Marketing exam 3

direct marketing channel

A(n) __________ is a marketing channel that has no intermediary level.

marketing channel

A(n) __________ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.

crowdsourcing

Crowdsourcing is inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process. previous

maturity phase

Diversifying brands and models is a product strategy in the ___________

new product development

New product development is the development of original products, product improvements, product modifications, and new brands through the firm's own efforts.

growth

Offering product extensions, service, and warranty is a product strategy in the __________ phase.

introduction stage

The __________ is the PLC stage in which a new product is first distributed and made available for purchase.

fashion

__________ is a currently accepted or popular style in a given field.

channel level

__________ is a layer of intermediaries that performs some of the work in bringing the product and its ownership closer to the final buyer.

Value-added pricing

__________ is attaching features and services to differentiate a company's offers and charging higher prices.

customer value-based pricing

__________ is based on a buyer's perceptions of value rather than on the seller's cost.

Exclusive distribution

__________ is giving a limited number of dealers the exclusive right to distribute the company's products in their territories.

supply chain management

__________ is managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers.

price

__________ is the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service.

New product development

__________ is the designing of original products, product improvements, product modifications, and new brands through the firm's own efforts.

vertical marketing system

a channel structure in which producers, wholesalers, and retailers act as a unified system

product concept

a detailed version of a new product idea stated in meaningful consumer terms.

total costs

are the sum of the fixed and variable costs for any given level of production. next

fixed costs

costs that do not vary with production or sales level.

variable costs

costs that vary directly with the level of production.

setting the price based on cost

is the third step in cost-based pricing.

determining costs that can be incurred

is the third step in value-based pricing.

target costing

pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.

integrated logistics managment

the logistics concept that emphasizes teamwork—both inside the company and among all the marketing channel organizations—to maximize the performance of the entire distribution system

determining product costs

the second step in cost-based pricing.

idea generation

the systematic search for new product ideas.

introduction

Offering a basic product is a product strategy in the introduction phase.

decline

Phasing out weak items is a product strategy in the __________ phase.

good value pricing

__________ is offering just the right combination of quality and good service at a fair price.

fad

A ______ is a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

horizontal marketing system

A(n) __________ is a channel arrangement in which two or more companies at one level join together to follow a new marketing opportunity.

indirect marleting channel

A(n) __________ is a marketing channel containing one or more intermediary levels.

Setting the target price to match a customer's perceived value

is the second step in value-based pricing.

Convincing buyers of a product's value

is the fourth step in cost-based pricing.

designing a good product

__________ is the first step in cost-based pricing.

marketing strategy development

designing an initial marketing strategy for a new product based on the product concept.

Price elasticity

is a measure of the sensitivity of demand to changes in price.

contractual vertical marketing system

A(n) __________ consists of independent firms at different levels of production and distribution joining together through contracts.

conventional distribution channel

A(n) __________ is a channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, perhaps even at the expense of profits for the system as a whole.

maturity stage

The __________ is the PLC stage in which a product's sales growth slows or levels off.

psychological pricing

With ________, the price is used to say something about the product.

disintermediation

__________ is the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries.

Designing products to deliver the desired value at a target price

__________ is the fourth step in value-based pricing.

selective distribution

__________ is the use of more than one but fewer than all of the intermediaries who are willing carry the company's products.

target costing

__________ is/are pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.

3rd party logistics

__________ performs any or all of the functions required to get a client's product to market.

demand curve

__________ shows the number of units the market will buy in a given time period, at different prices that might be changed.

multichannel distribution system

__________ uses a single firm sets up two or more marketing channels to reach one or more customer segments.

Customer centered new product development

focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

Assessing the customer needs and value perceptions

is the first step in value-based pricing.

markeying logistics

planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customers' requirements at a profit

administered vertcial markteing system

A(n) __________ coordinates successive stages of production and distribution through the size and power of one of the parties.

Team-based new product development

involves various company departments working closely together, overlapping the steps in the product development process to save time and increase effectiveness.

product development

is developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering.

crowdsourcing

is inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.

idea screening

is scanning new product ideas to spot good ideas and drop poor ones as soon as possible.

multichannel marketing

__________ is selecting, managing, and motivating individual channel members and evaluating their performance over time.

market skimming pricing

__________ is setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales.

Market-penetration pricing

__________ is setting a low price for a new product in order to attract a large number of buyers and a large market share.

captive product pricing

__________ is setting a price for products that must be used along with a main product, such as blades for a razor and games for a video-game console.

Cost based pricing

__________ is setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk.

product line pricing

__________ is setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices.

intensive distribution

__________ is stocking the product in as many outlets as possible.

integrated logistics management

__________ is the logistics concept that emphasizes teamwork—both inside the company and among all the marketing channel organizations—to maximize the performance of the entire distribution system.