mktg chapter 2
disadvantage of individual branding
a firm cant capitalize on positive images associated with successful products
marketers consider 3 factors in selecting a brand name
1. The name should be easy for customers (including foreign buyers) to say, spell, and recall. 2. The brand name should indicate in some way the product's major benefits and, if possible, should suggest the product's uses and special characteristics. Marketers should avoid negative or offensive references. 3. Brand should be distinctive.
strongest and least common level of brand loyalty. will accept no substitute and will spend a great deal of time and effort to acquire that brand. Can also apply to services
brand insistence
An agreement whereby a company permits another organization to use its brand on other products for a licensing fee
brand licensing
A customer's favorable attitude toward a specific brand
brand loyalty
The person responsible for a single brand
brand manager
responsible for single brand... ex: kraft has one brand manager for nabisco oreos and one for oscar mayer lunchables
brand manager
The part of a brand that is not made up of words, such as a symbol or design
brand mark
The part of a brand that can be spoken, including letters, words, and numbers
brand name
occurs when a customer is aware that the brand exists and views it as an alternative purchase if the preferred brand is unavailable or if other available brands are unfamiliar
brand recognition
3 degrees of brand loyalty
brand recognition, brand preference, brand insistence
four major elements underlie brand equity:
brand-name awareness, brand loyalty, perceived brand quality, and brand associations
who you are, what you stand for, what is your positioning
branding
products bought to use in a firm's operations, to resell, or to make other products
business products
A products fundamental utility or main benefit (A cell phone)
core product
A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test marketing, and commercialization
new-product development process
white color association
pure/simple
Three major types of modifications:
quality, functional, and aesthetic
ex of retail buying from class
line of handbags at neimans
where did heather ray intern
HEB
_______________ is most famous for aggressively protecting its trademarks against infringement
Mcdonalds
Changes relating to the sensory appeal of a product
aesthetic modifications
3 conditions that must be met for product modifications:
1)Product must be modifiable 2)Customers must be able to perceive that a modification has been made 3)Modification should make the product more consistent with customers' desires so it provides greater satisfaction
3 aspects of product differentiation
1. Product Quality 2. Product Design and Features 3. Product Support Services
_________ consider high-quality products to be reliable, durable, and easy to maintain
Consumers
Keystone Pricing
Doubling the total cost of a product to determine its selling price.
_______ must review food labeling and packaging for nutritional content, label format, ingredient label, food descriptions, and health messages, number of servings, servings per size, calories per serving, etc
FDA
___________ modifications relate to a product's versatility, effectiveness, convenience, or safety; usually requiring that the product be redesigned
Functional
___________ marketing channels have one or more marketing intermediaries, who play key roles in customer relationship management through distribution and by maintaining databases and information systems to help all members of channel maintain effective customer relationships. *wholesalers (buy and resell to other wholesalers) and retailers(buy and resell to end consumers) are examples of intermediaries
Indirect
Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product
MRO supplies
maintenance, repair, and operating items that facilitate production and operations but dont become part of the finished product. Many products purchased as consumer products could be considered these to businesses. Ex: paper, pencils, cleaning supplies, paints. Sold through numerous outlets and purchased routinely, like convenience products. Buyers often deal with more than one seller
MRO supplies
where did heather ray pursue an MBA
U of Michigan
Equipment that does not become part of the final physical product but is used in production or office activities
accessory equipment
not part of final physical product but is used in production or office activities. Ex: filing cabinets, fractional-horsepower motors, calculators, and tools. Less expensive, purchased routinely with less negotiation, treated as expense items rather than capital bc they dont last as long. More outlets are required for distributing and selling, but sellers dont have to provide multitude of services expected for installations
accessory equipment
stage where buyer becomes aware of product. Possesses little info and are not yet concerned about obtaining more
adoption
stage where buyer purchases the product and can be expected to use it again whenever the need arises. Rejection can still occur
adoption
___________ modifications change sensory appeal of a product by altering its taste, texture, sound, smell, or appearance. Fashion industry relies heavily on these modifications (louis vuitton)
aesthetic
modifications which attempt to minimize amount of illegal product counterfeiting that occurs through constant change in design
aesthetic modifications
at BCG, entry levels do a lot of ____________, while ________/___________ look across everyone and help to coess the problem (how do they come together and what do we do)
analysis, project leaders/principals
top 3 companies based on brand value
apple, google, microsoft
5 stages of product adoption process
awareness, interest, evaluation, trial, adoption
how do product modifications differ from line extension
