Term
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Definition
| The management of products from the time thay are introduced until they are removed from the marketpalce |
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Term
| 3 compenents of the Market Offering |
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Definition
1.Value-bsed prices
2.Product features and quality
3.Services mix and quality |
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Term
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Definition
-Customer value hierarchy
1.Core benefit/service
2.Basic product
3.Expexted product
4.Augmented product
5.Potential product |
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Term
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Definition
1.Market Penetration
2.Product Development
3.Market Development
4.Diversification |
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Term
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Definition
| Existing market, existing product |
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Definition
| Existing market, new product |
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Definition
| new market, existing product |
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Term
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Definition
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Term
| 5 Consumer Good Classifications |
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Definition
1.Convenience goods
2.Shopping Goods
3.Specialty goods
4.Unsought goods
5.Economics |
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Definition
Staples
Impulse goods
Emergency goods |
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Term
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Definition
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Term
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Definition
| Product can't be verified by avg. consumer |
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Term
| 3 Industrial goods classification |
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Definition
1.Materials and parts
2.Capital items
3.Supplies/business services |
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Term
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Definition
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Term
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Definition
| all products that a particular seller offers for sale to buyers |
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Definition
| group of products that are closely related |
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Definition
| the total no. of product lines offered |
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Term
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Definition
| the number of items in a given product line |
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Term
| Depth of average product line |
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Definition
| total no. of items/by the total no. of lines |
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Definition
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Definition
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Definition
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Definition
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Definition
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Definition
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Definition
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Definition
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Definition
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Term
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Definition
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Term
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Definition
Visibility
Information
Emotional appeal
Workability |
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Term
| 6 Categories of New Products |
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Definition
1.New to the world
2. new product lines
3.Additions
4.Improvements
5.Repositionings
6.Cost reductions |
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Term
| 4 reasons why new products fail |
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Definition
1.shortage of important ideas
2.exec pushes favorite idea in spite of negative research
3.idea is good but the market is too smal or fragmented
4.product is not well designed |
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Term
| 4 more reasons why new products fail |
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Definition
5.incorrect positioning ie overpriced
6.insufficient distribution
7.Capital shortages occur
8.competition |
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Term
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Definition
| cross functioning group charged with developing a specific product or business |
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Term
| 7 steps in new product developement |
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Definition
1.Idea generation
2.idea screening
3.concept deve and testing
4.marketing strategy deve
5.Business analysis
6.Product develpment
7.Market testing
8. commercialize |
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Term
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Definition
| calculates utlity score from consumers rank ordering of attributes |
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Term
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Definition
finds the best combination of attributes
score ranges indicate importance of a given factor |
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Term
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Definition
| (no. of possible buyers)*(avg. selling price)*(avg. no. of purchases by each buyer) |
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Term
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Definition
| how many units must be sold to cover fixed cost and variable cost per unit |
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Term
| Problems with break-even analysis |
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Definition
| Assumes fixed price and fixed variable cost |
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Term
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Definition
number of years to pay back original investment.
Year cumulative margin equals fixed costs |
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Term
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Definition
| Ignores time-value of money, Risks, Opportunity cost, absolute size of the investment |
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Term
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Definition
| Distribution: normal channels |
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Term
| Controlled(forced) test market |
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Definition
Distribution: Bypasses normal channels
ie grocer is paid for shelf space |
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Term
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Definition
number of years to pay back original investment.
