Marketing 409 // Exam 3

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Product is introduced starting in one geographic area or set of areas and gradually expands in adjacent ones.

Rollout

Selecting the ideas with the greatest potential for further review. *checklist so you don't overlook something

Screening

Intangible results of the application of human and mechanical efforts to people or objects

Service

Items for which buyers are willing to expend considerable effort in planning and making purchases ( appliances, bikes, stereos, iPhone, camera, shoes)

Shopping products

Which of the following products is an example of a manufacturer brand?

Sony TVs

Items with unique characteristics that buyers are willing to expend considerable effort to obtain. *Most expensive category of products *fine jewelry or collector items

Specialty products.

Supports the core service and is used to differentiate the service bundle from those of competitors.

Supplementary services

Trendy brand names

Symbolic benefits

A limited introduction of a product in geographic areas chosen to represents the intended market *Not extension of development, rather sample of the entire marketing mix

Test marketing

A distributor of plumbing supplies purchases a desktop computer to aid in inventory control. This computer is an example of which type of business product?

Accessory equipment

____________: equipment that does not become part of the final physical product but is used in production or office activities. *File cabinets, horsepower motors, calculators, and tools

Accessory equipment

Changes related to the sensory appeal of a product.

Aesthetic modifications

Core product, supplement features, symbolic benefits

Independent elements of a product

First adopters of the new product

Innovators

The quality of being produced and consumed at the same time *airline flights *a shared responsibility between the customer and provider

Inseparability

____________: Facilites and nonprofitable major equipment *expensive and used for a long time *decisions made by high-level management *Marketers provide training, repairs, maintenance assistance, and financing aid

Installations

The initial stage or a product's life cycle; it's first appearance in the market place, when sales start at zero and profits are negative

Introduction stage

The last adopters who distrust new products

Laggards

Skeptics who adopt new products when they feel it is necessary.

Late majority

The amount of quality a product possesses *ACSI

Level of quality

The development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs. *new introduced products *more common than new products because less cost

Line extension *Nestle launched a Girl Scout Cookie Crunch candy bar as a line extension of it's Crunch Bars.

Maintenance, repair, and operating items that facilitate production and operations but do not become part of the final product *paper, pencil, cleaning supplies, and paints

MRO supplies

The annual Consumer Reports magazine rating of your company's flagship product was just released. Generally speaking the rating was good but not great. Based on the consumer comments that were referenced in the rating, it appears that many consumers have a negative view of the product's convenience and safety attributes.​ ​

Make functional modifications to the product.

A brand initiated by producers to ensure that producers are identified with their products at the point of purchase

Manufactured brands

Sales curve peaks and starts to decline, and profits continue to decline.

Maturity stage

Idea generation, screening, concept testing, business analysis, product development, test-marketing, and commercialization.

New product development process

The full legal name of an organization

Trade name

Legal designation of executive use of a brand

Trademark

Manufactured, private distributor, and generic

Types of brands

Installations, accessory equipment, raw materials, component parts, process materials, MRO supplies, and business services...

Types of business products

products purchased to solve a sudden problem, products of which customers are unaware of, and products that people do not necessarily think of buying.

Unsought products

A _________ works outside established organizational divisions and has greater flexibility to apply innovative approaches to new products and markets.​

Venture team

The number of product lines the company offers

Width of product mix

The three major ways to modify a product include

aesthetic, quality, and functional changes.

According to the text, a product is defined as

anything the customer receives in an exchange.

Convenience products, shopping products, specialty products, and unsought products....

categories of consumer products

MADD (Mothers Against Drunk Driving) is a nonprofit organization that primarily markets

ideas

Suppose that Cheetos stops production of Cheetos Fat-free Crunchies and sells all of its remaining inventory to a warehouse club. This would be an example of a(n)

immediate-drop decision.

When Jiffy-Pop packaged its popcorn in an aluminum skillet, complete with attachable handle, it designed the package to become the cooking utensil. After cooking, the handle was removed and the package became the popcorn bowl. Jiffy-Pop's popcorn in this case is an example of _____ packaging.

innovative

Unlimited texting, wide range high spend internet access, and apps on a cell phone represent....

supplemental features

Top managers at Cincinnati Microwave believe that they have a successful working prototype of their new radar detector and plan to go directly to regional commercialization of the new product. In this instance, they are contemplating skipping the ____ phase of the new-product development process.

test marketing

Arm & Hammer would probably not want to use multiple packaging for its baking soda because

the product is used infrequently.

Consumer products and business products

two categories for classifying products

Seeking product ideas to achieve organizational objectives. *Internet and social media are great tools *Customer input valued and sought after

Idea generation

Innovator, early adopter, early majority, late majority, and laggards.

