MARK 201 exam 2

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brand: kind, grade or make, as indicated by a stamp, trademark, or the like.
brand name: a word, name, symbol, etc, especially one legally registered as a tratemark, used by a manufacturer or merchang to identify its products.
brand mark: the part of a brand that appears in the form of a symbol, design, or distinctive color or type of lettering.
trademark: any name, symbol, figure, letter, word, or mark adopted and used by a manufacturer or merchant in order to designate his or her goods and to distinguish them from those manufactured or sold by others. A trademark is a proprietary term that is usually registered with the Patent and Trademark Office to assure its exclusive use by its owner.
producer's brand: a brand that is owned by a manufacturer or other producer.
middlemen's brand: (also â€œprivate brandâ€ or â€œprivate labelâ€) a brand owned by a wholesaler or retailer
product counterfeiting: the copying of a competitorâ€™s well-known products. Some counterfeit products are intended to look as much like the original as possible, including the brand name; others are close, but not exact, copies; still others are cheap and unconvincing imitations.
family brand: a brand name used for a number of products in the same line, such as Revlon cosmetics or Heinz canned foods; also referred to as a Blanket Brand.
multiple-brand strategy: a strategy in which a firm has more than one brand of essentially the same product, aimed either at the same target market or at distinct target markets.
cobranding: agreement between two separate companies, or two divisions within the same company, to place both of their respective brands on a particular product or enterprise; also called dual branding.
brand equity: a term used in reference to the value of a well-known brand; brand equity can greatly affect the buyout price of a company.
trademark license: an agreement whereby the trademark owner authorizes another person or persons to use a mark. A trademark license usually, but not necessarily, contains several conditions such as exclusiveness, consideration, quality standards, the way in which trademark may be used and advertised, territorial scope, provision of models, patterns or samples.
packaging: the materials (glass, aluminum, cardboard, etc.) originally intended merely to contain and protect a product; in recent years the role of packaging has been broadened so that, in addition to containment and protection, its purpose is to attract attention, provide additional product information, and assist in promotion.
label: the part of a package that carries information about the product it contains; a label may be a permanent part of the primary package or a tag, sticker, band, etc.
brand label: a label which gives the brand name of the product.
descriptive label: a label on a product which announces the size, net weight, ingredients, composition, nutritional value, etc.
grade label: a tag, sticker, label, letter, mark or symbol which identifies the quality or grade of a product offered for sale.
nutrition labeling: the requirement, either by law or under voluntary industry codes, that certain products be marked with the nutritional value of their ingredients.
product design: the determination and specification of the parts of a product and their interrelationship so that they become a unified whole.
universal design: an approach to the design of products, services and environments to be usable by as many people as possible regardless of age, ability, or situation. It links directly to the political concept of an inclusive society and its importance has been recognized by governments, business and industry (â€œbarrier-freeâ€).
c2c design: Client to Client, Consumer to Consumer, one user communicates with another user without going through a server in between.
product color: the hues given to a particular product, including its packaging.
product quality: the degree to which a product meets the expectations of the customer.
total quality management (TQM): a philosophy and set of guiding concepts that provides a comprehensive means of improving total organization performance and quality by examining each process through which work is done in a systematic, integrated, consistent, organization-wide manner.
ISO 9000: a family of standards and guidelines for quality in the manufacturing and service industries from the International Organization for Standardization that defines the criteria for what should be measured. It does not guarantee product quality, but ensures that the processes that develop the product are documented and performed in a quality manner.
service: an intangible product. Any product offering that is essentially intangible.
for-profit services: established or operated with the intention of making a profit
not-for-profit services: type of organization in which no stockholder or trustee shares in profits or losses and which usually exists to accomplish some charitable, humanitarian, or educational purpose. Such groups are exempt from corporate income taxes but are usually tax deductible for the donor.
nonprofit organization: an organization not seeking or producing a profit or profits.
intangibility: one of the four characteristics (with inseperability, perishability and heterogeneity) which distinguish a service; intangibility expresses the notion that a service has no physical substance.
inseparability: one of the four characteristics (with intangibility, perishability, and heterogeneity) which distinguish a service; inseperability expresses the notion that a service cannot be separated from the service provider.
heterogeneity: one of the four characteristics (with intangibility, perishability, and inseperability) which distinguish a service; indicates that each unit is somewhat different from other units of the same service.
