question

good

answer

a tangible physical entity

question

service

answer

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

question

idea

answer

a concept, philosophy, image, or issue

question

consumer products

answer

products purchased to satisfy personal and family needs

question

business products

answer

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

question

shopping products

answer

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

question

specialty products

answer

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

question

unsought products

answer

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

question

installations

answer

facilities and non portable major equipment

question

accessory equipment

answer

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

question

raw materials

answer

basic natural materials that become part of a physical product

question

component parts

answer

items 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

question

MRO supplies

answer

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

question

business services

answer

intangible products that many organizations used 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

question

width of product mix

answer

the number of product lines a company offers

question

depth of product mix

answer

the average number of different products offered in each product line

question

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 its necessary

question

laggards

answer

the last 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 realting 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 cost effective

question

test marketing

answer

a limited introduction of a product in geographic areas chosen to represent 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

question

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

costumer 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

the 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

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 interaction between provider and customer needed to deliver the service

question

service quality

answer

customers' perceptions of how well a service meets 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 marketer's product as distinct from those of other marketers

question

brand name

answer

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

question

brand mark

answer

the part of a brand that is not made up of words, such a 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 attribute 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 a 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 grandson 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 packaging 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 resources inputs into products

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 at 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 markets

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 systems (VMSs)

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 management

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 warehouses

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 the 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 to carry products of competing manufacturers

question

retailing

answer

all transactions in which the buyer intends to consume the product through personal, family, or household use

question

retailer

answer

an organization that purchases products for the purpose of reselling them to ultimate consumers

question

general-merchandise retailer

answer

a retail establishment that offers a variety of product lines that are stocked in considerable depth

question

department stores

answer

large retail organizations characterized by a wide product mix and organized into separate departments to facilitate marketing efforts and internal management

question

discount stores

answer

self-service, general-merchandice stores that offer brand name and private brand products at low prices

question

convenience store

answer

a small self-service store that is open long hours and carries a narrow assortment of products, usually convenience items

question

supermarkets

answer

large, self-service stores that carry a complete line of food products, along with some nonfood products

question

superstores

answer

giant retail outlets that carry food and nonfood products found in supermarkets, as well as most routinely purchased consumer products

question

hypermarkets

answer

stores that combine supermarkets and discount store shopping in one location

question

warehouse clubs

answer

large-scale, member only establishments that combine features of cash-and-carry wholesaling with discount retailing

question

warehouse showrooms

answer

retail facilities in large, low-cost buildings with large on-premises inventories and minimal service

question

traditional specialty retailers

answer

stores that carry a narrow produce mix with deep product lines

question

category killer

answer

a very large specialty store that concentrates on a major product category and competes on the basis of low prices and product availability

question

off-price retailers

answer

stores that buy manufacturers' seconds, overruns, returns, and off season merchandise for resale to consumers at deep discounts

question

neighborhood shopping centers

answer

shopping centers usually consisting of several small convenience and specialty stores

question

community shopping centers

answer

shopping centers with one or two department stores, some specialty stores, and convenience stores

question

regional shopping center

answer

a type of shopping center with the largest department stores, widest product mixes, and deepest product lines of all shopping centers

question

super regional shopping center

answer

a type of shopping center with the widest and deepest product mixes that attracts customers from many miles away

question

lifestyle shopping center

answer

a type of shopping center that is typically open air and features upscale specialty, dining, and entertainment stores

question

power shopping centers

answer

a type of shopping center that combines off-price stores with category killers

question

retail positioning

answer

identifying an unserved or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of consumers in that segment

question

atmospherics

answer

the physical elements in a store's design that appeal to consumers' emotions and encourage buying

question

category management

answer

a retail strategy of managing groups of similar, often substitutable products produced by different manufacturers

question

direct marketing

answer

the use of the telephone, internet, and non personal media to introduce products to customers, who can then purchase them via mail, telephone, or the internet

question

nonstore retailing

answer

the selling of products outside the confines of a retail facility

question

catalog marketing

answer

a type of marketing in which an organization provides a catalog from which customers make selections and place orders by mail, telephone, or the internet

question

direct-response marketing

answer

a type of marketing in which a retailer advertises a product and makes it available through mail or telephone orders

question

telemarketing

answer

the performance of marketing-related activities by telephone

question

TV home shopping

answer

a form of selling in which products are presented to television viewers, who can buy them by calling a toll-free number and paying with a credit card

question

online retailing

answer

retailing that makes products available to buyers through computer connections

question

direct selling

answer

marketing products to ultimate consumers through face-to-face sales presentations at home or in workplace

question

automatic vending

answer

the use of machines to dispense products

question

franchising

answer

an arrangement in which a supplier (franchiser) grants a dealer (franchisee) the right to sell products in exchange for some type of consideration

question

wholesaling

answer

transactions in which products are bought for resale, for making other products, or for general business operations

question

wholesaler

answer

an individual or organization that sells products that are bought for resale, for making other products, or for general business operations

question

merchant wholesalers

answer

independently owned businesses that take title goods, assume ownership risks, and buy and resell products to other wholesalers, business customers, or retailers

question

full-service wholesalers

answer

merchant wholesalers that perform the widest range of wholesaling functions

question

general-merchandise wholesalers

answer

full-service wholesalers with a wide product mix but limited depth within product lines

question

limited-line wholesalers

answer

full-service wholesalers that carry only a few product lines but many products within those lines

question

specialty-line wholesalers

answer

full-service wholesalers that carry only a single product line or a few items with a product line

question

rack jobbers

answer

full-service, specialty-line wholesalers that own and maintain display racks in stores

question

limited-service wholesalers

answer

merchant wholesalers that provide some services and specialize in a few functions

question

cash-and-carry wholesalers

answer

a limited-service wholesaler whose customers pay cash and furnish transportation

question

truck wholesalers

answer

limited-service wholesalers that transport products directly to customers for inspection and selection

question

drop shippers

answer

Limited-service wholesalers that take title to goods and negotiate sales but never actually take possession of products

question

mail-order wholesalers

answer

Limited-service wholesalers that sell products through catalogs

question

agents

answer

intermediaries that represent either buyers or sellers on a permanent basis

question

brokers

answer

Intermediaries that bring buyers and sellers together temporarily

question

manufacturers' agents

answer

independent intermediaries that represent two or more sellers and usually offers customers complete product lines

question

selling agents

answer

Intermediaries that market a whole product line or a manufacturer's entire output

question

commission merchants

answer

agents that receive goods on consignment from local sellers and negotiate sales in large, central markets

question

sales branches

answer

manufacturer-owned intermediaries that sell products and provide support services to the manufacturer's sales force

question

sales offices

answer

Manufacturer-owned operations that provide services normally associated with agents

MKTG 351 Cousley (Ole Miss) Ch 11-16 [Exam 3] – Flashcards

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