MKT 300 Exam 3

Transportation

For the purchase of an automobile, the core benefit would be ____________.

81

the service sector accounts for ___% of both U.S. gross domestic product and U.S. employment.

Wholesaling (Warehousing)

the sorting, storing, and reselling of products to retailers or businesses.

90

___% of new European consumer products fail.

95

___% of new U.S. consumer products fail.

Intermediaries

make markets more efficient. (Manufacturer/Customer Example)

Variability

makes it impossible for a service operation to achieve 100% perfect quality on an ongoing basis.

Adoption

the stages through which an individual consumer passes in arriving at a decision to try (or not to try), to continue using (or discontinue using) a new product.

Servicescape

the use of physical evidence to design service environments. Includes ambient conditions, inanimate objects and other physical evidence.

Responsiveness

the willingness to help customers and provide prompt service.

Indirect

In an __________ channel, wholesalers and retailers take on various functions and in return earn revenue in the form of a markup (or commission in some cases).

Intensive

Level of Distribution: mass market selling. Convenience goods. Many intermediaries.

Exclusive

Level of Distribution: with single intermediary. Specialty goods and industrial equipment. One intermediary.

Ship Transportation

Cheapest (ton-miles).

Relative advantage

Successful new products offer a strong __________.

Shopping Product

a product that requires comparison shopping, because it is usually more expensive and found in fewer stores.

Unsought Product

a product unknown to the potential buyer or a known product that the buyer does not actively seek.

Convenience Product

a relatively inexpensive item that merits little shopping effort.

Reliability

perform promised service dependably and accurately.

Emotional Response

pleasure, displeasure, heightened senses.

Customer Profiles (Considerations)

pose the questions, Who are the potential customers? What/where/when/how do they buy?

Participants (People) Process Physical Evidence (Surroundings)

3 additional P's include P_____, P______ and P______.

More

A large market requires _______ intermediaries.

Truck Transportation

Best availability for transportation.

Market Product Producer

Channel Choice Factors affecting channel choice include 1________Factors, 2__________ Factors, 3_________ Factors.

Demand Cost Sales Profitability

Considerations in business analysis stage include 1_____, 2______, 3_____, 4_____.

Service Excellence

Customer satisfaction and loyalty are driven by ____________.

Door to Door Office to Office Home Sale Parties

Direct retailers sell products in these three ways: 1___________, 2_________, 3____________.

Selective

Distribution Level: with selected intermediaries. Shopping and some specialty goods. Several intermediaries.

Air Transportation

Fastest form of transportation. Costliest form of transportation.

Tangible, intangible

Goods are "________ dominant" such as search attributes while services are "___________ dominant" such as experience and credence attributes.

Direct

In a ____________ channel, the manufacturer must take on all of the marketing functions, reaping the financial benefits, but also assuming all costs.

Growing, Increasing, Increasing, Preference

In the growth stage, sales volume is _____, product features are _____, retail outlets are _____, and the marketing goal is _____.

Low, Basic, Limited, Trial

In the introduction stage, sales volume is _____, product features are ______, retail outlets are ______ and the marketing goal is _______.

Flat, New, Maximum, Preference

In the maturity stage, sales volume is _____, product features are _____, retail outlets are ______ and the marketing goal is ______.

Atmosphere

Includes the layout, design, textures, and senses.

49

Industry leaders obtain ___% of revenues from products developed in the last 5 years.

Product size Assortment of goods Location Hours of operation

Intermediaries provide variety in terms of: 1_____________ (what), 2___________ (what), 3___________ (where), 4__________ (when).

10

Least successful companies obtain ___% of revenues from products developed in the last 5 years.

Automatic Vending Direct Retailing Direct Marketing Internet Retailing M-Commerce.

Major forms of non-store retailing include 1________, 2_________, 3________, 4_________, 5_________.

Exchange Physical Facilitating.

Marketing functions include 1_________, 2_________, and 3___________.

Pipeline Transportation

Most dependable type of transportation.

Train Transportation

Most used form of transportation (37%). Used for shipping.

Store and Transport Create assortments Break Bulk

The Physical Marketing Function includes 1____________, 2___________, 3____________.

Gather information Provide credit

The Facilitating Marketing Function includes 1____________, 2_____________.

Brand name Attributes Style Design Packaging

The actual product includes things such as 1________, 2________, 3_________, 4_________, 5__________.

Warranty Financing Delivery Service Customer support

The augmented product includes 1______, 2______, 3______, 4______, 5______.

Actual Product

The brand name is part of the _______________.

Relative Advantage

The degree to which potential consumers perceive a new product as superior to existing substitutes.

Communication Negotiate price Place orders Make sales

The exchange marketing function deals with 1____________, 2______________, 3_____________, 4______________.

