Key Terms
NOTE
This guide covers the Marketing Mix content from Module 14. HR/employment law content included in the source file is out
Phase I
Generating and Screening Ideas
Phase II
Developing New Products
Phase III
Commercializing New Products
Three key characteristics
1. Channels include organizations inside and outside the producer's control 2.
Value equation
Value = Perceived Benefits - Perceived Costs
Perceived benefits include
Quality, status, convenience, brand, choice, the deal. Perceived costs include: dollar amount, inconvenience, poor servi
Marketing mix
The combination of product, price, place, and promotion used to reach target customers
Convenience product
Low-cost, impulse-purchased, widely distributed product
Shopping product
Higher-cost, occasionally purchased product where consumers compare options
Specialty product
Product so unique that consumers seek it out regardless of price
Unsought product
Product the consumer doesn't plan to buy; requires aggressive selling
Brand
Identifier, promise, asset, set of perceptions, and mind share combined
Line extension
New variety within same product category
Brand extension
Existing brand name applied to a new product category