Marketing Chapter 6

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Anonymous
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101049
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Marketing Chapter 6
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2011-09-11 14:26:43
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concepts
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Basic Marketing Concepts
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  1. Generic Characteristics
    The physical, technical, and functional characteristics that make a product what it is in its most basic or standard form.
  2. Good
    A product that has definite physical features.
  3. Service
    An activity that one party performs for another.
  4. Idea
    A concept, philosophy, image, belief, or issue.
  5. Intangibility
    The lack of physical attributes which make services incapable of being perceived by the senses.
  6. Perishability
    The inability to stockpile performance of a service for use at some future date.
  7. Heterogeneity
    The variability or lack of consistency in the performance of a service.
  8. Convenience Product
    A relatively inexpensive product that requires a minimum of time, information gathering, and shopping effort on the part of most consumers.
  9. Shopping Product
    A product for which consumers are willing to exert the time and effort needed to gather info and compare products before buying.
  10. Homogenous Shopping Product
    A product that customers view as similar in quality or features to other products but different enough in price to warrant comparison shopping.
  11. Heterogeneous Shopping Product
    A product consumers view as differnt enough from other products to compare quality, style, or features as well as price.
  12. Commoditization
    The process by which a product reaches a point in its development where it has no features that differentiate it from competitive products other than price.
  13. Commodity
    A product that has reached a point in its development where it has no features that differentiate it from comptetitive products other than price.
  14. Specialty Product
    A product that customers will make a special effort to obtain.
  15. Unsought Product
    A Product that most consumers are not actively seeking.
  16. Product Mix
    The total assortment of products available from a co. AKA portfolio of products.
  17. Product Class
    The entire group of products produced by a particular industry or industry sector.
  18. Product Line
    A set of different products that are closely related because they (1) function similarly, (2) are marketed to the same target markets, (3)are priced about the same, (4) are distributed through similar distribution systems. AKA strategic business unit.
  19. Product Form
    A group of products within a product line that share certain basic characteristics.
  20. Product Item
    A specific version of a specific product form within a product line.
  21. Width of a product mix
    A comparitive measure of a co's product mix based on the number of different product lines or classes a company offers.
  22. Depth of a Product Mix
    A comparative measure of the number of different product forms or product items that a co offers in each product line.
  23. Consistency of a Product Mix
    A comparative measure of how closely related a company's product classes and product lines are to each other.
  24. Product Life Cycle (PLC)
    A concept traditionally used to describe the series of stages - Introduction, Growth, Maturity, and Decline - through which a product usually progresses, from its first appearance until its eventual withdrawal from the market.
  25. Packaging
    From a services marketing standpoint, the tangible & intangible elements that surround a product, including product literature and applications, the salespersn's image and attitude, and the image and credibility of the co offering the product.
  26. Branding
    The process a co uses to identify itself and its products and distinguish its products from those of competitors.
  27. Brand
    A name, number, term, sign, symbol, design or combo of these used to identify a co or co's products and to differentiate the co from its competitors.
  28. Brand Name
    A word, letter, or group of words or letters that can be vocalized.
  29. Brand Mark
    A symbol, design, distinctive coloring, unusual type style, or combo that can be recognized but cant be spoken. AKA logo.
  30. Brand Image
    The positive or negative perception of a brand by a customer.
  31. Trademark
    A word, phrase, symbol or design, or combo thereof, that identifies and distinguishes the goods or products of one party from those of others.
  32. Service Mark
    A word, phrase, symbol, design or combo that identifies and distinguishes the services one party offers from thos of others.
  33. Brand Awareness
    The recognition of a brand or brand name by potential buyers and the ability to associate it with the product in question. AKA brand recognition.
  34. Brand Preference
    A customers choice of a particular product, when available, over competing products, but the willingness to accept a substitute product when the preferred product is not available.
  35. Brand Insistence
    A customers unwillingness to accept any substitute for the preferred brand.
  36. Manufacturer Brand
    A brand created by, controlled by, and identified with the co that produces or manufactures a product. AKA proprietary brand.
  37. Family Brand
    A single brand that applies to all of a company's products.
  38. Individual Brand
    A separate brand name given to each product item or product line.
  39. Positioning
    The process by which a co establishes and maintains in customers minds a distinct place, or position, for itself and its products.
  40. Distributor Brand
    A brand created by, controlled by, and identified with the co that distributes or sells a product. AKA private brand, private label.
  41. Unique Selling Proposition (USP)
    A product attribute that is not offered or cannot be offered by competitors.
  42. Product Development
    The process of creating or modifying a product.
  43. Product Imitation Strategy
    A product development strategy that tries to simulate another co's successful product. AKA me-too strategy.
  44. Product Improvement Strategy
    A product development strategy that tries to introduce new versions of existing products with significant differences to better satisfy customer needs.
  45. Product Innovation Strategy
    A product development strategy that involves developing products that give new or different ways of satisfying customer needs.
  46. Idea Generation
    The step in the product devlpmnt process that searches for new product ideas that are consistent with both the co's overall product dev. strategy and the needs of its target markets.
  47. Screening
    In the product dev. process, a weeding out process that evaluates new product ideas quickly & inexpensively in order to pick those that warrant further investigation.
  48. Product Concept
    A verbal or pictorial version of a proposed product that includes its general form and a description of some of its features & benefits expressed in a manner consumers can understand.
  49. Concept Testing
    A sales mktng research technique that measures the acceptability of new product ideas, promotion campaigns, other new mktng elements before entering production.
  50. Field Advisory Council
    A group of producers who represent & provide feedback from the sales force in areas llike product design, rate setting, uw philosophy, cust svc.
  51. Comprehensive Business Analysis
    An evaluation of all the factors likely to affect design, prduction, pricing, mktng, and sales potentioal of a new product.
  52. Market Analysis
    A study usualy preparked by the co's mktng dept., of all the environmental factors that might affect sales of a product.
  53. Product Design Objectives
    In a comprehensive buisness analysis, a specification of a products basic characteristics, features, benefits, issue limits, age limits, commission and premium structure, uw classes, and operational and admin requirements.
  54. Feasability Study
    In a comprehensive business analysis, research designed to determine the operational and technical viability of producing and selling a product.
  55. Implementation
    The step in the product dev process that establishes the admin structures & processes needed to take a product to market.
  56. Policy Filing
    The act of submitting a policy contract form and any other legally required forms and documents to the appropriate ins dept for approval.
  57. Prior approval requirement
    A requirement mandated by state, under which a form must be filed with and approved by the state ins dept before the form can be used in the state.
  58. File and Use Requirement
    A state req under which and insurer may use a policy form w/out obtaining prior approval, after filing the form with the ins dept.
  59. Readability Requirement
    A standard for ins contracts imposed by states or other regulatory bodies that limits sentence length, word length, and the amount of technical jargon and legal language in a the contract form.
  60. Interstate Insurance Product Regulation Commission (IIPRC)
    A multistate public entity that establishes uniform standards for certain ins product lines, including life ins, annuities, disability income ins, and long term care ins, and provides for voluntrary centralized electronic filing and expedited review of products in those lines.

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