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Principles of Marketing > Exam 2 > Flashcards

Exam 2 Flashcards

(61 cards)

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1
Q

product

A

good, service, or idea of tangible and intangible attributes that satisfy customer needs

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2
Q

product class

A

industry they belong to

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3
Q

product form

A

type of product within the industry

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4
Q

product item

A

unique brand, size, or price

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5
Q

product line

A

group of products that are closely related and often used together

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6
Q

product mix

A

all product lines sold by an organization

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7
Q

new product development

A
  1. New Product Strategy Development
  2. Idea Generation
  3. Screening and Evaluation (concept test)
  4. Business Analysis
  5. Development
  6. Market Testing
  7. Commercialization
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8
Q

npd - new product strategy development

A

defines its goals for the new product and aligns it with its overall business strategy.

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9
Q

npd - idea generation

A

brainstorm potential product ideas

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10
Q

npd - screening and evaluation

A

ideas are evaluated to eliminate those that are unfeasible or don’t align with strategy

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11
Q

npd - business analysis

A

examines the financial potential of the product

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12
Q

npd - development

A

idea becomes a prototype

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13
Q

npd - market testing

A

product is released in a limited market or test area

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14
Q

npd - commercialization

A

product goes to full market launch; production, distribution, marketing, and sales

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15
Q

new product failures

A
  1. Insignificant point of difference
  2. Incomplete market and product protocol
  3. Not satisfying customer needs on critical factors
  4. Bad timing
  5. No economical access to buyers
  6. Poor execution of the marketing mix
  7. Too little market attractiveness
  8. Poor product quality
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16
Q

product life cycle

A
  1. Introduction
  2. Growth
  3. Maturity
  4. Decline
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17
Q

trade name

A

name under which you do business

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18
Q

deletion

A

completely removing a product from the market

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19
Q

harvesting

A

milk the brand

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20
Q

downsizing

A

Reducing Content in Package

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21
Q

price

A

is the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service

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22
Q

barter

A

exchanging products and services for other products and services

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23
Q

markup

A

the amount added to the cost of a product to determine its selling price

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24
Q

pricing constraints

A
  1. Demand for the Product
  2. Stage in the Product Life Cycle.
  3. Cost of Producing and Marketing the Product.
  4. Cost of Changing Prices.
  5. Single Product versus a Product Line.
  6. Type of Competition in the Market
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25
Pure competition
market with many sellers offering identical products
26
Monopolistic competition
market with many sellers offering similar but slightly differentiated products
27
Oligopoly
market dominated by a few large firms
28
Pure monopoly
market where one company controls the entire supply of a product or service
29
Skimming pricing
Start with a high price when the product is new and innovative, then lower it over time
30
Penetration pricing
Start with a low price to quickly gain market share and attract customers
31
Prestige pricing
Set a high price to create an image of luxury or exclusivity
32
Price lining
Set a limited number of fixed prices for a range of products
33
Odd-even pricing
Prices that end in odd numbers make items seem cheaper than they are
34
Target pricing
A manufacturer works backward from what the customer is willing to pay and subtracts costs to set the wholesale price
35
Yield Management pricing
Charging different prices to different customers to maximize revenue, based on time, demand, and availability
36
Bundle pricing
Selling two or more products together at a discounted price
37
Standard Markup pricing
A fixed percentage is added to the cost of the product to set the selling price
38
Cost-Plus pricing
Add a specific dollar amount (not a percentage) to the total cost
39
Experience-Curve pricing
a company gains experience, its unit cost drops (usually by 10–30% each time total output doubles)
40
Deceptive pricing and the law
pricing practices that mislead or deceive consumers into thinking they are getting a better deal than they actually are
41
Horizontal price fixing and the law
anti-competitive practice where competitors at the same level of the supply chain (e.g., different companies in the same industry) agree to set prices at a certain level, rather than letting market forces determine those prices
42
Transactional Function
Buying; Selling; Risk taking
43
Logistical Function
Assorting; Sorting (breaking the bulk); Storing; Transporting
44
Facilitating Function
Financing; Grading; Supplying marketing information and research
45
Corporate
a single company owns or controls all the levels of the distribution channel
46
Contractual
independent firms at different levels of the channel (e.g., producers, wholesalers, and retailers) come together through contracts to coordinate their activities
47
Administered
a dominant channel member (often a large company with significant market power) exerts control over the other members of the channel through influence rather than through ownership or contracts
48
Horizontal conflict
occurs among firms at the same level of the channel
49
Vertical conflict
occurs between different levels of the same channel
50
Reverse logistics
reusing, recycling, or disposing of returns by consumers or resellers
51
Independent Retailers
Owned by a single person or family
52
Corporate Chains
Multiple outlets under common ownership
53
Contractual Systems
Independent owner pays fees and royalties to operate under a national brand
54
Sales Per Square Foot
total sales $ / selling area sqft
55
Same-Store Sales Growth
(sales yr 2 - sales yr 1) / sales yr 1
56
integrated marketing communications
sales promotion, advertising, personal selling, public relations, digital marketing
57
communication process
Source, Message, Encoding, channel of communication, Decoding, Receiver
58
types of advertisement
1. Pioneering (informational) 2. Competitive (persuasive) 3. Reminder 4. Advocacy (position of company on an issue)
59
Tools for Public Relations
News Release News Conference Public Service Announcement (PSA)
60
media richness
how effective a communication medium is at delivering information and resolving ambiguity or uncertainty
61
Share of voice
measures how much visibility or presence your brand has in the marketplace compared to competitors

Principles of Marketing (2 decks)

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