Year cumulative margin equals fixed costs |
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Term
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Definition
| Ignores time-value of money, Risks, Opportunity cost, absolute size of the investment |
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Term
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Definition
| Distribution: normal channels |
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Term
| Controlled(forced) test market |
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Definition
Distribution: Bypasses normal channels
ie grocer is paid for shelf space |
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Term
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Definition
| Consumers shop in mock stores |
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Term
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Definition
| Nielsen’s Market Decisions division and split cable technology |
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Term
| Characteristics of Good Test Markets |
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Definition
.2 to 1.5% of population
Good media coverage
Appropriate demographics
isolated media and distribution |
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Term
| Limitations of test markets |
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Definition
| expensive, delays to market |
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Term
| 5 stages in the adoption process |
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Definition
Awareness
Interest
Evaluation
Trial
Adoption |
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Term
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Definition
| sum of all values that consemers exchange for the benefits of having a product |
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Term
| Determining cost and taking traditional industry margins |
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Definition
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Term
| failing to revise price to capitalize on market changes |
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Definition
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Term
| setting price independently of the rest of the marketing mix |
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Definition
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Term
| failure to vary price by product item, market segment, distribution channels, and purchase occasion |
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Definition
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Term
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Definition
Infrequent purchases
New customers
design/quality/ size variations
seasonal items |
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Term
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Definition
1.Cost factors(FC,VC)
2.Competition
3.Customer Demand
4.Profit
5.Objectives and Policies of the Firm
6.Buyer Demand(eg Wal-mart, Target) |
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Term
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Definition
1.Selecting the pricing objective
2.Determining demand
3.Estimating cost
4.Analyzing competitors' offers
5.Selcting a pricing method
6.selecting the final price |
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Term
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Definition
1.Survival(as long as prices > VC and some FC)
2.Meet competition
3.Maximize current Profits
4.Maximize market share |
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Term
| 3 new product pricing objectives |
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Definition
Market Penetration
Market Skimming
Partial cost recovery(nonprofits) |
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Term
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Definition
depress peak demand
stimulate off peak consumptionreduce total resources needed to fill wants |
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Term
| Who pays for FOB shipping |
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Definition
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Term
| Who pays for FOB destinations |
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Definition
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Term
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Definition
| price reduction to uyer who pay bills promptly |
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Term
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Definition
| price reduction to those who buy in large quantities |
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Term
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Definition
if CP < 0, conplements
if CP > 0, substitutes |
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Term
| possible 4 ps replacement SIVA |
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Definition
Solutions
information
Value
Access |
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Term
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Definition
| system of partnerships that a firm creates to source, augment, and deliver its offerings |
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Term
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Definition
| all firms that take title or assist in transferring title to a good or service as it moces from producer to final consumer |
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Term
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Definition
| the distribution channel and suppliers, facilitators and markerting firms |
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Term
| first 5 tasks performed in a marketing channel |
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Definition
1.Gathering data
2.Contacting potential buyers
3.Negotiating
4.Assuming risks
5.Estalishing contractial arrangements |
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Term
| second 5 tasks performed in a marketing channel |
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Definition
6.transferring title
7.Communications
8. Financial arrangements
9.Serviving
10.Inventory, transportation, storage |
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Term
| Advantages of Direct Distribution |
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Definition
reduce overall cost
closer to customer
control
availability of good lists |
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Term
| Disadvatages of Direct Distribution |
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Definition
higher advertising/ contact costs
assumes inelasticity to some service reductions
shipping times
item availability |
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Term
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Definition
| independent salespersons working on behalf of several different companies of an industry. Selling non-competing goods |
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Term
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Definition
narrow product line
new firm
reduce overhead |
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Term
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Definition
Commission rate
tendecy to terminate reps if the sales volume is high |
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Term
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Definition
store, deliver, service, financing, and light assemly
Handel competing goods |
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Term
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Definition
| Vertically Integrated Marketing System |
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Term
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Definition
| ownership of some channel members |
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Term
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Definition
| cooperation is due to the size and power of a channel member |
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Term
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Definition
| cooperation is via contract |
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Term
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Definition
1.cost vs revenue from improved service
2.transportation cost vs inventory costs
3.inventory carrying cost vs order processing costs as average order quantity increases |
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Term
| 4 causes of channel conflict |
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Definition
1.goal incompatibility
2.Unclear roles and rights
3.Differences in perception
4.Intermediaries' dependence on manufacturer |
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Term
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Definition
| seller allows only certain outlets to carry its products |
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Term
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Definition
| seller requires dealers not to handle competing products |
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Term
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Definition
| an agreement where the sale of one product is tied to the purchase of a related product |
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