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30 Cards in this Set
- Front
- Back
product-related objects must be (4)
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1. measurable
2. clear and unambiguous 3. feasible 4. specific time frame NOTE: value oriented is NOT one |
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product line
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a firms total product offering designed to satisfy a single need or desire of a group or target customers
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downward line stretch
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adding new, lower quality/price items to existing line
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cannibalization
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the loss of sales of an existing brand when a new item in a product line or product family is introduced
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Quality is.....
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perceived
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kansei engineering
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a japanese philosophy that translates customers feelings into design elements
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TQM
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total quality management
a mgt philosophy that focuses on satisfying customers through employees to be an active part of continuous quality improvement, |
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ISO 9000
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criteria developed by the INT. ORG> for standardization to regulate product quality in Europe
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ISO 14000
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Standards for the INT. ORG. for standardization concerned with environmental management aimed at minimizing harmful affects on the environment
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Product life cycle (4)
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A concept that explains how products go through 4 distinct stages
1. introduction 2. Growth 3. Maturity 4. decline |
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introduction stage
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1st stage, slow growth, profits begin
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maturity stage
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3rd stage, longest,
sales peak, profit margins narrow REMINDER ADVERTISING |
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brand
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a name, term, symbol, or any other unique element that identifies product
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Brand should "fit" in 4 ways
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1. target market
2. product benefits 3. customer's culture 4. legal requirements |
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brand equity (4)
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1. brand name awareness
2. brand loyalty 3. brand associations 4. perceived brand quality NOTE: satisfaction is NOT one of these |
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Pyramid
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Consumer brand resonance is highest form of brand attachment
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brand loyalty
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a customers favorable attitude toward a specific brand
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3 degrees of brand loyalty
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1. recognition
2. preference 3. insistence |
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recognition
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customers awareness that a brand exists and is an alternative purchase
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preference
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the degree of brand loyalty in which a customer prefers one brand over another brand
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insistence
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the degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute
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R. Oliver's ultimate customer loyalty (4)
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1. Perceived product superiority
2. personal fortitude 3. social bonding 4. synergistic effect |
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fortitude
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the degree to which the consumer fights off competitive shit on the basis of his or her allegiance to the brand and not on the basis of marketer generated information
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satisfaction -->
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loyalty
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brand extensions
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a new product sold with the same brand name as an existing brand
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national or manufacturer brands
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brands that a manufacturer of the product owns (black and decker)
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private-label brands
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brands that are owned and sold by a certain retailer or distributor
(sams choice) |
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factors to consider when deciding on a brand name (4)
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1. the name should be easy for ALL buyers to say, spell, and read
2. the brand name should indicate the products major benefit 3. distinct to support differentiation 4. designed so that it can be used and recognized in all types of media |
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package
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the covering or the container for a product that provides product:
protection facilitates use and storage supplies marketing communication |
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January 2006 FDA
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require all food labels list the amount of trans fat in the food, directly under the line for saturated fat content
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