Flashcards in Exam Two Deck (73)
What is a product?
May be defined as everything, both favorable and unfavorable, that a person receives in an exchange.
What is the Product Item?
A specific version of a product that can be designated as a distinct offering among an organization's products.
What is product line?
A group of closely related product items.
What is the product mix?
All Products that an organization sells.
Define what brand means:
A name, term, symbol, design, or combination of thereof that identifies - a seller's products and differentiates them from competitors products.
What is diffusion?
The process by which the adoption of an innovation spreads
Describe the product life cycle?
A concept that provides a way to trace the stages of a product's acceptance, from it's introduction (birth) to its decline (death).
The Result of applying human or mechanical efforts to people or objects.
Define Internal Marketing
Treating employees as customers and developing systems and benefits that satisfy their needs.
What is a supply chain?
The connected chain of all the business entities both internal and external to the company that perform or support that logistics functions.
What is an inventory control system?
A method of developing and maintaining and adequate assortment of materials or products to meet a manufacturers or a customers demand.
Order Processing System:
A system whereby orders are entered into the supply chain and filled
What is a materials handling system?
A method of moving inventory into within and out of a warehouse
What is a third party logistics company?
A firm that provides functional logistics services to others.
What is a marketing channel?
a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer.
What are channel members?
All parties in the marketing channel who negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer into the hands of the final consumer.
What is a direct channel?
A marketing channel in which there are no intermediaries.
What is a channel conflict?
A clash of goals and methods between distribution channel members.
What is retailing?
All the activities directly related to the sale of goods and services to the ultimate consumer for personal. non business use
What is an independent retailer?
A retailer owned by a single person or partnership and not operated as part of a larger retail institution
What is a franchise?
A business where the operator is granted a license to operate and sell a product under a larger supporting organization
What is a chain store?
A store that is part of a group of the same stores owned and operated by a single organization.
What are the four types of consumer products?
What are convenience products?
a relatively inexpensive item that merits little shopping effort
What are shopping products?
A product that requires comparison shopping because it is usually more expensive than a convenience product that is found in fewer stores
What are specialty products?
A particular item for which consumers search extensively and are very reluctant to accept substitutes
What are unsought products?
A products unknown to the potential buyer or a known product that the buyer does not actively seek
What is the product mix width?
The number of product lines an organization offers
What is the product mix depth?
The number of product items in a product line.