because original product does not. remain in the line with product modification
consumers buy a bundle of _________
benefits
where does heather ray work
boston consulting
A name, term, design, symbol, or other feature that identifies one seller's product as distinct from those of other sellers
brand
dr pepper bbq sauce is an example of a __________ extension
brand
The marketing and financial value associated with a brand's strength in a market
brand equity
An organization uses one of its existing brands to brand a new product in a different product category
brand extension
The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute
brand insistence
2 decision criteria when deciding to use indirect distribution
brand power and channel conflict
The degree of brand loyalty in which a customer prefers one brand over competitive offerings
brand preference
stronger degree of brand loyalty. Customer has definite preference for one brand over competitive offerings and will purchase if available, but will accept a substitute if not
brand preference
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 recognition
_______ help buyers to recognize products
brands
stage where product idea is evaluated to determine potential contribution to firm's sales, costs, and profits. Firm should determine if its research, development, engineering, and production capabilities are adequate to develop, whether new facilities should be constructed, how quickly they can be built, and cost
business analysis
Evaluating the potential impact of a product idea on the firm's sales, costs, and profits
business analytics
Products bought to use in a firm's operations, to resell, or to make other products
business products
Intangible products that many organizations use in their operations
business services
intangible products that many orgs use in their operations. Ex: financial, legal, marketing research, IT, and janitorial services.
business services
For _______________, technical suitability, ease of repair, and company reputation are important measures of quality
businesses
which app hires many aggies and shows sales at any corner in any city by gathering info about people in the area
buxton
examples of product modifications
cars and running shoes
product packaged in line with packaging practices of a particular product category (ex: ketchup, peanut butter), recognizable color combos
category consistent packaging
_________ __________ decisions are usually affected significantly by 1 or more of the following factors: customer characteristics (target market characteristics. Differences in consumer markets and business markets.), product attributes, type of organization, competition, marketing environmental forces, and characteristics of intermediaries
channel selection
yellow color association
cheerful, optimism
Using two or more brands on one product
co-branding
Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product
commercialization
stage which plans for full-scale manufacturing and marketing must be refined and settled and budgets for the prepared. Marketing mgmt analyzes results of test marketing. They make decisions about warranties, repairs, and replacement parts. Product enters market in this stage. Early expenditures on ads, promotion, manufacturing, and equipment costs and may not recover these for a while
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
component parts
become part of the physical product and are finished items ready for assembly of products that need little processing before assembly. Can be identified and distinguished easily, even after product is assembled. Ex: automobile- spark plugs, tires, clocks, brakes, headlights.
component parts
Seeking a sample of potential buyers' responses to a product idea
concept testing
stage where small sample of buyers is presented with a product idea through a written or oral description to determine attitudes and initial buying intentions regarding 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
products purchased to satisfy personal and family needs
consumer products
2 general categories of products
consumer products. and business products
4 benefits of private label brands
consumers trust private labels just as much, flexibility, control, cheaper
Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
convenience products
inexpensive, frequently purchased items that buyers exert minimal purchasing effort. Ex: bread, soft drinks, chewing gum, gas, newspapers. Marketed through many retail outlets, sellers experience high inventory turnover, so per unit gross-margins can be low. packaging is very important.
convenience products
4 categories of consumer buying behavior
convenience products, shopping products, specialty products, unsought products
total product offering has 3 interdependent elements
core products, supplemental features, and symbolic or experiential benefits
infringement is determined by ___________
courts
the idea that brand conveys a powerful myth that consumers find useful in cementing their identities is known as
cultural branding
CX
customer experience
Human or mechanical efforts or activities that add value to a product
customer services
human or mechanical efforts or activities a company provides to add value to a product. Examples include delivery and installation, financing, customer training, warranties, repairs, convenient hours, adequate parking.
customer services
sales fall rapidly. Marketer must consider eliminating items from the product line, cut promotion efforts, eliminate marginal distributors, and plan to phase out the product. Example: soda. Marketers must decide whether to reposition product or to eliminate. Loses distinctiveness bc of other brands. Marketers do little to change a products style, design, or other attributes. Spending on promotion efforts is reduced. Advertising of special offers and sales/coupons can slow the decline temporarily.
