Ch. 10,11,12, 15

Diffusion

the process by which the adoption of an innovation spreads. By understanding how consumers learn about and adopt products, marketing managers have a better change of successfully marketing products.

Logistics

the process of strategically managing the efficient flow and storage of raw materials, in process inventory, and finished goods from point of origin to point of consumption. "Getting things from A to B."

New Product Development Process

(1) New product strategy, (2) Idea Generation, (3) Idea Screening, (4) Business Analysis, (5) Development, (6) Test Marketing, (7) Commercialization, (8) New Product. Approaches are Brainstorming and Focus Group.

6 Ps

(1) Product, (2) Place, (3) Price (strategy), (4) Promotion, (5) People/Personnel, and (6) Presentation.

Captive Brand

a ____ manufactured by a third party for exclusive retailer, without evidence of a retailers affiliation; May say "only available at..."

Private Brand

a ____ owned by a wholesaler or retailer. Also known as a _____ label or store brand (Walmart Great value line).

Product Line Width

a group of closely related product items like low calorie Coke products.

Brand

a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors products. Branding is the major tool in distinguishing their product from the competition. Global Brand: a brand where at least 20% of the product is sold outside its home country; highest ranked non US Company (China Mobile).

New Product Strategy

a plan that links the new product development process with the objectives of the marketing department, the business unit, and the corporation.

Retailing

all the activities directly related to the sale of goods and services to the ultimate consumer for personal, non business use. Business selling to final customers.

New Product Line

allow a firm to enter an established market.

New to the World

an entirely new market and are the smallest category of new products.

Intangible Services

cannot be touched, seen, tasted, heard, or felt.

Business Analysis Stage

considerations of _____ are sales, cost, and profitability. "Can we make money with this product?". Important because costs increase dramatically once a product idea enters the development stage.

Repositioned Products

existing products targeted at new markets or market segments.

Introductory Stage

high failure rates, little competition, frequent product modification, limited distribution, High marketing and production costs, negative profits with slow sales increase, promotion on awareness and information, communication challenge is to stimulate primary demand

Growth Stage

increasing rate of sales, entrance of competitors, market consolidation, initial healthy profits, aggressive advertising of the differences between brands, and wider distribution.

Heterogeneous Services

less standardized and uniform than goods.

Decline Stage

long run drop in sales, large inventories of unsold items, elimination of all nonessential marketing expenses, and "organized abandonment".

Improvements/Revisions

new and improved product may have significantly or slightly changed. Most products fit into the ________ category.

Product Line Additions

new products that supplement a firm's established product line.

Product Mix Width

number of product lines that are offered by a company. Diversifies risk and capitalizes on established reputations.

Cooperative Branding

occurs when two brands receive equal treatment like Blizzard with Oreos.

Inseparable Services

produced and consumed simultaneously.

Lower Priced Products

provide performance similar to competing brands at a lower price.

Maturity Stage

sales increase at a decreasing rate, saturated markets, annual models appear, lengthened product lines, service and repair assume important roles, heavy promotions to consumers and dealers, marginal competitors drop out, and niche marketers emerge.

Perishable Services

services cannot be stored, warehoused, or inventoried.

Supply Chain

the connected chain of all of the business entities, both internal and external to the company, that perform or support the logistics function.

Brand Mark

the elements of a brand that cannot be spoken. (Nikes check symbol).

Direct Channel

the method of selling directly to the end buyer from the manufacturer with no middle man or intermediary involved.

Product Line Depth

the number of product items in a product line. Attracts buyers with different preferences, increases sales/profits by further market segmentation, capitalizes on economies of scale, and evens out seasonal sales patterns.

Brand Name

the part of a brand that can be spoken, including letters, words, and numbers. E.g. Nke

Retail Channel Omnification

the reduction of multiple retail channel systems into a single, unified system for the purpose of creating efficiencies or saving costs.

Brand Equity

the value of brand names, can be valued in the hundreds of billions,

Functions of Packaging

(1)contain and protect, (2) Promote, (3) Facilitate storage, Use, and Convenience, and (4) Facilitate Recycling: think green