Karteikarten
Marketing 301 at John Carroll University Exam 2 chapters 11,12 and14
Karten in diesem Stapel (62)
- 1Core customer value-defines the basic problem solving benefits that consumers are seeking
- 2Actual productAttributes such as the brand name, features/design, quality level, and packaging
- 3Associated Servicealso known as the augmented product are attributes that are not physical, something like a warranty financing or the after sale service
- 4Specialty-are those for which customers express such a strong preference that they will expend considerable effort to search for the best suppliers.
- 5Convenience-are products that the consumer doesn’t evaluate before they purchase it. They are commodities that are always purchased like toilet paper or bread.
- 6Unsought Types of productThey are products that the consumer would not normally buy or they are unknown to the consumer before the purchase. For instance when GPS were in their relatively new state no one knew the true power behind them.
- 7Product Mix Breadth-This is the number of product lines that a firm offers. Kellogg’s example would be like their toaster pastries, cookies and crackers and ready to eat cereal.
- 8Product Line Depth- This is the number of products in a product line. So going along with the Kellogg’s example, in the cookies and crackers line the company makes Cheez-it’s and Keebler cookies.
- 9what makes a brand (elements of a brand)The brand elements are Brand Name, URL’s, logos and symbols, characters (Pillsbury Doughboy), Slogans and jingles or sounds.
- 10value of brandingA brand establishes loyalty along with helping set in long term prices. Brands are also assets that can be sold with copy writes.
- 11Brand Equityis the set of assets and liabilities that either add or subtract value to a product or service. Like Barbie teaching little girls what nurses and stewardess look like through their dolls
- 12Branding StrategiesTechniques that firm’s institute to create and manage key brand assets, such as the decision to own the brands, establishing a branding police, extending the brand name to other products and markets, cooperatively using the brand name with that of another firm and licensing the brand to other firms.
- 13Manufacturer-also known as National brands is brands that are owned and managed by the manufacturer. Famous Manufacturer brands include Coca-Cola and Nike. With these brands the manufacturer develops the merchandise, produces it to ensure consistent quality and invests in a marketing program to establish an appealing brand image.
- 14Retailer/Private Label Brandsproducts that are developed by retailers. Some relaters manufacture their own products other develop the design and pay other manufacturers to do it for them.
- 15Premium Brands- A branding strategy that offers consumers a private label of comparable or superior quality to a manufacturer brand
- 16Generic BrandsNo-frills products offered at a low price without any branding information.
- 17Copycat BrandsMimic a manufacturer’s brand in appearance, but generally with lower quality and prices
- 18Exclusive CobrandsDeveloped by national brand vendor and retailer and sold only by that retailer
- 19Family BrandsA brand name that is on an individual product as well. For example Kellogg’s puts their name on their cereal such as special-K
- 20Individual Brands-Brand extension refers to the use of the same brand name in a different product line. A line extension is the same brand name within the same product line
- 21Brand dilutionThis occurs when the brand extensions adversely affects consumer perceptions about the attributes the core brand is believed to hold.
- 22Co-branding-This is when you market two or more brands together. For instance sometimes there is a pizza hut and a taco bell in one store space.
- 23Brand Licensing-This is when one firm allows another firm to use the brand name logo or any other part of their brand for a negotiated fee.
- 24Brand Repositioning-This is when marketers change a brands focus so they may reach a different consumer base within the market with the same product.
- 25Packagingyou can either have primary packaging or secondary packaging. Secondary is when the exterior carton contains other product information from another source
- 26Product Labeling-- an important part of any product and must be sure to follow labeling requirements from the trade commission act of 1914.
- 27InnovationRefers to the process when ideas are transformed into new offerings. This includes products; services, process and branding concepts that will help the firm grow.
- 28Reasons why firms create new productschanging customer Needs Market saturation, managing risk through diversity, Fashion Cycles and Improving Business Relationships
- 29Diffusion of innovationincluding the different categories of market groups that adopt the innovation over time
- 30Innovators-Are those who buy the product so that they may be the first one out of everyone to have it. These buyers enjoy taking risk and are usually highly knowledgeable about the product at hand
- 31Early AdoptersThey Generally don’t like to take a lot of risk like the innovators but instead want to purchase the product after reviews have been posted. They decide whether or not the technology is worth it.