decline
The stage of a product's life cycle during which sales fall rapidly
decline stage
______ refers to the number of different product items offered in each product line
depth
The average number of different products offered in each product line
depth of product mix
Delivering content through the internet to a computer or other device
digital distribution
purple color association
dignity, quality, luxury
distribution which gives a company ownership to craft and manage customer experience and relationship, which drives conversion, loyalty, and is crucial for complex sales and innovative products and services. Examples include apple's apple stores and tesla showrooms in malls, southwest airlines. Enables companies to cut out the middleman by reducing price, own the relationship, own the experience.
direct distribution
dollar shave club used ______ distribution
disruptive
A new way of exploiting old technologies—or a new business model developed—to give customers more than they've come to expect from current products in a specific market
disruptive innovation
identifies old tech that can be exploited in new ways or that develop new business models to give customers more than they've come to expect from current products in a market
disruptive innovation
The decisions and activities that make products available to customers when and where they want to purchase them
distribution
how a business makes their value proposition available to customers
distribution
People who adopt new products early, choose new products carefully, and are viewed as "the people to check with" by later adopters
early adopters
Individuals who adopt a new product just prior to the average person
early majority
what are 5 projects heather ray has done
entertainment company, fast food restaurants, marketing organizations, life insurance co, dallas isd
the set of associations linked to a brand is another key component of brand _______ (geico gecko, mr clean, m&m characters) these help consumers to link the ads and packages with brands. Very effective with younger consumers.
equity
stage where buyer considers products' benefits and decides whether to try it, considering its value versus the competition. Individuals consider whether product will address criteria that are crucial to meeting specific needs
evaluation
what was suaves test competitor brand
evaus
red color association
excitement and stimulation
Distribution which uses only one outlet in relatively large geographic area. Suitable for products purchased infrequently, consumed over a long period of time, or that require a high level of customer service or info/ used for expensive, high-quality products with high profit margins. Often used as an incentive to sellers when only a limited market is available for products. Producers using this distribution expect dealers to carry a complete inventory, train personnel to ensure a high level of product knowledge and quality customer service, and participate in promotional programs.
exclusive distribution
Using a single outlet in a fairly large geographic area to distribute a product
exclusive distribution
services are purchased on the basis of ____________. __________ and cues are used to make intangible products more tangible
expectations, Symbols
3 disadvantages of mcdonalds multicultural menu
expensive, PR issues, supply chain
advantage of brand licensing
extra revenues and low-cost or free publicity to new images and trademark protection
biggest % loss 19-20 for brand value
what was paylesses video
fake luxury shoe store with payless shoes
t or f: making distribution channel as short as possible will decrease prices for products
false
__________ branding: all of a firm's products are branded with the same name (ex: Kellogg's frosted flakes, Kellogg's rice krispies, kellogg's corn flakes
family
Branding all of a firm's products with the same name or part of the name
family branding
Using similar packaging for all of a firm's products or packaging that has one common design element
family packaging
Changes affecting a product's versatility, effectiveness, convenience, or safety
functional modifications
1st retail direct distribution innovators back in 70s
gap and VS
to keep brand name from becoming a _________ term, firm should spell name with a capital letter and use it as an adjective to modify the name of the general product class (kleenex brand tissue), market that it is a trademark by using symbol
generic
brands which indicate only the product category and do not include the company name or other identifying terms. Typically staples that would be marketed using an undifferentiated strategy bc they lack special features. Usually sold at lower prices than branded items and compete on basis of price and value. Prevalence has decreased over time, as quality and value of private brands has increased.
generic brands
A tangible physical entity
good
what is target's private label brand we discussed in class
good & gather
examples of disruptive innovation
google, netflix, itunes, uber, lyft, warby parker, dollar shave club
The product life-cycle stage during which sales rise rapidly, profits reach a peak, and then profits start to decline
growth stage
begins when competitors enter the market. Sales rise rapidly and profits reach a peak and start to decline. Critical to a product's survival. Ex: smart speakers with voice assistants like google home and amazon echo. Profits decline late. aggressive price cuts are typical during this stage. Goal is to establish and fortify the product's market position by encouraging adoption and brand loyalty. Firms should use segmentation strategies more intensively, fill gaps in geographic market coverage, have more distribution channels,
growth stage
which 2 distribution strategies can lock you into bloated pricing model
hybrid and direct
distribution in which co.'s get broad distribution of indirect channels, while owning customer experience and expanding margin through direct channels. Example is apple and nike (differentiates direct channels with personalized ID shoes.
