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| Is anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want. |
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| Represent what buying the product will do for the customer. |
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Products and services that are for personal use.
Classified as;
- Convenience Products
- Shopping Products
- Specialty Products
- Unsought Products |
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| Products and services that the customer usually buys often and with minimum comparison and little buying effort. |
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| Products and services that the customer compares carefully on factors such as price and quality. |
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| Products and services with unique characteristics or brand identification for which a significant group of buyers are willing to make a special purchasing effort. (Fancy Cars) |
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| Products that the consumer does not know about or knows about but doesn't usually think of buying. |
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| Products purchased for further processing or use in conduction a business. |
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| All of the activities undertaken to create, maintain, or change attitudes and behavior of target customers towards an organization. |
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| All activities undertaken to maintain or change attitudes or behavior towards particular people. |
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| Product and Service Chain (Flow Chart) |
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Definition
Product Attributes
Branding
Packaging
Labeling
Product Support |
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Benefits of the product or service.
- Quality
- Features
- Style or Design |
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| The name, term, sign or design (or all of them) that identifies the maker or seller of a product or service. |
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| The differential effect that the brand name has on customer response to the product and its marketing. |
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| Involves designing and producing the container or wrapper for a product. |
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Identify the product or brand, describe attributes and provide promotions.
- Colorful graphics |
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| Brand Development Strategies Matrix |
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Definition
#Existing Product - Existing Brand - Line Extension (Extending a brand to new colors or flavors)
#Existing Product - New Brand - Multibrand (Releasing new brands in existing categories).
New Product - Existing Brand - Brand Extension (When an existing brand expands into new products)
New Products - New Brands - New Brands
(New brand name and new products.) |
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High Growth - High Market Share (Star)
Low Growth - High Share (Cash Cow)
High Growth - Low Market Share (?)
Low Growth - Low Market Share (Dog) |
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| The buying of a while company, a patent or a license to product someones elses product. |
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| The original products, product improvements/modifications and new brands developed from a firms own research and development. |
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| Reasons for Product Failure (List) |
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Definition
- Poor Design
- Overestimation of Market size
- Incorrect Positioning
- Wrong Timing
- Priced to high
- Competition
- Costly to develop |
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Definition
The systematic search for new product ideas
- Internal or external
- First step in the process of new product generation |
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The process of identifying which ideas are good and which are bad.
- Is it a good or bad idea?
- Is it worth doing?
- Second step in the new product generation process |
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| Product Concept (New Product Dev.) |
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Definition
| A detailed version of the product idea stated in meaningful consumer terms. |
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| The ways consumers perceive an actual or potential product. |
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| Testing a new product (usually a concept)with the target consumers. |
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| A stage where you release your product into a "test" market very similar to your mass target market prior to release. |
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| Commercialization (New Products) |
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Definition
| Full scale release of a product. |
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| Sequential New Product Development |
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Definition
| Where company departments work closely together individually to complete each stage of the process before passing it along to the next. |
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| Team-Based New Product Development |
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Definition
| A development approach where departments work closely together in cross-functional teams, overlapping in the product development process to save time and increase effectiveness. |
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| Systematic New Product Dev. |
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Definition
| An innovative dev. approach that collects, reviews, evaluates and manages new product ideas. |
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Definition
| The mental process an individual goes through from first learning about an innovation to find regular use. |
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| Raw material providers and other services and materials needed to create a product or service. |
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| Include marketing channels or distribution channels that look down towards the customer. |
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| The firms suppliers, distributors and ultimately customers who partner with each other to improve the performance of the entire system. |
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| Conventional Distribution System |
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Definition
A system with one or more independent producers, wholesalers and retailers.
- Everyone seeks to maximize its own profits |
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| Vertical Marketing Systems (VMS) |
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Definition
| A system that provides channel leadership and consists of producers, wholesalers and retailers acting as a unified system and includes Corporate marketing Systems, contractual marketing systems and administered marketing systems. |
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| Corporate Vertical Marketing System |
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Definition
| Integrates successive states of production and distribution under single ownership. |
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| Contractual Vertical Marketing System |
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Definition
Consists of independent firms at different levels of production and distributions who join together through contracts to achieve more sales or revenues then they could before.
- Franchise Organiztion |
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Definition
Links several stages in the production an distribution process.
- McDonalds |
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| A system with few dominate channel members with out common ownership, comes from size and or power. |
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| Horizontal Marketing System |
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Definition
When two or more companies at one level join together to follow a new marketing opportunity.
