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83 Cards in this Set
- Front
- Back
the key to developing a marketing strategy is selecting a _______ _______ and maintaining a _________ ___ that creates long-term relationships with customers |
target market, marketing mix |
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the part of marketing strategy that involves decisions regarding controllable variables |
marketing mix |
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Successful companies offer at least one _________ of value that surpasses other competitors in the market place |
dimension |
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The most visible of the marketing mix dimensions |
product |
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The multistep process of introducing a product includes |
idea generation, product screening, concept testing business analysis, product development, test marketing, and commercialization |
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phase of product introduction which includes marketing managers looking at organization's resources and assessing the firm's ability to produce and market the product |
Idea screening |
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a basic assessment of a product's compatibility in the marketplace and its potential profitability |
Business Analysis |
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stage in introducing a product where it is developed into a prototype that should reveal the intangible attributes it possesses as perceived by the consumer |
Product Development |
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Product development is often _________ |
Expensive |
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a trial minilaunch of a product in limited areas that represent the potential market |
Test Marketing |
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the full introduction of a complete marketing strategy and the launch of the product for commercial success |
Commercialization |
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Products for household or family use |
Consumer Products |
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Consumer products such as eggs, milk, and newspapers |
Convenience Products |
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Consumer products such as furniture, audio equipment, clothing, and sporting goods |
Shopping products |
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Consumer products such as ethnic foods, designer clothing and shoes |
Specialty products |
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products used directly or indirectly in the operation or manufacturing processes of businesses |
Business products |
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natural products taken from the earth, oceans, and recycled solid waste |
Raw Materials |
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large, expensive items used in production |
Major equipment |
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items used for production, office, or management purposes, which usually do not become part of the final product |
Accessory equipment |
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finished items, ready to be assembled into the company's final products |
Component parts |
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things used directly in production or management operations but are not readily identifiable as component parts |
Processed materials |
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materials that make production, management, and other operations possible |
Supplies |
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financial, legal, marketing research, security, janitorial, and exterminating services |
Industrial services |
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a groups of closely related products that are treated as a unit because of a similar marketing strategy |
Product Line |
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all the products offered by an organization |
Product mix |
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the four stages int the life cycle of a product are: |
introduction, growth, maturity, and decline |
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a product life cycle stage in which consumer awareness and acceptance of the product are limited, sales are zero, and profits are negative |
introductory stage |
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a product life cycle stage in which sales increase rapidly and profits peak, then start to decline |
growth stage |
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a product life cycle stage in which the sale curve peaks and starts to decline while profits continue to decline |
maturity stage |
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a product life cycle stage in which sales continue to fall rapidly |
decline stage |
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the process of naming and identifying products |
Branding |
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the part of a brand that is a distinctive design
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brand mark |
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a brand that is registered with U.S patent and trademark office |
trademar |
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brands initiated and owned by the manufacturer to identify products from the point of production to the point of purchase |
Manufacturer Brands |
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A brand owned and controlled by a wholesaler or retailer |
Private Distributor brands |
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products with no brand name at all |
generic products |
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external container that holds and describes the product |
pacaging |
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the presentation of important information on a package |
labeling |
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the degree to which a good, service, or idea meets the demands and requirements of customers |
Quality |
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the role of price in an organization's marketing mix and strategy |
Pricing objectives |
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provide guidelines for achieving the company's pricing objectives and overall marketing strategy |
Pricing strategy |
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charging the highest possible price that buyers who want the product will pay |
Price skimming |
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a low price designed to help a product enter the market and gain market share rapidly |
penetration price |
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____________ pricing is less flexible than price skimming |
Penetration |
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encourages purchases based on emotional rather than rational responses to the price |
Psychological pricing |
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a toy that is $9.99 is an example of |
even/odd pricing |
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A perfume that price is artificially inflated to connote quality is an example of |
symbolic/prestige pricing |
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temporary price reductions |
discounts |
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type of discount that reflects the economies of purchasing in large volumes (I.E Sam's Club) |
Quantity discounts |
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type of discount to buyers who purchase goods or services out of season |
Seasonal discounts |
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discounts that attempt to improve sales by advertising price reduction on selected products |
Promotional discounts |
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a group of organizations that moves products from their producer to customers |
marketing channel |
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buy products from manufacturers and sell them to consumers for home or household use |
Retailers |
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Retailers create _______ |
utility |
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assuming the risk of ownership |
ownership utility |
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maintaining hours of operation |
time utility |
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arranging products to be moved from producer to retail |
place utility |
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intermediaries who buy from producers or from other wholesalers and sell to retailers |
Wholesalers |
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connecting and integrating all parties or members of the distribution system in order to satisfy customers |
supply chain management |
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Services are distributed through |
direct marketing channels |
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Type of distribution that makes a product available in as many outlets as possible |
Intensive distribution |
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Type of distribution that uses only a small number of all available outlets to expose products |
Selective distrigution |
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Type of distribution that exists when a manufacturer gives an intermediary the sole right to sell a product in a defined geographic territory |
Exclusive distribution |
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all the activities necessary to move products from producers to customers |
Physical Distribution |
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the shipment of products to buyers |
Transportation |
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the design and operation of facilities to receive, store, and ship products |
Ware housing |
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the physical handling and movement of products in warehousing and transportation |
Materials handling |
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personal selling, publicity, and sells promotion are known as |
the promotion mix |
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coordination the promotion mix elements and synchronizing promotion as a unified effort |
integrated marketing communication |
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a paid form of non personal communication through mediums such as television |
advertising |
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designing a series of advertisements and placing them in various media to reach a particular target audience |
advertising campaign |
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direct, two-way communication with buyers and potential buyers |
Personal selling |
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The six steps of personal selling is |
Prospecting, approaching, presenting, handling objections, closing, following up |
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nonpersonal communication transmitted through the mass media but not paid for directly by the firm |
Publicity |
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marketers attempt to create a trend or acceptance of a product |
buzz marketing |
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the concept of getting internet users to pass on ads and promotions to others |
viral marketing |
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direct inducement offering added value or some other incentive for buyers to enter into an exchange |
Sales promotion |
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promotion strategy which attempts to motivate intermediaries to push the product down to their customers |
push strategy |
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promotion strategy which uses promotion to create consumer demand for a product so that consumers exert pressure on marketing channel members to make it available |
pull strategy |
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The objective of promotion is to: |
stimulate demand, stabilize sales, and to inform, remind, and reinforce customers |
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the current sales level of the product |
status quo |
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uses promotion to create and maintain an image of a product in buyers' mind |
Promotional positioning |
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Promotion can be used to _______ or ___________ an image |
change, reinforce |