Marketing Class XII Study Material Practice Flashcards

A comprehensive set of vocabulary flashcards covering marketing concepts including product levels, pricing strategies, distribution channels, and promotional mixes based on the Class XII study material.

Product (Peter Drucker's view)

Remains mere raw material or at the best an intermediate till it is not bought or consumed.

Product (Philip Kotler's definition)

Anything that can be offered to someone to satisfy a need or a want.

Product (William Stanton's definition)

A complex of tangible and intangible attributes, including packaging, colour, price, prestige and services that satisfy needs and wants of people.

Core Product

The basic element or generic constituent of a product, such as the soap itself in a luxury bathing bar.

Associated Features

Ingredients besides the core product, like fragrance or moisturizing ability, that aid in distinguishing it from competitors.

Brand

A name, term, symbol, design or combination intended to identify and differentiate goods and services from competitors.

Trade Mark

A brand that has legal protection, ensuring its exclusive use by one seller.

Logo

The brand mark or symbol that ensures product identification and recall, especially important in rural markets.

Package

The component of the product personality that ensures protection, provides information, and increases aesthetics and sales appeal.

Label

The part of a package that provides written information about a product's nature, composition, and performance.

Generic Product

A level of product that is an unbranded and undifferentiated commodity, such as unbranded pulses or rice.

Augmented Product

A product level that aims to enhance value through voluntary improvements neither suggested nor expected by the customer.

Potential Product

The 'future' product inclusive of the advancement and refinement possible under existing technological and economic conditions.

Product Mix

The composite of all products offered for sale by a firm, characterized by breadth, depth, and consistency.

Product Line

A group of products that are closely related because they function similarly, are sold to the same groups, or fall within given price ranges.

Product Positioning

The manner in which a product is offered to a particular customer segment to meet their specific needs.

Product Differentiation

The modification of a product to make it more attractive to the target market relative to competitors and own offerings.

Non-durable Goods

Tangible goods normally consumed in one or a few uses, purchased regularly and consumed frequently.

Durable Goods

Tangible goods that normally can be used for many years, such as LCD TVs or washing machines.

Convenience Products

Goods purchased frequently with minimum effort and time, including staples, impulse goods, and emergency goods.

Shopping Products

Goods where the customer makes comparisons on bases such as quality, price, style, and suitability before purchase.

Specialty Products

Goods with unique characteristics or brand identification for which buyers are willing to make a special purchasing effort.

Unsought Products

Products available in the market that potential buyers do not know about or do not currently want to purchase.

Product Life Cycle (PLC)

A depiction of a product's sales history through four stages: Introduction, Growth, Maturity, and Decline.

Primary Demand

Demand for a general product category rather than a specific brand.

Selective Demand

Demand for a specific brand within a product category.

Price (Philip Kotler's definition)

The amount of money charged for a product or service.

Pricing

The process whereby a business sets the price at which it intends to sell its products and services.

Price Stabilization

A pricing objective prevalent in industries with a price-leader where firms avoid price wars to ensure planned production.

Skimming Pricing

Setting a very high price for a new product initially and reducing it gradually as competitors enter the market.

Penetration Price Policy

Adopting a low price in the initial period to help a product enter a market and hold a position.

Cost Plus Pricing

A method where the cost estimates of a product are made and a margin of profit is added to determine the price.

Break-even Pricing

The practice of setting a price point at which a business will earn zero profits on a sale.

Psychological Pricing

Setting prices in a way that has a psychological influence, such as 'Odd Pricing' (e.g., $Rs. 99$).

Place (Marketing Mix)

The mechanism or channel through which goods move from the manufacturer to the consumer.

Assembling

The logistical process of keeping goods purchased from different places at a particular place.

Wholesaler

A merchant or trader who purchases and sells in large quantities, providing a link between manufacturer and retailer.

Retailing

Activities directly related to the sale of goods or services to the ultimate consumer for personal, non-business use.

Promotion

The element of the marketing mix that informs, persuades, and reminds the target group about a product's availability, place, and price.

Integrated Marketing Communication

The process of combining all eight elements of the promotion mix to achieve marketing objectives.

Advertising (AMA definition)

Any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.

Personal Selling

A paid, two-way communication used to persuade customers through information to buy products in an exchange situation.

Public Relations

A management function that evaluates public attitudes and defines policies to earn public understanding and acceptance.

Push Strategy

A promotion strategy that emphasizes motivating intermediaries to make an effort to increase sales.

Pull Strategy

A promotion strategy that emphasizes motivating consumers to demand products from retailers.

Service

A deed, performance, or effort that is a process rather than a physical thing.

Heterogeneity (Services)

The characteristic that no two services are the same because they depend on human actions and interactions.

Online Marketing

The promotion of products or brands via one or more forms of electronic media using internet-based channels.