- Companies combine financial, production or marking resources to accomplish more than any one company alone could. |
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| MulitChannel Distribution Systems (Hybrid) |
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Definition
| When a single firm sets up two or more marketing channels to reach one more customer segments. |
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Definition
| Common items like candy and toothpaste. |
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| Luxury Automobiles and fancy clothing. |
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| Home appliances or televisions. |
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Definition
| Involves planning, implementing, and controlling the physical flow of goods, services and related information from points of origin to points of consumption to meet consumer requirements at a profit. |
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| Direct Response Television |
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Definition
Short to long commercials with a toll free number to call at the end.
- Inexpensive |
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Definition
A site designed to build customer goodwill and to supplement other channels rather than to sell to products.
- Information
- Excitment |
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Definition
| A site designed to engage consumers in interaction that will move them closer to a purchase or other marketing outcome. |
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| Ads that appear when changing webpages or every time the screen changes. |
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Definition
| Ads that incorporate animation, videos, sound and interactivity. |
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Definition
| Internet Version of Word-of-Mouth Marketing. |
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Definition
Pricing based on the buyer's perception of value, not the sellers cost as the key to pricing.
- Customer Driven |
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Definition
| Pricing based on how much it costs to make the product plus a mark up. |
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Definition
| Offers the right combination of quality and good service to a fair price. |
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Definition
| Attaches value added features and service to differentiate offers, support higher rices and build pricing power. |
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Definition
| Ability to escape price competition and justify higher prices and margins with out losing market share. |
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Definition
| Pricing that just adds a standard markup to the cost of the product. |
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| Price Strategies for New Priducts |
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Definition
- Skimming
- Market Penetration |
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Term
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Definition
A strategy with high initial pricing to "skim" revenue layers from the market.
- Quality and Image must support price
- Competitors should not be able to enter the market easily |
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| Market Penetration Pricing |
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Definition
Sets a low initial price in order to penetrate the market quickly and deeply to attract a large number of buyers quickly to gain market share.
- Market must be price sensitive
- Low prices must keep competition out of the market |
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Definition
| Takes into account the cost differences between products in the line, customer evaluation of the features and competitors prices. |
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Definition
| Involves products that must be used along with the main product. |
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Definition
| Involves breaking the price into two parts; One fixed fee and one variable usage fee. |
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Definition
| Refers to products with little or no value produced as a result of the main product. Seek to get what they can get for these products. |
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| Discount/Allowance Pricing |
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Definition
| Reduces prices to reward customer responses such as paying early or promoting the product. |
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Definition
Used when a company sells a product at two or more prices even though the difference inst cost based.
- Addmissions |
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Definition
| Occurs when sellers consider the psychology of prices and not simply the economics. |
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Definition
| Prices that buyers carry in their minds and refer to when looking at a given product. |
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Definition
| When prices are temporarily prices below list price or cost to increase demand. |
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Definition
Pricing used for customer in different parts of the country or the world.
- Shipping companaies |
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Definition
| Specific blend of advertising, public relations, personal selling and direct marketing tools that the company uses to persuasively communicate customer values and build customer relationships. |
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Definition
| Any paid form of non-personal presentation and promotion of ideas good or services by a sponsor. |
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Definition
| Short term incentives to encourage the purchase or sale of a product. |
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Definition
The personal presentation by the firm's sales force for the purpose of making sales and building customer relationships.
- Sales presentations
- Trade Shows |
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Definition
| Involves making direct connections with carefully targeted customers to both obtain immediate response and cultivate lasting customer relationships through phone calls, tv ads, internet and email. |
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Term
| Integrated Marketing Communcations |
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Definition
| Integration by the company of its communication channels to deliver a clear, constant and compelling message about the organization and its brands. |
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Term
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Definition
Get Attention
Hold Interest
Arouse Desire
Obtain Action |
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Term
| Rational Appeal (Message Design) |
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Definition
| Relates to the audience's self interest. |
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| Emotional Appeal (Message design) |
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Definition
| An attempt to stir up positive or negative emotions to motivate a purchase. |
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| Moral Appeal (Message Design) |
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Definition
| A message directed at the audiences sense of right and wrong. |
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| Non-Personal Communication |
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Definition
Media that carry messages with out personal contact or feedback.
- Ads
- Magazines |
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| Competitive Parity Method (Budgeting) |
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Definition
| Sets the budget to match the competitors outlays. |
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Definition
| A strategy used to build selective demand for your product. |
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Definition
| Advertising used with mature products to help maintain customer relationships and keep customers talking about the product. |
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Definition
| the idea that will bring the message strategy to life and guide specific appeal to be used in an advertising campaign. |
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| Corporate Marketing Ethics |
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Definition
| Broad guidelines that everyone n the organization must follow that covers all aspects of marketing. |
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