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Assignment: Marketing Concepts
Directions: Post the results of this assignment to the Wiki (check your email for the link) by Wednesday & Friday, March 9 & 11.
A. Marketing Concepts: You have been assigned to research three MARKETING TERMS. Find the definitions inBusinessDictionary.com <http://www.businessdictionary.com/> ( 20,000 terms and phrases from business) and give examples:
branding (Yunrak) Entire process involved in creating a unique name and image for a product (good or service) in the consumers' mind, through advertising campaigns with a consistent theme
Distinctive design, graphics, logo, symbols, words, or any combination thereof that uniquely identifies a firm and/or its goods or services, guarantees the item's genuineness, and gives it owner the legal rights to prevent the trademark's unauthorized use.
An advertisingtechnique used by companies to subtly promote their products through a non-traditional advertising technique, usually through appearances in film, television, or other media. Product placements are often initiated through an agreement between a product manufacturer and the media company in which the media company receiveseconomic benefit. A company will often pay a fee to have their product used, displayed, or significantly featured in a movie or show. For example, Coca-Cola could pay a given fee to have the title character drinking a Coke, instead of a Pepsi beverage, or Toyota might pay to have one of the charactersdrive their newest automobile. Through product placement, companies hope that moviegoers will takenote of the products used by the characters, and therefore think more strongly about using the products themselves. Some people consider product placement deceptive and unethical.
Intangible products that are not goods (tangible products), such as accounting, banking, cleaninng, consultancy, education, insurance, know how, medical treatment, transportation. Some services are difficult to identify becuase they are closely associated with good; such as the combination of a diagnosis with the administration of a medicine. No transfer of possession or ownership takes place when services are sold, and they (1) cannot be stored or transported, (2) are instantly perishable, and (3) come into existence at the time they are bought and consumed.
Systematic effort to create and maintain goodwill of an organization's various publics (customers, employees, investors, suppliers, etc), usually through publicity and other non-paid forms of communication. These efforts may also include support of arts, charitable causes, education, sporting events,etc.
Group of products derived from a common product platform
product mix(Noriko)
Range of associated products which yield larger sales revenue when marketed together than if they are marketed individually or in isolation of others. For exampe, selling a hamburger, french flies, and beverage together.
private brand(William) Alternative term for private label
markup price()
telemarketing
e-catalogs (Cayetano)
An example of e-catalogs will be an online catalogs because they are much more efficient and cost than producing a paper catalog. Catalogs it may refers to papers or online catalogs as a way to promote companies products.
positioning(William)
Marketing strategy that aims to make a brand occupy a distinct 'position,' relative to the competingbrands, in the mind of the customer. Firmsapply this strategy either by emphasizing the distinguishing features of their brand (what it is, what it does and how, etc.) or try to create a suitable image (inexpensive or premium, utilitarian or luxurious, entry-level or high-end, etc.) through advertising. Once a brand is positioned, it is very difficult to reposition it without destroying its credibility.
product life cycle(Keiko)
Four distinct but not wholly-predictable stages every product gose through from its introduction to withdrawal from the market:
(1)Introduction, (2)growth in sales revenue, (3) maturity, during which sales revenue stabilizes, and (4)decline, when sales revenue starts to fall and eventually vanishes or becomes too little to be viable. As a product moves through these stages, its pricing, promotion, packing and distribution are re-evaluated and changes if required to prolong its life. In summary, it is the journey from "new and exciting" to "old and dated."
For example we can see these stages go through quickly in the computer market.
maturity(Cayetano)
In finance, maturity refers to the final payment date of a loan or other financial instrument,
at which point the principle is due to be paid.
zero response time (Keiko)
When applied to a complete system, there is no interval between a user-command and the receipt of an action, result, or feedback from the system.
Workers or customers don't have to take their time to waite the response.
licensing (William)
The grant of permission to use intellectual property rights, such as trademarks, patents, or technology, under defined conditions.
national brand (Daley)
Brand marketed throughout a national market. National brands are owned and promoted usually by large manufacturers.
R&D (Keiko)
Rearch & Development
Systematic activity combining both basic and applied research, and aimed at discovering solutions to problems or creating new goods and knowledge. R&D may result in ownership of intellectual property such as patents. In accounting for R&D costs, the development costs may be carried forward but the basic and applied research costs are often written-off as incurred.
introduction stage of product development (Elmira)
B. U.S. companies: You have been assigned one of the companies below. Go to Google (www.google.com); in the search window, copy and paste the company from this page, and put it into quotation marks, e.g. "Arm & Hammer". Go to the Web site of the company. Write down at least one product or service that the company offers.
Tupperware is the name of a home products line that includes preparation, storage, containment, and serving products for the kitchen and home, which were first introduced to the public in 1946.
Looking good! Elmira, Keiko, Noriko, William, and Yunrak worked hard during the snow storm! Great job, guys! The rest of you still need to do this!!!!!
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Comments (1)
Christine Bauer-Ramazani said
at 6:23 pm on Mar 8, 2011
Looking good! Elmira, Keiko, Noriko, William, and Yunrak worked hard during the snow storm! Great job, guys! The rest of you still need to do this!!!!!
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