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MKT test 4
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147
Architecture
5th Grade
04/15/2013

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Term
Service
Definition
intangible product involving a deed, performance or effect, can't be physically produced.
Term
Inseparability
Definition
Production and consumption are simultaneous, they are the same thing
Term
Who was the first service economy?
Definition
United states (represent half of the GDP)
Term
Intangibility
Definition
Isn't physical and can't be perceived by the senses, rely on price to determine quality
Term
Perishability
Definition
can't be stored for future use
Term
Heterogeneity
Definition
Variation in quality, increases as degree of labor intensiveness increases, makes difficult to standardize industry
Term
Client Based relationships
Definition
interactions result in satisfied customers who use a service repeatedly over time (Long time, loyal, unlikely to switch)
Term
Customer contact
Definition
level of interaction between provider and customer needed to deliver service, train good employees for good customers
Term
Package/Bundle:
Definition
Offered by an organization and consists of a core service and supplementary service
Term
Core Service:
Definition
basic service expected/experienced by customer
Term
6 Service characteristics:
Definition
Intangible
product/consumption at same time
perishable
heterogeneity (varies in quality) client based relationship
Customer contact
Term
Supplementary service
Definition
a supportive service, used to differentiate service from competitors
Term
Customization
Definition
key element in competitive advantage for service providers, provide acceptable level of service and economically efficient
Term
Degree of trust
Definition
customers believe company with perform service in a way that meets/exceeds promise
Term
5 ways to deliver services
Definition
1. customers go to facility
2. server to customers home
3. "arms length" no personal contact
4. Short and direct marketing channels
5. warehousing
Term
Inventory management (warehousing and transportation)
Definition
balancing supply/demand, increase supply of services, appointments and reservations
Term
Negatives of equipment replacement
Definition
lack of personalization but increases serive supply and reduces labor costs
Term
Tangible cues:
Definition
symbolize service, have nothing to do with actual product but help customers understand, specific language, IE show pictures of facilities and equipment
Term
Service providers promote what?
Definition
price, guarantees, performance documentation and training certificates
Term
Word of mouth communication
Definition
VERY important because of intangibility and heterogeneity
Term
Ways price is established:
Definition
the specific task, amount of time, demand based pricing (esp with time-sensitive services like tanning)
Term
Service quality
Definition
customer's perception of how well a service meets/exceeds their expectations, marketers must look at from customers POV
Term
Experience quality
Definition
Judged only during purchase or consumption of service
Term
Credence quality
Definition
attributes that customers cant evaluate even after buying/using because of lack of knowledge/skill
Term
Four factors that affect service quality
Definition
1. Customer expectation analysis
2. service quality specifications
3. employee performance
4. management of service expectations
Term
Zone of tolerance
Definition
difference between desired level of service and acceptable level of service
Term
Customer-contact employees
Definition
least trained/lowest paid members of company
Term
Management of service expectations
Definition
1. set realistic goals for services provided.
2. don't promise more than they deliver
3. customers tell 4X more people about bad service than good service
Term
Nonprofit marketing
Definition
achieve other goal than profit;
social marketing (social cause like AIDS)
nonprofit- goal is not to make $$
Term
Nonprofit organizations
Definition
make VALUE judgments, the marketing provides ONLY knowledge to further organizations goals
Term
Target public
Definition
people with interest in social cause, product or organizations
Term
Client public
Definition
direct consumer of product, most marketing attention to these people
Term
General public
Definition
Indirect consumer of prodcut
Term
Developing marketing mix
Definition
1. focus on ideas/services
2. distribution focuses on how ideas made available to clients
3. Promotional decisions
4. Pricing
Term
Direct mail
Definition
primary means of fundraising for social services
Term
personal selling
Definition
recruiting/fundraising
Term
Pricing:
Definition
Fixed
Variable-based on users ability to pay
**place clients welfare above revenue
Term
Opportunity cost:
Definition
value of the benefit given up by selecting alternative over another product
Term
Brand
Definition
Name, term, symbol or design that identifies one sellers good/service as distinct from those of other sellers
Term
Brand name
Definition
Can be spoken, letters, words, numbers
Term
Brand mark
Definition
can't be spoken (symbol) nike swoosh
Term
trademark/trade name
Definition
Legal designation, exclusive use
-full legal name of an organization
Term
Value of branding to buyers:
Definition
helps identify specific products, evaluates quality, reduces perceived risk, gives psychological reward, status
Term
Value of branding to sellers:
Definition
make repeat buying easier for consumers, helps facilitating promotional efforts, level of stability,
Term
Cultural branding
Definition
brand conveys a powerful myth that consumers find useful in cementing their identities
Term
Brand loyalty
Definition
Customer's favorable attitude towards a specific brand
Term
3 degrees of brand loyalty
Definition
Brand recognition: aware of brand but views it as an alternative purchase
Brand Preference: Prefers brand over another, but will accept substitute
Brand insistence: strongest(declining) brand loyalty, NO SUBSTITUTE
Term
Brand Equity
Definition
marketing and financial value associated with brand's market strength; includes patents, trademarks, name, loyalty, quality and brand association
Term
Manufacturer brand
Definition
initiated by producers and ensure they are identified with their products at point of purchase.