Intangibility Inseparability Variability Perishability

The majority of the differences between goods and services are attributed to 4 unique characteristics. 1_____, 2_____, 3_____, 4_____.

Behavior

Time spent in the store, affiliation with people, buying actions.

Direct Mail Catalogs and Mail Orders Telemarketing

Types of direct marketing include 1____________, 2____________, 3____________.

Wholesaler

_____________ Functions include: Physical Distribution Product Storage Simplify Payment Collect Information Inject Capital Technical Support

Actual Product

a combination of the tangible and intangible attributes that delivers the core benefit. Automobiles have combinations of attributes such as horsepower and fuel economy, which determine its acceleration and cost of ownership (gas mileage, etc.)

Marketing Channel

a network of all parties involved in moving products or services from producers to consumers or business customers.

Specialty Product

a particular item that consumers search extensively for and are reluctant to accept substitutes.

Perishability

a service cannot be saved, its unused capacity cannot be reserved, and it cannot be inventoried. "Use it or lose it"

Compelling Experience

adding service aspects to a product often transforms the product from a commodity into a __________.

Pull Strategy

advertising and promotional strategies geared toward consumer to increase desire for the product.

Push Strategy

advertising and promotional strategies geared toward your distribution partners to encourage them to promote your product.

Retailing Strategy

all the activities involved in selling goods directly to the final consumer for their use. Could be non-store retailers such as via the mail, internet, telephone.

Services Marketing

any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.

Perishability

anything with capacity; if unsold, lost revenue.

Tangibles

appearance of physical facilities, equipment, personnel, communication material.

Empathy

caring, individualized attention.

Brand Extension

current brand to new product class.

Intangibility

difficult to evaluate even after consuming the service.

Experiences

economic value progresses from commodities to goods to services to ________.

Assurance

employees must be knowledgeable, courteous, convey trust and confidence.

Inbound Logistics

entails the movement of products from suppliers to companies. (Putting Together)

Line Extension

improvement; new and improved; new colors.

Declining, Reduced, Reduced, Survival.

in the decline stage, sales volume is _____, product features are _____, retail outlets are _____ and the marketing goal is ______.

Channel Strategy

involves the decisions a manufacturer makes to effectively and efficiently move its products to the customer.

Information processing

processing that includes accounting, training and financial services.

Mental stimulus processing

processing that includes experiential. You have to be there to experience. Movie at a movie theatre.

Possession processing

processing that includes lawn or car repairs.

People processing

processing that includes transportation services, health clubs.

Intangibility

services cannot be seen, felt, tasted or touched in the same manner that goods can be sensed.

Apathy Brush-off Coldness Condescension Robotism Rulebook Runaround

the 7 categories of complaints about service providers are: 1_____, 2_____, 3_____, 4______, 5______, 6______, 7______.

Inseparability

the simultaneous production and consumption of the service. Have to be there at the SAME TIME as the service provider to experience the optimal service.

Augmented Product

the additional services or benefits that enhance the products ownership.

Atmospherics

the concrete physical and spatial aspects of the environment encompassing a consumer activity.

Logistics

the coordination of all activities related to the movement of raw materials and finished goods that occur within the boundaries of a single business or organization.

Trialability

the degree to which a new product is capable of being tried on a limited basis.

Complexity

the degree to which a new product is difficult to understand or use.

Observability

the degree to which a product's benefits or attributes can be observed, imagined, or described to potential customers.

Compatibility

the degree to which potential consumers feel a new product is consistent with their present needs, values and practices.

Variability

the difference in consistency from one service transaction to the next.

Benefit Concept

the encapsulation of these benefits in the consumers mind.

Idea Screening

the filter which eliminates ideas that are inconsistent with the organization's new-product strategy or are inappropriate for some other reason.

Awareness Interest Evaluation Trial Adoption

the five stages of the traditional adoption process are 1_____, 2_____, 3_____, 4_____, and 5______.

Core Benefits

the fundamental benefits that the customer is buying.

Test Marketing (Market Testing)

the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.

Reverse Logistics

the methods that are used to move products backwards through the supply chain for return or repair. Take for example a defective tire that was installed on a new car. The car buyer will return to their contact point, the car dealership, who in turn will take possession of the tire and work it back through the channel (to the tire manufacturer). In some cases, the process could bypass one or more members of the channel.

Outbound Logistics

the movement of product from company to customer, in the example case, this includes the use of an intermediary. (Get it to user)

Intangibility

the primary source from which the other three characteristics emerge.

Diffusion (Rate)

the process by which the acceptance of an innovation is spread by communication to members of a social system over a period of time.

People Possession Mental Stimulus Information

the processing service strategy includes 1______ processing, 2______ processing, 3______ processing, 4______ processing.

Service providers

the public face of a service firm is its ____________.