hybrid distribution
A concept, a philosophy, an image, or an issue
idea
Seeking product ideas to achieve organizational objectives
idea generation
stage where businesses seek product ideas that will help achieve objectives
idea generation
7 stages of new product development process
idea generation, screening, concept testing, business analysis, product development, test marketing, commercialization
_______ provide the psychological stimulation that aids in solving problems or adjusting to the environment
ideas
advantage of individual branding
if an organization introduces a product that fails in the marketplace, the negative images associated with it dont influence the consumers decisions to purchase the companies other products.
best deletion strategy when losses are too great to prolong product's life
immediate drop
4 criteria when deciding to use direct distribution
importance of experience, customer price sensitivity, market dynamics, capital needs
distribution where companies partner with 3rd parties to sell and fulfill a company's value proposition. It is very normal for companies in the beverage industry to leverage indirect. Companies use to focus on core competencies, while giving up margin to channel partners, but save in costs and capital necessary to go direct. Drive better value for channel partners then the competition. Examples: coke, ford
indirect distribution
___________ branding is a policy of naming each product differently (ex: nestle S.A.- nescafe coffee, maggi soups, haagen dazs
individual
A branding strategy in which each product is given a different name
individual branding
An independent business organization that takes title to industrial products and carries inventories
industrial distributor
First adopters of new products
innovators
consumers tend to fall into 1 of 5 major adopter categories:
innovators, early. adopters, early majority, late majority, laggards
Facilities and nonportable major equipment
installations
facilities such as office buildings, factories, warehouses, and major non portable equipment such as production lines and very large machines. Expensive and intended to be used for a long time. Purchase decisions are made by high-level management. Marketers must frequently provide a variety of services such as training, repairs, maintenance, assistance, and aid in financing
installations
7 categories of business products
installations, accessory equipment, raw materials, component parts, process materials, MRO supplies, business services
distribution which uses all available outlets for distributing products. Appropriate for products that have a high replacement rate, require almost no service, and are often bought based on price cues. Convenience products are marketed through this distribution. To satisfy customers, products must be available at nearby stores and be obtained w minimal search time
intensive
Using all available outlets to distribute a product
intensive distribution
Three major levels of market coverage
intensive, selective, and exclusive
stage where buyer seeks info and is receptive to learning about product. Enters when they become motivated to learn about products features, uses, advantages, disadvantages, price, or location
interest
The initial stage of a product's life cycle; its first appearance in the marketplace, when sales start at zero and profits are negative
introduction stage
begins at products first appearance in market. Sales at 0 and profits are negative because companies must invest in product development and launch prior to selling. Profits remain low. Sales are slow at first. Two difficulties may arise: 1) sellers may lack resources, technological knowledge, and marketing expertise to launch a product successfully. 2)the initial product price may have to be high to recoup expensive marketing research or development costs, which can depress sales. New product success rates are rarely above 50%.
introduction stage
4 stages of product life cycle
introduction, growth, maturity, decline
Providing identifying, promotional, or other information on package labels
labeling
used for identification, promotional, informational, and legal purposes. Can be part of package or attached to it. Info can include brand name and mark, registered trademark symbol, package size and content, product features, nutritional information, presence of potential allergens, type and style of the product, number of servings, care instructions, directions for use and safety precautions, the name and address of the manufacturer, expiration dates, seals of approval, and other facts.