- 32Early Majority-represents approx. 34 percent of the population that buys the product. If this group never becomes large enough then the product typically fails.
- 33Late Majorityis the last group of buyers to enter a new product market that that have any real impact. When this group does buy the product the product has generally received its full market potential
- 34Laggards-Make up roughly 16 percent of the market. These consumers like to avoid change and rely on traditional products until they are no longer available.
- 35Different characteristics that impact the speed with which innovation diffuses – Relative Advantagesome products are perceived as better than their substitutes. In this case the diffusion will be very fast.
- 36Different characteristics that impact the speed with which innovation diffuses –Compatibilitysome diffusion processes may take longer then others. This depends on the various consumer features also cultural differences.
- 37Different characteristics that impact the speed with which innovation diffuses- ObservabilityWhen a product can be easily observed, its features are easily communicated to others, which enhance the diffusion process.
- 38Different characteristics that impact the speed with which innovation diffuses –Complexity and trial abilityProducts that are relatively less complex are also relatively easy to try these products diffuse very quickly and lead to faster adoption than those that are not so easy to try.
- 39Product development processIdea generation ->Concept testing->Product Development-> Market testing->Product Launch-> Evaluation of Results
- 40Product life cycle-defines the stages that products move through as then enter, get established in and ultimately leave the marketplace. Introduction->Growth->Maturity->Decline
- 41Role of price in the marketing mix-The overall sacrifice a consumer is willing to make to acquire a specific product or service
- 42The five C’s of Pricing-Competition, Costs, Company Objectives, Customers, Channel members
- 43Target profit pricingIs when a company has a certain profit goal that acts as their main concern
- 44Target return pricingPricing strategies used to produce a specific return on their investment, usually expressed as a percentage of sales.
- 45Profit maximizationA strategy that looks at a price that would maximize sales from an economic standpoint.
- 46Sales orientationa belief that if you increase sales then you will increase profits
- 47Competitor orientation- when firms take this strategy they focus on comparing them selves to the competition. Often they set prices that are similar to their competition.
- 48Customer Orientation-When a firm sets its pricing strategy based on how it can add value to its products or services.
- 49Demand curves and pricingA demand curve is used to show the number of units of a product or service consumers will demand during a specific period of time at different prices. This is assumed that the marketer will not changing anything else such as advertising or other marketing benefits.
- 50Price elasticity of demand– this measures how changes in price affect the quantity of the product demanded. It is the ratio of the percentage change in quantity demanded to the percentage change in price
% Change in Quantity Demanded/
% Change in Price - 51Income Effectrefers to the change in the quantity of the product demanded by consumers due to a change in their income. Generally as income increases so does their spending behavior
- 52Substitution EffectRefers to the ability that consumers have to substitute the product with other products from a different brand.
- 53Cross Price Elasticitythe percentage change in the quantity of product A demanded, compared to the percentage change in price in product B. if Product A’s price were to increase then product B’s price would either increase or decrease depending on if it was a complement or substitute.
- 54Variable costare costs of preliminary labor and materials that vary with production volume.
- 55Fixed CostCosts that remain essentially the same, regardless of the quantity produced.
- 56Total costSum of the variable and fixed costs
- 57Break-even analysisA useful technique that allows managers to look at the relationships among cost, price, and profit over different levels of production and sales. It determines the break-even point and works from there.
Breakeven Point = Fixed Costs/(Unit Selling Price - Variable Costs)
Total variable cost = variable cost per unit * Quantity
Total Revenue= Price* Quantity - 58Monopolyone firm provides the product or service in a particular industry. Which results in less price competition
- 59Oligopolisticonly a few firms dominate, firms typically change prices in results of the other few firms.
- 60Monopolistic competition- occurs when there are many firms competing for customers in a given market but their products are differentiated.
- 61Pure CompetitionThere is a large number of sellers of standardized products of commodities that consumers perceive as substitutable, such as grains, gold, meat, spices etc.
- 62Gray marketEmploys irregular but not necessarily illegal methods; generally sells prices lower than the manufacturer.
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- Marketing concepts from Grewal-Levey Marketing Book 4th addition
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