Marketing Chapter 9

Total Flash Cards » 52
 
1. 

Good

 

A tangible physical entity

 
2. 

Service

 

An intangible result of the application of human and mechanical efforts to people or objects

 
3. 

Idea

 

A concept, philosophy, image, or issue

 
4. 

Consumer products

 

Products purchased to satisfy personal and family needs

 
5. 

Business products

 

Products bought to use in an organization's operations, to resell, or to make other products

 
6. 

Convenience products

 

Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort

 
7. 

Shopping products

 

Items for which buyers are willing to expend considerable effort in planning and making purchases

 
8. 

Specialty products

 

Items with unique characteristics that buyers are willing to expend considerable effort to obtain

 
9. 

Unsought products

 

Products purchased to solve a sudden problem, products of which consumers are unaware, and products that people do not necessarily think about buying

 
10. 

Installations

 

Facilities and nonportable major equipment

 
11. 

Accessory equipment

 

Equipment that does not become part of the final physical product but is used in production or office activities

 
12. 

Raw materials

 

Basic natural materials that become part of a physical product

 
13. 

Component parts

 

Items that become part of the physical product and are either finished items ready for assembly or products that need little processing before assembly

 
14. 

Process materials

 

Materials that are used directly in the production of other products but are not readily identifiable

 
15. 

MRO supplies

 

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

 
16. 

Business services

 

The intangible products that many organizations use in their operations

 
17. 

Product item

 

A specific version of a product that can be designated as a distinct offering among a firm's products

 
18. 

Product line

 

A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations

 
19. 

Product mix

 

The total group of products that an organization makes available to customers

 
20. 

Width of product mix

 

The number of product lines a company offers

 
21. 

Depth of product mix

 

The average number of different product items offered in each product line

 
22. 

Product life cycle

 

The progression of a product through four stages:
1) introduction
2) growth
3) maturity
4) decline

 
23. 

Introduction stage

 

The initial stage of a product's life cycle- its first appearance in the marketplace- when sales start at zero and profits are negative

 
24. 

Growth stage

 

The stage of a product's life cycle when sales rise rapidly and profits reach a peak and then start to decline

 
25. 

Maturity stage

 

The stage of a product's life cycle when the sales curve peaks and starts to decline as profits continue to fall

 
26. 

Decline stage

 

The stage of a product's life cycle when sales fall rapidly

 
27. 

Product adoption process

 

The stages buyers go through in accepting a product

 
28. 

Innovators

 

First adopters of new products

 
29. 

Early adopters

 

Careful choosers of new products

 
30. 

Early majority

 

Those adopting new products just before the average pers

 
31. 

Late majority

 

Skeptics who adopt new products when they feel it is necessary

 
32. 

Laggards

 

The last adopters, who distrust new products

 
33. 

Brand

 

A name, term, design, symbol, or any other feature that identifies one marketer's product as distinct from those of other marketers

 
34. 

Brand name

 

The part of a brand that can be spoken

 
35. 

Brand mark

 

The part of a brand not made up of words

 
36. 

Trademark

 

A legal designation of exclusive use of a brand

 
37. 

Trade name

 

Full legal name of an organization

 
38. 

Brand equity

 

THe marketing and financial value associated with a brand's strength in a market

 
39. 

Brand loyalty

 

A customer's favorable attitude toward a specific brand

 
40. 

Brand recognition

 

A customer's awareness that the brand exists and is an alternative purchase

 
41. 

Brand preference

 

The degree of brand loyalty in which a customer prefers one brand over competitve offerings

 
42. 

Brand insistence

 

The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute

 
43. 

Manufacturer brands

 

Brands initiated by producers

 
44. 

Private distributer brands

 

Brands initiated and owned by resellers

 
45. 

Generic brands

 

Brands indicating only the product category

 
46. 

Individual branding

 

A policy of naming each product differently

 
47. 

Family branding

 

Branding all of a firm's products with the same name

 
48. 

Brand extension

 

Using an existing brand to brand a new product in a different product category

 
49. 

Co-branding

 

Using 2 or more brands on 1 product

 
50. 

Brand licensing

 

An agreement whereby a company permits another organization to use its brand on other products for a licensing fee

 
51. 

Family packaging

 

Using similar packaging for all of a firm's products or packaging that has one common design element

 
52. 

Labeling

 

Providing identifying, promotional, or other information on package labels