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

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good
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a tangible physical entity
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service
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an intangible result of the application of human and mechanical efforts to people or objects
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idea
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a concept, philosophy, image, or issue
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consumer products
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products purchased to satisfy personal and family needs
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business products
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products bought to use in a firm's operations, to resell, or to make other products
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shopping products
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items for which buyers are willing to expend considerable effort in planning and making purchases
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specialty products
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items with unique characteristics that buyers are willing to expend considerable efforts to obtain
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unsought products
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products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying
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installations
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facilities and non portable major equipment
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accessory equipment
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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
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basic natural materials that become part of a physical product
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component parts
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items that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly
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process materials
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materials that are used directly in the production of other products but are not readily identifiable
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MRO supplies
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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
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intangible products that many organizations used in their operations
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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 a firm's products
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product line
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a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
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product mix
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the composite, or total, group of products that an organization makes available to customers
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width of product mix
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the number of product lines a company offers
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depth of product mix
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the average number of different products offered in each product line
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product life cycle
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the progression of a product through four stages: introduction, growth, maturity, and decline
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introduction stage
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the initial stage of a product's life cycle; its first appearance in the marketplace when sales start at zero and profits are negative
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growth stage
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the product life cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline
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maturity stage
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the stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall
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decline stage
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the stage of a product's life cycle when sales fall rapidly
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product adoption process
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the five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption
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innovators
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first adopters of new products
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early adopters
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people who adopt new products early, choose new products carefully, and are viewed as "the people to check with" by later adopters
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early majority
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individuals who adopt a new product just prior to the average person
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late majority
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skeptics who adopt new products when they feel its necessary
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laggards
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the last adopters, who distrust new products
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line extension
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development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs
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product modifications
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changes in one or more characteristics of a product
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quality modifications
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changes relating to a product's dependability and durability
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functional modifications
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changes affecting a product's versatility, effectiveness, convenience, or safety
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aesthetic modifications
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changes realting to the sensory appeal of a product
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new-product development process
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a seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test marketing, and commercialization.
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idea generation
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seeking product ideas to achieve organizational objectives
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screening
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selecting the ideas with the greatest potential for further review
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concept testing
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seeking a sample of potential buyers' responses to a product idea
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business analysis
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evaluating the potential impact of a product idea on the firm's sales, costs, and profits
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product development
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determining if producing a product is technically feasible and cost effective
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test marketing
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a limited introduction of a product in geographic areas chosen to represent the intended market
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commercialization
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refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product
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product differentiation
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creating and designing products so that customers perceive them as different from competing products
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quality
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the overall characteristics of a product that allow it to perform as expected in satisfying customer needs
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level of quality
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the amount of quality a product possesses
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consistency of quality
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the degree to which a product has the same level of quality over time
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product design
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how a product is conceived, planned, and produced
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styling
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the physical appearance of a product
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product features
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specific design characteristics that allow a product to perform certain tasks
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costumer services
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human or mechanical efforts or activities that add value to a product
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product deletion
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eliminating a product from the product mix when it no longer satisfies a sufficient number of customers
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product manager
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the person within an organization who is responsible for a product, a product line, or several distinct products that make up a group
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brand manager
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the person responsible for a single brand
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market manager
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the person responsible for managing the marketing activities that serve a particular group of customers
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venture team
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a cross-functional group that creates entirely new products that may be aimed at new markets
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intangibility
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the characteristic that a service is not physical and cannot be perceived by the senses
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inseparability
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the quality of being produced and consumed at the same time
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perishability
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the inability of unused service capacity to be stored for future use
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heterogeneity
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variation in quality
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client based relationships
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interactions that result in satisfied customers who use a service repeatedly over time
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customer contact
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the level of interaction between provider and customer needed to deliver the service
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service quality
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customers' perceptions of how well a service meets their expectations
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search qualities
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tangible attributes that can be judged before the purchase of a product
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experience qualities
