Untitled Flashcards Set

Product

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or a want.

Core Product

The key benefit consumers want from a product.

Actual Product

Brand name, packaging design, and quality level of a product.

Augmented Product

Product support, after-sale service, warranty, delivery, and credit.

Product Line

A set of closely related product items.

Depth of Product Line

The number of alternatives within product lines.

Product Mix

All product lines and items that a company offers for sale.

Width of Product Mix

The number of product lines a company offers.

Consumer Product Classifications

Convenience, shopping, specialty, and unsought products.

Branding

The collection of symbols intended to create an image in the customer's mind.

Brand Equity

The value of the brand.

Individual Branding

Each product is branded separately.

Family Branding

The same brand for several products.

Manufacturer Brands

Brands owned by producers and identified with the product at the point of sale.

Private Label Brands

Brands owned by resellers.

Co-brand

Where two established brands are used on the same product.

Package Design

Designed to attract the consumer's attention and provide easy brand recognition.

Product Life Cycle (PLC)

Stages that a product goes through: product development, introduction, growth, maturity, and decline.

Intangible Services

Cannot be seen, heard, felt, or smelt before purchase.

Inseparability

Services cannot be separated from their provider.

Variability

Quality of service depends on when, how, where, and who provides it.

Perishability

Service cannot be stored for later use.

Tangibility Spectrum

One end being good dominant and the other being service dominant.

Price

A measure of value and the amount of money charged for a product or service.

5 C's of Pricing

Company objectives, competition, costs, customers, channel members.

Price Competition

Emphasising price and matching or beating competitors' prices.

Non-Price Competition

Emphasising factors other than price to distinguish a product.

Cost-based Pricing

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

Consumer Value-based Pricing

Pricing based on the level of benefits offered and often demand.

Price Skimming

Charging the highest possible price to maximise revenue from those willing to pay.

Penetration Pricing

Setting prices low to penetrate a market quickly.

Promotional Pricing

Temporarily reducing prices to increase short-term sales.

Dynamic Pricing

Continuously adjusting prices to meet individual customer needs.

Supply Chain

All activities associated with the transformation of products from raw materials to delivery.

Marketing Intermediaries

Individuals or organisations that act in the distribution channel between producer and end users.

Channel Management

Managerial activities used to distribute products efficiently.

Channel Strategy

Involves selecting distribution channels, levels of intensity and the degree of channel integration.

Exclusive Distribution

One intermediary distributes the product.

Selective Distribution

Selling through only intermediaries who give the product special attention.

Intensive Distribution

Selling through all responsible sellers who will stock or sell the product.

Retailing

All activities involved in selling goods or services directly to the final customer.

Promotion

Communication used to build and maintain relationships by informing and persuading target audiences.

IMC (Integrated Marketing Communications)

Management of promotional strategies across various channels.

Push Strategy

Trying to push products into the market.

Pull Strategy

Trying to create demand for products.

Advertising

Paid non-personal communication about an organisation or product.

Public Relations (PR)

Activities to build good relations and manage public perception.

Personal Selling

Paid personal communication to inform and persuade customers.

Direct Marketing

Tailoring offers and content to the needs and interests of narrowly defined segments.

Buyer Benefits of Direct Marketing

Convenience, ease of use, privacy, interactivity, and immediacy.

Seller Benefits of Direct Marketing

Low-cost, targeted, flexible, and real-time.

Customer Database

An organised collection of comprehensive data about individual customers.