perishability: one of the four characteristics (with inseperability, intangibility and heterogeneity) which distinguish a service; perishability expresses the notion that a service cannot be made in advance and stored.
provider market: individuals and/or organizations that contribute money, labor, or materials to a nonprofit organization.
client market: individuals and/or organizations that are the recipients of a nonprofit organizationâ€™s money or services.
service encounter: in services marketing, a customerâ€™s interaction with any service employee or with any tangible element, such as a serviceâ€™s physical surroundings.
cause-related marketing: a source of promotion for nonbusiness organizations in which an alliance between a for-profit and a nonprofit organization helps to generate sales for the firm and publicity for the nonprofit organization.
service quality: the degree to which an intangible offering meets the expectations of the customer.
strategy: a broad plan of action by which an organization hopes to achieve one or more of its marketing objectives.
price competition: a competitive situation in which price is used as the major means of differentiating the product of one firm from that of a rival.
value pricing: a pricing approach in which the selling price of a good or service is based on the companyâ€™s assessment of the highest value of the product to the consumer; that is, on what the consumer is willing to pay for it.
nonprice competition: competition in which an element other than price (i.e. prestige, convenience, taste, etc) is the major means of differentiating the product of one company from that of a rival.
market-skimming pricing: a strategy in which the initial price of a product is set high in relation to the target marketâ€™s range of expected prices.
market-penetration pricing: a strategy in which the initial price of a product is set low in relation to the target marketâ€™s range of expected prices.
predatory pricing: driving competitors out of the marketplace by giving away products or charging a far-below-the-market price
quantity discount: a deduction from a sellerâ€™s price that is offered to a buyer when a large quantity of the product is purchased.
rebate: a discount on a product that a customer obtains by submitting a form or certificate provided by the seller.
price customization: method of establishing prices based on how much different people value a product.
seasonal discount: a deduction from the list price that is offered to a customer for placing an order during the sellerâ€™s slack season.
promotional allowance: a price reduction granted by a seller as payment for promotional services performed by buyers.
price discrimination: a situation in which different customers pay different prices for the same product.
Robinson-Patman Act: a federal law passed in 1936 that was intended to curb price discrimination by large retailers and the granting by manufacturers of proportionally unequal promotional allowances to large retailers or wholesalers.
FOB factory (mill) pricing: (free on board) a geographic pricing strategy whereby the seller quotes the selling price at the point of production and the buyer selects the mode of transportation and pays all freight costs.
uniform delivered pricing: a geographic pricing strategy whereby the same delivered price is quoted to all buyers regardless of their locations.
zone-delivered pricing: a geographic pricing strategy whereby a seller divides its market into a limited number of broad geographic zones and then sets a uniform delivered price for each zone.
freight-absorption pricing: a geographic pricing strategy whereby the seller pays for (absorbs) some of the freight charges in order to penetrate more distant markers.
one-price strategy: a pricing strategy under which a seller charges the same price to all similar customers who buy identical quantities of a product.
flexible-price (variable price) strategy: a pricing strategy under which a seller charges different prices to similar customers who buy identical quantities of a product.
single-price strategy: an extreme variation of a one-price strategy in which all items sold by a firm carry a single price.
price lining: a pricing strategy whereby a firm selects a limited number of prices at which it will sell related products.
odd pricing: a psychological pricing strategy that consists of setting prices at uneven (or odd) amounts, such as $4.99, rather than even amounts, such as $5, in the belief that these seemingly lower prices will result in larger sales volume.
leader pricing: a pricing and promotional strategy in which temporary price cuts are made on a few items to attract customers.
leader: in order pricing, an item on which price is cut.
loss leader: in leader pricing, an item on which price is cut to a level that is below the storeâ€™s cost.
unfair-practices (unfair-sales) acts: state laws intended to regulate some forms of leader pricing that are intended to drive other products or companies out of business.
high-low pricing: a pricing strategy that combines price reductions and aggressive promotion to convey an image of very low prices.
everyday low pricing: a pricing strategy that involves consistently low prices and few, if any, temporary price reductions.
resale price maintenance: a pricing policy whereby a manufacturer seeks to control the prices at which middlemen resell their products.
suggested list price: a pricing policy whereby a manufacturer recommends to retailers a final (retail) price that should provide them with their normal markups.
