question

good

answer

a tangible physical entity

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service

answer

an intangible result of the application of human and mechanical efforts to people or objects.

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idea

answer

a concept, philosophy, image, or issue.

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consumer products

answer

products purchased to satisfy personal and family needs.

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business products

answer

products bought to use in a firm's operations, to resell, or to make other products.

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convenience products

answer

relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.

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shopping products

answer

items for which buyers are willing to expend considerable effort in planning and making purchases

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specialty products

answer

items with unique characteristics that buyers are willing to expend considerable effort to obtain.

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unsought products

answer

products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily thing of buying.

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installations

answer

facilities and nonportable major portable equipment

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accessory equipment

answer

equipment that does not become part of the final physical product but is used in production or office activities.

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raw materials

answer

basic natural materials that become part of a physical product.

question

component parts

answer

itmes that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly

question

process materials

answer

materials that are used directly in the production of other products but are not readily identifiable.

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MRO supplies

answer

maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product

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business services

answer

intangible products that many organizations use in their operations

question

product item

answer

a specific version of a product that can be designated as a distinct offering among a firm's products.

question

product line

answer

a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations.

question

product mix

answer

the composite, or total, group of products that an organization makes available to customers.

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width of product mix

answer

the number of product lines a company offers.

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depth of product mix

answer

the average number of different products offered in each product line.

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product life cycle

answer

the progression of a product through four stages: introduction, growth, maturity, and decline.

question

introduction stage

answer

the initial stage of a product's life cycle; its first appearance in the marketplace when sales start at zero and profits are negative.

question

growth stage

answer

the product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline.

question

maturity stage

answer

the stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall.

question

decline stage

answer

the stage of a product's life cycle when sales fall rapidly.

question

product adoption process

answer

the five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption.

question

innovators

answer

first adopters of new products

question

early adopters

answer

people who adopt new products early, choose new products carefully, and are viewed as "the people to check with" by later adopters.

question

early majority

answer

individuals who adopt a new product just prior to the average person

question

late majority

answer

skeptics who adopt new products when they feel it is necessary

question

laggards

answer

the las adopters, who distrust new products.

question

line extension

answer

development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs.

question

product modifications

answer

changes in one or more characteristics of a product.

question

quality modifications

answer

changes relating to a product's dependability and durability.

question

functional modifications

answer

changes affecting a product's versatility, effectiveness, convenience, or safety.

question

aesthetic modifications

answer

changes relating to the sensory appeal of a product.

question

new-product development process

answer

a seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test-marketing, and commercialization.

question

idea generation

answer

seeking product ideas to achieve organizational objectives.

question

screening

answer

selecting the ideas with the greatest potential for further review.

question

concept testing

answer

seeking a sample of potential buyers' responses to a product idea.

question

business analysis

answer

evaluating the potential impact of a product idea on the firm's sales, costs, and profits.

question

product development

answer

determining if producing a product is technically feasible and const effective

question

test marketing

answer

a limited introduction of a product in geographic areas chosen to representing the intended market.

question

commercialization

answer

refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product.

question

product differentiation

answer

creating and designing products so that customers perceive them as different from competing products.

question

quality

answer

the overall characteristics of a product that allow it to perform as expected in satisfying customer needs.

question

level of quality

answer

the amount of quality a product possesses.

question

consistency of quality

answer

the degree to which a product has the same level of quality over time

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product design

answer

how a product is conceived, planned, and produced

question

styling

answer

the physical appearance of a product.

question

product features

answer

specific design characteristics that allow a product to perform certain tasks.

question

customer services

answer

human or mechanical efforts or activities that add value to a product.

question

product deletion

answer

eliminating a product from the product mix when it no longer satisfies a sufficient number of customers.

question

product manager

answer

he person within an organization who is responsible for a product, a product line, or several distinct products that make up a group.

question

brand manager

answer

the person responsible for a single brand

question

market manager

answer

the person responsible for managing the marketing activities that serve a particular group of customers.

question

venture team

answer

a cross-functional group that creates entirely new products that may be aimed at new markets.

question

homesourcing

answer

a practice whereby customer contact jobs are outsourced into workers' homes

question

intangibility

answer

the characteristic that a service is not physical and cannot be perceived by the senses.

question

inseparability

answer

the quality of being produced and consumed at the same time

question

perishability

answer

the inability of unused service capacity to be stored for future use.

question

heterogeneity

answer

variation in quality

question

client-based relationships

answer

interactions that result in satisfied customers who use a service repeatedly over time.

question

customer contact

answer

the level of interactions between provider and customer needed to deliver the service.

question

service quality

answer

customers' perceptions of how well a service meets or exceeds their expectations

question

search qualities

answer

tangible attributes that can be judged before the purchase of a product.

question

experience qualities

answer

attributes that can be assessed only during purchase and consumption of a service

question

credence qualities

answer

attributes that customers may be unable to evaluate even after purchasing and consuming a service

question

nonprofit marketing

answer

marketing activities conducted to achieve some goal other than ordinary business goals such as profit, market share, or return on investment.

question

target public

answer

a collective of individuals who have an interest in or concern about an organization, product, or social cause

question

client publics

answer

direct consumers of a product of a nonprofit organization.

question

general publics

answer

indirect consumers of a product of a nonprofit organization.

