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35 Cards in this Set
- Front
- Back
Digital Media |
Electronic media functioning through digital codes |
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5 Characteristics of Online Media |
1) Addressabillity- the ability of a marketer to identify customers before they make a purchase. 2)Interactivity- allows customers to express needs and wants 3) Accessibility- ability to obtain digital info on competitive goods, prices and reviews. 4) Connectivity- keeps customers and businesses connected. 5) Control- consumers ability to regulate info they receive online. |
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Customer Generated Marketing |
1)Tendency to publish thoughts, opinions, reviews, and product discussions through blogs/ digital media 2) consumer tendencies to trust other consumers over corporations.
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Whats a product |
good service or idea received in an exchange -includes function, social, and psychological utilities, and benefits -includes supporting services like instillation, guarantees, product info. |
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Good- |
tangible physical entity |
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Service |
intangible result of the application of human and mechanical efforts to people or objects |
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idea |
concept, philosophy, image, issue |
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Classifying Products 1) Customer Products 2) Business Products |
1) purchases to satisfy family wants and needs 2) purchases to use in a firms operations to resell or to make other products. purchased to satisfy goals of an organization. |
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Product Item |
specific version of a product that is distinct offering among an organizations line of product |
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product line |
a group of closely related product items viewed as a unit b/c of marketing, technical, or end use considerations |
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product mix |
total group of products that an organization makes available to customers |
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Product Adoption Process (5 Steps) |
1) awareness- buyer is aware of the product 2)Interest- buyer seeks info and is receptive to learning about product 3) Evaluation- buyer considers product benefits weather or not to try it 4)Trial- buyer examines, tests, and tries product to determine if it meets their needs. 5)Adoption- buyer purchases product and can be expected to use it again whenever the need for this general type the product arises |
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Products Fail Because |
They dont match needs dont send right message technical design problems poor timing overestimated market ineffective promotion insufficient distribution
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Line extension |
development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs |
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product modifications |
changes in one or more characteristics of a product |
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3 ways to modify |
1) quality- changes in dependability and durability 2)Functional- changes in versatility, effectiveness, convenience or safety 3)Asthetic- changes in sensory appeal |
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7 Phases of new product development process |
1) Idea generation 2) Screening 3) Concept Testing 4)Business Analysis 5)Product Development 6)Test Marketing 7) Commercialization |
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3 aspects of product differentiation companies that must be considered |
1) product quality 2) product + design + features 3)product support services
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Product positioning |
creating and maintaining a certain concept of a product in customers mind |
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Market Manager |
is responsible for managing marketing activities that serve a particular group of customers |
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6 Characteristics of Services |
1)Intangibility- not physical and cant be perceived by senses 2)Inseparability of a product and consumption 3)Parish-ability 4)Heterogeneity- service has variations in quality 5)Client based ralationships- interactions resulting in satisfied customers who use service repeatedly 6) customer contact |
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Brand |
Term, name, design, symbol and other features identifying a marketers product as distinct for other markets |
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Brand Name |
part of the brand that can be spoken, including utilites, words, ect. |
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Trademark |
Legal designation of exclusive use of a brand |
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Trade Name |
Full legal name of an organization ex. The Coca Cola Company |
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Brand Loyalty |
Customers favorable attitude towards a specific brand |
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Degrees of a brand Loyalty |
Brand Recognition Brand preference Brand Insistent |
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4 Elements of Brand equity |
1) Brand Name Awareness 2) Brand Loyalty 3) Percieved brand quality 4)Brand Association |
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Manufacture Brands |
initiated by products to ensure that producers are identified w/ their product when its purchased
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Private Distributor Brands |
initiated and owned by reseller, manufacturer is not identified. |
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Generics |
Indicate only product category and include no company name or identifying terms -sold cheaper
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Co-Branding |
using 2 or more brands on one product -capitalizes brand equity of x brands -helps differentiate products |
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Packaging Function |
protect the product and maintains functional.. -provides convenience -promotes product features and uses -communicates quality through symbols |
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Secondary use packaging |
reused for purposes other than its initial function -adds to perception value
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Multiple packaging |
increases demand b/c it raises the number of product available at point of consumption -makes products easier to handle and store
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