Marketing Exam 2

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created 8 years ago by scast8
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Chapters 11,12,14,15,16
updated 8 years ago by scast8
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marketing
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1

product

anything that can be offered to a market that might satisfy a want or need

2

product line

a series of different products which form a group, all made by the same company

3

product mix

A range of associated products that yields larger sales revenue when marketed together than if they were marketed individually or in isolation from others

4

convenience product

A type of good that is purchased often by a consumer without involving much exertion or consideration. A business that specializes in making a particular convenience product will typically need to focus on increasing production volume rather than on improving product features to boost profits

5

shopping product

Bought less frequently; Higher price; Fewer purchase locations; Comparison shop. Examples: furniture, clothing, cars, appliances

6

specialty product

Special interest products that do not fall into the other three label categories (eg. special dietary: gluten free, boutique: propolis lollies, specialised ethnic foods: Kosher products)

7

unsought product

Products that consumers don't know about and aren't asking for

8

line extension

use of an established product’s brand name for a new item in the same product category

9

line modification

changing one or more characteristics of a product

10

product differentiation

the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors' products as well as a firm's own products

11

brand

The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products

12

trademark

Any symbol, word or combination thereof used to represent or identify a product. A service mark means the same thing, but identifies a service

13

manufacturing brand

manufacturer markets a good or family of goods under its own brand name(s). The objective is to attract and retain satisfied-customers whose loyalty may be transferred to the manufacturer's other products

14

individual brand

branding strategy in which each product is given a different name

15

family brand

branding all of a firm's products with the same name or part of a name (ford ____)

16

brand extension

when an organization uses one of its existing brands to brand new products in a different product category

17

co-branding

two firms working together to market a good or service; a website with a significant visitor or user base advertises one or more items provided by another firm

18

marketing channel

a set of practices or activities necessary to transfer the ownership of goods, and to move goods, from the point of production to the point of consumption and, as such, which consists of all the institutions and all the marketing activities in the marketing process

19

marketing intermediaries

Individual or firm (such as an agent, distributor, wholesaler, retailer) that links producers to other intermediaries or the ultimate buyer. Marketing intermediaries help a firm to promote, sell, and make-available a good or service through contractual arrangements or purchase and resale of the item. Each intermediary receives the item at one pricing point and moves it to the next higher pricing point until the item reaches the final buyer. Also called distribution intermediary.

20

intensive distribution

A marketing strategy under which a company sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go: supermarkets, drug stores, gas stations, and the like. Soft drinks are generally made available through intensive distribution.

21

selective distribution

Type of product distribution that lies between intensive distribution and exclusive distribution, and in which only a few retail outlets cover a specific geographical area. Considered more suitable for high-end items such as 'designer' or prestige goods

22

exclusive distribution

Situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product. For example, Apple had an exclusive distribution deal with AT&T to provide the iPhone to consumers

23

general merchandise retailing

retail establishments that offers a variety of product lines stocked in considerable depth (dept stores, supermarkets, etc.)

24

specialty retailing

• Emphasize narrow and deep assortment
• Despite the name, they do not sell specialty others nut instead offer us substantial assortments in a few product lines

25

direct marketing

Contacting and influencing carefully chosen prospects with means such as telemarketing and direct mail advertising

26

wholesaling

transactions in which products are bought for resale, for making other products or for general business operations

-does not include exchange with multiple consumers

27

merchant wholesalers

Are independently owned businesses that TAKE TITLE TO GOODS, assume ownership risks and buy and resell products to other wholesalers, business customers, or retailers

28

general merchandise wholesalers

Full service wholesales with a wide product mix but limited depth within product lines

29

cash and carry wholesalers

wholesalers where customer must pay cash and provide transportation for goods (agriculture--> farmer's market)

30

drop shippers-truck wholesalers

§ Limited service wholesalers that transport products directly to customers for inspection and selection

31

rack jobbers

Wholesaler that provides racks of merchandise for retail locations and split the profits obtained from sales between the two parties. Convenience stores are often made up various rack jobbers from large and small wholesalers. For example, the rack of chips in a store from Frito Lay would be a considered a rack jobber

32

agents

responsible for selling and get a commission (you work for them)

33

brokers

don't work for you, just for commission

34

commission merchants

agents who work on a salary to sell the product