5 adopter categories

____________ can be accomplished by physically changing the product, it's price, or it's distribution.`Or change the image on promotional pictures

Repositioning

A name, term, design, symbol, or other feature that identifies one sellers product from the others

Brand

The marketing and financial value associated with a brand's strength in the market

Brand equity

Evaluating the potential impact of a product idea on the firm's sales, cost, and profits *Ask questions about how the new product fits into organization *Makes sure you have the necessary resources to create the product *seek market information

Business analysis

As the production manager of an engineering firm, you went out and bought a metal cutting machine. What you have purchased can best be classified as a

Business product

Products bought to use in firm's operations, resell, or make other products.

Business products

Intangible products that many organizations use in their operations. *Financial, legal, marketing research

Business services

People who adopt new products early, choose new products early, choose new products carefully, and are viewed as "the people to check with" by late adopters.

Early adopters

Individuals who adopt a new product just prior to the average person

Early majority

Service v. Customer service

CS adds value

Developing and managing products

Chapter 12

Service marketing

Chapter 13

Intangibility, insuperability of production and consumption, perishability, heterogeneity, client-based relationships, and customer contact.

Characteristics of services

Interactions that result in satisfied customers who use a service repeatedly over time. * Lawyers, accountants, financial advisors

Client-Based Relationships

Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product. *product enters market *Rollout

Commercialization

__________________: Items that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly. *Spark plugs, tires, clocks, brakes, headlights are all components of a car

Competent parts

Seeking a sample of potential buyers' responses to a product idea *Testing the product

Concept testing

The degree to which a product has the same level of quality over time.

Consistency of quality

Products purchased to satisfy personal and family needs

Consumer products

Relatively inexpensive, frequently purchased items for which the buyer exerts minimal purchasing efforts. (gum, gas, bread, coffee)

Convenience products

A products fundamental utility or main benefit (A cell phone)

Core product

basic service experience or commodity that a customer expects to receive.

Core service

Level of interaction between provider and customer needed to deliver the service. *satisfied employees=satisfied customers

Customer contact

Changes affecting a product's versatility, effectiveness, convenience, or safety. *increase number of users *eg. Iphone 5

Functional modifications

a brand indicating only the product category *Sugar, salt, aluminum foil

Generic brands

Tangible physical entity

Good

Sales rise rapidly, profits reach a peak, and then they start to decline.

Growth stage

Variation in quality *human behavior doesn't have consistent quality *increases as the degree of labor intensiveness increases. *Customize service for individual customer

Heterogeneity

a practice whereby customer contact jobs are outsourced into workers homes. *US worlds first service economy

Home sourcing

A concept, philosophy, image, or issue

Idea

When are marketers least likely to change a product's design, style, or other attributes?

Decline

Sales rapidly fall.

Decline stage

The average number of different products offered in each product line.

Depth of product mix

the inability of unused service capacity to be stored for future use *Empty seats on an airline flight can't be sold for later dates

Perishability

A brand initiated and owned by a reseller

Private distributor brands

Materials that are used directly in the production of other products but are not identifiable. *Vinegar as an ingredient in salad.

Process material

The five stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption.

Product adoption awareness

The process of deleting products from the product mix because they no longer satisfy customers

Product deletion

Determining if producing a product is technically feasible and cost effective. *prototype // working model phase *How much quality should be built into product?

Product development

Creating and designing products so that customers see them as different from competing products

Product differentiation

A specific version of a product that can be designated as a distinct offering among firms products.

Product item

The progression of a product through four stages: introduction, growth, maturity, and decline.

Product life cycle

A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations. *These reflect the desire of different target markets

Product lines

The composite, or total, group of products that an organization makes available to customers.

Product mix

Changes in one or more characteristics of a product. *Original product does not remain in the line *Makers of runners shoes

Product modification *Best to use when: 1. Modifiable // 2. Consumer perception is good // 3. consistent=satisfaction

The decisions and activities intended to create and maintain a certain concept of the firm's product, relative to competitive brands, in customers' minds.

Product positioning

The overall characteristics of a product that allow it to perform as expected in satisfying customer needs. *Varies between consumer and business markets *Higher quality, higher price

Quality

Which of the following types of product modifications inevitably tend to cause firms to reduce costs in some of the organization?

Quality

Changes relating to a product's dependability and durability. *Higher quality: charge higher cost, creates customer loyalty and lowers customer sensitivity to price

Quality Modifications

___ _______: Basic natural materials that become part of the physical product. *Corn

Raw materials

Product deletion can best be described as the process of deleting a product from the product mix when it

no longer satisfies a sufficient number of customers.

Rick is a new product manager for a large bio-chemical firm. He is currently working on a proposal for a new chemical solvent and knows that introducing the new product can be risky because it might fail. He also knows that ___ is risky as well.

not introducing new products.

A ____ is responsible for a product, product line, or several distinct products in an interrelated group within an organization.

product manager

When Jeep Wrangler produces the new year's model vehicle, they discontinue production of last year's. However, when Apple brings out a new iPhone, they continue to produce the previous version for at least some period of time. Jeep Wrangler's new-product strategy is an example of a(an) _____ while Apple's is an example of a(an)______.

product modification; line extension

Minerals, chemicals, timber, and agricultural products are considered

raw materials


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