Marketing 345 ULL Test 3

Quality Modification
change in a products dependability or durability.
Functional Modification
change in a products versatility, effectiveness, convenience, or safety
Style Modification
aesthetic product change rather than a quality or functional change.
Homogeneous Shopping Product
a shopping product that is similar. The shopper is mainly looking at the one with the lowest price.
Heterogenous Shopping Product
a shopping product that is very different. You can’t compare them in price
Product
everything, both favorable and unfavorable, that a person recieves in an exchange
Convenience Product
a relatively inexpensive item that merits little shopping effort
Shopping Product
a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
Specialty Product
a particular item for which consumers search extensively and are very reluctant to accept substitutes
Unsought Product
a product unknown to the potential buyer or a known product that the buyer does not actively seek
Product Modification
changing one or more of a product’s characteristics
Persuasive, Informational
What two forms can package labeling take?
Persuasive Labeling
a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary
Informational Labeling
a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
Greenwashing
when a product or a company attempts to give impression of environmental friendliness whether or not it is environmentally friendly
Co-Branding
placing two or more brand names on a product or its package
Ingredient Branding
identifies the brand of a part that makes up the product
Cooperative branding
occurs when two brands receiving equal treatment borrow from each others brand equity
Complementary Branding
products are advertised or marketed together to suggest usage.
One brand Name everywhere
strategy is useful when the company markets mainly one product and the brand name does not have negative connotations in any local market.
Adaptation and Modification
a one-brand-name strategy is not possible when the name cannot be pronounced in the local language, when the brand name is owned by someone else, or when the brand name has a negative or vulgar connotation in the local language
different brand names in different markets
Local brand names are often used when translation or pronunciation problems occur, when the marketer wants the brand to appear to be a local brand, or when regulations require localization
1) New-Product strategy, 2) Idea generation, 3) idea screening, 4) Business Analysis, 5) Development, 6) Test marketing, 7) Commercialization, 8) New Product
What are the eight steps in the new-product development process?
New-Product Strategy
a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation
Screening
the first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s new-product strategy or are obviously inappropriate for some other reason
Business Analysis
the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated
Development
the stage in the product development process in which a prototype is developed and a marketing strategy is outlined
Test Marketing
the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
Commercialization
the decision to market a product
Introductory stage, growth stage, maturity stage, decline stage
What are the four stages of the product life cycle?
Maturity
which stage of the product life cycle is usually the longest stage?
New to the world product, new product line, addition to an existing product line, improvements or revisions to a product line, repositioning a product, lower price product
What are the six categories of a new product?
Test Marketing
the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
Complexity
the degree of difficulty involved in understanding and using a new product
Compatibility
the degree to which the new product is consistent with existing values and product knowledge, past experiences, and current needs
relative advantage
the degree to which a product is perceived as superior to existing substitutes
Observability
the degree to which the benefits or other results of using the product can be observed by others and communicated to target customers
Triability
the degree to which a product can be tried on a limited basis.
Intangibility
the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed
Inseperabiltiy
the inability of the production and consumption of a service to be separated; consumers must be present during the production
Heterogeneity
the variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods
Perishability
the inability of services to be stored, warehoused, or inventoried
Intangibility, inseparability, perishability, heterogeneity
What are the four ways services differ from goods?
Reliability, Empathy, tangibles, responsiveness, assurance
What are the five ways you can evaluate service quality?
Reliability
the ability to perform a service dependably, accurately, and consistently
Responsiveness
the ability to provide prompt service
Assurance
the knowledge and courtesy of employees and their ability to convey trust
Empathy
caring, individualized attention to customers
Tangibles
the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service
Internal Marketing
treating employees as customers and developing systems and benefits that satisfy their needs
Nonprofit Organization
an organization that exists to achieve some goal other than the usual business goals of profit, market share, or return on investment
Build-To-Stock
a production method whereby products are made in advance of demand based on forecasts and are stored until customer orders arrive
Mass Customization (Build-To-Order)
a production method whereby products are not made until an order is placed by the customer; products are made according to customer specifications
Sustainable Supply Chain Management
a supply chain management philosophy that embraces the need for optimizing social and environmental costs in addition to financial costs
Distribution Resource Planning (DRP)
an inventory control system that manages the replenishment of goods from the manufacturer to the final consumer
Logistics Information System
the link that connects all the logistics functions of the supply chain
Air, water, pipeline, rail, motor
what are the five modes of transport?
Third-Party Logistics Company (3PL)
a firm that provides functional logistics services to others
Fourth-Party Logistics Company (4PL)
a consulting based organization that assesses another’s entire logistical service needs and provides integrated solutions, often drawing upon multiple 3PLs for actual service
Merchant Wholesaler
an institution that buys goods from manufacturers and resells them to businesses, government agencies, and other wholesalers or retailers and that receives and takes title to goods, stores them in its own warehouses, and later ships them
Agents and Brokers
wholesaling intermediaries who do not take title from a product but facilitate its sale from producer to end user by representing retailers, wholesalers, or manufacturers
whether or not you take title of the product
Whats the most prominent difference separating intermediaries?
Channel Conflict
a clash of goals and methods between distribution channel members
Horizontal Conflict
a channel conflict that occurs among channel members on the same level
Vertical Conflict
a channel conflict that occurs between different levels in a marketing channel, most typically between the manufacturer and wholesaler or between the manufacturer and retailer
multi channel, omni channel
Because of issues with ________________________ marketing, many companies are transitioning to ___________________ marketing