Marketing - Test 2 - Chapter 5, 6, 7, 8
idea screening
screening new product ideas to spot good ones and drop poor ones as soon as possible
Actual Product
At the "Core of Customer Value" is ________ _________. - Brand name - Quality level - Packaging - Design - Features
d) cost to the company
A company adding new features to a product will most likely assess each feature's value to customers relative to its: a) performance in the market b) benefits to the company c) cost to the customers d) cost to the company e) benefits to the supplier
Augmented Product
After the "Core of Customer Value" is ________ ________. - Delivery and credit - After-sale service - Product support - Warranty
a) a company creates a forum where anyone can contribute new product ideas
In which of the following cases is crowdsourcing used for new product development?: a) a company creates a forum where anyone can contribute new product ideas b) a company hires a marketing agency to generate new product ideas c) a company reviews the sales, costs, and profit projections of an existing product d) a company depends on its R&D department to come up with new ideas e) a company partners with a design agency to create a few prototypes
service profit chain
The following 5 links describe what? - Internal service quality - Satisfied and productive service employees - Greater service value - Satisfied and loyal customers - Healthy service profits and growth
business organizations
The following describes services what can offer? - Airlines - Banks - Hotels, insurance companies - Consulting firms - Medical and legal practices - Entertainment and telecommunication companies - Real estate firm - Retailers
government
The following describes services what can offer? - Courts - Employment services - Hospitals - Military services - Police and fire departments - Postal services - Public education
private not-for profit organizations
The following describes services what can offer? - Museums - Charities - Churches - Colleges - Foundations - Hospitals
Convenience
The following describes what type of customer buying behavior? - Frequent purchase - Little planning - Little comparison or shopping effort - Low customer involvement
Shopping
The following describes what type of customer buying behavior? - Less frequent purchase - Much planning and shopping effort - Comparison of brands on price, quality, and style
Specialty
The following describes what type of customer buying behavior? - Strong brand preference and loyalty - Special purchase effort - Little comparison of brands - Low price sensitivity
Specialty
The following describes what type of distribution? - Exclusive distribution in only one or a few outlets per market area
Shopping
The following describes what type of distribution? - Selective distributions in fewer outlets
Convenience
The following describes what type of distribution? - Widespread distribution - Convenient locations
Shopping
The following describes what type of promotion? - Advertising and personal selling by both the producer and resellers
Unsought
The following describes what type of promotion? - Aggressive advertising and personal selling by the producer and reseller
Convenience
The following describes what type of promotion? - Mass promotion by the producer
Specialty
The following describes what type of promotion? - More carefully targeted promotion both producer and resellers
New Product Development
The following describes what?
service intangibility
The following is an example of what? - People undergoing cosmetic surgery cannot see the result before the purchase
product line filling
The following reasons support what? - reaching for extra profits - satisfying dealers - using excess capacity - being the leading full-line company - plugging holes to keep out competitors
idea generation
The new product development process usually starts with what?
short
The product line is too ________ if the manager can increase products by adding items.
long
The product line is too ________ if the manager can increase profits by dropping items.
Material and parts, capital items, supplies and services
What are the 3 groups of industrial products and services?
intangibility, perishability, variability, inseparability
What are the 4 aspects of service?
motivation; perception; learning; beliefs and attitudes
What are the 4 psychological factors to buying behavior?
occupation; age and stage; economic situation; lifestyle; personality and self-concept
What are the 5 personal factors that influence buyer's decisions?
price, product, promotion, place
What are the four Ps of marketing?
target market, planned value proposition; and sales, market-share, and profit goals
What are the three parts of the marketing strategy statement?
developing new products to replace the old one
What is the challenge of new product development?
a firm must be good at adapting its marketing strategies in the face of changing tastes, technologies, and competition as products pass through stage
What is the challenge of product life-cycle strategies?
