question

new product

answer

a product new to the world, the market, the producer, the seller, or some combination of these

question

new product strategy

answer

a plan that links the news product development process with the objectives of the marketing department, the business unit, and the corporation

question

product development

answer

a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products

question

brainstorming

answer

the process of getting a group to think of unlimited ways to vary a product or solve a problem

question

screening

answer

the first filter in the product development precess, which eliminates ideas that are inconsistent with the organization's new product strategy or are obviously inappropriate for some other reason

question

concept test

answer

a test to evaluate a new product idea, usually before any prototype has been created

question

business analysis

answer

the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated

question

development

answer

the stage in the product development process in which a prototype is developed and a marketing strategy is outlined

question

simultaneous product development

answer

a team oriented approach to new product development

question

test marketing

answer

the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation

question

simulated (laboratory) market testing

answer

the presentation of advertising and other promotion materials for several products, including a test product, to members of the product's target market

question

commercialization

answer

the decision to market a product

question

innovation

answer

a product perceived as new by a potential adopter

question

diffusion

answer

the process by which the adoption of an innovation spreads

question

product life cycle (PLC)

answer

a concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death)

question

product category

answer

all brands that satisfy a particular type of need

question

introductory stage

answer

the full scale launch of a new product into the marketplace

question

growth stage

answer

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

question

maturity stage

answer

a period during which sales increase at a decreasing rate

question

decline stage

answer

a long run drop in sales

question

product

answer

everything, both favorable and unfavorable, that a person receives in an exchange

question

convenience product

answer

a relatively inexpensive item that merits little shopping effort

question

shopping product

answer

a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

question

specialty product

answer

a particular item for which consumers search extensively and are very reluctant to accept substitutes

question

unsought product

answer

a product unknown to the potential buyer or a known product that the buyer does not actively seek

question

product item

answer

a specific version of a product that can be designated as a distinct offering among an organization's product

question

product line

answer

a group of closely related product items

question

product mix

answer

all products that an organization sells

question

product mix width

answer

the number of product lines an organization offers

question

product line depth

answer

the number of product items in a product line

question

product modification

answer

changing one or more of a product's characteristics

question

planned obsolescence

answer

the practice of modifying products so those that have already been sold become obsolete before they actually need replacement

question

product line extension

answer

adding additional products to an existing product line in order to compete more broadly in the industry

question

brand

answer

a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products

question

brand name

answer

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

question

brand mark

answer

the elements of a brand that cannot be spoken

question

brand equity

answer

the value of a company or brand name

question

global brand

answer

a brand that obtains at least one third of its earning from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data

question

brand loyalty

answer

consistent preference for one brand over all others

question

manufacturer's brand

answer

the brand name of a manufacturer

question

private brand

answer

a brand name owned by a wholesaler or retailer

question

captive brand

answer

a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation

question

individual branding

answer

using different brand names for different products

question

family branding

answer

marketing several different products under the same brand name

question

co-branding

answer

placing two or more brand names on a product or its package

question

trademark

answer

the exclusive right to use a brand or part of a brand

question

service mark

answer

a trademark for service

question

generic product name

answer

identifies a product by class or type and cannot be trademarked

question

persuasive labeling

answer

a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary

question

informational labeling

answer

a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase

question

universal product codes (UPCs)

answer

a series of thick and thin vertical lines (bar codes) readable by computerized optical scanners that represent numbers used to track products

question

warranty

answer

a confirmation of the quality or performance of a good or service

question

express warranty

answer

a written guarantee

question

implied warranty

answer

an unwritten guarantee that the good or service is fit for the purpose for which it was sold

question

retailing

answer

all the activities directly related to the sale of goods and services to the ultimate consumer for personal nonbusiness use

question

retailer

answer

a channel intermediary that sells mainly to consumers

question

independent retailer

answer

a retailer owned by a single person or partnership and not operated as a part of a larger retail institution

question

chain store

answer

a store that is part of a group of the same stores owned and operated by a single organization

question

franchise

answer

a relationship in which the business rights to operate and sell a product are granted by the franchisor to the franchise

question

franchisor

answer

the originator of a trade name, product, methods of operation, and the like that grants operating rights to another party to sell its product

question

franchisee

answer

an individual or business that is granted the right to sell another party's product

question

gross margin

answer

the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted

question

department store

answer

a store housing several departments under one roof

question

specialty store

answer

a retail store specializing in a given type of merchandise

question

supermarket

answer

a large, departmentalized, self-service retailer that specializes in food and some nonfood items

question

drugstore

answer

a retailer store that stocks pharmacy related products and services as its main draw

question

convenience store

answer

a miniature supermarket, carrying only a limited line of high turnover convenience goods

question

discount store

answer

a retailer that competes on the basis of low prices, high turnover, and high volume

question

full line discount store

answer

a discount store that carries a vast depth and breadth of product within a single product category

question

supercenter

answer

a large retailer that stocks and sells a wide variety of merchandise including groceries, clothing, household goods, and other general merchandise

