MKTG 300 EX 3
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103 Terms
Consumer Products
for personal use
Business Products
products meant for use in producing other products (raw materials
Convenience Products
relatively inexpensive
Shopping Products
items for which buyers are willing to expend considerable effort in planning and making purchases (TV)
Specialty Products
items with unique characteristics that buyers are willing to expend considerable effort to obtain
Unsought Products
items that the consumer does not know about or knows about but does not initially want (burial plots)
Product Item
a specific version of a product that can be designated as a distinct offering among an organization's products
Product Line
a group of closely related product items
Product Line Depth
the number of product items in a product line
Product Mix
all products that an organization sells
Product Width
the number of different product lines a business manufactures or sells
Product Modification
changing one or more of a product’s characteristics
Product Repositioning
changing the place a product occupies in a consumer's mind relative to competitive products
Product Line Extension or Contraction
extension = adding products to a line
contraction = cutting low-sales products
Brand Name
the part of a brand that can be spoken (letters
Brand Mark
the elements of a brand that cannot be spoken
Brand Equity
the added value a brand name gives to a product beyond functional benefits
Global Brand
a brand with 1/3 of earnings outside home country
Manufacturer’s Brand
the brand name of a manufacturer (Coke
Private Brand
a brand owned by a wholesaler or retailer (Trader Joe’s)
Captive Brand
a brand manufactured by a third party for an exclusive retailer with no evidence of retailer affiliation
Individual Branding
each product gets a different name
Family Branding
marketing several products under the same brand name
Co-Branding
placing two or more brand names on a product or package
Cooperative Branding
two brands receive equal treatment and borrow each other's equity
Complementary Branding
co-branding where two brands encourage co-consumption (Crocs x Disney)
New Product Categories
New-to-the-World
New Product Lines
Product Line Additions
Improvements/Revisions
Repositioned
Lower-Priced
New Product Development Process
seven phases: strategy
New-Product Strategy
plan linking new-product development to company objectives
Idea Generation
developing a pool of ideas (brainstorming
Idea Screening
eliminates ideas inconsistent with the new-product strategy
Business Analysis
specifies features
Development
turns idea into prototype
Simultaneous Product Development
team-oriented approach
Test Marketing
limited introduction to test customer reactions
Commercialization
launches product in full-scale production and sales
Reasons for New Product Failure
no point of difference
Diffusion of Innovation
how an innovation spreads over time
Innovators
first buyers of a new product
Early Adopters
adopt early
Early Majority
adopt before average person
Late Majority
skeptics who adopt when necessary
Laggards
last adopters
Product Life Cycle
introduction
Introductory Stage
full-scale launch of a new product
Growth Stage
sales increase
Maturity Stage
sales peak
Decline Stage
long-run drop in sales
Service Characteristics
intangibility
Intangibility
services cannot be touched/seen/tasted/heard like goods
High in Search
easy to evaluate before purchase
High in Experience
attributes known only after purchase (vacation)
High in Credence
hard to assess even after purchase (lawyer
Inseparability
production and consumption cannot be separated
Heterogenous
variability in service delivery
Perishability
services cannot be stored or inventoried
Components of Service Quality
reliability
Product Strategies for Services
service as process
Service: Product
focus on experience
Service: Place
no intermediaries
Service: Price
indicator of quality
Service: Promotion
demonstrations
Non-Profit: Product
social cause or service (education
Non-Profit: Price
affordable
Non-Profit: Place
maximize accessibility
Non-Profit: Promotion
community outreach
Key Processes of Supply Chain Mgmt
supplier relationship mgmt
product development & commercialization
manufacturing flow
demand mgmt
customer relationship mgmt
customer service mgmt
order fulfillment
returns mgmt
Supply Chain Integration
firms coordinate activities to be seamlessly linked
Relationship Integration
companies develop social connections to guide interactions
Measurement Integration
assess supply chain performance and hold each firm accountable
Technology & Planning Integration
IT systems connecting managers across firms
Customer Integration
enable value-added offerings for high-value customers
Material & Service Supplier Integration
link to suppliers to streamline processes
Marketing Channels
organizations that ease transfer of ownership from producer to user
Direct Channel
producer → consumers
Retailer Channel
producer → retailer → consumers
Wholesaler Channel
producer → wholesaler → retailer → consumers
Agent/Broker Channel
producer → agent/broker → wholesaler → retailer → consumers
Channel Functions
transactional
Intensive Distribution
stocking products in as many outlets as possible
Selective Distribution
more than one but not all intermediaries
Exclusive Distribution
limited dealers get exclusive rights
Factors Affecting Channel Choice
market factors
Classification of Retail Operations
ownership
Ownership Arrangement
independent retailer
Level of Service
self-service
Product Assortment
length & breadth