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| Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort |
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| Items for which buyers are willing to expend considerable effort in planning and making purchases |
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| Items with unique characteristics that buyers are willing to expend considerable effort to obtain |
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| Products purchased to solve a sudden problem, products of which the customers are unaware, and products that people do not necessarily think about buying |
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| A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations |
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The total group of products that an organization makes available to customers
Width of product mix
The number of product lines a company offers
Depth of product line
The average number of different products in each product line |
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| The progression of a product through four stages: introduction, growth, maturity, and decline |
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| The initial stage of a product’s life cycle—its first appearance in the marketplace—when sales start at zero and profits are negative |
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| The stage of a product’s life cycle when sales rise rapidly and profits reach a peak and then start to decline |
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| The stage of a product’s life cycle when the sales curve peaks and starts to decline and profits continue to fall |
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| The stage of a product’s life cycle when sales fall rapidly. |
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| Awareness → Interest → Evaluation → Trial → Adoption |
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| Product adopter categories |
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| Innovators, Early adopters, Early Majority, Late Majority, Laggards |
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| First adopters of new products |
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| Careful choosers of new products |
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| Those adopting new products just before the average person |
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| Skeptics who adopt new products when they feel it is necessary |
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| The last adopters, who distrust new products |
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| Creating products from an original product (ie dr. pepper → dr. pepper cherry) |
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| Changing the original product to increase quality, functionality, or aesthetics |
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| 7 stages of new product development |
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| Idea generation → screening → concept testing → business analysis → product development → test marketing → commercialization |
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| Product line review → deletion analysis → deletion decision (phase out, run out, immediate drop) |
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| let product fade away and discontinue without changing mix |
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| exploit any strengths left in the product. Maybe intensify marketing efforts to cause a sudden jump in profits |
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| Part of the brand that can be spoken. Pepsi, Nike, McDonalds |
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A legal designation of exclusive use of a brand
Coca-Cola®, Hewlett-Packard® |
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| A customer’s favorable attitude toward a specific brand. Recognition, preference, and insistence |
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| A brands awareness, brand loyalty, preceived brand quality, and brand associations |
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| Brands initiated by producers |
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| Brands initiated and owned by resellers |
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| Brands indicating only the product category (white label) |
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A policy of naming each product differently
Avoids stigmatizing all products due to a failed product
Good when using differentiated targeting |
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Branding all of a firm’s products with the same name, art work, image
Promotion of one item also promotes all other products |
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| Co-Branding Brand Licensing |
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| Using two or more brands on one product to capitalize on the brand equity (customer confidence and trust) of multiple brands |
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| Reusable packaging adds customer value |
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| Category consistent packaging |
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| Packaging reflects customer expectations for the expected appearance of products in a category |
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| Unique features or ways of packaging that make a product more distinct from its competitors |
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| Why is labeling important? |
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Definition
Help identify the product
Display brand name and unique graphics
Support promotional efforts for the product
Coupons, discounts, product features
Provide legally required labeling and inventory information
Nutrition Labeling Act of 1990 |
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An intangible product involving a deed, performance, or effort that cannot be physically possessed
Application of human and/or mechanical efforts directed at people or objects |
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| Services are actions that have no permanent physical qualities as opposed to goods which can be touched and possessed over time. |
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| Services cannot be produced ahead of time and stored until needed. |
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| The production of a service cannot be separated from its consumption by the customer. |
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| Variation in the quality of services delivered by individuals and organizations |
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| The Tangibility continuum |
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| Good-dominant products (tangible) vs Service-dominant products (intangible) Restaurant dining experience falling in the middle, Educatioin being intangible, sugar (or a grocery store product) being tangible |
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| Understand client-based relationships |
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| Interactions that result in satisfied customers who use a service repeatedly over time (CRM) |
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| Is the most effective way of marketing because it creates credibility for your product |
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| Tangible attributes that can be judged before the purchase of a product |
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| Attributes assessable only during purchase and consumption of a service |
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| Attributes that customers may not be able to evaluate even after purchasing and consuming the service |
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| breaking bulk, offering variety and assortment, service (e.g. repairs), handle returns, information, assembly, delivery, demonstrations/samples, offering lower prices due to volume buying, shipping, promotion, offering time/place/form utility, entertainment/social/hedonic needs, reducing risk etc. |
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| A middleman linking producers to other middlemen or to ultimate consumers through contractual arrangements or through the purchase and resale of products |
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| The activities that make products available to customers when and where they want to purchase them |
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| The use of two or more channels to distribute the same product to the same target market (e.g. Victoria’s Secret using a catalog and a retail store) |
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| strategic channel alliances |
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| An agreement whereby the products of one organization are distributed through the marketing channels of another |
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Using all available outlets to distribute a product.
Convenience products with high replacement rates (e.g. Coke) |
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Using only some available outlets to distribute a product
Shopping products and durable goods with low replacement rates (e.g. Appliances, Electronics, Fashion Clothing ) |
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Using a single outlet in a fairly large geographic area to distribute a product
Specialty products: expensive, high-quality products purchased infrequently (Custom products, limited items- e.g. art, custom furniture, luxury automobiles) |
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| Channel leadership and power |
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The dominant member (producer, wholesaler, or retailer) of a marketing channel or supply chain.
*Retailer: Wal-Mart
*Producer: GM
Channel Power
The ability of one channel member to influence another member’s goal achievement |
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| Two or more stages of the marketing channel are under one management or ownership. |
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Expanding at the same level in the Marketing Channel.
-Wal-Mart opens stores in Europe |
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| Requiring a channel member to buy additional products from the supplier in order to purchase a particular product from the supplier |
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| A producer can use two different channels to reach the same target market as long as it is not trying to engage in unfair competition and put its independent distributors out of business |
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| Restricted Sales Territories |
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| Granting exclusive sales territory rights to distributors is permissible if the rights do not restrain trade |
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| Requiring a channel member to carry a supplier’s entire product line to obtain any of the supplier’s products |
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Forbidding an intermediary to carry products of a competing manufacturer
Is anticompetitive if
it blocks competitors from 10% of the market
sales revenues are sizable
the manufacturer is larger than the dealer |
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| Suppliers can choose their distributors and refuse to deal with others so long as their decisions are not based on anticompetitive motives or are not part of an organized refusal-to-deal with certain channel members. |
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| Organizations that purchase products for the purpose of reselling them to ultimate consumers |
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| who do retailers sell to? |
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| Department stores, discount stores, super markets, super stores, hypermarkets, warehouse clubs, warehouse showrooms, speciality stores |
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| The use of telephone and non-personal media to introduce products to consumers, who then can purchase them via mail, telephone, or the internet. |
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| The marketing of products to ultimate consumers through face-to-face sales presentations at home or in the workplace |
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| An arrangement in which a supplier (franchiser) grants a dealer (franchisee) the right to sell products in exchange for some type of consideration |
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| Location, Location, Location |
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| Identifying an un-served or underserved market segment and serving it through a strategy that distinguishes the retailer from others in the minds of consumers in that segment |
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The physical elements in a store’s design that appeal to consumers’ emotions and encourage buying
Interior layout, colors, furnishings, and lighting
Exterior storefront and entrance design, display windows, and traffic congestion |
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| The addition of unrelated products and product lines to an existing product mix, particularly fast-moving items that can be sold in volume |
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| A hypothesis holding that new retailers usually enter the market as low-status, low-margin, low-price operators but eventually evolve into high-cost, high price merchants. |
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