Marketing 351 (Cousley) Ole Miss – Test 3 – Ch. 11-15

good
a tangible physical entity
service
an intangible result of the application of human and mechanical efforts to people or objects.
idea
a concept, philosophy, image, or issue.
consumer products
products purchased to satisfy personal and family needs.
business products
products bought to use in a firm’s operations, to resell, or to make other products.
convenience products
relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort.
shopping products
items for which buyers are willing to expend considerable effort in planning and making purchases
specialty products
items with unique characteristics that buyers are willing to expend considerable effort to obtain.
unsought products
products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily thing of buying.
installations
facilities and nonportable major portable equipment
accessory equipment
equipment that does not become part of the final physical product but is used in production or office activities.
raw materials
basic natural materials that become part of a physical product.
component parts
itmes that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly
process materials
materials that are used directly in the production of other products but are not readily identifiable.
MRO supplies
maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product
business services
intangible products that many organizations use in their operations
product item
a specific version of a product that can be designated as a distinct offering among a firm’s products.
product line
a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations.
product mix
the composite, or total, group of products that an organization makes available to customers.
width of product mix
the number of product lines a company offers.
depth of product mix
the average number of different products offered in each product line.
product life cycle
the progression of a product through four stages: introduction, growth, maturity, and decline.
introduction stage
the initial stage of a product’s life cycle; its first appearance in the marketplace when sales start at zero and profits are negative.
growth stage
the product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline.
maturity stage
the stage of a product’s life cycle when the sales curve peaks and starts to decline, and profits continue to fall.
decline stage
the stage of a product’s life cycle when sales fall rapidly.
product adoption process
the five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption.
innovators
first adopters of new products
early adopters
people who adopt new products early, choose new products carefully, and are viewed as “the people to check with” by later adopters.
early majority
individuals who adopt a new product just prior to the average person
late majority
skeptics who adopt new products when they feel it is necessary
laggards
the las adopters, who distrust new products.
line extension
development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs.
product modifications
changes in one or more characteristics of a product.
quality modifications
changes relating to a product’s dependability and durability.
functional modifications
changes affecting a product’s versatility, effectiveness, convenience, or safety.
aesthetic modifications
changes relating to the sensory appeal of a product.
new-product development process
a seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test-marketing, and commercialization.
idea generation
seeking product ideas to achieve organizational objectives.
screening
selecting the ideas with the greatest potential for further review.
concept testing
seeking a sample of potential buyers’ responses to a product idea.
business analysis
evaluating the potential impact of a product idea on the firm’s sales, costs, and profits.
product development
determining if producing a product is technically feasible and const effective
test marketing
a limited introduction of a product in geographic areas chosen to representing the intended market.
commercialization
refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product.
product differentiation
creating and designing products so that customers perceive them as different from competing products.
quality
the overall characteristics of a product that allow it to perform as expected in satisfying customer needs.
level of quality
the amount of quality a product possesses.
consistency of quality
the degree to which a product has the same level of quality over time
product design
how a product is conceived, planned, and produced
styling
the physical appearance of a product.
product features
specific design characteristics that allow a product to perform certain tasks.
customer services
human or mechanical efforts or activities that add value to a product.
product deletion
eliminating a product from the product mix when it no longer satisfies a sufficient number of customers.
product manager
he person within an organization who is responsible for a product, a product line, or several distinct products that make up a group.
brand manager
the person responsible for a single brand
market manager
the person responsible for managing the marketing activities that serve a particular group of customers.
venture team
a cross-functional group that creates entirely new products that may be aimed at new markets.
homesourcing
a practice whereby customer contact jobs are outsourced into workers’ homes
intangibility
the characteristic that a service is not physical and cannot be perceived by the senses.
inseparability
the quality of being produced and consumed at the same time
perishability
the inability of unused service capacity to be stored for future use.
heterogeneity
variation in quality
client-based relationships
interactions that result in satisfied customers who use a service repeatedly over time.
customer contact
the level of interactions between provider and customer needed to deliver the service.
service quality
customers’ perceptions of how well a service meets or exceeds their expectations
search qualities
tangible attributes that can be judged before the purchase of a product.
experience qualities
attributes that can be assessed only during purchase and consumption of a service
credence qualities
attributes that customers may be unable to evaluate even after purchasing and consuming a service
nonprofit marketing
marketing activities conducted to achieve some goal other than ordinary business goals such as profit, market share, or return on investment.
target public
a collective of individuals who have an interest in or concern about an organization, product, or social cause
client publics
direct consumers of a product of a nonprofit organization.
