MKTG 490 Exam 2

unsought goods

Products that consumers do not seek out and often would rather not purchase at all (insurance, hospital bills)

customer retention

Retention of satisfied and loyal profitable customers and channels, and thus to grow the business profitably over the long run.

Brand strategy

The unique elements of a brand that define the products sold by a firm.

Stock Keeping Unit (SKU)

Unique identification numbers used in tracking products through a distribution system, inventory management, and pricing

Four V's

Volume, Velocity, Variety, Veracity

stop-to-market mistake

When a product that is a good idea is prematurely eliminated during the screening process and ultimately never introduced to the market.

Customer Relationship Management (CRM)

a comprehensive business model for increasing revenues and profits by focusing on customers

marketing dashboard

a comprehensive display and access system providing company personnel with up-to-the-minute information necessary to make decisions

Product line

a group of products linked through usage, customer profile, price points, and distribution channels or needs satisfaction

Customer Acquisition

acquisition of the right customers based on known or learned characteristics that will drive growth and increase margins

content filtering

an analytic method that identifies which products or services to recommend based on a determination of how similar a product or service seems to be to those that the customer has demonstrated a preference for in the past, or is currently considering

collaborative filtering

an analytic method that predicts a customer's preferences for products or services based on the observed preferences of customers who are perceived to be similar

Identify product opportunities

- Generate New Ideas • Screen & Evaluate Ideas

define the product opportunity

- define and test the product concept - create a marketing strategy - analyze the product's business case

develop the product opportunity

-Develop the Product - Test the Market - Product Launch

capital goods

Buildings, machines, technology, and tools needed to produce goods and services.

Goals of marketing dashboard

Diagnostic insight and predictive foresight

Characteristics of unstructured data

Harder and more costly, stored in files with limited degree of organization, text and images within email messages

Customer Profitability

Increased individual customer margins, while offering the right products at the right time.

business goods

Materials Parts MRO Supplies Capital Goods

Customer touch points

any instance where the firm 'touches' the customer in some way, allowing for the collection of information

Product

anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, and even ideas

product mix

combination of all products offered by a firm

Customer centric culture

creating positive experiences for your customers through services, products, and more

unstructured data

data generated in such a way that it does not possess a specific organizational structure that renders it readily analyzable for knowledge creation

structured data

data that is generated in such a way that a logical organization is imposed on it during its generation, thus enabling it to be more readily analyzable for knowledge creation

Characteristics of structured data

easier and less costly and stored in relational databases, data input into specific fields within a webform (age, gender, birthday)

Approaches for product differentiation

form, feature, performance quality, conformance quality, durability, reliability, repairability, style

convenience goods

frequently purchased, relatively low-cost products that customers have little interest in seeking new information about or considering other product options (toiletries)

New Product Development Process

identify product opportunities, define the product opportunity, develop the product opportunity

MRO supplies

maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product

Pitfalls of Marketing Dashboards

over reliance on 'inside-out' measurement, too many tactical metrics, forgetting to market the dashboard internally

nondurable products

products that are usually consumed in a few uses and, in general, are of low cost to the consumer

shopping goods

products that require consumers to do research and compare across product dimensions like color, size, features, and price (clothes, furniture)

durable products

products with a comparatively long product life that are often expensive

Variety

relates to the different types of data, including text, video, images, and audio to name a few types

product item

represents a unique size, feature, or price within each product a company may develop

Big Data

the ever-increasing quantity and complexity of data that is continuously being produced by various technological sources

tangibility

the physical evidence of a service or the observable aspects that help customers form advance opinions about the service despite its general intangibility

specialty goods

unique products in which consumers' purchase decision is based on a defining characteristic (Apple's iphone)

go-to-market mistake

when a company fails to stop a bad product idea from moving into product development