labeling
disadvantage of brand licensing
lack of manufacturing control and risks of making consumers feel bombarded with many unrelated products bearing the same name
The last product 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
level of quality
Tiffany introducing men's jewelry is an example of a ___________ extension
line
________ extensions can focus on a different market segment or attempt to increase sales within same market segment by more precisely satisfying the needs of people in that segment
line
specific product items in a product _____ (ex: different lipstick shades or shampoos for oily/dry hair) reflect desires of different target markets/varying needs of consumers
line
Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs
line extension
coca cola: diet coke, coke zero sugar, and caffeine-free coca, new flavors of diet coke, stevia
line extension
Managing the efficient and effective flow of materials, products, and information from the point of origin to consumption
logistics management
brands make repeat purchasing easier for customers, fostering brand __________
loyalty
A brand initiated by producers to ensure that producers are identified with their products at the point of purchase
manufacturer brands
brands initiated by producers and ensure that producers are identified with their products at the point of purchase-- green giant, dell computer, levi's jeans. Usually requires a producer to become involved in distribution, promotion, and to some extent, pricing decisions
manufacturer brands
3 categories of brands
manufacturer, private distributor, generic
The person responsible for managing the marketing activities that serve a particular group of customers
market manager
A group of individuals and organizations that direct the flow of products from producers to customers within the supply chain
marketing channel
Major role is to make products available at the right time, right place, in the right quantities
marketing channels
Middlemen that link producers to other intermediaries or ultimate consumers through contractual arrangements or through the purchase and resale of products
marketing intermediaries
The stage of a product's life cycle during which the sales curve peaks and starts to level off or decline, and profits continue to fall
maturity stage
sales peak and start to level off or decline, while profits continue to fall (ex: DVDs and DVD players, toothpaste). Intense competition. Producers remaining in the market are likely to change their promotional and distribution efforts. Dealer-oriented promotions are typical. Consumers are well-informed. Product modifications. Marketers go to great lengths to serve retailers and provide incentives for displaying and selling their brand. Advertising should focus on product differentiation and promotion efforts should be aimed at both consumers and resellers.
maturity stage
example of brand mark
mcdonalds golden archs, apples apple
what color packaging did suave's 'evaus' use
milennial pink
_____________ packaging is cheaper and environmental friendly
minimalist
The use of a variety of marketing channels to ensure maximum distribution
multichannel distribution
Uses variety of marketing channels to ensure max distribution. Primary reason is to reach target customers wherever and whenever they may choose to interact with a company or its products
multichannel distribution
twin packs, six packs, etc. can increase demand bc it increases amount of product available at point of consumption.
multiple packaging
green color association
nature and sustainability
2 biggest % gains 19-20 for brand value
netflic and canel
what were 4 innovative store experiences we discussed in class
nike, lulu, l'occitaine, starbucks reserve roastery
disrupter who entered the market in 1889 with playing cards, then switching to board games, then video games, then console games, then wii, then DS, then switch, then iphone apps
nintendo
______ labs feature touch screens in fitting rooms which help customers and gather analytics for business owners
oak
Managing activities from production to final delivery through system-wide coordination
operations management
how many cases has heather completed
over 20
_________ should prevent damage and tampering, offer convenience to consumer, communicate features, uses, benefits, image, and quality/nature of a product, and lastly provoke an emotional response
packaging
___________ makes product more versatile, safe, and easy to use, while conveying info about the product and displaying interesting graphic design elements
packaging
__________ out allows product to decline without change in mktg strategy. No attempt made to give product new life
phase
Three basic ways to delete a product:
phase it out, run it out, or drop immediately
Customers spend up to 12% more time in stores with __________
plants
product ________ is result of customers' perceptions of product attributes relative to those of competitive brands
position
black color association
power, status, sophistication
Brands initiated and owned by a reseller
private distributor brands
aka private brands, store brands, or dealer brands. Initiated and owned by resellers- wholesalers or retailers. Major characteristic is that manufacturers are not identified on the products. Retailers use it to develop more efficient promotion, generate higher gross margins, and change store image. Give retailers or wholesalers freedom to purchase products of a specified quality at the lowest cost without disclosing identities of manufacturers.
private distributor brands
Materials that are used directly in the production of other products but are not readily identifiable
process materials
used directly in production of other products, but not readily identifiable. Ex: vinegar in salad dressing. Purchased according to industry standards or purchaser's specifications.
