Marketing Vocab 1- product/ service management – Flashcards
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aseptic packaging
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A sterile product is packaged in a sterile container in a way that maintains sterility Ex. Yoo-Hoo milk
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blisterpacks
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Product is sealed in plastic, often with a cardboard backing Ex. Hot wheel individual toy cars
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brand
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Name, design, or symbol that identifies the products of a company Ex. Coca Cola
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brand extension
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Uses an existing brand name to promote a new and improved product in a company's product line Ex. Frozen snickers ice cream bar
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brand label
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Manufactured by one company for offer under another company's brand Ex. Gulden's Mustard
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brand licensing
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Allows others to use the brand name for a fee Ex. Sports logos
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brand mark
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Unique symbol, design, coloring, or lettering of a brand Ex. Nike check
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brand name
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Word or group of words that can be spoken Ex. nike
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category management
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Range of products purchased by a business or sold by a retailer is broken down into groups of similar products Ex. grocery categories- meats, fruits, veggies
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cause packaging
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Companies using their packages to promote social and political causes Ex. Tide "Loads of Hope" for Hurricane Katrina Victims
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co-branding
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combines one or more brands Ex. Crest with Scope Mouthwash
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descriptive label
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Label with name, net weight, ingredients, composition, nutritional value and health values, etc Ex. Coca cola labels
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generic brands
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Lacks a widely recognized name; less expensive than brand name products Ex. Honey Nut Scooters vs. Honey nut Cheerios
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grade label
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Tag/ sticker/ label that identifies the quality of a product offered for sale Ex. Restaurants have grade labels posted in order to let customers know
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label
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Information tag, wrapper, seal, or imprinted message that is attached to a product or package -establishes an image , insures quality and consistency Ex. GE light bulbs
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mixed brand
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National manufacturer makes the product for a private label Ex. Michelin Tires for Sears
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mixed bundling
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Allows customers to purchase goods as a bundle or separately Ex. Xbox and controller and game for $149 or buy one of the above individually
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national brands
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Brand name is marketed nationally Ex. Red Bull
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package
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Physical container or wrapping for a product Ex. packaging of goldfish crackers
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planograms
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model that indicates placement of retail products on shelves in order to maximize sales Ex. Planograms used in walmart to organize all products in each row/ shelf
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price bundling
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when two or more similar products are placed on sale for one package price -benefits business and customers ex. 2 for 1 x box games
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private distributor brands
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Brand that is owned and distributed by a reseller without displaying the manuf. identity Ex. Walmart brand for Johnson's soap
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product depth
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The number pf product items in a product line ex. a company sells three sizes and two flavors of toothpaste; product depth of six
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product item
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A specific model, brand, or size, or a product within a product line ex. retailer that sells watches sells one type at a specific location
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product life cycle
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Sequence of stages; intro, growth, maturity, and decline -changes in the market situation that impacts the marketing strategy and mix -example: product life cycle of the television
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product line
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a group of closely related products manufactured or sold by a business Ex. apple product line
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product mix
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All the different products that a company makes or sells -six steps -modification & deleting of products and ideas from the mix
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product modification
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Attempt to extend the length of the product life cycle by making small or big changes to a product -used to keep customers interested or buy accessory items
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product planning
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The decisions made about what features should be used in selling of a business's products Ex. Nike collecting data to decide a new style of shoe
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product positioning
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Efforts a business makes to identify, place, and sell its products in the marketplace Ex. Ford Motor company positions its Focus as an economical passenger car while still emphasizing quality -positioned by features and benefits, characteristics, and price
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product width
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The number of different product lines a business manufactures or sells Ex. Nike sells over 300 styles of shoe
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trade name
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Identifies the company or a division of a particular corporation Ex. Kodak (Eastman Kodak Company)
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trade character
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Personified brand mark Ex. Aflac Duck
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trademark
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word, name, symbol, sound, device, or combination that has been given legal protections by the federal gov Ex. starbucks coffee logo
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Price
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value placed on a good or service
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ROI
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-used to compare a company's profitability or to compare the efficiency of investments -Return On Investment
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Market share
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portion of a market is controlled by a specific company or product
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market position
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effort to influence consumer perception of a brand or product relative to the perception of competing brands or products ex. where sold, packaging, price
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break-even point
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point at which sales revenue equals costs and expenses of making a product
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demand elasticity
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degree to which the demand for a product is affected by its price ex. availability of substitues
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Law of diminishing marginal utility
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consumers will only buy so much of a product even though prices are low
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price fixing
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competition agrees on price ranges; eliminates other competition ex. Sherman anti-trust act of 1890 -must have evidence of communication between competitors
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price discrimination
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when a firm charges different prices to similar customers in similar situations
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unit pricing
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allows consumers to compare prices in relation to a standard unit ex. ounces
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loss leader
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used to increase store traffic by selling popular items at below-cost prices
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markup
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used by wholesalers and retailers involved in acquiring goods for resale -must be high enough to include a profit ex. items cost $10 but sold for $15
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skimming pricing
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product pricing strategy; sets very high price -used if high demand -attracts competitors -potential for high profit
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penetration pricing
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product pricing strategy; sets relatively low price to saturate the market -most effective (elastic demand) -mass production
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price lining
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set prices for products within lines of merchandise -set price differences large enough apart to appeal to various target markets and to differ products
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bundle pricing
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complementary products sold in a package at a single price -low than if sold separately ex software
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psychological pricing
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strategy based on theory that certain prices have a psychological impact ex. odd prices $19.99
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geographical pricing
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modifying a basic list price based on the geographical location of buyers -reflects costs of shipping to different locations
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everyday low prices
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consistently low prices with no intention of raising them or offering discounts; not deeply discounted
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promotional pricing
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reducing the price of a product or services in short term to attract more customers and increase sales
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gross profit
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company's total revenue minus the cost of goods sold -profit company makes after deducting the costs associated with making and selling products
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maintained markup
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the gross product generated on merchandise sold ex. initial, cummulative, exchanged markup
