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Midterm Review 2 Flashcards

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1
Q

what are the 4 I’s of services?

A
  • intangibility; can’t be touched
  • inseparability; can’t separate service provider from service
  • inventory; services can’t be stored
  • inconsistency; variability and quality depends on who provides the services
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2
Q

what are the different product levels?

A
  • core benefit; what the customer is really buying (ex. winter jacket)
  • actual product; specific attributes of the product (ex. Tommy Hilfiger, reversible fur jacket)
  • augmented product; additional customer benefits and services (ex. lifetime warranty, free shipping)
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3
Q

what are the consumer product classes?

A
  • convenience; minimal buying effort, low priced and widespread distribution (ex. dish soap)
  • shopping; more effort, higher prices, selective distribution in fewer outlets (ex. TVs)
  • specialty; special group of buyers, strong brand preference and loyalty (ex. Lululemon)
  • unsought; little product awareness, aggressive advertising and personal selling (ex. insurance)
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4
Q

what is line stretching?

A

adding product that are higher or lower in price than existing products in the line
- ex. cars

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5
Q

what is line filling?

A

adding more products within the same price range

- ex. Pantene shampoo

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6
Q

width, depth and consistency meaning?

A
  • width; # of different product lines
  • depth; # of variants in each line
  • consistency; how closely related the lines are
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7
Q

what are the 5 brand performance measures?

A
  1. relative satisfaction
  2. awareness
  3. commitment
  4. relative perceived quality
  5. availability
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8
Q

what are the 3 levels of brand positioning?

A
  • product attributes; least effective, easy to copy
  • benefit; association with name and desired benefit
  • beliefs and values; taps into emotions
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9
Q

manufacturer brands

A

share same name as the manufacturer (national brands)

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10
Q

private (store) brands

A

brands established by retailers

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11
Q

licensed brands

A

selling the rights to use a brand on a product

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12
Q

co-branding

A

using two brand names on one product

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13
Q

what is line extension?

A

adding a product under existing brand name and existing product category
- ex. new flavour or colour

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14
Q

what is brand extension?

A

uses existing brand names to launch a product in a new category
- ex. Reese’s ice cream

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15
Q

what is multibrands?

A

new brand in existing product category creating variations in product category
- ex. laundry detergent

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16
Q

what is a new brand?

A

new brand name and new product category

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17
Q

what is a zombie brand?

A

product and company dies but brand lives on

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18
Q

what are intermediaries? what are the benefits?

A

stand between producers and final users

- benefits: greater efficiency, create value and competitive advantage, specialization

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19
Q

what are merchant middlemen?

A

take title and sell products

- ex. retailers

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20
Q

what are agent middlemen?

A

find customers and negotiate on behalf of producers, they are facilitators
- ex. brokers

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21
Q

what is multichannel distribution?

A

using 2 or more different marketing channels to distribute products
- ex. catalog, website, department stores

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22
Q

pros and cons of multichannel distribution?

A

pros

  • target different segments
  • gives superior value

cons

  • harder to control
  • risk of cannibalization
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23
Q

what is cross channel integration?

A

using different channels in the purchasing process

ex. browse a catalog, order online, return in store

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24
Q

what is intensive distribution? (# of outlets, market coverage/control, types of goods, expectations)