total quality management (TQM)
________ ________ ________ is an approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes
d) Marketing strategy/development
________ refers to designing a new plan for a new product based on the product concept. a) Business analysis b) Idea generation c) Concept screening d) Marketing strategy/development e) Test marketing
c) Test marketing
________is the stage where a product and its proposed marketing program are introduced into realistic market settings. a) Market strategy/development b) Concept testing c) Test marketing d) Concept development e) Business analysis
convenience products
a consumer product that customers usually buy frequently, immediately, and with minimal comparison or buying effort
unsought products
a consumer product that the consumer either does not know about or knows about but does not normally consider buying
shopping products
a consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price and style
specialty products
a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
belief
a descriptive thought that a person holds about something
product concept
a detailed version of the new product idea stated in meaningful consumer terms
subculture
a group of people with shared value systems based on common life experiences
product line
a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
reference group
a group that serves as direct or indirect point of comparison reference in forming a person's attitudes or behavior
brand
a name, term, sign, symbol, or design, or a combination of these that identifies the products and services of one seller or group of sellers and differentiates them from those competitors
motive (drive)
a need that is sufficiently pressing to direct the person to seek satisfaction of the need
opinion leader
a person within a reference group who, because of special skills, knowledge personality, and other characteristics
attitude
a person's consistency favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
lifestyle
a person's pattern of living as expressed in his or her activities, interests, and opinions
consumer products
a product bought by final consumers for personal consumption
industrial products
a product bought by individuals and organizations for further processing for use in conducting a business
business analysis
a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives
services
an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in ownership of anything
return-on-quality
an approach viewing quality as an investment and holding quality efforts accountable for bottom-line results
product idea
an idea for a possible product that the company can see itself offering to the market
product
anything that can be offered to a market for attention, acquisition, or consumption that might satisfy a want or need
acquisition
buying a whole company, a patent, or a license to produce someone else's product
learning
changes in an individual's behavior arising from experience
product development
company growth by offering modified or new products to current market segments
marketing strategy development
designing an initial marketing strategy for a new product based on the product concept
influencer marketing
enlisting established influencers or creating new influencers to spread the word about a company's brand(s)
conformance quality
freedom from defects and consistency in delivering a targeted level of performance
total marketing strategy
integrating ethnic themes and cross cultural perspectives within a brand's mainstream marketing, appealing to consumer similarities across subcultural segments rather than differences
commercialization
introducing a new product into the market
crowdsourcing
inviting broad communities of people - customers, employees, independent scientists and researchers, and even the public at large - into the new product innovation process
product line filling
involves adding more items within the present range of the line
team-based new product development
new product development in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness
customer-centered new product development
new product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences
controlled test markets
new products and tactics are tested among controlled panels of shoppers and stores
product line stretching
occurs when a company lengthens its product line beyond its current range
online social networks
online social communities - blogs, online social media, brand communities, and other online forums - where people socialize exchange information and opinions
internal marketing
orienting and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction
consistency of product mix
refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way
product line depth
refers to the number of versions offered of each product in the line
product mix length
refers to the total number of items a company carries within its product lines
social class
relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors
simulated test markets
researchers measure consumer responses to new products and marketing tactics in a laboratory stores or simulated online shopping environments
service inseparability
services are produced and consumed at the same time and cannot be separated from their provider
service intangibility
services cannot be seen, tasted, felt, heard, or smelled before they are bought
service perishability
services cannot be stored for later sale or use
internal service quality
superior employee selection and training, a quality work environment, and strong support for those dealing with customers, which results in satisfied and productive service employees
concept testing
testing new products concepts with a group of target consumers to find out if the concepts have strong consumer appeal
packaging
the activities of designing and producing the container or wrapper for a product
service profit chain
the chain that links service firm profits with employee and customer satisfaction
product quality
the characteristics of a product or service that bear on its ability to satisfy or implied customer needs
new product development
the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts
word-of-mouth influence
the impact of the personal words and recommendations of trusted friends, family, associates, and other consumers on buying behavior
product line length
the number of items in the product line
perception
the process by which people select, organize, and interpret information to form a meaningful picture of the world
performance quality
the product's ability to perform its functions
service variability
the quality of services may vary greatly depending on who provides them and when, where, and how they are provided
product mix (or product portfolio)
the set of all product lines and items that particular seller offers for sale
culture
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
test marketing
the stage of new product development in which the product and its proposed marketing program are tested in realistic market settings
idea generation
the systematic search for new product ideas
personality
the unique psychological characteristics that distinguish a person or group
societal marketing
the use of traditional business marketing concepts and tools to encourage behaviors that will create individual and societal well-being
product image
the way consumers perceive an actual or potential product
interactive marketing
training service employees in the fine art of interacting with customers to satisfy their needs
