Page 554 - Foundations of Marketing

Glossary G-9

product A good, a service, or an idea promotion Communication to build and quota sampling A nonprobability
product adoption process The five- maintain relationships by informing sampling technique in which
stage process of buyer acceptance and persuading one or more audiences researchers divide the population into
of a product: awareness, interest, promotion mix A combination of groups and then arbitrarily choose
evaluation, trial, and adoption promotional methods used to promote participants from each group
product advertising Advertising that a specific product rack jobbers Full-service, specialty-line
promotes the uses, features, and prospecting Developing a database of wholesalers that own and maintain
benefits of products potential customers display racks in stores
product competitors Firms that compete prosperity A stage of the business cycle random discounting Temporary reduction
in the same product class but market characterized by low unemployment of prices on an unsystematic basis
products with different features, and relatively high total income, which random factor analysis An analysis
benefits, and prices together ensure high buying power attempting to attribute erratic sales
product deletion Eliminating a product (provided the inflation rate stays low) variations to random, nonrecurrent
from the product mix when it no proxemic communication Communicating events
longer satisfies a sufficient number of by varying the physical distance in random sampling A form of probability
customers face-to-face interactions sampling in which all units in a
product design How a product is psychological influences Factors that population have an equal chance
conceived, planned, and produced in part determine people’s general of appearing in the sample, and the
product development Determining if behavior, thus influencing their various events that can occur have an
producing a product is technically behavior as consumers equal or known chance of taking place
feasible and cost effective psychological pricing Pricing that raw materials Basic natural materials that
product differentiation Creating and attempts to influence a customer’s become part of a physical product
designing products so that customers perception of price to make a product’s rebates Sales promotion techniques in
perceive them as different from price more attractive which a consumer receives a specified
competing products public relations Communication efforts amount of money for making a single
product features Specific design used to create and maintain favorable product purchase
characteristics that allow a product to relations between an organization and receiver The individual, group, or
perform certain tasks its stakeholders organization that decodes a coded
product item A specific version of a public warehouses Storage space and message
product that can be designated as related physical distribution facilities recession A stage of the business cycle
a distinct offering among a firm’s that can be leased by companies during which unemployment rises and
products publicity A news story type of total buying power declines, stifling
product life cycle The progression communication about an organization both consumer and business spending
of a product through four stages: and/or its products transmitted through reciprocity An arrangement unique to
introduction, growth, maturity, and a mass medium at no charge business marketing in which two
decline pull policy Promoting a product directly to organizations agree to buy from each
product line A group of closely related consumers to develop strong consumer other
product items viewed as a unit because demand that pulls products through the recognition test A posttest in which
of marketing, technical, or end-use marketing channel respondents are shown the actual ad
considerations pure competition A market structure and are asked if they recognize it
product-line pricing Establishing and characterized by an extremely large recovery A stage of the business cycle
adjusting prices of multiple products number of sellers, none strong enough in which the economy moves from
within a product line to significantly influence price or recession or depression toward
product manager The person within supply prosperity
an organization who is responsible push policy Promoting a product only to recruiting Developing a list of qualified
for a product, a product line, or the next institution down the marketing applicants for sales positions
several distinct products that make channel reference group A group that a person
up a group quality The overall characteristics of a identifies with so strongly that he or
product mix The composite, or total, product that allow it to perform as she adopts the values, attitudes, and
group of products that an organization expected in satisfying customer needs behavior of group members
makes available to customers quality modifications Changes relating reference pricing Pricing a product at a
product modifications Changes in one or to a product’s dependability and moderate level and displaying it next to
more characteristics of a product durability a more expensive model or brand
product placement The strategic location quantity discounts Deductions from regional issues Versions of a magazine
of products or product promotions the list price for purchasing in large that differ across geographic regions
within entertainment media content to quantities regional shopping center A type of
reach the product’s target market quota A limit on the amount of goods shopping center with the largest
professional pricing Fees set by people an importing country will accept for department stores, widest product
with great skill or experience in a certain product categories in a specific mixes, and deepest product lines of all
particular field period of time shopping centers

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