with actual experiences through gap analysis.

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7
Q

What is gap analysis?

A

Asks consumers to assess their expectations and experiences on dimensions of service quality.

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8
Q

What are the ive dimensions of service quality?

A

Reliability, Tangibility, Responsiveness, Assurance, Empathy

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9
Q

Caring, individualized attention provided to customers

A

empathy

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10
Q

Willingness to help customers and provide prompt service

A

Responsiveness

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11
Q

Appearance of physical facilities, equipment, personnel, and communication materials

A

Tangibility

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12
Q

Ability to perform the promised service dependably and accurately

A

Reliability

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13
Q

Knowledge and courtesy of employees and their ability to convey trust and confidence

A

Assurance

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14
Q

A specific product that has a unique brand, size, or price

A

product item

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15
Q

A group of products that are closely related because they are similar in terms of consumer needs and uses, market segments, sales, outlets, and prices

A

product line

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16
Q

All the product lines offered by a company

A

product mix

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17
Q

What is a new product?

A

a product that is functionally different from existing products

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18
Q

Consumers don’t need to learn new behaviors

A

continuous innovation

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19
Q

dynamically continuous innovation

A

minor changes

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20
Q

making consumer learn entirely new consumption pattern

A

discontinuous innovation

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21
Q

What is the legal definition of newness?

A

6 monthes after regular distribution

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22
Q

What is a statement that indentifies 1 a target market 2 specific needs wants and preferences, and what the product will be and do to satisfy customers

A

protocol

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23
Q

What are some marketing reasons for new-product failures?

A 
Insignificant point of difference
No economical access tobuyers
Incomplete market and product protocol
Not satisfying customer needs
Bad timing
Poor Quality
Too little market attractiveness
Poor execution of the marketing mix
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24
Q

What are some organizational problesm to product failuer

A 
Ignoring custy
Skipping stages in development
Pushing a poorly conceived item into market for money
Groupthink
Not learning from failures
NIH (Not invented here) problm
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25
Q

The seven stages an organization goes through to indentify business opportunities and convert them into salable products or services

A

New-product process

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26
Q

What are the 7 stages of the npp

A
  1. New product strategy development
  2. Idea generation
  3. Screening and evaluation
  4. Business analysis
  5. Development
  6. Marketing Testing
  7. Commercialization
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27
Q

Stage of the npp that defines the role for a new product in terms of the firms overall objectives

A

New product strategy development

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28
Q

involves developing a pool of concepts to serve as candidates for new products, building upon the previous stage’s result

A

Idea generation

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29
Q

Who are some things ideas can be generated from?

A

employers, co-workers, customer and suppliers, R&D, Competitive products, small firms, universities, and investors

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30
Q

Internally and externnally evaluates np ideas to eliminate those that warrant no further effort

A

Screening and evaluation

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31
Q

specifies the features of the product and the marketing strategy needed to bring it to market and make financial projections

A

business analysis

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32
Q

The stage of the nppp that turns the idea on paper into a prototype

A

development (yohgurt)

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33
Q

stage of the npp that invovles exposing actual products to prospective consumer under realistic purchase conditions to see if they will be

A

market testing

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34
Q

Three types of test market?

A

Standard (sell it in certain place
Controlled (contracting test program
Simulated (replication of test market

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35
Q

the stage of the npp that positions and launches a new product in full-scall productions and sales

A

commercialization

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36
Q

a payment a manufacturer makes to place a new item on a retailers shelf

A

slotting fee

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37
Q

What is the simultaneous development of both the product and the productions process

A

parallel development

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38
Q

The stages a new product goes thrugh in the marketplace: introduction, growth, maturity, and decline

A

Product life cycle

39
Q

What is the marketing goal during the introduction stage

A

creating awareness and stimulating trial

40
Q

desire for a product class versus a specific product

A

primary demand

41
Q

preference for a specific brand

A

selective demand

42
Q

What are some goals during the growth stage?

A

differentiation, repeat purchase, broaden distribution

43
Q

What is the marketing goal during maturity?

A

holding market share through further product differentiation and finding new buyers

44
Q

Wha are marketing strategies during decline?

A

Deletion or harvesting

45
Q

dropping a product from a company’s product line

A

deletion

46
Q

retaining a product while reducing marketing costs

A

harvesting

47
Q

What are 3 important aspects of the product life cycle?

A
  1. Length
  2. Shape
  3. Rate of adoption
48
Q

What is the average length of a product life cycle?

A

Who knows!

49
Q

a product for which significant customer education is required and there is an extended introductory period?

A

high-learning

50
Q

immediate purchase because little learning is required by the consumer

A

low-learning product

51
Q

What is the idea that products diffuses or spread through the population?

