Marketing Test 2

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indirect channel

A marketing channel that consists of a producer, a consumer, and one or more intermediaries.

Financial feasibility

A new offering's ability to make money.

lead users

Potential customers who are innovative and develop new applications or new products for their own use without the aid of a supplier.

vertical market

B2B customers that compose a particular industry, such as he health care industry.

distributors

Businesses that purchase large quantities of products, can store products, can sell products, can delivered desired quantities of products, and can offer services. Distributors generally take title to products and employ a sales force to actively market their products.

retailers

Businesses that purchase products from manufacturers, wholesalers, agents, or distributors and then sell them to consumers.

Wholesalers

Businesses that purchase products in large quantities, can store the products, can break the pallets down into cases or units, and can deliver the desired quantity of a product to distributors, retailers, and/or consumers.

strategic channel alliance

An agreement formed by two or more firms to deliver their products via a channel. The products and organizations can be similar or different.

product-oriented

An approach to business that centers on capturing business by focusing on creating and manufacturing better products at lower prices.

service-dominant

An approach to offerings that integrates the physical product, attendant services, and price into the total offering.

product-dominant

An approach to products and offerings that clearly separates the physical product from services and from price.

depth interview

An exploratory research technique of engaging in detailed, one-on-one, question-and-answer sessions with potential buyers.

service

An intangible component of an offering.

unsought offering

An offering consumers don't typically shop for until it is needed. Examples include funeral and towing services.

shopping offering

An offering for which the consumer will make an effort to compare various firms' offerings and select a brand.

specialty offering

An offering that is highly differentiated from other offerings and is designed to satisfy a similar need or want.

impulse offerings

An offering that is purchased on impulse, without prior planning.

direct marketing

Delivering personalized promotional materials directly to individual consumers. Materials may be delivered via mail, catalogs, e-mail, Internet, or telephone, or in person.

convenience stores

Miniature supermarkets that stock a limited assortment of products. Many of them sell gasoline and are open twenty-four hours a day.

facilitating offerings

Offerings that support an organization's ability to do business but do not go into the final product.

maintenance, repair, and operations (MRO)

Offerings used to maintain, repair, and operate the physical assets of an organization.

tertiary packaging

Packaging designed for the shipping and efficiently handling of large quantities of a product.

primary packaging

Packaging designed to hold a single retail unit of a product.

secondary packaging

Packaging designed to hold a single wholesale unit of a product

concept testing

Presenting an idea for an offering (including possible marketing communication ideas), to consumers for their reaction early in the offering development process.

OEM offerings or components

Products, or parts, sold by one manufacturer to another that get built into a final product without further modification.

raw materials offering

Raw material products firms offer other firms so they can make a product or provide a service. These offerings are processed only to the point required for economic handling and distribution.

brokers (agents)

Representatives of one or more manufacturers who sell products on their behalf to consumers, wholesalers, and distributors, but do not take title to them.

nonstore retailing

Retailing not conducted in stores.

supermarkets

Self-service retailers that provide a full range of food products to consumers as well as some household products.

manufacturers' sales offices or branches

Selling units that work directly for manufacturers. A type of factory outlet store.

augmented product

Services and accessories that improve the core product's ability to deliver benefits.

pop-up store

Small temporary stores designed to generate "buzz" for a retailer and drive customers to its regular stores.

category manager

Someone responsible for managing a broad group of products that may belong to multiple manufacturers.

market manager

Someone responsible for managing efforts within a particular market, such as a geographic market or another grouping of customers into a market (e.g. a single industry or size).

supply chain management

The process of managing and refining supply chains so as to make them as efficient as possible.

brand extension

The process of utilizing an existing brand name or brand mark for a new product category.

brand name

The spoken part of an identity used to describe a brand.

divesting

companies get rid of a product, service, or business.

investment risk

The potential of losing one's money and time should a new offering fail.

feature

A characteristic of an offering.

original equipment manufacturer (OEM)

A company that assembles and manufactures a product into its final form.

category killer

A firm that sells high volume of a product in a particular category.

product line

A group of offerings that serve similar needs and are sold under the same name.

focus group

A group of potential buyers brought together to discuss a marketing research topic with one another.

skimming pricing strategy

A high initial price that companies set when introducing new products in order to get back money invested.

direct channel

A marketing channel that consists of a producer and a consumer.

manufactured material

A material that has been processed into a finished good, but is not a stand-alone product; it still has to be incorporated into something else to be usable.

