What is marketing mix?
Blending of the four strategy elements--product, distribution, promotion, and price to fit the needs and preferences of a specific target market
What is product?
bundle of physical, service, and symbolic attributes designed to satisfy customers wants and needs
What is services?
intangible tasks that satisfy the needs of consumer and business users
What is good-services?
spectrum along which goods and services fall according to their attributes from pure good to pure service
What is a good ?
tangible products customers can see, hear, smell, taste, or touch
What is homeshoring?
hiring workers to do jobs from their homes
What is consumer (B2C) product?
product destined for use by ultimate consumers
What is business-to-business (B2B) product?
product that contributes directly or indirectly to the output of other products for resale, also called industrial or organizational product
What is unsought products?
products marketed to consumers who may not yet recognize a need for them
What is convenience product?
goods and services consumers want to purchase frequently, immediately, and with minimal effort
What is impulse goods and services?
products purchased on the spur of the moment
What is staples?
convenience goods and services consumers constantly replenish to maintain a ready inventory
What is emergency goods and services?
products bought in response to unexpected and urgent needs
What is shopping products?
products consumers purchase after comparing competing offerings
What is specialty products?
products with unique characteristics that cause buyers to prize those particular brands
What is installations?
major capital investments in the B2B market
What is accessory equipment?
capital items such as desktop computers and printers that typically cost less and last for shorter periods than installations
What is industrial distributor?
channel intermediary that takes title to goods it handles and then distributes these goods to retailers, other distributors, or business or B2B customers, also called a wholesaler
What is component parts and materials?
finished business products of one producer that become part of the final products of another producer
What is a raw materials?
natural resources such as farm products, coal, copper, or lumber that become part of a final product
What is supplies?
regular expenses a firm incurs in its daily operations
What is MRO items?
business supplies that include maintenance items, repair items, and operating supplies
What is business services?
intangible products firms buy to facilitate their production and operating processes
What is total quality management? (TQM)
continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world class performance
What is ISO 9001:2000?
Standards developed by the International Organization for Standardization in Switzerland to ensure consistent quality management and quality assurance for goods and services throughout the European Union (EU)
What is benchmarking?
method of measuring quality by comparing performance against industry leaders
What is a service encounter?
point at which the customer and service provider interact
What is service quality?
expected and perceived quality of a service offering
What is product line?
series of related products offered by one company
What is product mix?
assortment of product lines and individual product offerings a company sells
What is line extension?
development of individual offerings that appeal to different market segments while remaining closely related to the existing product line
What is product lifecycle?
progression of a product through introduction, growth, maturity, and decline stages
What is introductory stage?
first stage of the product lifecycle in which a firm works to stimulate sales of a new market entry
What is the growth stage?
second stage of the product lifecycle that begins when a firm starts to realize substantial profits from its investment in a product
What is maturity stage?
third stage of the products lifecycle in which industry sales level out
What is decline stage?
final stage of the product lifecycle in which a decline in total industry sales occurs