general publics
indirect consumers of a product of a nonprofit organization.
opportunity cost
the value of the benefit given up by choosing one alternative over another.
brand
a name, term, design, symbol, or other feature that identifies one seller’s product as distinct from those of other sellers.
brand name
the part of a brand that can be spoken, including letters, words, and numbers
brank mark
the part of a brand that is not made up of words, such as symbol or design.
trademark
a legal designation of exclusive use of a brand
trade name
the full legal name of an organization
brand loyalty
a customer’s favorable attitude toward a specific brand
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 their preferred brand is unavailable.
brand preference
the degree of brand loyalty in which a customer prefers one brand over competitive offerings.
brand insistence
the degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute.
brand equity
the marketing and financial value associated with a brand’s strength in a market.
manufacturer brand
a brand initiated by producers to ensure that producers are identified with their products at the point of purchase.
private distributor brand
a brand initiated and owned by a reseller.
generic brand
a brand indicating only the product category
individual branding
a branding strategy in which each product is given a different name
family branding
branding all of a firm’s products with the same name or part of the name.
brand extension
an organization uses one of its existing brands to brand a new product in a different product category
co-branding
using two or more brands on one product.
brand licensing
an agreement whereby a company permits another organization to use its brand on other products for a licensing fee.
family packaging
using similar packaging for all of a firm’s products or packaging that has one common design element.
labeling
providing identifying, promotional, or other information on package labels.
universal product code (UPC)
a series of electronically readable lines identifying a product and containing inventory and pricing information .
distribution
the decisions and activities that make products available to customers when and where they want to purchase them
supply chain
all the activities associated with the flow and transformation of products from raw materials through to the end customer.
operations management
the total set of managerial activities used by an organization to transform resource inputs into products, services, or both.
logistics management
planning, implementing, and controlling the efficient and effective flow and storage of products and information from the point of origin to consumption to meet customers’ needs and wants.
supply management
in its broadest form, refers to the processes that enable the progress of value from raw material to final customer and back to redesign and final disposition.
supply-chain management
a set of approaches used to integrate the functions of operations management, logistics management, supply management, and marketing channel management so products are produced and distributed in the right quantities, to the right locations and the right time.
marketing channel
a group of individuals and organizations that direct the flow of products from producers to customers within the supply chain.
marketing intermediaries
middlemen that link producers to other intermediaries or ultimate consumers through contractual arrangements or through the purchase and resale of products.
industrial distributor
an independent business organization that takes title to industrial products and carries inventories
dual distribution
the use of two or more marketing channels to distribute the same products to the same target market.
strategic channel alliance
an agreement whereby the products of one organization are distributed through the marketing channels of another.
intensive distribution
using all available outlets to distribute a product.
selective distribution
using only some available outlets in an area to distribute a product.
exclusive distribution
using a single outlet in a fairly large geographic area to distribute a product.
channel captain
the dominant leader of a marketing channel or a supply channel.
channel power
the ability of one channel member to influence another member’s goal achievement.
vertical channel integration
combining two or more stages of the marketing channel under one management
vertical marketing system (VMS)
a marketing channel managed by a single channel member to achieve efficient, low-cost distribution aimed at satisfying target market customers.
horizontal channel integration
combining organizations at the same level of operation under one mamagement
physical distribution
activities used to move products from producers to consumers and other end users.
cycle time
the time needed to complete a process
order processing
the receipt and transmission of sales order information
electronic data interchange (EDI)
a computerized means of integrating order processing with production, inventory, accounting, and transportation
inventory management
developing and maintaining adequate assortments of products to meet customers’ needs.
just-in-time (JIT)
an inventory-management approach in which supplies arrive just when needed for production or resale.
materials handling
physical handling of tangible goods, supplies, and resources.
warehousing
the design and operation of facilities for storing and moving goods
private warehouse
company-operated facilities for storing and shipping products.
public warehouses
storage space and related physical distribution facilities that can be leased by companies.
distribution centers
large, centralized warehouses that focus on moving rather than storing goods.
transportation
the movement of products from where they are made to intermediaries and end users.
intermodal transportation
two or more transportation modes used in combination
freight forwarders
organizations that consolidate shipments from several firms into efficient lot sizes.
megacarriers
freight transportation firms that provide several modes of shipment
tying agreement
an agreement in which a supplier furnishes a product to a channel member with the stipulation that the channel member must purchase other products as well.
exclusive dealing
a situation in which a manufacturer forbids an intermediary from carrying products of competing manufacturers.