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34 Cards in this Set
- Front
- Back
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Growth/Benefits of Digital Marketing (3 Terms) |
1. Allow marketers to share more info with customers, reach new markets, and target markets precisely. 2. Essential to gain competitive advantage 3. Digital world is still in early stage but evolving quickly |
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Characteristics of Online Media (5 Terms) |
1. Addressability 2. Interactivity 3. Accessibility 4. Connectivity 5. Control |
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Addressibility |
Ability of marketers to identify customers before purchase. |
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Consumer Generated Marketing (Two Trends) |
1. Increased tendency of customers to post thoughts, opinions, reviews, etc online 2. Tendency to trust other consumers over corporations |
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Media Sharing Sites |
Allow marketers to share photos, videos, and podcasts with less interactions |
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Consumer Products |
Products purchased to satisfy personal and family needs and wants |
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Convenience Products |
Inexpensive, frequently purchased items in which customers exert minimal buying efforts |
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Shopping Products |
Items which buyers expend considerable efforts in planning and purchasing |
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Specialty Products |
Items with unique characteristics which buyers expend considerable effort to obtain |
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Unsought Products |
Products purchased to solve a sudden problem otherwise customers are unaware of product and usually wouldn't buy |
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Business Products (7 Terms) |
Installations Accessory Equipment Raw Materials Process Materials Component Part MRO Supplies Business Services |
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Product Item |
Specific version of a product that is a distinct offering among firm's products |
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Product Line |
Group of closely related items viewed as a unit because of marketing, technical, or use considerations |
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Product Mix |
Total group of products firm's make available to customers |
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Stages of Product Life Cycle |
1. Introduction 2. Growth 3. Maturity 4.Decline |
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Product Adoption Process (5 Terms) |
1. Awareness 2. Interest 3. Evaluation 4. Trail 5. Adoption |
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Why Products Fail (4 Terms) |
1. Failure to match Product to needs 2. Failure to send right message 3. Poor Timing 4. Ineffective promotion, Distribution |
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Line Extension |
Development of a product similar to existing products in the line, but designed to meet different customer needs |
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Product Modification |
Advantages in one or more aspects of the product 1. Products must be modifiable 2. Customers must perceive a difference 3. Should produce greater customer satisfaction |
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Quality Modification |
Changes related to a product's dependability and durability |
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7 Phases of New Product Development |
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 Product Differentiated Companies must Consider |
1. Product Quality 2. Product Design and Features 3. Product Support Services |
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Product Positioning |
Creating and maintaining the concept of a product in customer's minds |
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Venture Team |
Cross-Functional group used to create new products to aim at new target markets |
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Characteristics of a Service (6 Terms) |
1. Intangibility 2. Inseperability of Production and Consumption 3. Perishability 4. Heterogeneity 5. Client-Based Relationships 6. Customer Contact |
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Development of a Service |
Services generally come in bundle Heterogeneity allows customization, creating competitive advantage |
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Degrees of Brand Loyalty |
1. Brand Recognition 2. Brand Preference 3. Brand Insistance |
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Brand Equity |
Marketing and Financial value associated with the brand's strength in that market |
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4 Elements of Brand Equity |
1. Brand Name Awareness 2. Brand Loyalty 3. Perceived Brand Quality 4. Brand Association |
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3 Types of Brands |
Manufacturer Brand Private Distributor Brand Generic |
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4 Packaging Functions |
1. Protect product and maintain its functional form 2. Provide customer convenience 3. Promote products's features and uses 4. Communicated Quality through symbols |
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Secondary-Use Packaging |
Reused for purposes other than initial function Can add to the perception of value |
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Multiple Packaging |
May increase demand because of amount of product available at consumption |
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Labeling |
Similar to Packaging, it is used for identification, informational, and legal purposes |