process materials
co-branding is very popular in which 2 industries
processed food and credit card
Processes to obtain resources to create value through sourcing, purchasing, and recycling, including materials and information
procurement
A good, service, or an idea received in an exchange
product
everything that is received in an exchange (can be tangible objects, services, events, persons, places, organizations, ideas, or mixes of these)
product
The five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption
product adoption process
Eliminating a product from the product mix when it no longer satisfies a sufficient number of customers
product deletion
How a product is conceived, planned, and produced
product design
how product is conceived, planned, and produced. Involves total sum of products physical characteristics. One component is styling (physical appearance), which can allow products to sell very rapidly. Also encompasses product's functionality and usefulness.
product design
A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test marketing, and commercialization
product development
stage where businesses determine if it is feasible to produce a product and if it can be produced at low enough costs to make final price reasonable. Idea is converted into working model, which should reveal tangible and intangible attributes associated with product in consumers minds. Product attributes must be identified and communicated to customer through design. Function of prototype must be assessed
product development
Creating and designing products so customers perceive them as different from competing products
product differentiation
Specific design characteristics that allow a product to perform certain tasks
product features
A specific version of a product that can be designated as a distinct offering among a firm's 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
product line
The person within an organization who is responsible for a product, a product line, or several distinct products that make up a group
product manager
responsible for product, product line, or several products making up an interrelated group within multiproduct org
product manager
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
product modification
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
characteristics of product that allow it to perform as expected in satisfying customer needs
product quality
_________ and _______ managers operate cross functionally to coordinate activities, info, and strategies involved in marketing an assigned product. Plan marketing activities to achieve objectives by coordinating a mix of distribution, promotion, and price. Consider packaging and branding decisions and work closely with personnel in R&D, engineering, and production.
product, brand
total group of products that an org makes available to customers
product. mix
3 main reasons for packaging
protects product, adds convenience, reusability
The act of negotiating and executing transactions to buy and sell goods, materials, and services
purchasing
_____________ modifications relate to a product's dependability and durability. Changes are executed by altering materials or production process
quality
Changes relating to a product's dependability and durability
quality modifications
Basic natural materials that become part of a physical product
raw materials
basic natural materials that become part of a physical product. Includes minerals, chemicals, ag products, and materials from forests and oceans
raw materials
Converting waste into reusable material, reprocessing, reclaiming, or reusing supplies and final products
recycling
product __________ requires changes in perception and in product features
repositioning
packaging must also meet needs of __________... keep shelf space in mind
resellers
take a ______ focus when making place decisions
retail
buy and resell to end consumers
retailers
90% of shoppers turn _______ when entering a store
right
Brands indicate a quality level and image to the customer and reduces a buyers perceived _____ of purchasing
risk
____ out exploits any strengths left in product; intensifying mktg efforts in core markets or eliminating some mktg expenditures (advertising) may cause sudden jump in profits. Common approach for technologically obsolete products, such as older computer models. Often, price reduced to generate sales
run
3 advantages of mcdonalds multicultural menu
sales, brand awareness, brand image
Providing customer __________ should be the driving force behind marketing channel decisions
satisfaction
Selecting ideas with the greatest potential for further review
screening
stage where ideas with greatest potential are selected for further review. product ideas are analyzed to determine if they match the org's mission, objectives, and resources. Other aspects of the idea to be weighed are the nature and wants of buyers and environmental changes. A checklist of new product requirements can be used
screening
which company was one of first disruptive retailers who used mail order catalogs to launch businesses
sears
Distribution which uses only some available outlets in an area to distribute a product. Appropriate for shopping products, which include durable goods like tv or computers. More expensive products and consumers will spend more time and visit several retailer outlets and websites to compare. Desirable when a special effort is important to customers. Shopping products require differentiation at point of purchase. This distribution is used to motivate retailers to provide adequate service. This distribution offers for higher-quality customer service.
selective distribution
Using only some available outlets in an area to distribute a product
selective distribution
brown color association
seriousness, earthiness, ruggedness
An intangible result 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
shopping products
products that buyers are willing to expend considerable effort in planning and making the purchase. Buyers spend time comparing stores and brands regarding prices, product features, quality, service, warranties. Ex: appliances, bicycles, furniture, stereos, cameras, shoes. Expected to last a while and are more expensive than convenience products. Inventory turnover is lower, higher gross margins. Can be marketed at same place as convenience products. advertising requires a larger budget.