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attributes that can be assessed only during purchase and consumption of a service
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credence qualities
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attributes that customers may be unable to evaluate even after purchasing and consuming a service
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nonprofit marketing
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marketing activities conducted to achieve some goal other than ordinary business goals such as profit, market share, or return on investment
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target public
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a collective of individuals who have an interest in or concern about an organization, product, or social cause
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client publics
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direct consumers of a product of a nonprofit organization
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general publics
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indirect consumers of a product of a nonprofit organization
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opportunity cost
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the value of the benefit given up by choosing one alternative over another
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brand
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a name, term, design, symbol, or other feature that identifies one marketer's product as distinct from those of other marketers
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brand name
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the part of a brand that can be spoken, including letters, words, and numbers
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brand mark
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the part of a brand that is not made up of words, such a symbol or design
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trademark
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a legal designation of exclusive use of a brand
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trade name
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the full legal name of an organization
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brand loyalty
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a customer's favorable attribute toward a specific brand
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brand recognition
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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
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brand preference
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the degree of brand loyalty in which a customer prefers one brand over competitive offerings
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brand insistence
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the degree of brand loyalty in which a customer strongly prefers a specific brand and will accept NO substitute
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brand equity
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the marketing and financial value associated with a brand's strength in a market
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manufacturer brand
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a brand initiated by producers to ensure that producers are identified with their products at the point of purchase
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private distributor brand
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a brand initiated and owned by a reseller
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generic brand
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a brand indicating only the product category
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individual branding
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a branding strategy in which each product is given a different name
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family branding
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branding all of a firm's products with the same name or part of a name
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brand extension
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an organization uses one of its existing brands to brand a new product in a different product category
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co-branding
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using two or more grandson one product
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brand licensing
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an agreement whereby a company permits another organization to use its brand on other products for a licensing fee
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family packaging
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using similar packaging for all of a firm's products or packaging that has one common design element
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labeling
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providing identifying, promotional, or other information on packaging labels
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universal product code (UPC)
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a series of electronically readable lines identifying a product and containing inventory and pricing information
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distribution
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the decisions and activities that make products available to customers when and where they want to purchase them
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supply chain
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all the activities associated with the flow and transformation of products from raw materials through to the end customer
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operations management
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the total set of managerial activities used by an organization to transform resources inputs into products
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logistics management
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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
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supply management
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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
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supply-chain management
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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
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marketing channel
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a group of individuals and organizations that direct the flow of products from producers to customers within the supply chain
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marketing intermediaries
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middlemen that link producers to other intermediaries or ultimate consumers through contractual arrangements or through the purchase and resale of products
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industrial distributor
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an independent business organization that takes title to industrial products and carries inventories
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dual distribution
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the use of two or more marketing channels to distribute the same products to the same target markets
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strategic channel alliance
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an agreement whereby the products of one organization are distributed through the marketing channels of another
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intensive distribution
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using all available outlets to distribute a product
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selective distribution
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using only some available outlets in an area to distribute a product
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exclusive distribution
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using a single outlet in a fairly large geographic area to distribute a product
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channel captain
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the dominant leader of a marketing channel or a supply channel
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channel power
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the ability of one channel member to influence another member's goal achievement
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vertical channel integration
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combining two or more stages of the marketing channel under one management
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vertical marketing systems (VMSs)
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a marketing channel managed by a single channel member to achieve efficient, low-cost distribution aimed at satisfying target market customers
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horizontal channel integration
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combining organizations at the same level of operation under one management
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physical distribution
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activities used to move products from producers to consumers and other end users
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cycle time
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the time needed to complete a process
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order processing
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the receipt and transmission of sales order information
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electronic data interchange (EDI)
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a computerized means of integrating order processing with production, inventory, accounting, and transportation
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inventory management
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developing and maintaining adequate assortments of products to meet customers' needs
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just-in-time (JIT)
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an inventory-management approach in which supplies arrive just when needed for production or resale
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materials handling
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physical handling of tangible goods, supplies, and resources
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warehousing
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the design and operation of facilities for storing and moving goods
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private warehouses
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company-operated facilities for storing and shipping products
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public warehouses
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storage space and related physical distribution facilities that can be leased by companies
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distribution centers
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large, centralized warehouses that focus on moving rather than storing goods
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transportation
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the movement of products from where they are made to intermediaries and end users
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intermodal transportation
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two or more transportation modes used in combination
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freight forwarders
