# Shared Flashcard Set

## Details

Title Key terms and Definitions Description Marketing Concepts (UNCC) Total Cards 40 Subject Marketing Created 11/11/2008  
---  
  
## Cards

Term  
| **New Product**  
---  
Definition  
| **A product new to the world, the market, the producer, the seller, or some combination of these.**  
---  
Term  
| **Brainstorming**  
---  
Definition  
| **The process of getting a group to think of unlimited ways to vary a product or solve a problem.**  
---  
Term  
| **Screening**  
---  
Definition  
| **The first filter in the product development process, which eliminates ideas that are inconsistent with the organization’s new-product strategy or are inappropriate for some other reason.**  
---  
Term  
| **Simultaneous Product  
Development**  
---  
Definition  
| **A new team-oriented approach to new-product development where all relevant functional areas and outside suppliers participate in the development process.**  
---  
Term  
| **Test Marketing**  
---  
Definition  
| **The limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.**  
---  
Term  
| **Diffusion**  
---  
Definition  
| **The process by which the adoption of an innovation spreads.**  
---  
Term  
| **Product Life Cycle**  
---  
Definition  
| **A concept that provides a way to trace the stages of a product’s acceptance, from its introduction (birth) to its decline (death).(Intro, Growth, Maturity, Decline).**  
---  
Term  
| **Introductory Stage**  
---  
Definition  
| **High failure rates,  
Little competition,  
Frequent product modification,  
Limited distribution,  
High marketing and production costs,  
Negative profits with slow sales increases,  
Promotion focuses on awareness and information,  
Communication challenge is to stimulate primary demand.**  
---  
Term  
| **Growth Stage**  
---  
Definition  
| **Increasing rate of sales,  
Entrance of competitors,  
Market consolidation,  
Initial healthy profits,   
Aggressive advertising of the differences between brands,  
Wider distribution.**  
---  
Term  
| **Maturity Stage**  
---  
Definition  
| **Sales increase at a decreasing rate,  
Saturated markets,  
Annual models appear,  
Lengthened product lines,  
Service and repair assume important roles,  
Heavy promotions to consumers and dealers,  
Marginal competitors drop out,   
Niche marketers emerge,**  
---  
Term  
| **Decline Stage**  
---  
Definition  
| **Long-run drop in sales,  
Large inventories of unsold items,  
Elimination of all nonessential marketing expenses,  
“Organized abandonment”**  
---  
Term  
| **Service**  
---  
Definition  
| **The result of applying human or mechanical efforts to people or objects.**  
---  
Term  
| **Components of Service Quality**  
---  
Definition  
| **Reliability, Assurance, Responsiveness, Empathy, Tangibles.**  
---  
Term  
| **Core Service  
**  
---  
Definition  
| **The most basic benefit the consumer is buying.**  
---  
Term  
| **Supplementary  
Service**  
---  
Definition  
| **A group of services that support  
or enhance the core service.**  
---  
Term  
| **Mass Customization**  
---  
Definition  
| **A strategy that uses technology to deliver customized services on a mass basis.**  
---  
Term  
| **Revenue-Oriented Pricing**  
---  
Definition  
| **Maximize the surplus of income over costs**  
---  
Term  
| **Operations-Oriented Pricing**  
---  
Definition  
| **Match supply and demand by varying price**  
---  
Term  
| **Patronage-Oriented Pricing**  
---  
Definition  
| **Maximize the number of customers by varying price**  
---  
Term  
| **Product/Service Mix =**  
---  
Definition  
| **Process, Core and Supplementary, Mass Customization, Standardization**  
---  
Term  
| **Place Mix =**  
---  
Definition  
| **# of outlets, direct, indirect, location**  
---  
Term  
| **Promotion Mix =**  
---  
Definition  
| **Tangible cues, personal information, strong image, post-purchase communication**  
---  
Term  
| **Price Mix =**  
---  
Definition  
| **Revenue oriented, operations oriented, patronage oriented**  
---  
Term  
| **Internal Marketing**  
---  
Definition  
| **Treating employees as customers and developing systems and benefits that satisfy their needs.**  
---  
Term  
| **Nonprofit Organization Marketing**  
---  
Definition  
| **An organization that exists to achieve some goal other than the usual business goals of profit, market share, or return on investment. Ex. Gov't, Museums, Theatres, Schools, Churches.**  
---  
Term  
| **Four I's of Service**  
---  
Definition  
| **Intangibility,  
Inconsistency,   
Inseparability,   
Inventory**  
---  
Term  
| **Gap Analysis**  
---  
Definition  
| **A tool that ask consumers to access their experience and expectations on dimensions of quality service in order to identify the difference between the two.**  
---  
Term  
| **Customer Contact Audit**  
---  
Definition  
| **A flow chart that a firm may develop to pinpoint all the places of interaction between the consumer and the service provider**  
---  
Term  
| **Customer Experience Management**  
---  
Definition  
| **the process of managing the entire customer experience with the company**  
---  
Term  
| **Capacity Management**  
---  
Definition  
| **Because most services have a limited capacity due to the inseparability of the service and the service provider, the marketing mix must be integrated with efforts to influence consumer demand (Off peak pricing)**  
---  
Term  
| **4 approaches for selecting an approximate price level**  
---  
Definition  
| **Demand, cost, profit, competition**  
---  
Term  
| **Demand oriented approaches to pricing**  
---  
Definition  
| **skimming, penetration, prestige, odd-even, [target, bundle, yield management.]**  
---  
Term  
| **Cost oriented approaches to pricing**  
---  
Definition  
| **standard markup, cost plus X amount**  
---  
Term  
| **Profit oriented approaches to pricing**  
---  
Definition  
| **Target profit(short run), target return on sales, target return on investment(long run).**  
---  
Term  
| **Competition oriented approaches to pricing**  
---  
Definition  
| **Customary, (above, at or below market), loss leader.**  
---  
Term  
| **Break-Even Analysis**  
---  
Definition  
| **A break-even point (BEP) is the quantity at which total revenue and total cost are equal. BEP(Q) = Fixed Cost / Unit Pric - Unit Variable Cost**  
---  
Term  
| **Pricing Objectives**  
---  
Definition  
| **Sales, market share, unit volume, survival, social responsibility.**  
---  
Term  
| **Pricing Constraints**  
---  
Definition  
| **[Demand for the product class, product, and brand.] [Newness of the product: stage in lifecycle.] [Cost of producing and marketing the product.] [Competitors Pricing.] [Legal and ethical considerations; price fixing, price discrimination, deceptive pricing, predatory pricing.]**  
---  
Term  
| **Why would a seller choose a flexible-price policy over a one-price policy?**  
---  
Definition  
| **A flexible-price policy involves setting different prices for products and services depending on individual buyers and purchasing situations in light of demand, cost, and competitive factors instead of setting one price for all buyers.**  
---  
Term  
| **What is the purpose of (a) quantity discounts and (b) promotional allowances?**  
---  
Definition  
| **Quantity discounts encourage customers to buy larger quantities of a product. Promotional allowances are used to encourage sellers to undertake certain advertising or selling activities to promote a product.**  
---