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Flashcards in Test 3 Deck (39)
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1
Q

Innovators

A
  • Venturesome; higher educated; use multiple information sources
2
Q

Early Majority

A
  • Deliberate; many informal social contacts
3
Q

Laggards

A
  • Fear of debt; neighbors and friends are information sources
4
Q

Early adopters

A
  • Leaders in social setting; slightly above average education
5
Q

Late majority

A
  • Skeptical; below average social status
6
Q

Product modification

A
  • A strategy that alters one or more of a products characteristic (quality, performance, appearance) to increase the products value
7
Q

Market modification

A
  • A strategy in which a company tries to find new customers, increase a product’s use among existing customers, or create new use situations
8
Q

Branding

A
  • A marketing decision in which an organization uses a name, phrase, design, or symbols, or combinations of these to identify their product and differentiate themselves from the competition
9
Q

Brand name

A
  • Is any word, device(design, shape, color, sound) they used to distinguish a sellers goods or services
10
Q

Trade name

A
  • Is a commercial, legal name under which a company does business
11
Q

Trademark

A
  • Identifies that a firm has legally registered it’s brand name or trade name preventing others from using it
12
Q

Picking a Good Brand name

A
  • Should suggest product benefits
  • Should be memorable and positive
  • Should fit the company or product image
  • Should have no legal restrictions
  • Should be simple and emotional
13
Q

Multi-product Branding

A
  • A branding strategy in which a company uses one name for all its products in a product class
14
Q

Product Line Extension

A
  • Coke adding Diet coke

- Co-branding have to be complementary products

15
Q

Multi Branding

A
  • Branding strategy that involves giving each product a distinct name when each brand is intended for a different market
16
Q

Private Branding

A
  • A branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer
17
Q

Generic branding

A
  • When the product lists only the product category and does not list anything other than that
18
Q

Idle Production Capacity

A
  • Occurs when the service provider is available but there is no demand for the service
  • Falls under inventory
19
Q

The Service Continuum

A
  • Consists of the range of offerings companies bring to the market.
20
Q

Inseparability

A
  • In most cases, the consumer cannot (and does not) separate the deliverer of the service from the service itself.
  • Ex. Education - The teachers might suck but the education is still good
21
Q

Off-peak Pricing

A
  • Consists of charging different prices during different times of the day or during different days of the week to reflect variations in demand for the service.
  • Ex. - Airlines offer discounts for weekend travel, while movie theaters offer matinee prices
22
Q

Barter

A
  • The process of exchanging products and services for other products and services rather than money
23
Q

Calculate Final Price of Tuition

A
  • Final Price = List Price - Incentives + Allowances + Extra Fees
24
Q

Value

A
  • The ratio perceived benefits to price

- Value = Perceived Benefits/Price

25
Q

Skimming

A
  • Setting the highest initial price that customers who really desire the product are willing to pay
  • Demand - Oriented price approach
26
Q

Penetration Pricing

A
  • Setting low initial price on a new product to appeal immediately to the mas market.
27
Q

Price Lining

A
  • Setting prices at a number of different specific pricing points.
  • Ex. - Selling pants at levels of $59, $79, and $99
28
Q

Bundle Pricing

A
  • The marketing of two or more products in a single package price
29
Q

Odd-even Pricing

A
  • Which involves setting prices a few dollars or cents under an even number 4.99 instead of 5
30
Q

Yield management pricing

A
  • The charging of different prices to maximize revenue for a set amount of capacity at any given time. (Airplanes on Holidays)
31
Q

Marketing Channel

A
  • Which Consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users. Its how shit gets from point A to point B
32
Q

Time utility

A
  • Refers to having a product or service when you want it
33
Q

Place Utility

A
  • Having a product or service available where consumers want it
34
Q

Form Utility

A
  • Enhancing a product or service to make it more appealing to buyers
35
Q

Possession Utility

A
  • Entails efforts by intermediaries to help buyers take possession of a product or service, such as having airline tickets delivered by a travel agency
36
Q

Basic Functions of Intermediaries

A
  • Transnational Function - Buying, Selling, Risk Taking
  • Logistical Function - Assorting, Storing, Sorting, Transporting
  • Facilitating Function - Financing, grading, marketing information and research
37
Q

Strategic channel alliance

A
  • One firms marketing channel is used to sell another firms products, popular in global marketing.
38
Q

Dual Distribution

A
  • An arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product
39
Q

Franchising

A
  • A contractual arrangement between a parent company (franchiser) and an individual or firm (franchisee) that allows the franchisee to operate a certain type of business under an established name and according to specific rules