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| Question | Answer |
|---|
| Everything, both favorable and unfavorable, that a person receives in an exchange
| Product
|
| A product used to manufacturer other goods or services, to facilitate an organizations operations, or to resell to other customers
| Business Product (Industrial Product)
|
| A product bought to satisfy an individuals personal wants
| Consumer Product
|
| A relatively inexpensive item that merits little shopping effort
| Convenience Product
|
| A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
| Shopping Product
|
| A particular item that consumers search extensively for and are very reluctant to accept substitutes
| Specialty Product
|
| A product unknown to the potential buyer or a known product that the buyer does not actively seek
| Unsought Product
|
| A specific version of a product that can be designated as a distinct offering among an organizations products
| Product Item
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| A group of closely related product items
| Product line
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| All products that an organization sells
| Product Mix
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| The number of product lines an organization offers
| Product Mix Width
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| The number of product items in a product line
| Product line Depth
|
| Changing one or more of a products characteristics
| Product Modification
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| The practice of modifying products so those that have already been sold become obsolete before they actually need replacement
| Planned Obsolescence
|
| Adding additional products to an existing product line in oder to compete more broadly in the industry
| Product Line Extension
|
| A name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors products
| Brand
|
| That part of a brand that can be spoken, including letters, words, and numbers
| Brand Name
|
| The elements of a brand that cannot be spoken
| Brand Mark
|
| The value of a company and brand names
| Brand Equity
|
| A brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers.
| Global Brand
|
| Consistent preference for one brand over all others
| Brand loyalty
|
| A no-frills, no brand-name, low-cost product that is simply identified by its product category
| Generic Product
|
| The brand name of a manufacturer
| Manufacturer's Brand
|
| A brand name owned by a wholesaler or a retailer
| Private Brand
|
| A brand manufactured by a third party for an exclusive retailer, without evidence of that retailers affiliation
| Captive Brand
|
| Using different brand names for different products
| Individual Branding
|
| Marketing several different products under the same brand name
| Family Brand
|
| Placing two or more brand names on a product or its package
| Cobranding
|
| The exclusive right to use a brand or part of a brand
| Trademark
|
| A trademark for a service
| Service Mark
|
| Identifies a product by class or type and cannot be trademarked
| Generic Product Name
|
| A type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary
| Persuasive Labeling
|
| A type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
| Informational Labeling
|
| Series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products
| Universal Product Codes (UPCs)
|
| A confirmation of the quality or performance of a good or service
| Warranty
|
| A written guarantee
| Express Warranty
|
| An unwritten guarantee that the good or service is fit for the purpose for which it was sold
| Implied Warranty
|
| A product new to the world, the market, the producer, the seller, or some combination of these
| New Product
|
| A plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation
| New-Product Strategy
|
| A marketing strategy the entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
| Product Development
|
| The process of getting a group to think of unlimited ways to vary a product or solve a problem
| Brainstorming
|
| The first filter in the product development process, which eliminates ideas that are inconsistent with the organizations new-product strategy or inappropriate
| Screening
|
| A test to evaluate a new-product idea, usually before any prototype has been created
| Concept Test
|
| The second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated
| Business Analysis
|
| The stage in the product development process in which a prototype is developed and a marketing strategy is outlined
| Development
|
| A team oriented approach to new-product development
| Simultaneous Product Development
|
| The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
| Test Marketing
|
| The presentation of advertising and other promotional materials for several products, including a test product, to members of the products target market
| Simulated (laboratory) Market Testing
|
| The decision to market a product
| Commercialization
|
| A product perceived as new by a potential adopter
| Innovation
|
| The process by which the adoption of an innovation spreads
| Diffusion
|
| A concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death)
| Product Life Cycle (PLC)
|
| All brands that satisfy a particular type of need
| Product Category
|
| The full-scale launch of a new product into the marketplace
| Introductory Stage
|
| The second stage of a product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy
| Growth Stage
|
