Marketing test 3

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Author:
SeanHatfield
ID:
288060
Filename:
Marketing test 3
Updated:
2014-11-03 21:51:34
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Marketing Business Entrpreneurship
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Marketing
Description:
Marketing test 3 Ch. 10-14
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  1. The four classifications of consumer products
    *Convenience Product: Little shopping effort, inexpensive

    *Shopping Product: Requires comparison shopping, more expensive, in fewer stores.

    *Specialty Product: Requires extensive search and can't be substituted.

    *Unsought Product: Product is unknown to buyer isn't sought out.
  2. Product Line vs Product Mix
    Product Line- A group of closely related product items. Defined by merketer.

    Product Mix- All products that an organization sells.
  3. A company releasing a new product that just moves some previous customers to the new product without getting more.
    Cannibalization
  4. New Product Development Process
    • 1. Have a new product strategy
    • 2. Idea Genereation
    • 3. Idea Screening 
    • 4. Business Analysis 
    • 5. Development
    • 6. Test Marketing 
    • 7. Commercialization 
    • 8. New product!
  5. Product Life Cylcle
    A concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death).

  6. Product characteristics and their effect on the rate of adoption
    *Complexity- less is better

    *Compatibility- Fitting in lifestyle/meeting needs

    *Relative Advantage- Significantly better than previous product

    *Observability- Do you see the product in use? (Public use)

    *Trialability- Can you try out the product before purchase?
  7. How services differ from goods
    Intangible: No physical object makes it hard to communicate benefits.

    Inseparable: Production and consumption are simultaneous, meaning the consumer takes part in production.

    Heterogenous: Services depend on their employees for quality, which makes consistency difficult.

    Perishable: Services cannot be saved, and it is challenging to synchronize supply and demand.
  8. Search vs. experience vs. credence qualities
    Search: Product attributes that can be judged before purchase.

    Experience: Attributes that can only be judged after consumption of the service. (most applicable to services)

    Credence: Attributes that can't even be fully judged after consumption. You have to trust.
  9. Merchant Wholesaler vs Agents and Brokers
    Merchant Wholesaler- An institution that buys goods from manufacturers, takes title to goods, stores them, and resells and ships them.

    Agents and Brokers- Intermediaries who facilitate the sale of a product by bringing together buyers and sellers. They do not own the goods.
  10. Types of wholesalers
    *Full Service Wholesalers- provide most of the channel functions.

    *Rack Jobbers- Own and maintain racks of product in retail stores.

    *Cash and Carry Wholesalers- Own and resell goods to businesses, but do little else. Often used by small retailers.

    *Truck Jobbers- Visit retailers with stock in their truck for retailer to choose from.

    *Drop Shippers- Take title to the goods, but never have physical possession of them. They just arrange shipment directly from the producer to the customer.

    *Mail Order Wholesalers- Sell to small, often remotely located retailers through a catalog.
  11. Backward vs Forward Vertical integration
    Backward: When a channel member downstream acquires or takes on the duties of an upstream channel member. 

    Forward: When a channel member upstream (usually the producer) acquires or takes on the functions of a downstream member.

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