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BUSA > Chapter 12 > Flashcards

Chapter 12 Flashcards

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1
Q

How would you define the word product?

A

Anything that an organization offers to satisfy consumers needs and wants, including both goods and service.

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2
Q

what does intangibility mean?

A

Things you cannot (typically). Adding things that suggest value in something
i.e having a holly wood restaurant and decorating its walls with signed posters to validate its credentials

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3
Q

what does inseparability mean?

A

Not able to separate the buyer of a service from the person who buys it.

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4
Q

what does Variability ?

A

how good something is. Like the quality of a service by a well known more experience professional than some amateur

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5
Q

what does Perishability mean?

A

having a limitation to your service

i.e like a cafe only having

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6
Q

what are pure goods?

A

products that do not include any services

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7
Q

what are pure services?

A

Products that do not include any goods

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8
Q

what are consumer products?

A

products purchased for personal use or consumption

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9
Q

what is the core benefit of a product?

A

going to a movie
core benefit = entertainment

smart phone
core benefit=communication

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10
Q

What is the actual product?

A

seeing the avengers

buying and iPhone

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11
Q

What is the argumentative?

A

Things that convince the consumer to buy a product (the extra push on something. Like a phone coming with insurance when you buy decide to sign the contract

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12
Q

What are business products?

A

Products purchased to use either directly or indirectly in the production of other products.

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13
Q

What is product differentiation?

A

The attributes that make a good or service different from other products that compete to meet the same or similar customer needs.

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14
Q

What are the different consumer product categories?

A

Convenience products
shopping products
Specialty products
Unsought products

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15
Q

What are convenience products?

A

things like soda, gum, toilet paper

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16
Q

What are shopping products?

A

more expensive products that consumers buy less frequently. typically as consumers shop they search for the best value and learn more about features and benefits.

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17
Q

what is a specialty product?

A

Things that are much more expensive consumers seldom purchase.
i.e tiffany jewelry, Lamborghini, etc

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18
Q

What is an unsought product?

A

Things holding little interest or no interest, blood donations, funeral cost etc.

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19
Q

What are the different business product categories?

A 
Installations
Accessory equipment
maintenance repair and operating products
Raw materials
Competent parts and processed materials
Business services
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20
Q

What is installations?

A

robots, buildings, planes, trains and automobiles

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21
Q

What are accessory equipment?

A

computers power tools and furniture

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22
Q

what are maintenance repair and operating products?

A

Light bulbs, brooms, and copy paper

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23
Q

What are Competent parts and processed materials?

A

Spark plugs, and aluminum for soda cans

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24
Q

what are business services?

Study These Flashcards
A

legal service, janitorial, marketing research

25
what does quality level mean?
How well a product performs its core functions.
26
define product consistency
how reliably a product delivers its promised level of quality.
27
define product features
The specific characteristics of a product.
28
define customer benefit
The advantage that a customer gains from specific product features
29
Define product line
a groupe of products that are closely related to each other. Either in terms of how they work or the consumers they serve
30
define product mix
the total number of product lines and individual items sold by a single firm
31
What is cannibalization
When a producer offers a new product that takes sales away from its existing products
32
Define Brand
A products identity-including name symbol design reputation and image - that sets it apart from other plays in the same category
33
What is brand Equity?
The overall value of a brand to an organization
34
what is line extension?
similar products offered under the same brand name
35
Define brand extension?
A new product in a new category introduced under an existing brand name
36
what is licensing?
Purchasing the right to use another company's brand name or symbol
37
what is cobranding?
when established brands from different companies join forces to market the same product?
38
what are national brands
Brands that the producer owns and markets
39
What are store bands?
Brands that the retailer both produces and the distributes (also called private label brands)
40
What are the different types of innovation?
Discontinuous Dynamically continuous Continuous
41
What is discontinuous innovation?
Things like the first car and tv
42
what is dynamically continuous innovation?
these are things that can change gradually or can have room/in the constant process of improving
43
What is continuous innovation?
This is like dynamic but the changes are smaller / it would be things such as change in size or flavor or something o
44
What is product life cycle?
A pattern of sales and profits that typically changes over time.
45
Define promotion?
marketing communications designed to influce consumer purchase decisions through information persuasion and reminders.
46
What is integrated marketing communication
The coordination of marketing messages through every promotional vehicle to communicate a unified impression about a product
47
Positioning statement
A brief statement that articulates how the marketer would like the target market to envision a product relative to the competition
48
What is promotional channels?
This is specific marketing communication vehicles including traditional tools such as advertising sales promotion, direct marketing and personal selling and newer tools such as product placement and advergaming and internet mini movies.
49
What is advergaming?
using video games to advertise
50
what is buzz marketing?
low cost marketing like word of mouth
51
what is a sponsorship?
A company helping pay for something (like an event) in order to be advertised at the event
52
Advertising
paid non personal communication designed to influence a target audience
53
Sales promotion
Using tools such as premiums promotional products samples coupons and rebates that is used to generate immidate consumer sales
54
Trade promotion
Marketing activities designed to stimulate whole salers and retailers to push specific products more aggressively over the short term
55
Public relations (PR)
on going effort to create positive relationships with the firms different public
56
Publicity
unpaid stories that influence products
57
personal selling
person to person presentation
58
Push strategy
heavily promoting or pushing the sale of a product / through heavy trade
59
Pull strategy
creating a demand for something making people seek them

BUSA (2 decks)

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