question

category killer

answer

a retail store that specializes in a single line of merchandise and becomes the dominant retailer in its category

question

specialty discount store

answer

a retail store that offers a nearly complete selection of single line merchandise and uses self service discount prices, high volume, and high turnover

question

warehouse club

answer

a large, no frills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee

question

off price retailer

answer

a retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its stock and usually doesn't ask for return privileges

question

factory outlet

answer

an off price retailer that is owned and operated by a manufacturer

question

used goods retailer

answer

a retailer whereby items purchased from one of the other types of retailers are resold to different customers

question

restaurant

answer

a retailer that provides both tangible products - food and drink - and valuable services - food preparation and presentation

question

nonstore retailing

answer

shopping without visiting a store

question

automatic vending

answer

the use of machines to offer goods for sale

question

self service technologies (SST)

answer

technological interfaces that allow customers to provide themselves with products and/or services without the intervention of a service employee

question

direct retailing

answer

te selling of products by representatives who work door to door, office to office, or at home sales parties

question

direct marketing (DM)

answer

techniques used to get consumers to make a purchase from their home, office, or other nonretail setting

question

telemarketing

answer

the use of the telephone to sell directly to customers

question

direct mail

answer

the delivery of advertising or marketing material to recipients of postal or electronic mail

question

microtargeting

answer

the use of direct marketing techniques that employ highly detailed data analytics on order to isolate potential customers with great precision

question

shop at home television network

answer

a specialized form of direct response marketing whereby television shows display merchandise, with the retail price, to home viewers

question

online retailing (e-tailing)

answer

a type of shopping available to consumers with personal computers and access to the internet

question

floor stock

answer

inventory displayed for sale to customers

question

back stock

answer

inventory held in reserve for potential future sale in a retailer's storeroom or stockroom

question

retailing mix

answer

a combination of the six P's - product, promotion, place, price, presentation, and personnel - to sell goods and services to the ultimate consumer

question

brand cannibalization

answer

the reduction of sales for one brand as the result of the introduction of a new product or promotion of a current product by another brand

question

destination store

answer

a store that consumers purposely plan to visit prior to shopping

question

atmosphere

answer

the overall impression conveyed by a store's physical layout, decor, and surroundings

question

layout

answer

the internal design and configuration of a store's fixtures and products

question

big data analytics

answer

the process of discovering patterns in large data sets for the purposes of extracting knowledge and understanding human behavior

question

beacon

answer

a device that sends out connecting signals to customers' smartphones and tablets in order to bring them into a retail store or improve their shopping experience

question

shopper marketing

answer

understanding how one's target consumers behave as shoppers, in different channels, and formats, and leveraging this intelligence to generate sales or other positive outcomes

question

shopper analytics

answer

searching for and discovering meaningful patterns in shopper data for the purpose of fine tuning, developing, or changing market offerings

question

retail channel omnification

answer

the reduction of multiple retail channel systems into a single, unified system for the purpose of creating efficiencies or saving costs

question

click and collect

answer

the practice of buying something online and then traveling to a physical store location to take delivery of the merchandise

question

promotion

answer

communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response

question

promotional stragegy

answer

a plan for the optimal use of the elements of promotion: advertising, public, relations, personal selling, sales promotion, and social media

question

competitive advantage

answer

one or more unique aspects of an organization that cause target consumers to patronize that firm rather than the competitors

question

communication

answer

the process by which we exchange or share meaning through a common set of symbols

question

interpersonal communcation

answer

direct, face to face, communication between two or more people

question

mass communication

answer

the communication of a concept or message to large audiences

question

sender

answer

the originator of the messages in the communication process

question

encoding

answer

the conversion of a sender's ideas and thoughts into a message, usually in the form of words or signs

question

channel

answer

a medium of communication - such as voice, radio, or newspaper - for transmitting a message

question

noise

answer

anything that interferes with, distorts, or slows down the transmission of information

question

receiver

answer

the person who decodes a message

question

decoding

answer

interpretation of the language and symbols sent by the source through a channel

question

feedback

answer

the receiver's response to a message

question

promotional mix

answer

the combination of promotional tools - including advertising, public relations, personal selling, sales promotion, and social media - used to reach the target market and fulfill the organization's overall goals

question

advertising

answer

impersonal, one way mass communication about a product or organization that is paid for by a marketer

question

public relations

answer

the marketing function that evaluates public attributes, identifies areas within the organization the public may be interested in, and executes a program of action to earn public understanding and acceptance

question

publicity

answer

public information about a company, product, service, or issue appearing in the mass media as a news term

question

sales promotion

answer

marketing activities - other than personal selling, advertising, and public relations - than stimulate consumer buying and dealer effectiveness

question

personal selling

answer

a purchase stimulation involving a personal, paid for communication between two people in attempt to influence eachother

question

paid media

answer

a category of promotional tactic based on the traditional advertising model, whereby a brand pays for media space

question

earned media

answer

a category of promotional tactic based on public relations or publicity model that gets customers talking about products or services