A
  • many outlets
  • mass marketing, little control
  • convenience goods
  • frequent purchases, minimal assistance
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25
what is selective distribution? (# of outlets, market coverage/control, types of goods, expectations)
- several outlets - balanced market coverage and control - shopping and some specialty - several visits, some assistance
26
what is exclusive distribution? (# of outlets, market coverage/control, types of goods, expectations)
- few outlets - low market coverage, lots of control - specialty and industrial equipment - willing to travel, high service
27
what is vertical channel conflict?
conflict between different channel levels | - ex. canon to Best Buy
28
what is horizontal conflict?
conflict between the same channel levels | - ex. Best Buy and Walmart
29
what is IMC (Integrated Marketing Communication)
integrates and coordinates communications to deliver a clear, concise and convincing message
30
what are the 5 elements of the promotion strategy/promotional mix?
1. advertising 2. personal selling 3. public relations/ publicity 4. direct marketing 5. sales promotion
31
what is the push strategy?
use trade promotions and personal selling to push the product through the distribution channels
32
what is the pull strategy?
use advertising and consumer sale promotions to generate demand for the product
33
what are the promotional objectives?
- remind; make consumers think about the product and why it's important (ex. breast cancer awareness campaign) - inform; bring awareness to the product and its features, introduction phase (ex. ads, showcase what the product is) - persuade; make customers pick your product over others (ex. ad seeking change; show why your alternative is better)
34
what is advertising?
communication from the marketer to the consumers | - goal is to increase sales
35
what are the 4 budget setting methods?
- affordable; what level management thinks they can afford - advertising to sales; % of current or forecasted sales - competitive parity; match competitors prices - objective and task; estimating costs to complete tasks
36
what is gross rating points?
a measure of the size of the consumers reached by a specific media vehicle
37
what is the GRP formula? Example.
reach x frequency | - ex. 3% of population drove by billboard 2 times a day for 120 days; GRP: 3 X 2 X 120 = 720
38
what s message strategy?
general message that s communicated to customers - it is the big idea
39
message appeal must be what?
- meaningful; point out differences - believable; deliver promises - distinctive; how its better
40
what is ACM model?
- get Attention - achieve Comprehension - be Memorable
41
what are the 9 different message executions?
1. slice of life; ex. mcdonalds 2. lifestyle; ex. Lululemon 3. fantasy; ex. perfumes 4. mood/image; ex. peace, love, beauty 5. endorsement; ex. Michael Jordan in shoes or vouching for them 6. musical; ex. ads with singing 7. technical expertise; ex. stating years in business or success 8. personality; ex. Pillsbury dough boy 9. scientific evidence; ex. scientist stating proof of concept
42
what is reach and frequency?
- % of people in a target market exposed to the ad | - # of times each member was exposed
43
what is sales promotion?
offers direct inducement to purchase
44
what is consumer promotions? goal and example.
incentives to consumers to pull the product through the channel - goal is to increase short term sales - ex. free samples, sales
45
what is trade promotions? goal and example.
incentives to retailers to push products - goal is to get retailers to do things, ex. carry new products, purchase more inventory - ex. discounts, free goods
46
what is personal selling?
face to face contact wth consumers to inform and pursued them to buy - more important for custom made or complicated products
47
what is direct marketing?
deliver promotional message directly to potential consumers, they are non public and customized
48
what is publicity?
unpaid form of non personal communication through various media outlets - ex. blogs
49
what is public relations? what are the 3 functions?
evaluates and executes program of action to earn public understanding - identity public interest - evaluate attitudes - implement program to win public
50
what is cost based pricing?
decisions start with the product and end with customer | - set price based on costs and convinces buyers of products value
51
what is value based pricing?
uses buyers perceptions of value to set the price
52
what is values added pricing?
developing features that add value to the market offering
53
what is market skimming pricing?
setting a high initial price for a new product and later skimming or lowering the price - fewer but more profitable sales
54
what is market penetration pricing?
low initial price to penetrate market and get large volume of sales
55
what is segment price strategies?
selling things at different prices not based on differences in cost
56
what are the 4 segment price strategies?
- customer segment (ex. movie theatre prices) - product form (ex. Costco) - location (ex. concert tickets) - time pricing (ex. electricity)
57
what is loss leader strategy?
popular item is prices below cost to attract customers hoping they will buy other more profitable items
58
what is the product development stage in PLS?
- new product is developed - sales are zero - high investment costs - negative profits
59
what is the introduction stage in PLS? goal?
- low sales - high cost to acquire customers - negative profits - little competition goal: increase awareness and induce trial
60
what is the growth stage in PLS? goal?
- rapidly rising sales - rising profits - growing competition goal: capitalize on increasing demand and sustain growth
61
what is the maturity stage in PLS? goal?
- sales peak - high profits - competition declines goal: maintain sales
62
what is decline in the PLS? goal?
- declining sales - declining profits - declining competition goal: minimize losses or rejuvenate

BMK211 (2 decks)

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