marketing 291, test 2

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Terms

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brand equity: added value of a given brand name gives to a product beyond the functional benefits provided
brand personality: human characteristics associated with a brand name
branding: organizations use of a name, phrase, design, symbol, or combination of these to identify and distinguish its products
business goods: products that assist directly or indirectly in providing products for resale
business marketing: marketing to firms governments, or non-for-profit organizations
classisification of consumer goods: convienance-food; shopping-resturant; specialty-limited number of retailers; unshought-don't know is available (healthcare, burial plot)
consumer goods: products purchased by the end concumer
continuos innovation: razors, laundry detergent

Requires NO new learning
derived demand: need for industrial products is derived from the demand of the ultimate consumer
discontinuous innovation: need to learn new skills
government markets: Government units are the federal, state and local agencies

Nasa, police, college, state, public school
how are business goods are a result of derived demand: consumers are buying a lot of ford pickups, Ford will buy a lot of equipment paint the pick-ups the consumers are buying
how do you classify business goods: production goods, support goods
how is the size of the order or purchase different in organizational buying versus consumer buying: much larger, usually runs in thousands or millions
limitations of NAICS codes: Like the SIC (which was replaced by NAICS) the NAICS assigns one code to each organization based its major economic activity, so large firms that engage in many different activities are still given only one NAICS code. A second limitation iss theat the fi
mixed branding: a compromise between manufacturer and provate branding a firm markets products under its own name and that of a reseller because the segment attraacted to the reseller is different from their market. Elizabeth Arden sells Elizabeth Arden at department sto
multibranding: manufacturer's branding stragegy that gives each product a distinct name
multiproduct brandng: manufacturers's branding strategy that uses one name for all products
North American Industry Classification System (NAICS): Provides common industry definitions for Canada, Mexico, and the U.S.
Number of potential buyers: Companies try to reach thousands or millions of buyers each day
organizational buyers: manufacturers, wholesalers, retailers, and government agencies that buy goods and services for their own use or for resale

note-organization buyers include all buyers except the ultimate, end consumer
Organizational buying objectives: Quality, warrenty, not quite as concerned with style
Organizational Criteria: price, abiliity to meet the quality specifications required for the item, ability to meet required delivery schedules, technical capability, warrenties, contracts, and production facilities and capacity.

Note, customers that mee
packaging: Part of a product that refers to any container in which it is offered for sale and on which label information is displayed
private branding: when a company sells products under the brand name of a wholesale or retailer

this is popular b/c it produces high profits for resllers and manifacturers
product: good service, or idea, tangible and intangible features that satisfies consumers and is received in exchange for money or something valuable
product life cycle: stages a new product goes through in the market place: introduction, growth, maturity, and decline
product line: group of related products that satisfy a class of needs (Nike's product lines are shoes and clothing)
product mix: all the product lines offered by a company combined
production goods: items used in manufacturing processes (raw materials, lumber, grain, etc)
reseller markets: Wholesaler and retailers resell products without reprocessing the product

wholesalers
retailers (medium number of organizations)
reverse marketing: deals with organizational buying criteria. reverse marketing involves the deliberate effort by organizational buyers to build relationships that shape suppliers' products, services, and capabilities to fit a buyer's needs and those of its customer
services: intangible activities or benefits that an organization provides to consumers for money or something else of value
supply partnership: exists when a buyer and supplier adopt mutally beneficial objectives, policies, and procedures for the purpose of lowering the cost or increasing the the value of products and dervices delivered to the ultimate customer
support goods: items used to assist in producing other goods (installations, accesory equipment)
trade name: proctor and gamble
trademark: sound, symbol, anything in a trade name, ex kleenex VS facial tissue, Kleenex became generic
Ways of classifying products: type of user, degree of product tangibility
What are componets of picking a good brand name?: product benefit shout outs, be memorable, positive, short (Dial, Apple), fit company image, have no legal or regulatory restrictions, spices, simple and emotional, Nike
what are the 3 main types of organizational buyers: industrial, reseller, government markets
what are the degrees of tangibility?: nondurable-food, durable-clothing, car, appliances, services
What are the for P's?: product, price, place, promotion
What is a new product: New can refer to a product being functionally different than existing products. However the Fed. Trade Commission advise new be limited to 6 months after the product was introduced
What most a package convey?: Protect what's inside, describe contents, enhance disposal, utalize enviormental packaging

Note, due to consumer bill of rights (right to be informed) package must now contain trans fat)
what type of markets are included in the industrial markets: Industrial markets in some way reprocess a product.

manufacturers, mining, construction, farms, timber, and fisheries, service, finance, insurance, and real estate, transportation, communications, and public utilities, not-for-p
Why products succeed & fail: Insignificant point of difference (snack pops? why would consumers eat snack pops over pop corn? there is nothing wrong with pop corn)

Incomplete market and product definition before product decelopment starts (mac's Newton)

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Deck Info

Number of cards 46

Created By michaelaclaire