Product
What are the four major stages of the product life cycle?
What is Market Introduction, Market Growth, Market Maturity, and Sales Decline?
What is the definition of "Place" in marketing?
What is making goods and services available in the right quantities and locations when customers want them?
What are discrepancies of quantity and assortment in channel systems?
What are differences in the quantity and variety of products between what producers make and what consumers want?
What is the definition of "Advertising" as a promotion method?
What is any paid form of nonpersonal presentation of ideas, goods, or services by an identified sponsor?
Define "Communication Process" according to the chapter.
What is a source trying to reach a receiver with a message?
Define "Fashion" and "Fad."
What is currently accepted or popular style (Fashion) and an idea fashionable only to certain groups, short-lived (Fad)?
How do product classes suggest Place objectives?
What is by guiding the decisions on where and how to distribute products based on their characteristics and target markets?
How do channel specialists adjust discrepancies of quantity and assortment?
What is through regrouping activities such as accumulating, bulk-breaking, sorting, and assorting?
Describe "Sales Promotion" as a promotion method.
What are those promotion activities—other than advertising, publicity, and personal selling—that stimulate interest, trial, or purchase by final customers or others in the channel?
What is "Encoding" in the communication process?
What is the source deciding what it wants to say and translating it into words or symbols that will have the same meaning to the receiver?
What is a new product?
What is a product that is new in any way for the company concerned?
Define "Channel of Distribution."
What is any series of firms or individuals who participate in the flow of products from producer to final user or consumer?
Why is reducing discrepancies and separations important in channel systems?
What is to ensure products match consumer demand and are efficiently distributed to meet market needs?
Define "Integrated Marketing Communications."
What is the intentional coordination of every communication from a firm to a target customer to convey a consistent and complete message?
Explain the concept of "Noise" in the communication process.
What is any distraction that reduces the effectiveness of the communication process?
According to the FTC, how long is a product considered "new"?
What is six months?
What are the benefits of selling direct-to-customer?
What is maintaining control, generating customer data, and suitability for certain products or services?
What are the types of channel conflict discussed in the chapter?
What is vertical channel conflict and horizontal channel conflict?
What are the three basic promotion objectives discussed in the chapter?
What are informing, persuading, and reminding?
What is the difference between "Pushing" and "Pulling" in promotion planning?
What is using promotion effort to sell to channel members (pushing) versus using promotion to get consumers to ask for the product (pulling)?
What is the first step in the new-product development process?
What is Idea Generation?
Why do some firms opt for indirect channels instead of direct distribution?
What is because customers prefer buying certain products together, intermediaries provide knowledge and relationships, and they offer working capital and credit?
What is the first basic approach for entering international markets?
What is exporting?
What does the AIDA model stand for, and how does it relate to promotion objectives?
What is Attention, Interest, Desire, and Action, and it provides a framework for achieving promotion objectives?
Explain the "Task Method" for setting the promotion budget.
What is basing the budget on the specific job to be done, which helps align promotion spending with marketing objectives?