Marketing Final

The complete set of all products and services offered by a firm.

Groups of associated items that consumers tend to use together or think of as part of a group of similar products.

Product mix breadth (horizontal) is the number of product lines in a product mix, while product line depth (vertical) is the number of categories within a product line.

Occurs when increasing product line depth reduces sales of existing products within the same brand.

Measures how familiar consumers in a market are with a brand; higher awareness increases the chance of purchase.

Manufacturer brands are created and marketed by manufacturers, retailer/store brands are owned by retailers,

changes a brand’s focus to target new markets or realign with changing preferences

Creates an entirely new market and is also called a pioneer or breakthrough product.

The process by which the use of an innovation spreads throughout a market over time and across different groups of adopters.

Innovators try new products first just to be first, while early adopters are opinion leaders who spread word of the product to others.

Services are intangible offerings that cannot be touched, tasted, or physically possessed.

Heterogeneous services vary in quality because they are provided by people, while homogeneous services lack variability in quality.

Services that cannot be stored for use in the future.

Price is the only element of the marketing mix that generates revenue and creates profitability.

A pricing orientation in which firms base their prices primarily on competitors’ prices.

A competitor-oriented pricing strategy where prices are set similar to competitors’ prices.

Shows the relationship between price and quantity demanded; generally, as price rises, demand decreases.

Measures how sensitive consumers are to price changes, where elastic demand is price sensitive and inelastic demand is price insensitive.

Income effect, cross-price elasticity, and substitution effect.

Company, Customers, Costs, Competition, and Channel Members.

Direct supply chains sell directly to consumers, while indirect supply chains use intermediaries like wholesalers or retailers.

Coordinates all communication vehicles to communicate a firm’s value proposition.

Promotion.

To communicate the firm’s value proposition clearly and consistently.

Consumer communication channels and results of the communication.

The intended consumer an ad or message is designed to reach.

Anything that interferes with or dilutes the message and creates a barrier to communication.

Allows the target audience to respond and helps evaluate message effectiveness.

The process by which the receiver interprets and understands the message.

Brand recall without any cues.

Brand recall when cues are provided to help recognition.

The first brand that comes to mind when thinking of a product category.

Delivering the right message to the right audience through the right medium.

To build awareness and interest before closing the sale.

Promotional activities designed to stimulate and close the sale of a product.

A one-to-one, two-way communication between buyer and seller.

More heavily in B2B markets.

Managing communication and controlling a narrative to generate positive public perception.

Public relations is controlled by the firm, while publicity is uncontrolled media coverage.

They must be specific, measurable, explicitly defined, and evaluated.

The number of times a message is communicated to the audience.

The number or percentage of people exposed to a message at least once.

Aided recall and top-of-mind awareness.

To inform, persuade, or remind.

Continuous runs steadily, flighting runs in spurts, and pulsing combines steady advertising with heavier periods.