A

diffusion of innovation

52
Q

What are the 5 types of consumers vis a vis diffusion of innovation?

A

Innovators, Early adopters, Early majority, Late majority, Laggards

53
Q

What are some reasons for resisting a product in the introductory stage?

A

Usage barriers, value barriers, risk barriers, pyschological barriers

54
Q

Who manages the marketing efforts for a close-knit family of products or brands

A

product/brand manager

55
Q

What is altering one or more of a products characteristics, such as its quality, performance, or appearance to increase value of customers and increase sales

A

product modification

56
Q

trying to find new customers. increase a prodct’s use among existing customers, or create new use situations

A

modifying the market

57
Q

changes the place a product occupies in a consumer’s mind relative to competitive products

A

product repositioning

58
Q

What are four factors that trigger a need for repositioning

A

Reacting to competitor position
Reaching a new market
Changing the value offered
Catching a rising trend

59
Q

involves adding value to the product through additional features or higher-quality materials

A

trading up

60
Q

reducing numbers of features, quality, or price

A

trading town (downsizing)

61
Q

An organization’s use of a name, phrase, design, symbol, or combination of these to identify and distinguish its products

A

branding

62
Q

Any work, deice, or combination of these used to distinguish a seller’s goods or services

A

brand name

63
Q

A set of human characteristics associated with a brand name

A

brand personality

64
Q

The added value a brand name gives to a product beyond the functional benefits provided

A

brand equity

65
Q

What are the steps to creating brand equity?

A
  1. positive brand awareness
  2. establish brand’s meaning
  3. proper response to brand identity
  4. Create a consumer-brand connecion
66
Q

What is a contractual agreement whereby one company allows its brand names or trademarks to be used with products or services offered by another company for a royalty or fee

A

brand licensing

67
Q

What are the steps to picking a good brand name?

A
  1. Name should suggest product benefits
  2. Name should be memorable, distinctive, and positive
  3. Name should fit company or product image
  4. Name should have no legal restrictions
  5. Name should be simple, emotional,
68
Q

A branding strategy in which a company uses one name of all its products in a product glass

A

multiproduct branding (family/corporate branding)

69
Q

a branding strategy that involves giving each product a distinct name

A

multibranding

70
Q

combines corporate or family brand with a new brand, to distinguish a part of its product line from others

A

sub-branding

71
Q

the practice of usng a current brand name to enter a different product class

A

brand extension

72
Q

A branding strategy that involves giving each product a distinct name

A

multibranding

73
Q

manufacturing products but sells them under the brand name of a wholesaler or retailer

A

private branding strategy

74
Q

marketing products under its own name, and that of a reseller because the segment attracted to the reseller is different from its own market

A

mixed branding strategy

75
Q

refers to any container in which it is offering for sale and on which label information is conveyeed

A

packaging

76
Q

a benefit of packaging; label information on it conveys to the consumer how where and when to use the product, what the product is made from, and legal requirements

A

communication benefits

77
Q

what is the role of packaging that involves storage, convenience, protection, or product quality?

A

functional benefits

78
Q

What is the benefit of packing in the consner’s mind?

A

perceptual benefit

79
Q

Expanding the four p’s framework to include people, physical environment, and process

A

seven p’s of service marketing

80
Q

Charging different prices during different times of the day or days of the week to reflect variations in demand for the service

A

off-peak pricing

81
Q

the process of managing the entire customer experience of the firm

A

customer experience management

82
Q

Integrating the service componenet of the marketing mix with efforts to influence consumer demand

A

capacity management

83
Q

The money or ther considerations exchanged for the ownership of or use of a product or service

A

price

84
Q

What is the formula for final price?

A

FP= List - [incentives + allowances] +extra fees

85
Q

The ratio of perceived benefits to price

A

value

86
Q

Profit equals total revenue - total cost

A

profit equation

87
Q

What are the four common approahes to pricing?

A

Demand-oriented, cost-oriented, profit-oriented, and competition-oriented

88
Q

What are the demand oriented approaches?

A

Skimming, penetration, prestige, odd-even, target, bundle, yield management

89
Q

What are the cost-oriented approaches

A

standard markup, cost-plus

90
Q

What are the profit-oriented approaches?

A

Target profitm target return of sales, target return on investment

91
Q

What are competition oriented approaches

A

customy, above, at, or below market, loss leader

92
Q

A graph relating the quantity sold and the price, which shows how many units will be sold at a given price

A

demand curve

93
Q

The percentage change in the quantity demanded relative to a percentage change in price

A

price elasticity of demand

94
Q

What is unit variable costs?

A

variable cost per unit

Principles of Marketing Management (7 decks)

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