shopping products
pink color association
soft, nursing, feminine
blue color association
soothing, trust, security
The process of determining what materials a firm needs, where those materials come from, and how they impact marketing integrity
sourcing
items, with unique characteristics, that buyers are willing to expend considerable effort to obtain
specialty products
products which possess one or more unique characteristics and buyers will expend considerable effort to obtain them. most expensive product category. Buyers plan and know exactly what the want and will not accept substitutes. Buyers do not compare alternatives and are unlikely to base decision on price, product is preselected. Distributed through a small # of retailers, purchased infrequently, low inventory turnover, high gross margins required
specialty products
An agreement whereby the products of one organization are distributed through the marketing channels of another
strategic channel alliance
brand of bottled water distributed through marketing channel for soft drinks is an example of
strategic channel alliance
branding _________ is influenced by # of products and product lines, # and types of competing products available, size of the firm
strategy
what type of consulting does heather ray do
strategy
The physical appearance of a product
styling
smartphone's internet, camera, apps. free installation, guarantees, product info, promises of repair, delivery, training, financing. Hotel- free wifi, free soda, snack and beverage social are all considered ____________ features
supplemental
All the organizations and activities involved with the flow and transformation of products from raw materials through to the end customer
supply chain
The coordination of all the activities involved with the flow and transformation of supplies, products, and information throughout the supply chain to the ultimate consumer
supply chain management
brand name, shopping experience, personal experience, atmosphere of store, variety and depth of product mix, customer support, sounds, smells are all considered _____________ or ________________ benefits
symbolic, experiential
t or f: mktg intermediaries can reduce costs of exchanges by performing services or functions efficiently
t
A limited introduction of a product in geographic areas chosen to represent the intended market
test marketing
stage in which there is a limited intro of product in geographic area to determine extent that consumers will buy the product
test marketing
what was the mcdonalds case study about
the expansion of their menu with items for each country
in class distinct packaging example
tiffany and co
Marketing channels create 4 types of utility:
time, place, possession, form
The full legal name of an organization
trade name
A legal designation of exclusive use of a brand
trademark
stage where buyer examines, tests, or tries the product to determine if it meets his or her needs. Use or experience the product for the first time
trial
t or f: Marketers can analyze product positions by developing perceptual maps
true
t or f: Marketing channel decisions generally entail long-term commitments among a variety of firms. Distribution channels are the least flexible component of the marketing mix.
true
t or f: a company still must consider packaging if online
true
t or f: american express costs more than visa
true
t or f: aspirin, escalator, and shredded wheat- all brand names at once- were declared generic terms that refer to product classes and could no longer be protected
true
t or f: brand equity includes both tangible and intangible assets
true
t or f: branding helps introducing new products easier
true
t or f: companies are moving from indirect to direct/hybrid due to lower costs and pricing by compressing the value chain, while owning customer experience and relationship
true
t or f: companies with most brand loyalty include delta, amazon, lyft, red bull, advil, exxon, at&t, and discover
true
t or f: customer satisfaction with a brand is the most common reason for loyalty to that brand
true
t or f: firms with high market share, high prices, or limited product lines are more likely to expand their product lines aggressively
true
t or f: heather ray came back to mays to work for the MBA program as a marketing specialist and led alumni relations
true
t or f: line between different marketing channels is becoming increasingly blurred
true
t or f: line extensions are more common than new products bc they are less expensive, lower risk alternative for increasing sales
true
t or f: mcdonalds believes there brand is more valuable than the totality of their assets
true
t or f: organizations are not limited to a single branding strategy
true
t or f: speaker heather ray grew up in cstat and went to a&m
true
what was the stanford study about
university cafeteria vegetable labels
Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying
unsought products
products purchased when a sudden problem must be solved, products that customers are unaware of until they see them in a store or online, and products people do not plan on purchasing. Ex: emergency medical services and automobile repairs. Speed of problem resolution is more important than price or other features
unsought products
A cross-functional group that creates entirely new products that may be aimed at new markets
venture team
when members are brought together from different functional areas of an organization to create entirely new products
venture teams
what were the 2 water bottles discussed in class that people paid more for
voss and fiji
buy and resell to other wholesalers
wholesalers
2 examples of intermediaries
wholesalers and retailers
_______ refers to number of product lines offered (ex: ag industry- tractors, loaders, farm equipment, tools and used equipment, utility vehicles
width
The number of product lines a company offers
width of product mix
