MT1 - Chapter 8 Vocab Flashcards Preview

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Flashcards in MT1 - Chapter 8 Vocab Deck (59):
1

product

anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want

2

service

an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

3

3 levels of products and services

core customer value (what is the customer really buying)
actual product ( brand name, quality level, packaging, design, features)
augmented product (delivery and credit, product support, warranty, after-sale service)

4

consumer products

a product bought by final consumers for personal consumption

5

types of consumer products (4)

convenience
shopping
specialty
unsought

6

convenience product

consumer product customers usually buy frequently, immediately, and with minimal comparison and buying effort

7

shopping product

consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style

8

specialty product

consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

9

unsought product

consumer product that the consumer either does not know about or knows about but does normally not consider buying

10

industrial product

product bought by individuals and organizations for further processing or for use in conducting a business
distinction from consumer product based on purpose for which product is purchased

11

3 types of industrial products

materials and parts
capital items
supplies and services

12

materials and parts

raw materials and manufactured materials and parts

13

capital items

industrial products that aid in the buyer's production or operations

14

supplies and services

operating supplies, maintenance and repair services

15

organization marketing

activities undertaken to create, maintain, or change the attitudes and behaviors of target consumers toward an organization

16

person marketing

activities undertaken to create, maintain, or change the attitudes and behaviors toward particular people

17

place marketing

activities undertaken to create, maintain or change attitudes or behavior toward particular places

18

social marketing

use of commercial marketing concepts and tools in programs designed to influence individual's behavior to improve their well-being and that of society

19

important individual product and service decisions (5)

product attributes
branding
packaging
labeling
product support services

20

product quality

characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
consistency and level

21

total quality management

an approach in which all of the company's people are involved in constantly improving the quality of products, services, and business processes

22

return on quality approach

quality is an investment, hold quality efforts accountable for bottom line results

23

performance quality

product's ability to perform its functions

24

product and service attributes (3)

product quality
product features
product style and design

25

conformance quality

freedom from defects and consistency in delivering a targeted level of performance

26

style

describes appearance of a product

27

design

contributes to product's usefulness in addition to looks

28

brand

name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors

29

packaging

activities of designing and producing the container or wrapper for a product

30

label

identifies the product or brand, describes several things about the product, helps to promote the brand

31

unit pricing

stating the price per unit of a standard measure

32

open dating

stating the expected shelf life of the product

33

nutritional labeling

stating the nutritional values in a product

34

product line

group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges

35

product line length

number of items in the product line

36

product line filling

adding more items within the present range of the line

37

product line stretching

adding items beyond the line's present range

38

product mix/portfolio

set of all product lines and items that a particular seller offers for sale

39

product mix width, length, depth, consistency

width: number of different product lines
length: total number of items within product lines
depth: number of versions offered for each product in the line
consistency: how closely related product lines are in end use, production requirements, distribution channels, or some other way

40

4 special service characteristics

intangibility
inseparability
variability
perishability

41

service intangibility

services cannot be seen, tasted, felt, heard, or smelled before they are bought

42

service inseparability

services are produced and consumed at the same time and cannot be separated from their providers

43

service variability

quality of services may depend upon who provides them and when, where and how they are produced

44

service perishability

services cannot be stored for later use

45

service profit chain

chain that links service firm profits with employee and customer satisfaction

46

5 links of service profit chain

internal service quality
satisfied and productive service employees
greater service value
satisfied and loyal customers
healthy service profits and growth

47

3 types of service marketing

internal marketing
interactive marketing
external marketing

48

internal marketing

orienting and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction

49

interactive marketing

training service employees in the fine art of interacting with customers to satisfy their needs

50

3 major service marketing tasks

service differentiation (offer, delivery, image)
service quality (recovery)
service productivity (don't take it too far)

51

brand equity

differential effect that knowing the brand name has on customer response to the product or its marketing

52

customer equity

value of customer relationships that the brand creates

53

4 major brand strategy decisions

brand positioning (attributes, benefits, beliefs & values)
brand name selection (selection, protection)
brand sponsorship (manufacturer's, private, licensing, co-branding)
brand development (line extensions, brand extensions, multibrands, new brands)

54

store brand (private brand)

brand created and owned by a reseller of a product/service)

55

co-branding

practice of using established brand names of two different companies on the same product

56

line extension

extending an existing brand name to new forms, colors, sizes, ingredients or flavors of an existing product category

57

brand extension

extending an existing brand name to new product categories

58

4 consumer perception dimensions of brand

differentiation (what makes it stand out)
relevance (how consumers feel it meets their needs)
knowledge (how much consumers know about it)
esteem ( how highly consumers regard and respect it)

59

megabrand strategies

weeding out weaker or slower-growing brands and focusing their marketing dollars on brands that can achieve the number one or number two market share positions with good growth prospects in their categories