Marketing Quiz 3

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Marketing Quiz 3
2013-04-01 12:44:43

Chapters 11-15 terms and definitions.
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  1. Good
    A tanglible physical entity.
  2. service
    An intangible result of the application of human and mechanical efforts to people or objects.
  3. idea
    A concept, philosophy, image or issue.
  4. Convience Products
    Realatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.
  5. Shopping products`
    Item for which buyers are willing to expend considerable effort in planning and making purchases.  
  6. Specialty products
    Items with unique characteristics that buyers are willing to expend considerable effort to obtain.
  7. Unsought products
    Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying.
  8. Width of product mix
    The number of product lines a company offers.
  9. Depth of product mix
    The average number of different products offered in each product line.
  10. Product life cycle
    The progression of a product through four stages; introduction, growth, maturity and decline.
  11. Marketing strategy for introduction stage
    Need marketing know how
  12. Marketing for growth
    Ensure efficient distribution
  13. Marketing for Maturity
    Getting and keeping customers.
  14. Marketing for decline
    • Harvesting
    •      Gradually reduce marketing

    • Divesting
    •      Cut marketing, - know you are on the way out.
  15. Trail stage of product adoption process
    the buyer exaines, test or tries the product to determine if it meets his or her needs.
  16. Adopter catergories
    Innovator- first adopters

    Early adopters - adopt early, but choose carefully

    Early majority - adopt prior to average person, look to early adopters for guidance

    Late majority - skeptincs who adopt when feel it is nessasary

    laggards - Last to adopt, distrust new products.
  17. Line extension
    Development of a product that is closely realted to existing products in the line but is designed specifically to meet different customer needs.
  18. Quality Modification
    Changes realted to a products' dependability and durability
  19. Functional modification
    Changes affecting product's versatility, effectiveness, convenince or safety.
  20. Aesthetic modification
    Changes relating to the sensory appeal of a product.
  21. New product development process
    A seven phase process for introducing products.
  22. Idea generation
    Seeking product ideas to achieve organizaional objectives.
  23. Screening
    Selecting ideas with the greatest potential for further review.
  24. Concept testing
    Seeking a sample of botential buyer's resposes to a product idea.
  25. business analysis
    Evaluatin the potential impact of a product idea on the firm's sales, costs, and profits.
  26. Product development
    Determining if producing a product is technically feasible and cost effective.
  27. Test Marketing
    A limited introduction of a product in geographic areas chosen to represent the intended market.
  28. Commercialization
    Refining and finalizing plans and budgets for full scale manufacturing and marketing of a product
  29. Phase out
    Allow the product to decline without changing in the marketing strategy; no attempt made to give product new life.
  30. Run out
    Expliot any strenght left in the product. Intensify markeing efforts in core markets or eliminating some market expenditures.
  31. Immediate drop
    Best strategy when losses are too great to prolong the products life
  32. Product manager
    The person within an organization who is resposible for a product, a product line, or several distinct products that make up a group.
  33. Brand Manager
    The person responsible for a single brand
  34. Venture team
    A cross-functional group that creates entirely new products that may be aimed at new markets.
  35. Tangibility continuum
    Goods dominant products to service dominate products. Products are rarely one or the others, it is often a combination of the two. Products fall in the continuum in catergories more goods or more service defined.
  36. Insererability of production and consuption
    Production of a service cannot be seperated from its consumption by customers.
  37. Perishability
    The inablity of unused service capicity to be stored for future use.
  38. Heterogeneity
    Variation in quality
  39. Client-based Relationships
    Interactions that result in satisfied customers who use a sercie repeatedly over time.
  40. Customer contact
    the level of interaction between provider ad customer needed to deliver the service.
  41. Brand Name
    The part of a brand that can be spoken, including letters, words, and numbers
  42. Brand loyalty
    A customers favorable attitude toward a specific brand
  43. Levels of brand loyaty

    brand recognition
    The degree of brand loyalty in which a customer is aware that a brand exists and views the brand as an alternative purchase if thier preferred brand is unavailable.
  44. Levels of brand loyaty

    Brand Preference
    The degree of brand loyalty in which a customer prefers on brand over competitive offerings.
  45. Levels of brand loyaty

    Brand insistence
    the degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute.
  46. Brand equity
    The marketing and financial value associated with a brands strength in a market.
  47. Individual branding
    A branding strategy in which each product is given a different name
  48. Family branding
    Branding all of a firms' products withthe same name or part of the name
  49. Brand extension
    An organization uses one of its existing brands to brand a new product in a different category .
  50. Co-branding
    Using tow or more brands on one product.
  51. Family Packaging
    using similar packaging for all of a firm's products or packaging that has one common design element.
  52. Catergory consistent packaging
    The product is packaged in line with the packaging practices associated with a particular product catergory. Like jars for condiments.
  53. Multiple packaging
    Packaging multiple items in a single containter. two for one sales
  54. Secondary use packaging
    Package can be reused for purposes other then ints initial function.
  55. Purple
    Royal color