Marketing Final Summary

Product

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

Consumer Products

Products or services bought by final consumers for personal consumption.

Convenience Product

A consumer product that customers usually buy frequently with less buying effort.

Shopping Product

A consumer product that customers take time to select, compared to others.

Specialty Product

A consumer product with unique characteristics or brand identification, customers have a direct option to buy it.

Unsought Product

A consumer product that customers do not normally consider buying even if they know it exists.

Product Attributes

Defining the benefits that a product or service will offer.

Branding

A name, term, sign, or design that identifies a product or service's maker or seller.

Product Mix

Consists of all the product lines and items that a particular seller offers for sale.

Product Development

The initial phase where sales are zero and investment costs are high.

Introduction Stage

A phase of the product life cycle marked by slow sales growth and nonexistent profits.

Growth Stage

A phase of the product life cycle where rapid sales growth and increasing profits occur.

Maturity Stage

The phase in the product life cycle when sales growth slows and profits level off or decline.

Decline Stage

The final phase of the product life cycle where sales fall off and profits drop.

Market Modification

Finding new customers, increasing a product’s use, and creating a new use situation.

Intangibility

A characteristic of services where they cannot be interacted with before purchase.

Inseparability

A characteristic of services indicating they cannot be separated from their providers.

Variability

The quality of services depends on who provides them and when, where, and how.

Perishability

Indicates that services cannot be stored for later use.

National Brands

Brands created and owned by the manufacturer.

Store Brands

Brands created and owned by a reseller of a product or service.

Line Extension

Using an existing brand name for new forms or features within the same product category.

Brand Development Strategy

Approaches to building a brand's presence through various extensions and modifications.

Price

The amount of money charged for a product or service.

Customer Value-Based Pricing

Setting price based on buyer’s perceptions of value.

Cost-Based Pricing

Setting a price that covers costs and includes a fair profit.

Competition-Based Pricing

Setting prices based on competitors’ strategies and market offerings.

Dynamic Pricing

Adjusting prices continually to meet the characteristics and needs of individual customers.

Marketing Channel

A set of interdependent organizations that help make a product or service available for consumption.

Direct Marketing Channel

Channel with no intermediary levels.

Multichannel Distribution System

A system where a firm sets up two or more marketing channels to reach one or more customer segments.

Retailing

All activities involved in selling, renting, and providing products and services to consumers for personal use.

Sales Promotion

A key element of the promotional mix that influences brand loyalty and purchase intentions.

Public Relations

Methods of obtaining nonpersonal presentations of an organization, product, or service without direct cost.

Influencer Marketing

Companies work with influencers to promote their products rather than targeting buyers directly.

User-Generated Content (UGC)

Content created by end users, making up 80% of social media content.

Search Engine Optimization (SEO)

Managing web content to achieve higher ranking in search engine results.

Earned Media

Media exposure that comes without payment, often with high credibility.