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organizations the consolidate shipments from several firms into efficient lot sizes
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megacarriers
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freight transportation firms that provide several modes of shipment
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tying agreement
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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
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exclusive dealing
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a situation in which a manufacturer forbids an intermediary to carry products of competing manufacturers
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retailing
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all transactions in which the buyer intends to consume the product through personal, family, or household use
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retailer
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an organization that purchases products for the purpose of reselling them to ultimate consumers
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general-merchandise retailer
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a retail establishment that offers a variety of product lines that are stocked in considerable depth
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department stores
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large retail organizations characterized by a wide product mix and organized into separate departments to facilitate marketing efforts and internal management
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discount stores
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self-service, general-merchandice stores that offer brand name and private brand products at low prices
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convenience store
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a small self-service store that is open long hours and carries a narrow assortment of products, usually convenience items
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supermarkets
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large, self-service stores that carry a complete line of food products, along with some nonfood products
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superstores
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giant retail outlets that carry food and nonfood products found in supermarkets, as well as most routinely purchased consumer products
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hypermarkets
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stores that combine supermarkets and discount store shopping in one location
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warehouse clubs
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large-scale, member only establishments that combine features of cash-and-carry wholesaling with discount retailing
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warehouse showrooms
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retail facilities in large, low-cost buildings with large on-premises inventories and minimal service
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traditional specialty retailers
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stores that carry a narrow produce mix with deep product lines
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category killer
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a very large specialty store that concentrates on a major product category and competes on the basis of low prices and product availability
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off-price retailers
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stores that buy manufacturers' seconds, overruns, returns, and off season merchandise for resale to consumers at deep discounts
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neighborhood shopping centers
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shopping centers usually consisting of several small convenience and specialty stores
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community shopping centers
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shopping centers with one or two department stores, some specialty stores, and convenience stores
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regional shopping center
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a type of shopping center with the largest department stores, widest product mixes, and deepest product lines of all shopping centers
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super regional shopping center
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a type of shopping center with the widest and deepest product mixes that attracts customers from many miles away
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lifestyle shopping center
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a type of shopping center that is typically open air and features upscale specialty, dining, and entertainment stores
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power shopping centers
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a type of shopping center that combines off-price stores with category killers
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retail positioning
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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
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atmospherics
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the physical elements in a store's design that appeal to consumers' emotions and encourage buying
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category management
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a retail strategy of managing groups of similar, often substitutable products produced by different manufacturers
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direct marketing
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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
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nonstore retailing
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the selling of products outside the confines of a retail facility
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catalog marketing
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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
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direct-response marketing
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a type of marketing in which a retailer advertises a product and makes it available through mail or telephone orders
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telemarketing
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the performance of marketing-related activities by telephone
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TV home shopping
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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
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online retailing
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retailing that makes products available to buyers through computer connections
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direct selling
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marketing products to ultimate consumers through face-to-face sales presentations at home or in workplace
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automatic vending
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the use of machines to dispense products
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franchising
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an arrangement in which a supplier (franchiser) grants a dealer (franchisee) the right to sell products in exchange for some type of consideration
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wholesaling
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transactions in which products are bought for resale, for making other products, or for general business operations
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wholesaler
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an individual or organization that sells products that are bought for resale, for making other products, or for general business operations
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merchant wholesalers
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independently owned businesses that take title goods, assume ownership risks, and buy and resell products to other wholesalers, business customers, or retailers
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full-service wholesalers
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merchant wholesalers that perform the widest range of wholesaling functions
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general-merchandise wholesalers
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full-service wholesalers with a wide product mix but limited depth within product lines
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limited-line wholesalers
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full-service wholesalers that carry only a few product lines but many products within those lines
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specialty-line wholesalers
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full-service wholesalers that carry only a single product line or a few items with a product line
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rack jobbers
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full-service, specialty-line wholesalers that own and maintain display racks in stores
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limited-service wholesalers
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merchant wholesalers that provide some services and specialize in a few functions
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cash-and-carry wholesalers
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a limited-service wholesaler whose customers pay cash and furnish transportation
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truck wholesalers
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limited-service wholesalers that transport products directly to customers for inspection and selection
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drop shippers
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Limited-service wholesalers that take title to goods and negotiate sales but never actually take possession of products
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mail-order wholesalers
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Limited-service wholesalers that sell products through catalogs
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agents
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intermediaries that represent either buyers or sellers on a permanent basis
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brokers
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Intermediaries that bring buyers and sellers together temporarily
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manufacturers' agents
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independent intermediaries that represent two or more sellers and usually offers customers complete product lines
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selling agents
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Intermediaries that market a whole product line or a manufacturer's entire output
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commission merchants
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agents that receive goods on consignment from local sellers and negotiate sales in large, central markets
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sales branches
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manufacturer-owned intermediaries that sell products and provide support services to the manufacturer's sales force
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sales offices
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Manufacturer-owned operations that provide services normally associated with agents
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