Term
Private distributor brands
Definition
store or dealer brands, initiated and owned by RESELLERS. manufactorers not identified. Cheaper and larger margin of profit
Term
Battle of the brands
Definition
ongoing competition between manufacturer and private brands
Term
Generic brand
Definition
indicates only a product category, NOT a company name, account for less than half a percent of retail grocery sale
Term
Selecting brand name
Definition
-easy for customers to say, spell, recall
-distinctive
-compatible with all products in the line
-no negative connotations
-brand/service name the same
-symbol with brand name
Term
Protecting a brand
Definition
-registration!!
-generic brands aren't protectable
-Not like any other brand
-Advil is not the only name for medicine
-Trademark with symbol goes with brand
Term
Trademark Law Revision Act
Definition
Increases value of the federal registration system relative to foreign competitors to protect consumers from counterfeiting
Term
Branding strategies
Definition
should they brand all products?
Hard to brand raw materials
Term
Individual branding
Definition
each product given a different name, use market segmentation
Term
Family branding
Definition
Products branded with same name (promotes all products)
Term
Brand extension
Definition
firm uses one of its existing brands to brand a new product in different category
Term
Co-branding
Definition
use of two or more brands on one prodcut, capitalizes brand equity of multiple brands
Term
Brand Licensing
Definition
agreement in which a company permits another organization to use its brand on products for a licensing FEE
Term
Packaging
Definition
Protects and maintains products functional form by reducing damage that affects usefulness
Term
Family packaging
Definition
similar packaging for all products
Term
Packaging considerations
Definition
cost, tamper resistance, promotional role, shape, color, texture, meet needs of resellers, transportation, handling, environment
Term
Secondary use packaging
Definition
reused for purposes other than initial use, adds value to product
Term
Category consistent packaging
Definition
package things consistently with associated products and categories
Term
Innovative packaging
Definition
use extra items to make product completely distinctive
Term
Multiple Packaging
Definition
products come in twin packs or more,
Term
Handling improved packaging
Definition
make it easier to handle in distribution channel, ie shrink wrapping
Term
Criticisms of packaging
Definition
functional problems, safety problems, deceptive
Term
Labeling
Definition
promotional and legal purposes, brand name/mark, symbols and information
Term
Universal Product Code (UPC)
Definition
electronically readable lines identifying a product and providing inventory/information
Term
1966 Fair Packaging and labeling Act
Definition
mandatory labeling requirements and regulations
Term
Nutrition Labeling Act of 1990
Definition
FDA required to review food labeling and packaging. Nutrition and ingredients
Term
Distribution
Definition
decisions and actions involved in making products available to customers when/where they want to purchase them
Term
Supply chain
Definition
activities associated with the flow/transformation of products from raw materials to purchase
Term
Operations management
Definition
managerial activities used to transform resource inputs into products
Term
Logistics management
Definition
involves planning, implementing, and controlling the flow/storage of products and information from beginning to end for customers
Term
Supply chain Management
Definition
set of approaches used to integrate operations, logistics, supply and marketing channel management so products are produced and distributed, in the right quantities to the right locations and at the right time.