price war: a form of price competition that begins when one firm decreases its price in an effort to increase its sales volume and/or market share, the other firms retaliate by reducing prices on competing products, and additional price decreases by the original price cutter and/or its competitors usually follow.
marketing research: The development,. Interpretation, and cmun of decision-oriented information to be used in all phases of the marketing process
marketing information services (MkIS): An ongoing, organized procedure to generate, analyze, disseminate, store and retrieve info use in marketing decisions
decision support system (DSS): Comp-based procedure that allows a manager to directly interact w/ data using various methods of analysis to integrate, analyze and interpret info
database: Assembled data pertinent to a particular topic (customers, market segments, competitors, or industry trends)
data warehouse: Collection of data from a variety of internal and external sources compiled by a firm for its own use or for use by its clients
data mining: Techniques that have the capability to identify patterns and meaningful relationships in masses of data that would be overlooked or unrecognizable by researchers
radio frequency identification: Involves placing a tag in or on an object that emits a signal that can be read and interpreted by a receiver
research objective: Usually to solve a problem or to better understand or define a problem
situation analysis: Background investigation that helps refine the research problem
hypothesis: Tentative supposition that would suggest a possible solution to a problem
informal investigation: Consists of gathering readily available info from relevant people inside and outside the co. (middlemen, competitors, ad agencies and consumers)
primary data: New data gathered specifically for the proj. at hand
secondary data: Available data already gathered for another purpose
observation method: Collecting data by observing the actions of a person
cookie: Inactive data file placed on a personâ€™s comp hard drive when that person visits a website (records visitorâ€™s activities while at that site)
survey: Gathering data by interviewing people
face-to-face interviews: More flexible than phone or mail int. b/c interviewers can probe more deeply if an answer is incomplete
focus group: Moderator leads 6-12 people in a discussion
telephone survey: Conducted more rapidly than mail b/c more interviewers can make many phone calls from a central location⬦..easy to administer
mail survey: Sending a questionnaire to potential respondents, asking them to complete it and send it back (email growing)
internet survey: Questionnaires posted on a firmâ€™s website or e-mailed to prospective respondents
experiment: Method of gathering primary data in which the researcher is able to observe the results of changing on variable situation while holding all other conditions constant
test marketing: Researcher duplicates real market conditions in a ltd geographic area to measure consumersâ€™ responses to a strategy b4 committing to a major marketing effort
competitive intelligence: Process of gathering and analyzing available public info about the activities and plans of competitors
product: a set of tangible and intangible attributes, which may include packaging, color, price, quality, and brand, plus the sellerâ€™s services and reputation. A product may be a good, service, place, person, or idea.
consumer products: products that are intended for purchase and use by household consumers for nonbusiness purposes.
business products: products that are intended for purchase and resale or for purchase and use in producing other products or for providing services in an organization.
convenience good: a category of tangible consumer products that the consumer has prior knowledge of and purchases with minimum time and effort.
shopping good: a category of tangible consumer products that are purchased after the buyer has spent some time and effort comparing the price, quality, perhaps style, and/or other attributes of alternative products in several stores.
unsought good: a category of consumer tangible products that consists of new products the consumer is not yet aware of or products the consumer is aware of but does not want right now.
raw materials: business goods that become part of another tangible product prior to being processed in any way.
fabricating materials: business goods that have received some processing and will undergo further processing as the become part of another product.
fabricating parts: business goods that already have been processed to some extent and will be assembled in their present form (with no further change) as part of another product.
installations: manufactured products that are an organizationâ€™s major, expensive, and long-lived equipment and that directly affect the scale of operations in an organization producing goods or services.
accessory equipment: business goods that have substantial value and are used in an organizationâ€™s operations.
operating supplies: the â€œconvenienceâ€ category of business goods, consisting of tangible products that are characterized by low dollar value per unit and a short life and that aid in an organizationâ€™s operations without becoming part of the finished product.
new product: a vague term that may refer to 1. really innovative, truly unique products, 2. replacement products that are significantly different from existing ones, or 3. imitative products that are new to a particular firm but are not new to the market.
new-product strategy: a statement identifying the role a new product is expected to play in achieving corporate and marketing goals.
new-product development process: a set of six stages that a new product goes through, starting with idea generation and continuing through idea screening, business analysis, prototype development, market tests, and eventually commercialization (full-scale production and marketing).
business analysis: one stage in the new product development process, consisting of several steps to expand a surviving idea into a concrete business proposal.