brand

A name, picture, design, or symbol, or combination of those elements, used by a seller to differentiate its offerings from competitors'.

line extension

A new idea or offering that occurs when a company comes out with another model (related product or service) based on the same platform and brand as one of its other products.

brand manager

A person responsible for all business decisions regarding offerings within one brand. A brand manager is often charged with running his or her brand as if it is its own separate business.

branding

A set of activities designed to create a brand and to position it in the minds of consumers.

disintermediation

A situation that occurs when intermediaries are cut out of marketing channels.

quality function deployment (QFD)

A specific process for designing new offerings that begins by specifying a customer's requirements and then designing a product to meet those needs.

penetration pricing strategy

A strategy in which an organization offers a low initial price on a product so that it captures as much market share as possible.

brand mark

A symbol or logo used to identify a brand.

product

A tangible good that can be bought, sold, and owned.

supply chain

All the organizations that participate in the production, promotion, and delivery of a product or service from the producer to the end consumer.

harvesting

Companies reduce investment in a product, service, or business.

online retailers

Companies that sell products directly to consumers via the Web.

industrial distributors

Intermediary firms that sell products that businesses or government departments and agencies use but don't resell.

rolling launch

Introducing a new offering across markets one by one in order to work out any challenges or problems related to marketing and supporting the offering.

standardized

Keeping a product or service the same in all markets.

superstores

Large department stores that carry a broad array of general merchandise as well as groceries. Superstores are also referred to as hypermarkets and supercenters.

convenience offerings

Low-priced, frequently purchased products and services that require little shopping effort.

vertical market managers

Marketing managers who oversee B2B products sold to a particular industry.

product manager

Someone with business responsibility for a particular product or product line. pLike brand managers, product managers must make decisions, such as which offerings to include, advertising selections, and others.

department stores

Stores that carry a wide variety of household and personal types of merchandise such as clothing and jewelry.

specialty stores

Stores that sell a certain type of product.

off-price retailers

Stores that sell a variety of discount merchandise that consists of seconds, overruns, and the previous season's stock other stores have liquidated.

outlet stores

Stores that sell a variety of merchandise that may consist of seconds, overruns, and the previous season's stock, as well as first-run merchandise all from one manufacturer.

used retailers

Stores that sell products that have already been used.

drugstores

Stores that specialize in selling over-the-counter medication, prescriptions, and health and beauty products and offer services such as photo-developing.

warehouse clubs

Supercenters that sell products at a discount to people who pay an annual membership fee to join them.

capital equipment offering

Tangible equipment business purchases that are depreciated.

price

The amount exchanged by the buyer to receive the value offered by the product or service.

adaptation

The changes that an organization must make for a product or service to fit in the local culture.

technology platform

The core technology that is the basis for an offering or product.

benefit

The degree to which a feature satisfies a buyer's need or desire.

process feasibility

The degree to which the manufacturing of a product or the delivery of a service can be done within the proper quality specifications on a repeatable basis; the degree to which an organization can actually make and service an offering.

product mix

The entire assortment of products that a firm offers.

offering

The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers.

channel members

The firms a company partners with to actively promote and sell a product as it travels through its marketing channel to users.

Marketing channel

The group of organizations involved in selling and promoting goods from the time they are produced until they reach end users.

line breadth

The number of different, or distinct, product lines offered by a company.

line depth

The number of variations in a single product line.

core product

The physical component of an offering.

opportunity risk

The potential loss of revenue a company risks when it chooses an alternative course of action such as launching a different offering.

decline stage

The stage of the life cycle at which sales drop and companies must decide whether to keep, modify, or drop a product.

growth stage

The stage of the life cycle in which sales increase and more competitors enter the market.

maturity stage

The stage of the product life cycle at which sales begin to level off and competitors have saturated the market.

product life cycle (PLC)

The stages (introduction, growth, maturity, decline) that a product may go through over time.

market test

The test launch of a product's complete marketing plan to ensure that it reaches buyers, gets positive reactions, and generates sales of the product.

beta testing

The testing of a product by real customers in the customers' location.

alpha testing

The testing of a product in a laboratory setting.

total cost of ownership (TCO)

The total amount of time and money spent to acquire, use, and dispose of an offering.

intermediaries

Third parties that facilitate the supply and sale of products from manufacturers to users.

downsize

To decrease the size of the package or the amount of product in the package.

cannibalization

When a new product takes sales away from the same company's existing products.

merchant wholesalers

Wholesalers that take title to the goods.


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