Term
Technology and supply chain management
Definition
seemless distribution, match inventory, reduces cost, integrates information
Term
Marketing channel
Definition
"channel of distribution" group of individuals that direct the flow of products from producer to consumer
Term
Marketing intermediaries
Definition
link producers to other intermediaries and have consumers purchase goods and resale products, PRODUCTS AVAILABLE AT RIGHT TIME/RIGHT PLACE
Term
Cooperation
Definition
requires all channel members to satisfy customers and reduce the cost of all channel members to improve profits
Term
Significance in marketing channel decisions
Definition
determine a products market presence and accessibility, decisions on price/promotions easier to change than marketing channel
Term
4 types of utility in marketing channels
Definition
1. time: available when customers want
2. Place: Available in locations
3. Possession: access to use/store product
4. Form: able to assemble, prepare, refine for individual needs
Term
Criticism of intermediaries
Definition
inefficient/parasitic but won't remove the need for that, other people would perform the function
Term
Channels for consumer products
Definition
A. directly form producer to consumer
B. producer-retailer-consumer (large retailers)
C. producer-wholesale-retail-consumer (mainly consumer products)
D. producer-agent-wholesale-retail-consumer (processed food, mass distribution)
Term
Channels for business products
Definition
Business Customers (E): direct communication with producers/customers when goods are expensive
Industrial distributor (F): Facilitates exchanges between producer/consumer
Term
Industrial distributor (business)
Definition
independent business that takes title to products/carries inventory, used when products have broad market appeal, easily stocked, sold in small quantities
Term
Manufacturer's agent (business)
Definition
independent business person sells complimentary products of producer's in assigned areas and paid on commission
Term
Channel H (business)
Definition
includes both manufacturer's agent and industrial distributor's; cover large area with sales force
Term
Dual distribution
Definition
use two or more market channel's to distribute same product to same market
Term
strategic channel alliance
Definition
agreement that the products of one organization are distributed through the marketing channels of another (pancakes and syrup?)
Term
Factors of selections market channel
Definition
customer characteristics, product attributes, type of organization, competition, marketing environment force, characteristics of intermediaries
Term
Product attributes:
Type of organization:
Competition
Definition
-attributes have strong effect on channel
-SIZE matters (large or small)
-success/failure of others may consider similar approach
Term
Environmental factors:
Intermediary characteristics:
Definition
-regulations, technology,economy effect it
-if company feels intermediary isn't promoting product effectively
Term
Intensive distribution
Definition
all outlets for distributing a product are used (convenience products)
Term
Selective distribution
Definition
only some outlets in an area are chosen to distribute a product
Term
Exclusive outlet
Definition
only one outlet is used in a LARGE geographic area (infrequently purchased items)
Term
Channel captian/leader
Definition
organize/controls channel (producer, wholesaler, retailer)
Term
Channel power
Definition
ability o influence another channel member's goal achievement
Term
Conditions needed to resolve conflict
Definition
-role of each channel member specified
-use channel coordination (leadership,ect)
Term
Vertical channel integration
Definition
combines two or more stages of the channel under one management (eliminates intermediary by purchasing another company)
Term
Vertical marketing systems (VMS)
Definition
single channel member coordinates channel activities to reach low cost, effective distribution (Corporate, administered, contractual)
Term
Corporate VMS
Definition
all stages from producer to consumer under ONE owner
Term
Administered VMS
Definition
independent channel members but high level of inter-organizational management with INFORMATION COORINATION
Term
Contractual VMS
Definition
Most popular, linked by legal agreement spells out rights/obligations
Term
Horizontal channel integration
Definition
combine organizations at same level of operation under one management (merge)
Term
Physical distribution
Definition
"logistics" activities used to move products from producer to consumer
Term
Outsourcing
Definition
contract physical distribution tasks to third party to decrease cost
Term
Total cost approach
Definition
managers view physical distribution as a systme
Term
cycle time
Definition
time needed to complete a process
Term
order processing (and three tasks)
Definition