Market tests: one stage in the new-product development process, consisting of acquiring and analyzing actual consumersâ€™ reactions to proposed products.
adoption process: the set of successive decisions an individual or organization makes before accepting an innovation.
diffusion: Diffusion a process by which an innovation spreads through a social system over time.
innovation adopter categories: Groups of people differentiated according to when they accept a given innovation.
innovators: a group of venturesome consumers that are the first to adopt an innovation.
early adopters: a group of consumers that includes opinion leaders, is respected, has much influence on its peers, and is the second group (following the innovators) to adopt an innovation.
change agent: in the process of diffusion, a person who seeks to accelerate the spread of a given innovation.
early majority: a group of fairly deliberate consumers that adopts an innovation just before the â€œaverageâ€ adopter in a social system.
late majority: a group of skeptical consumers who are slow to adopt an innovation but eventually do so to save money or in response to social pressure from their peers.
laggards: a group of tradition-bound consumers whoa re the last to adopt an innovation.
nonadopters: those consumers that never adopt an innovation.
adoption rate: the speed or ease with which a new product is accepted.
product-planning committee: an organizational structure for product planning and development that involves a joint effort among executives from major departments and, especially in small firms, the president and/or other top-level executive.
new-product department or team: an organizational structure for product planning and development that involves a small unit, consisting of five or fewer people, and that reports to the president.
brand manager: also â€œproduct manager.â€ An organizational structure for product planning and development that makes one person responsible for planning new products as well as managing established products.
product mix: the set of all products offered for sale by a company.
breadth: the number of product lines offered for sale by a firm.
depth: the relative variety of sizes, colors and models offered within a product line.
product line: a broad group of products intended for essentially similar uses and having similar physical characteristics.
product-mix expansion: a strategy in which a firm increases the depth within a particular line and/pr the number of lines it offers to its customers.
line extension: one form of product-mix expansion in which a company adds a similar item to an existing product line with the same brand name.
mix extension: one form of product-mix expansion in which a company adds a new product line to its present assortment.
product alteration: a strategy of improving an existing product.
product-mix contraction: a strategy in which a firm either eliminates an entire line or simplifies the assortment within a line.
trading up: a product-line strategy wherein a company adds a higher-priced product to a line in order to attract a broader market and, through its added prestige, helps the sale of its existing lower-priced products.
trading down: a product-line strategy wherein a company adds a higher-priced product to a line to reach a market that cannot afford the higher-priced items or that see them as too expensive.
product life cycle: the aggregated demand over an extended period of time for all brands comprising a generic product category.
introduction stage: the first part of a product life cycle during which a generic product category is launched into the market in a full-scale marketing program. (also pioneering stage)
maturity stage: the third part of a product life cycle during which the sales of a generic product category continue to increase (but at a decreasing rate), profits decline largely because of price competition, and some firms leave the market.
fad: a product or style that becomes immensely popular nearly overnight and then falls out of favor with consumers almost as quickly.
first-mover advantage: strategy of entering a market during the introductory stage of a product in order to build a dominant position; also called pioneer advantage.
product abandonment: a decision and subsequent action by a firm to drop a product that has insufficient and/or declining sales and lacks profits.
product obsolenscence: a strategy that is intended to make an existing product out of date and thus to increase the market for replacement products. There are two forms: technological and style.
technological obsolescence: a form of obsolescence in which significant technical improvements result in a more effective product. Same as functional obsolescence.
style obsolescence: a form of planned obsolescence in which superficial characteristics of a product are altered so that the new model is easily differentiated from the previous model and people become dissatisfied with it. Same as fashion obsolescence and psychological obsolescence.
fashion: a style that is popularly accepted and purchased by successive groups of people over a reasonably long period of time.
fashion adoption process: a series of buying waves by which a style becomes popular in a market; similar to diffusion of an innovation.
fashion cycle: wavelike movements representing the introduction, rise, popular acceptance, and decline of the marketâ€™s acceptance of a style.
trickle-down theory: in fashion adoption, a fashion cycle that flows downward through several socioeconomic levels.
trickle-across theory: in fashion adoption, a fashion cycle that moves horizontally and simultaneously within several socioeconomic levels.
trickle-up theory: in fashion adoption, a fashion cycle in which a style first becomes popular with lower socioeconomic levels and then flows upward to become popular among higher levels. (eg. Jazz and rap music)

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