Business - Chapter 13
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Product marketed as a bundle of value-adding attributes, including reasonable cost
Convenience Goods and Services
Relative inexpensive consumer goods or services that are bought and used rapidly and regularly (water bottle) - little time shopping around
Shopping goods and services
Moderately expensive consumer goods or services that are purchased unfrequently. (cell phone, etc...)
Specialty goods and services
Very expensive consumer goods and services that are purchased rarely, causing consumers to spend a great deal of time locating the exact item desired.
Expensive, long-lasting industrial goods that are used in producing other goods or services and have a long life.
relatively inexpensive indistrial goods that are consumed rapidly and regularly.
The group of products a company has available for sale.
A group of similar products intended for a similar group of buyers who will use them in a similar fashion.
Seven Step Development Process
- 1: Product Idea - Product development begins with a search for ideas for new products.
- 2: Screening - The goal is to eliminate al product ideas that do mesh with the firm's abilities, expertise, or objectives.
- 3: Concept Testing
- 4: Business Analysis
- 5: Phototype development
- 6: Product Testing and test marketing
- 7: Commercialization
Speed to market
strategy of introducing new products to respond quickly to customer and/ or market changes.
Product Life Cycle
the concept that the profit-producing life of any product goes through a cycle of:
Process of using symbols to communicate the qualities of a product made by a particular producer.
Degree of customers' loyalty to and awareness of a brand and its resultant market share.
produts distributed by and carrying a name associated with the manufacturer.
Selling the right to use a brand name, a celebrity;s name, or some well-known identification mark to another company to use on a product
Produts promoted by and carring a name associated with the retailer or wholesaler, not the manufacturer.
Customer's recognition of, preference for and insistance on buying a product with a certain name.
The exclusive legal right to use a brand name - Granted for 15 years.
Protects an invention or idea for a period of 20 years.
Exclusive ownership rights granted to creators for the tangible expression of an idea.
The physical container in which a product is sold, including the label.
the part of a product's packaging that indentifies the product's name and contents.
Consumer Packaging and Labelling Act
A federal Law that provides comprehensive rules for packaging and labelling of consumer products
Promotional Strategy in which a company aggressively pushes its products through retailers and wholesalers, which persuade customers to buy it.
A Promotional Strategy in which a company appeals directly to customers, who demand the products from retailers and wholesalers.
The portion of Marketing concerned with choosing the best combination of advertising, personal selling, sales promotions, and publicity to sell a product.
The specific communication device - tv, radio, newspaper, direct mail - used to carry a firm's advertising message to potential customers.
printed advertisements, such as flyers, mailed directly to customer's homes.
Word of Mouth
Opinions about the value of produts passed along consumers in informal discussions.
The use of internet and other eletronic means for retailing and business to business transactions.
The promotional efforts of companies to sell their products and services to consumers over the internet.
The combination of media through which a company chooses to advertise its products.
Promotional tool in which a sales person communicates one on one with potential customers.
Short-Term promotional activities designed to stimulate customer buying
A method of sales promotion featuring a certificate that entitles the bearer to stated savings off a product's regular price
Point of Purchase (POP) Display
A method of sales promotion in which a product display is so located in a retail store as to encourage consumers to buy the product.
A method of sales promotion in which some items is offered free or at a bargain price to customers in return for buying a specific product
A method of sales promotion in which members of a particular industry gather for display and products demonstrations designed to sell products to customers.
Information about a company that is made available to customers by the news media.
Public-service announcements by the company designed to enhance the company's image.
Company's apporach to directing its marketing toward worldwide
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