receipt/transmission of sales order information. Order entry, order handling, order delivering
Term
electronic data interchange
Definition
computer order processing with production, inventory, accounting and transportation, LINKS marketing channel member and outsourcing firm
Term
Inventory management
Definition
develop/maintain adequate assortment of products to meet customer's needs
Term
Stock outs
Definition
product shortage, loss of customers, low sales, switch brands
Term
Re-order point
Definition
order lead time X usage rate + safety stock
Term
two methods of material handling
Definition
1. unit loading: boxes placed on pallet and loaded with machine
2. containerization: consolidate many items into large container and ship
Term
Warehousing
Definition
design/operation of facilities for storing/moving goods
Private: Company owned
Public: leased storage space
Distribution center: rapid flow of goods in large facility NO STORAGE
Term
Five transportation modes
Definition
RR: carry heavy/bulky over land
Truck: Most flexible route/schedule
Water: cheapest heavy/low value,coal
Air: fast/$$, high value perishable
Pipeline: most automated, chemicals/oil
Term
Five factors of transportation modes
Definition
cost, speed, dependability, load flexibility, accessibility
Term
Intermodal transportation
Definition
two/more transportation modes used
Term
Freight forward
Definition
consolidate shipments from several firms for low cost
Term
Megacarrier
Definition
Freight transportation, offer many modes of shipment
Term
Dual distribution
Definition
use two market channels to distribute same product to same market (threat to competition)
Term
typing agreement
Definition
supplier furnishes product to channel member with stipulation that the channel member must purchase other products too
Term
Exclusive dealing
Definition
manufacturer forbids intermediary to carry product of competing manufacturer;s
Term
Retailing
Definition
includes all transactions where buyer intends to consume products through personal, family, house use. Resell products to "ultimate customer"
Term
Retailer
Definition
Add value/assist in product selection and are CRITICAL link between producer and ultimate consumer
Term
General merchandise retailer (8)
Definition
variety of product lines.
1. department store (employs at least 25)
2. discount store(self-service, less $)
3. Convenience (convenience item,24/7)
4. supermarket (large, buy 3/4 of items
5. superstore-food and nonfood items
6. hypermarket-supermarket+discount
7. Warehouse club-member only, large
8. Warehouse showroom
Term
traditional specialty retailer
Definition
carry small product mix w/deep product lines (cheese store) limited line retailer
Term
Category killer
Definition
very large specialty store, compete on basis of low price/product availability
Term
Off-price retailer
Definition
buy seconds, overrun, returns, off-season goods at huge discount (20-50 less%)
Term
strategy factors of retail stores
Definition
location, retail positioning, store image, category management
Term
Location
Definition
least flexible/most important issue, dictates customer people
Term
Types of shopping center
Definition
Neighborhood: small convience/specialty
Community: department/convience/special
REGIONAL: Many department, large product mix product line (150,000)
Lifestyle: open-air shopping center
Power: combine off-price/small store with category killers
Term
Retail Positioning
Definition
identify under-served market segment and re-distinguish in minds of consumers
Term
Store Image
Definition
atmosphere, attracts customers, appearance, displays
Term
Category Management
Definition
retail strategy that manages group of similar goods (substitute) produced by different manufacturers, NEED cooperative interaction
Term
Direct marketing
Definition
use of television/non-personal media to communicate product/organizational info. to customers
Term
Catalog Marketing
Definition
catalog to make selection and place order via mail, phone, internet
Term
Direct-response marketing
Definition
retailer advertises a product and make it available through mail/phone. IE telemarketing, TV home shopping, Online retail
Term
Direct-Selling
Definition
"door-to-door" face-to-face sales presentation EXPENSIVE
Term
Automatic vending
Definition
machines dispense products selected by customers, impersonal, needs service/repair
Term
Franchising
Definition
supplier grants dealer right to sell product for money, franchise supply labor/capital
Term
advantages/disadvantages of franchising
Definition
*start business with limited capital, successful, gain fast distribution
-dictate aspects of business, pay to use name
Term
Merchant wholesaler
Definition
independent business take title to goods, assume risks associate with ownership and generally buy/resell products to wholesalers, retailers,
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