Chapter 11c
type of purchase is similar to the consumers routine response
What is targeting?
deciding which group to focus on
How do you develop and manage products?
1. product class
2. product category
3. product line
4. product mix
5. product items
What is the new product development process?
1. idea generation
2. screening
3. concept testing
4. business analysis
5. product development
6. test marketing
7. commercialization
What is a trade name?
indentifies the company
What is a buying center?
informal group that makes purchase decisions
What is processing?
understanding customers' perceptions of products
What is a product mix?
narrow vs. broad
What is branding?
any feature that distinguishes one seller's good or service
- brand name
- brand mark or logo
- slogan or tagline
What is intangibility?
a service, unlike a good, cannot be held, touched, examined, or taken home home and put on a shelf for the customer's future use
What influences on business buying decisions?
1. influencer
2. purchaser
3. user
4. decider
5. gatekeeper
What is the segmentation process?
1. selection of industry/product category market
2. identification of segmentation bases
3. profile & analysis of segments
4. selection of target markets
5. development of marketing mix for each identified target
What are product lines?
deep vs shallow
What is a manufacturer's brand?
owned and controlled by a producer
What is inseperability?
service is both produced and consumed at the same time
What is STP?
segmentation, targeting, positioning
What is positioning?
1. establishing a unique place
2. in the minds of the target market
3. relative to competition
What is cannibalization?
diverting sales from an existing product
What is a private label brand?
owned or controlled by an intermediary, such as a distributor or retailer
the characteristic that describes the fleeting nature of a service
What is segmentation?
grouping customers by characteristics
What are the 4 P's of marketing?
1. product
2. price
3. promotion
4. place
What is packaging?
part of the production decision
What is a generic product?
no brand name
What is heterogeneity?
services are difficult to standardize