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