BUSAD TEST 3 REVIEW

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Captial item: when you buy a large business product with a resale value
characteristics of a capital item: 1. long life
2. can't be depreciated
3. value to the business
def of product: bundle of physical, service, and symbolic attributes designed to enhance buyers' want satisfaction
types of consumer products: 1. shopping products
2. specialty products
3. convenience products
def of shopping product: 1. item typically purchased only after the buyer has compared competing products in competing stores.
2. Usually higher priced items such as a big screen tv or a car.
def of specialty product: 1. Item that a purchaser is willing to make a special effort to obtain.
2. item you will not take a substitute for
3. go to great efforts to get it or pay for it
4. usually only one place you can go to get it
def of production: application of resources such as people and machinery to convert materials into finished goods and services.
members of the distribution channel: 1. manufacturer
2. wholesaler
3. retailer
4. consumer
def of brand: name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competiors' offerings
def of pushing strategy: 1. promotional effort by a seller to members of the distribution channel intended to stimulate personal selling of the good or service, thereby pushing it through the channel.
2. gives incentive to retailer so the retailer will carry the product
def of pull strategy: 1. promotional effort by a seller to stimulate demand among final users, who will then exert pressure on the distribution channel to carry the good or service, pulling it through the distribution channel.
2. manufacturer advertises directly to customers and tells them to ask their retailer about the product.
convenience item is...: when someone buys a lot of something as a consumer
stages of the promotional mix: 1. advertising
2. personal sales
3. sales promotion
def of promotional mix: combination of personal and nonpersonal selling techniques designed to achieve promotional objectives.
stages of product life cycle: 1. introduction
2. growth
3. maturity
4. decline
5. death/abandonment
characteristics of the introduction stage of product life cycle: 1. market different based on if it is new technology or something like a new cereal
2. getting people to try it so sales are low
3. lots of advertising
characteristics of the growth stage of product life cycle: 1. price is stabilizing
2. more people buying
3. start seeing competition
characteristics of the maturity stage of product life cycle: 1. full blown war with competition, only the strong survive
2. expand where product is offered
3. price is starting to decling because of competition
characteristics of the decline stage of product life cycle: 1. new products have come in and substituted
2. price is dramatically decline
3. sometimes try to reinvent or come up with new uses for the product
characteristics of the death/abandonment stage of product life cycle: 1. final stage - the end
def of product life cycle: five basic stages--introuction, growth, maturity, decline, and death/abandonment--through which a successful product progresses.
elements of the marketing mix: 1. the 4 P's (product, price, promotion, place)
2. A strategy
3. consistency applies each "p" to a group of customers
4. creates a product perception
def of marketing mix: blending the four elemnts of marekting strategy--product, distribution (place), promotion, and price--to satisfy chosen customer segments.
objectives of price in the marketing mix: 1. profitability
2. volume
3. meet competition
4. prestige
def of prestige pricing: Establishing a relatively high price to develop and maintain an image of quality and exclusiveness.
def of cost-based pricing: practice of addinga percentage of specific amounts (markup) to the base cost of a product to cover overhead costs and generate profits.
def of breakeven analysis: pricing technique used to determine the minimum sales volume a product must generate at a certain price level to cover all costs
def of skimming pricing strategy: sets an intentionally high price relative to the prices of competing products
def of everyday low pricing strategy: Strategy devoted to maintaining continuous low prices rather than relying on short-term price-cutting tactics.
def of discount pricing strategy: Businesses hope to attract customers by dropping prices for a set period of time.
def of competitive pricing strategy: Try to reduce the emphasis on price competition by matching other firmsâ€™ prices and concentration their won marketing efforts on the product, distribution, and promotional elements of the marketing mix.
def of odd pricing strategy: Pricing method based on the belief that consumers favor uneven amounts or amounts that sound less than they really are.
def of forward integration: 1. moving forward in the distribution chain, closer to the consumer
2. pepsi bought taco bell and KFC to get thier syrup into restaurants.
def of backward integration: 1. moving away from the consumer in the distribution chain
2. if you are not sure of the cost specification you want to go back and control it.
problems with ethics: 1. relativism and circumstances v principles and decisions
2. pressure (stock value, sales, grades, wins)
3. pleasure
4. Power
5. Pride
6. Priorities
characteristics of ethics: 1. principle of right or good conduct
2. system of moral values
3. ethical behavior: conforming to accepted principles of right and wrong
def of business ethics: standards of conduct and moral values involving right and wrong actions arising int eh work environment.
def of consumer product: good or service, such as DVDS, shampoo, and dental care, that is purchased by end users.
def of business products: good or service purchased to be used, either directly or indirectly, in the production of other goods for resale
def of brand name: part of a brand consisting of words or letters that form a name that identifes and distinguishes an offering from those of competitors.
def of utility: want-satisfying power of a good or service
place utility: availability of a product in a location convenient for customers
def of ownership utility: orderly transfer of goods and services from the seller to the buyer
def of form utility: putting the product together in a way that is useful for the consumer
def of exchange process: activity in which two or more parties give something of value to each other to satisfy perceived needs.
why new products fail: 1. poor packaging
2. inadequate distribution
3. price
4. promotional support
def of marketing concept: companywide consumer orientation to promote long-run success
def of event marketing: marketing or sponsoring short-term evnets such as athletic competitons and culutral and charitable performances.
def of place marketing: attempt to attract people to a particular area, such as a city, state, or nation.
def of cause marketing: marketing that promotes a cause or social issue, such as the prevention fo child abuse, antilittering efforts, and antismoking campaigns.
def of organization marketing: marketing strategy that influences consumers to accept the goals of, recieve the services of, or contribute in some way to an organization.
def of person marketing: use of efforts designed to attract the attention, interest, and preference of a target market toward a person.
def of target market: Group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences.
def of market segmentation: process of dividing a total market into several relatively homogeneous groups.
Stages in New-Product Development: 1. generate new-product ideas
2. screening
3. concept development and business analysis
4. product development
5. test marketing
6. commercialization
def of services: intangible outputs of production systems.
def of installations: major capital items, such as new factories, heavy equipment and machinery, and custom-made equipment.
def of expense items: Less costly products athat are conusmed within a year.
def of accessory equipment: includes capital items, they are usually less expensive and shorter lived than installations and involve fewer decison makers.
def of component parts and materials: finished business goods that become part of a final product
def of raw materials: farm and natural products used in producign other final products
def of supplies: expense items used in a firm's daily operation that do not become part of the final product.
marketing functions: 1. analyzing market information
2. buying
3. selling
4. transportation
5. exchange
6. grading (standarization of grading)
7. financing
8. risk taking
def of capital item: item that is long-lived and relatively expensive

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