| A period in which sales increase at a decreasing rate
| Maturity Stage
|
| A long-run drop in sales
| Decline Stage
|
| The result of applying human or mechanical efforts to people or objects
| Service
|
| The inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed
| Intangibility
|
| A characteristic that can be easily assessed before purchase
| Search Quality
|
| A characteristic that can be assessed only after use
| Experience Quality
|
| A characteristic that consumers may have difficulty assessing even after purchase bc they do not have the necessary knowledge or experience
| Credence Quality
|
| The inability of the production and consumption of a service to be separated; consumers must be present during the production
| Inseparability
|
| The variability of the inputs and outputs of services, which cause services to tend to be less standardized and uniform than goods
| Heterogeneity
|
| The inability of services to be stored, warehoused, or inventoried
| Perishability
|
| The ability to perform a service dependably, accurately, and consistently
| Reliability
|
| The ability to provide prompt service
| Responsiveness
|
| The knowledge and courtesy of employees and their ability to convey trust
| Assurance
|
| Caring, individualized attention to customers
| Empathy
|
| The physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service
| Tangibles
|
| A model identifying 5 gaps that can cause problems in service delivery and influence customer evaluations of service quality
| Gap Model
|
| The most basic benefit the consumer is buying
| Core Service
|
| A group of services that support or enhance the core service
| Supplementary Services
|
| a set of interdependent organizations that eases the transfer of ownership as products move from producer to business use or consumer
| Marketing Channel (Channel of Distribution)
|
| All parties in the marketing channel that negotiate with one another, buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer into the hands of the final consumer.
| Channel Members
|
| The connected chain of all of the business entities, both internal and external to the company, that perform or support the marketing channel functions
| Supply Chain
|
| The difference between the amount of product produced and the amount an end user wants to buy
| Discrepancy of Quantity
|
| The lack of all time items a customer needs to receive full satisfaction from a product or products
| Discrepancy of Assortment
|
| A situation that occurs when a product is produced but a customer is not ready to buy it
| Temporal Discrepancy
|
| The difference between the location of a producer and the location of widely scattered markets
| Spatial Discrepancy
|
| A channel intermediary that sells mainly to consumers
| Retailer
|
| An institution that buys goods from manufacturers and resells them to businesses, government agencies, and other wholesalers or retailers and that receives and takes title to goods, stores them in its own warehouses, and later ships them
| Merchant Wholesaler
|
| Wholesaling intermediaries who do not take title to a product but facilitate its sale from producer to end users by representing retailers, wholesalers, or manufactures
| Agents and Brokers
|
| The efficient and cost-effective forward and reverse flow as well as storage of goods, services, and related information, into, through, and out of channel member companies
| Logisitcs
|
| A distribution channel in which producers sell directly to consumers
| Direct Channel
|
| The use of two or more channels to distribute the same product to target markets
| Dual Distribution (multiple distribution)
|
| A cooperative agreement between business firms to use the others already established distribution channel
| Strategic Channel Alliance
|
| A form of distribution aimed at having a product available in every outlet where target customers might want to buy it
| Intensive Distribution
|
| A form of distribution achieved screening dealers to eliminate all but a few in any single area
| Selective Distribution
|
| A form of distribution that establishes one or a few dealers within a given area
| Exclusive Distribution
|
| A relationship between companies that is loose, characterized by low relational investment and trust, usually taking the form of series of discrete transactions with no/low expectation of future interaction or service
| Arms-Length Relationship
|
| A relationship between companies that takes the form of informal partnership with moderate levels of trust and information sharing as needed to further each company's goals
| Cooperative Relationship
|
| A relationship between companies that is tightly connected, with linked processes across and between firm boundaries, and high levels of trust and inter-firm commitment
| Integrated Relationship
|
| The capacity of a particular marketing channel member to control or influence the behavior of other channel members
| Channel Power
|
| A situation that occurs when one marketing channel member intentionally affects another member's behavior
| Channel Control
|
| A member of a marketing channel that exercises authority and power over the activities of other channel members
| Channel Leader (Channel Captain)
|
| A clash of goals and methods between distribution channel members
| Channel Conflict
|
| A channel conflict that occurs among channel members on the same level
| Horizontal Conflict
|
| A channel conflict that occurs between different levels in a marketing channel, most typically between the manufacturer and retailer
