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Flashcards in Vocabulary (Exam 2) Deck (39)
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1

The physical, tangible elements that make up a product's essential benefit

Core Product

2

Frequently purchased, relatively low-cost products that consumers have little interest in seeking new information about or considering other product options

Convenience Goods

3

A set of assets and liabilities linked to a brand's name and symbol that adds to or subtracts from the value provided by a product or service to a firm or that firm's customers

Brand Equity

4

The joining of two or more well-known brands in a common product or taking two brands and marketing them in partnership

Co-branding

5

When a seller advertises a low price but has no intent to actually make the lower priced-item available for sale

Bait and Switch

6

Building a price by adding standardized markup on top of the costs associated with the offering

Cost-plus pricing

7

A shipping method used by manufacturers to better match quantities needed in terms of the space constraints and inventory turnover requirements of their buyers

Breaking Bulk

8

A function performed by intermediaries that involves taking product from multiple sources and sorting it into different classifications for sales through the channel

Accumulating Bulk

9

The process of accumulating products from several sources to then make those products available down the channel as a convenient assortment for consumers

Creating Assortments

10

The investment of a channel member in backward or forward vertical integration by buying controlling interests in other intermediaries

Corporate Vertical Marketing System (VMS)

11

The binding of otherwise independent entities in the vertical marketing system legally through contractual agreements

Contractual Vertical Marketing System (VMS)

12

The number of different product categories offered by a retailer

Breadth of Merchandise

13

Additional features, designs, or innovations that extend beyond the core product to exceed customer expectations

Enhanced Product

14

Products that require consumers to do research and compare across product dimensions like color, size, features, and price

Shopping Goods

15

Unique products in which consumers' purchase decision is based on a defining characteristics

Specialty Goods

16

Products that consumers do not seek out and often would rather not purchase at all

Unsought Goods

17

When a company fails to stop a bad product idea from moving into product development

Go-to-market Mistake

18

When a product that is a good idea is prematurely eliminated during the screening process and ultimately never introduced to the market

Stop-to-market Mistake

19

Strategies designed to involve investing against existing customers to gain additional usage of existing products

Market Penetration

20

A pricing strategy in which a firm enters a market at a relatively high price point, usually in an effort to create a strong price-quality relationship for the product

Market Skimming

21

When a firm offers other manufacturers the right to use its brand in exchange for a set fee or percentage of sales

Brand Licensing

22

Any information bearing experience that a customer or prospect has with the brand, the product category, or the sponsoring organization that relates to the marketer's product or service.

Brand Contact

23

A pricing tactic in which the price is expressed in whole-dollar amounts

Even Pricing

24

When shippers set up geographic pricing zones based on the distance from the shipping location

Zone Pricing

25

A channel that has no intermediaries and operates strictly from producer to end-user consumer or business user

Direct Channel

26

A channel that contains one or more intermediary levels

Indirect Channel

27

pricing strategy that charges customers different prices for the same product or service; the seller places customers in groups based on certain attributes and charges each group a different price

Price Discrimination

28

Handing over one or more of its core internal functions, such as most or all of its supply chain activities, to other (third-party) companies that are experts in those areas allows the firm to better focus on its core business

Outsourcing

29

Promotional and distribution strategy in which the focus is on stimulating demand within the channel of distribution

Push Strategy

30

Promotional and distribution strategy in which the focus is on stimulating demand for an offering directly from the end user

Pull Strategy