Marketing: Marketing Exam 2 Flashcards

A tangible physical entity

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

A concept, philosophy, image, or issue

Products purchased to satisfy personal and family needs

Products bought to use in a firm’s operations, to resell, or to make other products

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

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

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

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

Facilities and non-portable major equipment

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

Basic natural materials that become part of a physical product

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

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

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

Intangible products that many organizations use in their operations

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

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

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

The number of product lines a company offers

The average number of different products offered in each product line

The progression of a product through four stages: introduction, growth, maturity, and decline

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

The product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline

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

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

The five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption

First adopters of new products

People who adopt new products early, choose new products carefully, and are viewed as “the people to check with” by later adopters

Individuals who adopt a new product just prior to the average person

Skeptics who adopt new products when they feel it is necessary

The last adopters, who distrust new products

Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs

Means changing one or more characteristics of a product

Changes relating to a product’s dependability and durability

Changes affecting a products versatility, effectiveness, convenience, or safety

Changes relating to the sensory appeal of a product

A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test marketing, and commercialization

Seeking product ideas to achieve organizational objectives

Selecting the ideas with the greatest potential for further review

Seeking a sample of potential buyers’ responses to a product idea

Evaluating the potential impact of a product idea on the firm’s sales, costs, and profits

Determining if producing a product is technically feasible and cost effective

A limited introduction of a product in geographic areas chosen to represent the intended market

Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product

Creating and designing products so that customers perceive them as different from competing products

The overall characteristics of a product that allow it to perform as expected in satisfying customer needs

The amount of quality a product possess

The degree to which a product has the same level of quality over time

How a product is conceived planned, and produced

The physical appearance of a product

Specific design characteristics that allow a product to perform certain tasks

Human or mechanical efforts or activities that add value to a product

Eliminating a product from the product mix when it no longer satisfies a sufficient number of customers

The person within an organization who is responsible for a product, a product line, or several distinct products that make up a group

The person responsible for a single brand

The person responsible for managing the marketing activities that serve a particular group of customers

A cross functional group that creates entirely new products that may be aimed at new markets

The characteristic that a service is not physical and cannot be perceived by the senses

The quality of being produced and consumed at the same time

The inability of unused service capacity to be stored for future use

Variation in quality

Interactions that result in satisfied customers who use a service repeatedly over time

The level of interaction between provider and customer needed to deliver the service

Customers’ perceptions of how well a service meets or exceeds their expectations

Tangible attributes that can be judged before the purchase of a product

Attributes that can be assessed only during purchase and consumption of a service

Attributes that customers may be unable to evaluate even after purchasing and consuming a service

Marketing activities conducted to achieve some goal other than ordinary business goals such as profit, market share, or return on investment

A collective of individuals who have an interest in or concern about an organization, product, or social cause

Direct consumers of a product of a nonprofit organization

Indirect consumers of a product of a nonprofit organization

The value of the benefit given up by choosing one alternative over another

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

The part of a brand that can be spoken, including letters, words, and numbers

The part of a brand that is not made up of words, such as a symbol or design

A legal designation of exclusive use of a brand

The full legal name of an organization

A customer’s favorable attitude toward a specific brand

The degree of brand loyalty in which a customer is aware that a brand exists and views the brand as an alternative purchase if their preferred brand is unavailable

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

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

The marketing and financial value associated with a brand’s strength in a market

A brand initiated by producers to ensure that producers are identified with their products at the point of purchase

A brand initiated and owned by a reseller

A brand indicating only the product category

A branding strategy in which each product is given a different name

Branding all of a firm’s products with the same name or part of the name

An organization uses one of its existing brands to brand a new product in a different product category

Using two or more brands on one product

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

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

Providing identifying, promotional, or other information on package labels

A series of electronically readable lines identifying a product and containing inventory and pricing information

The value paid for a product in a marketing exchange

The trading of products

Emphasizing price as an issue and matching or beating competitors’ prices

Emphasizing factors other than price to distinguish a product from competing brands

A graph of the quantity of products expected to be sold at various prices if other factors remain constant

A measure of the sensitivity of demand to changes in price

Costs that do not vary with changes in the number of units produced or sold

The fixed cost per unit produced

Costs that vary directly with changes in the number of units produced or sold

The variable cost per unit produced

The sum of average fixed and average variable costs times the quantity produced

The sum of the average fixed cost and the average variable cost

The extra cost incurred by producing one more unit of a product

The change in total revenue resulting from the sale of an additional unit of a product

The point at which the costs of producing a product equal the revenue made from selling the product

A price developed in the buyer’s mind through experience with the product

A comparison price provided by others

Concerned about price and quality of a product

Striving to pay low prices

Drawn to products that signify prominence and status

Employing price differentials that inure competition by giving one or more buyers a competitive advantage

A reduction off the list price a producer gives to an intermediary for performing certain functions

Deductions from the list price for purchasing in large quantities

Quantity discounts aggregated over a stated time period

Onetime price reductions based on the number of units purchased, the dollar value of the order, or the product mix purchased

Price reductions given to buyers for prompt payment or cash payment

A price reduction given to buyers for purchasing goods or services out of season

A concession in price to achieve a desired goal

Reductions for transportation and other costs related to the physical distance between buyer and seller

The price of merchandise at the factory before shipment

A price indicating the producer is absorbing shipping costs

Charging all customers the same price, regardless of geographic location

Pricing based on transportation costs within major geographic zones

Geographic pricing that combines factory price and freight charges from the base point nearest the buyer

Absorption of all or part of actual freight costs by the seller

Prices charged in sales between an organization’s units

Goals that describe what a firm wants to achieve through pricing

Adding a dollar amount or percentage to the cost of the product

Adding a specified dollar amount or percentage to the seller’s cost

Adding to the cost of the product a predetermined percentage of that cost

Pricing based on the level of demand for the product

Pricing influenced primarily by competitors’ prices

Charging different prices to different buyers for the same quality and quantity of product

Establishing a final price through bargaining between seller and customer

Setting one price for the primary target market and a different price for another market

Temporary reduction of prices on a patterned or systematic basis

Temporary reduction of prices on an unsystematic basis

Charging the highest possible price that buyers who most desire the product will pay

Setting prices below those of competing brands to penetrate a market and gain a significant market share quickly

Establishing and adjusting prices of multiple products within a product line

Pricing the basic product in a product line low, while pricing related items higher

Pricing the highest-quality or most versatile products higher than other models in the product line

Pricing an item in a product line low with the intention of selling a higher-priced item in the line

Setting a limited number of prices for selected groups or lines of merchandise

Pricing that attempts to influence a customer’s perception of price to make a product’s price more attractive

Pricing a product at a moderate level and displaying it next to a more expensive model or brand

Packaging together two or more complementary products and selling them at a single price

Packaging together two or more identical products and selling them at a single price

Pricing products low on a consistent basis

Ending the price with certain numbers to influence buyers’ perceptions of the price or product

Pricing on the basis of tradition

Setting prices at an artificially high level to convey prestige or a quality image

Fees set by people with great skill or experience in a particular field

A product priced below the usual markup, near cost, or below cost

Advertised sales or price cutting linked to a holiday, a season, or an event

Setting a price at a specific level and comparing it with a higher price