| Vertical Conflict
|
| The joint effort of all channel members to create a channel that serves customers and creates a competitive advantage
| Channel Partnering (Channel Cooperation)
|
| The connected chain of all the business entities, both internal and external to the company, that perform or support the logistics function
| Supply Chain
|
| A management system that coordinates and integrates all of the activities performed by supply chain members into a seamless process, from the source to the point of consumption, resulting in enhanced customer and economic value
| Supply Chain Management
|
| Bundles of interconnected activities that stretch across firms in the supply chain
| Business Processes
|
| Allows companies to prioritize their marketing focus on different customer groups according to each groups long-term value to the company or supply chain
| Customer Relationship Management Process
|
| Presents a multi-company, unified response system to the customer whenever complaints, concerns, questions, or comments are voiced
| Customer Service Management Process
|
| Seek to align supply and demand throughout the supply chain by anticipating customer requirements at each level and creating demand-related plans of action prior to actual customer purchasing behavior
| Demand Management Process
|
| A highly integrated process, often requiring persons from multiple companies and multiple functions to come together and coordinate to create customer satisfaction at a given place and time
| Order Fulfillment Process
|
| Concerned with ensuring firms in the supply chain have the needed resources to manufacturer with flexibility and to move products through a multi-stage production process
| Manufacturing Flow Management Process
|
| Closely related to the manufacturing flow management process and contains several characteristics that parallel the customer relationship management process
| Supplier Relationship Management Process
|
| Enables firms to manage volumes of returned product efficiently, while minimizing returns-related costs and maximizing the value of the returned assets to the firms in the supply chain
| Returns Management Process
|
| The process of strategically managing the efficient flow and storage of raw materials, in-process inventory, and finished goods from point of origin to point of consumption
| Logistics
|
| The link that connects all of the logistics functions of the supply chain
| Logistics Information System
|
| An entire group of individuals who orchestrate the movement of goods, services, and information from the source to the consumer
| Supply Chain Team
|
| A production method whereby products are not made until an order is placed by the customer; products are made according to customer specifications
| Mass Customization (Build-to-order)
|
| A process that redefines and simplifies manufacturing by reducing inventory levels and delivering raw materials at the precise time they are needed on the production line
| Just-In-Time Production (JIT)
|
| A system whereby orders are entered into the supply chain and filled
| Order Processing System
|
| Information Technology that replaces the paper documents, such as purchase orders and invoices, with electronic transmission
| Electronic Data Interchange (EDI)
|
| A method of developing and maintaining an adequate assortment of materials or products to meet a manufacturers or a customers demand
| Inventory Control System
|
| An inventory control system that manages the replenishment of raw materials, supplies, and components from the supplier to the manufacturer
| Materials Requirement Planning (Materials MGMT)
|
| An inventory control system that manages the replenishment of goods from the manufacturer to the final consumer
| Distribution Resource Planning
|
| A method of moving inventory into, within, and out of the warehouse
| Materials Handling System
|
| A manufacturers or suppliers use of an independent third party to manage an entire function of the logistics system, such as transportation, warehousing, or order processing
| Outsourcing (contract logistics)
|
| A distribution technique that includes any kind of product or service that can be distributed electronically
| Electronic Distribution
|
| All the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use
| Reatialing
|
| Retailers owned by a single person or partnership and not operated as part of a larger retail institution
| Independent Retailers
|
| Stores owned and operated as a group by a single organization
| Chain Stores
|
| The right to operate a business or to sell a product
| Franchise
|
| The amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted
| Gross Margin
|
| A store housing several departments under one roof
| Department Store
|
| A department head who selects the merchandise for his or her department and may also be responsible for promotion and personnel
| Buyer
|
| A retail store specializing in a given type of merchandise
| Specialty Store
|
| A large, departmentalized, self-service retailer that specializes in food and some nonfood items
| Supermarket
|
| The tendency to offer a wide variety of nontraditional goods and services under one roof
| Scrambled Merchandising
|
| A retail store that stocks pharmacy-related products and services as its main draw
| Drugstore
|
| A miniature supermarket, carrying only a limited line of high-turnover convenience goods
| Convenience Store
|
| An individual or business that is granted the right to sell another party's product
| Franchisee
|