question

owned media

answer

a new category of promotional tactic based on brands becoming publishers of their own content in order to maximize the brands' value to customers

question

AIDA concept

answer

a model that outlines the process of achieving promotional goals in terms of stages of consumer involvement with the message; the acronym stands for attention, interest, desire, and action

question

integrated marketing communications (IMC)

answer

the careful coordination of all promotional messages for a product or service to ensure the consistency of messages at every contact point at which a company meets the consumer

question

push strategy

answer

a marketing strategy that uses aggressive personal selling and trade advertising to convince a wholesaler or retailer to carry and sell particular merchandise

question

pull strategy

answer

a marketing strategy that stimulates consumer demand to obtain product distribution

question

advertising response function

answer

a phenomenon in which spending for advertising and sales promotion increases sales or market share up to a certain level but then produces diminishing returns

question

institutional advertising

answer

a form of advertising designed to enhance a company's image rather than promote a particular product

question

product advertising

answer

a form of advertising that touts the benefits of a specific good or service

question

advocacy advertising

answer

a form of advertising in which an organization expresses its views on controversial issues or responds to media attacks

question

pioneering advertising

answer

a form of advertising designed to stimulate primary demand for a new product or product category

question

competitive advertising

answer

a form of advertising that compares two or more specifically named or shown competing brands on one or more specific attributes

question

comparative advertising

answer

a form of advertising that compares two or more specifically named or shown competing brands on one or more specific attributes

question

advertising campaign

answer

a series of related advertisements focusing on a common theme, slogan, and set of advertising appeals

question

advertising objective

answer

a specific communication task that a campaign should accomplish for a specified target audience during a specific period

question

advertising appeal

answer

a reason for a person to buy a product

question

unique selling proposition

answer

a desirable, exclusive, and believable advertising appeal selected as the theme for a campaign

question

medium

answer

the channel used to convey a message to a target market

question

media planning

answer

the series of decisions advertisers make regarding the selection and use of media, allowing the marketer to optimally and cost effectively communicate the message to the target audience

question

cooperative advertising

answer

an arrangement in which the manufacturer and the retailer split the costs of advertising the manufacturer's brand

question

infomercial

answer

a 30-minute or longer advertisement that looks more like a television talk show than a sales pitch

question

advergaming

answer

placing advertising messages in web-based, mobile, console, or handheld video games to advertise or promote a product, service, organization, or issue

question

media mix

answer

the combination of media to be used for a promotional campaign

question

cost per contact (cost per thousand or CPM)

answer

the cost of reaching one member of the target market

question

cost per click

answer

the cost associated with a consumer clicking on a display or banner ad

question

reach

answer

the number of target consumers exposed to a commercial at least once during a specific period, usually four weeks

question

frequency

answer

the number of times an individual is exposed to a given message during a specific period

question

audience selectivity

answer

the ability of an advertising medium to reach a precisely defined market

question

media schedule

answer

designation of the media, the specific publications or programs, and the insertion dates of advertising

question

continuous media schedule

answer

a media scheduling strategy in which advertising is run steadily throughout the advertising period; used for products in the later stages of the product life cycle

question

flighted media schedule

answer

a media scheduling strategy in which ads are run heavily every other month or every two weeks to achieve a greater impact with an increased frequency and reach at those times

question

pulsing media schedule

answer

a media scheduling strategy that uses continuous scheduling throughout the year coupled with a flighted schedule during the best sales periods

question

seasonal media schedule

answer

a media scheduling strategy that runs advertising only during times of the year when the product is most likely to be used

question

product placement

answer

a public relations strategy that involves getting a product, service, or company name to appear in a movie, television show, radio program, magazine, newspaper, video game, video or audio clip, book, or commercial for another product; on the internet; or at special events

question

sponsorship

answer

a public relations strategy in which a company spends money to support an issue, cause, or event that is consistent with corporate objectives, such as improving brand awareness or enhancing corporate image

question

crisis management

answer

a coordinated effort to handle all the effects of unfavorable publicity or another unexpected unfavorable event

question

trade sales promotion

answer

promotion activities directed to members of the marketing channel, such as wholesalers and retailers

question

trade allowance

answer

a price reduction offered by manufacturers to intermediaries such as wholesalers and retailers

question

push money

answer

money offered to channel intermediaries to encourage them to "push" products - that is, to encourage other members of the channel to sell the products

question

coupon

answer

a certificate that entitles consumers to an immediate price reduction when the product is purchased

question

rebate

answer

a cash refund given for the purchase of a product during a specific period

question

premium

answer

an extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product

question

loyalty marketing program

answer

a promotional program designed to build long term, mutually beneficial relationships between a company and its key consumers

question

frequent buyer program

answer

a loyalty program in which loyal consumers are rewarded for making multiple purchases of a particular good or service

question

sampling

answer

a promotional program that allows the consumer the opportunity to try a product or service for free

question

point of purchase (P-O-P) display

answer

a promotional display set up at the retailer's location to build traffic, advertise the product, or induce impulse buying

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