question

opportunity cost

answer

the value of the benefit given up by choosing one alternative over another.

question

brand

answer

a name, term, design, symbol, or other feature that identifies one seller's product as distinct from those of other sellers.

question

brand name

answer

the part of a brand that can be spoken, including letters, words, and numbers

question

brank mark

answer

the part of a brand that is not made up of words, such as symbol or design.

question

trademark

answer

a legal designation of exclusive use of a brand

question

trade name

answer

the full legal name of an organization

question

brand loyalty

answer

a customer's favorable attitude toward a specific brand

question

brand recognition

answer

the degree of brand loyalty in which a customer is aware that a brand exists and views the brand as an alternative purchase if their preferred brand is unavailable.

question

brand preference

answer

the degree of brand loyalty in which a customer prefers one brand over competitive offerings.

question

brand insistence

answer

the degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute.

question

brand equity

answer

the marketing and financial value associated with a brand's strength in a market.

question

manufacturer brand

answer

a brand initiated by producers to ensure that producers are identified with their products at the point of purchase.

question

private distributor brand

answer

a brand initiated and owned by a reseller.

question

generic brand

answer

a brand indicating only the product category

question

individual branding

answer

a branding strategy in which each product is given a different name

question

family branding

answer

branding all of a firm's products with the same name or part of the name.

question

brand extension

answer

an organization uses one of its existing brands to brand a new product in a different product category

question

co-branding

answer

using two or more brands on one product.

question

brand licensing

answer

an agreement whereby a company permits another organization to use its brand on other products for a licensing fee.

question

family packaging

answer

using similar packaging for all of a firm's products or packaging that has one common design element.

question

labeling

answer

providing identifying, promotional, or other information on package labels.

question

universal product code (UPC)

answer

a series of electronically readable lines identifying a product and containing inventory and pricing information .

question

distribution

answer

the decisions and activities that make products available to customers when and where they want to purchase them

question

supply chain

answer

all the activities associated with the flow and transformation of products from raw materials through to the end customer.

question

operations management

answer

the total set of managerial activities used by an organization to transform resource inputs into products, services, or both.

question

logistics management

answer

planning, implementing, and controlling the efficient and effective flow and storage of products and information from the point of origin to consumption to meet customers' needs and wants.

question

supply management

answer

in its broadest form, refers to the processes that enable the progress of value from raw material to final customer and back to redesign and final disposition.

question

supply-chain management

answer

a set of approaches used to integrate the functions of operations management, logistics management, supply management, and marketing channel management so products are produced and distributed in the right quantities, to the right locations and the right time.

question

marketing channel

answer

a group of individuals and organizations that direct the flow of products from producers to customers within the supply chain.

question

marketing intermediaries

answer

middlemen that link producers to other intermediaries or ultimate consumers through contractual arrangements or through the purchase and resale of products.

question

industrial distributor

answer

an independent business organization that takes title to industrial products and carries inventories

question

dual distribution

answer

the use of two or more marketing channels to distribute the same products to the same target market.

question

strategic channel alliance

answer

an agreement whereby the products of one organization are distributed through the marketing channels of another.

question

intensive distribution

answer

using all available outlets to distribute a product.

question

selective distribution

answer

using only some available outlets in an area to distribute a product.

question

exclusive distribution

answer

using a single outlet in a fairly large geographic area to distribute a product.

question

channel captain

answer

the dominant leader of a marketing channel or a supply channel.

question

channel power

answer

the ability of one channel member to influence another member's goal achievement.

question

vertical channel integration

answer

combining two or more stages of the marketing channel under one management

question

vertical marketing system (VMS)

answer

a marketing channel managed by a single channel member to achieve efficient, low-cost distribution aimed at satisfying target market customers.

question

horizontal channel integration

answer

combining organizations at the same level of operation under one mamagement

question

physical distribution

answer

activities used to move products from producers to consumers and other end users.

question

cycle time

answer

the time needed to complete a process

question

order processing

answer

the receipt and transmission of sales order information

question

electronic data interchange (EDI)

answer

a computerized means of integrating order processing with production, inventory, accounting, and transportation

question

inventory management

answer

developing and maintaining adequate assortments of products to meet customers' needs.

question

just-in-time (JIT)

answer

an inventory-management approach in which supplies arrive just when needed for production or resale.

question

materials handling

answer

physical handling of tangible goods, supplies, and resources.

question

warehousing

answer

the design and operation of facilities for storing and moving goods

question

private warehouse

answer

company-operated facilities for storing and shipping products.

question

public warehouses

answer

storage space and related physical distribution facilities that can be leased by companies.

question

distribution centers

answer

large, centralized warehouses that focus on moving rather than storing goods.

question

transportation

answer

the movement of products from where they are made to intermediaries and end users.

question

intermodal transportation

answer

two or more transportation modes used in combination

question

freight forwarders

answer

organizations that consolidate shipments from several firms into efficient lot sizes.

question

megacarriers

answer

freight transportation firms that provide several modes of shipment

question

tying agreement

answer

an agreement in which a supplier furnishes a product to a channel member with the stipulation that the channel member must purchase other products as well.

question

exclusive dealing

answer

a situation in which a manufacturer forbids an intermediary from carrying products of competing manufacturers.

Marketing 351 (Cousley) Ole Miss – Test 3 – Ch. 11-15 – Flashcards

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