Harding Marketing 240 Brown Test 4 – Flashcards
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product
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everything, both favorable and unfavorable, that a person receives in an exchange
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convenience product
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a relatively inexpensive item that merits little shopping efforts
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shopping product
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a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
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speciality product
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a particular item for which consumers search extensively and are very reluctant to accept substitutes
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unsought product
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a product unknown to the potential buyer or a known product that the buyer does not actively seek.
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product item
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a specific version of a product that can be designated as a distinct offering among an organization's products
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product line
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a group of closely related product items
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product mix
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all products that an organization sells
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product mix width
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the number of product lines an organization offers
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product line depth
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the number of product items in a product line
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product modification
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changing one or more of a product's characteristics
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planned obsolescence
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the practice of modifying products so those that have already been sold become obsolete before they actually need replacement
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product line extension
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adding additional products to an existing product line in order to compete more broadly in the industry
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brand
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a name, term, symbol, design, or combination thereof that identifies a sellers products and differentiates them from competitors products
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brand name
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that part of a brand that can be spoken, including letters, words, and numbers
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brand mark
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the elements of a brand that cannot be spoken
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brand equity
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the value of a company or brand name
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global brand
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a brand that obtains at least a one-third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
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brand loyalty
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consistent preference for one brand over all others
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manufacturer's brand
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the brand name of a manufacturer
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private brand
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a brand name owned by a wholesaler or a retailer
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captive brand
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a brand manufactured by a third party for an exclusive retailer, without evidence of that retailers affiliation
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individual branding
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using different brand names for different products
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family branding
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marketing several different products under the same brand name
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co-branding
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placing two or more brand names on a product or its package
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trademark
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the exclusive right to use brand or part of a brand
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service mark
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a trademark for a service
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generic product name
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identifies a product by class or type and cannot be trademarked
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persuasive labeling
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a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary
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informational labeling
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a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
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universal product codes (UPCs)
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a series of thick and thin vertical lines (bar codes) readable by computerized optical scanners that represent numbers used to track products
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warranty
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a confirmation of the quality or performance of a good or service
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express warranty
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a written guarantee
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implied warranty
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an unwritten guarantee that the good or service is fit for the purpose for which it was sold
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new product
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a product new to the world, the market, the producer, the seller, or some combination of these
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new-product strategy
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a plan that links the new-product development process with the objectives of the marketing department, the business unit,and the corporation
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product development
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a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
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brainstorming
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the process of getting a group to think of unlimited ways to vary a product or solve a problem
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screening
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the first filter in the product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some other reason
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concept test
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a test evaluate a new-product idea, usually before any prototype has been created
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business analysis
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the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated
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development
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the stage in the product development process in which prototype is developed and a marketing strategy is outlined
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simultaneous product development
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a team-oriented approach to new-product development
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test marketing
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the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
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simulated (laboratory) market testing
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the presentation of advertising and other promotional materials for several products, including a test product, to members of the product's target market
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commercialization
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the decision to market a product
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innovation
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a product perceived as new by a potential adopter
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diffusion
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the process by which the adoption of an innovation spreads
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product life cycle (PLC)
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a concept that provides a way to trace the stages of a product's acceptance, from its birth to death
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product category
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all brands that satisfy a particular type need
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introductory stage
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the full-scale launch of a new product into the marketplace
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growth stage
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the second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy
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maturity stage
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a period during which sales increase at a decreasing rate
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decline stage
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a long-run drop in sales
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service
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the result of applying human or mechanical efforts to people or objects
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intangibility
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the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed
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search quality
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a characteristic that can be easily assessed before purchase
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experience quality
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a characteristic that can be assessed only after use
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credence quality
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a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience
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inseparability
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the inability of the production and consumption of a service to be separated; consumers must be present during the production
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heterogeneity
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the variability of the inputs and outputs or services, which causes services to tend to be less standardized and uniform that goods
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perishability
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the inability of the services to be stored, warehoused, or inventoried
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reliabilty
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the ability to perform a services dependably, accurately, and consistently
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responsiveness
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the ability to provide prompt service
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assurance
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the knowledge and courtesy of employees and their ability to convey trust
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empathy
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caring, individualized attention to customers
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tangibles
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the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service
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gap model
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a model identifying five gaps that can cause problems in service delivery and influence customer evaluations of a service quality
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core servie
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the most basic benefit the consumer is buying
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supplementary services
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a group of services that support or enhance the core service
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mass customization
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a strategy that uses technology to deliver customized services on a mass basis
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internal marketing
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treating employees as customers and developing systems and benefits thats satisfy their needs
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nonprofit organization
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an organization that exists to achieve some goal other than the usual business goals of profit, market share, or return on investment
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nonprofit organization marketing
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the effort by nonprofit organizations to bring about mutually satisfying exchanges with the target markets
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public service advertisement (PSA)
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an announcement that promotes a program of a federal, state, or local government or of a nonprofit organization
