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Summary Principles of Marketing
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Summary of 14 pages for the course Advanced Marketing at HR
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MarketingChapter 8- Products, Services and Brand: Building Customer Value
Chapter 9- New Product Development and Product Life-Cycle Strategies
Chapter 10- Pricing Understanding and Capturing Customer Value
Chapter 11- Pricing Strategies: Additional Considerations
Chapter 12- Marketing Channels: Delivering Customer Value
Chapter 13- Retailing and Wholesaling
Chapter 14- Communicating Customer Value: Integrated Marketing Communications Strategy
Chapter 15- Advertising and Public Relations
Chapter 16- Personal Selling and Sales Promotion
Chapter 17- Direct and Online marketing: Building Direct Customer Relationship
,Chapter 8- Products, Services and Brand: Building Customer Value
Convenience product: a consumer product that customer’s usually buy frequently,
immediately and with minimal comparison and buying effort.
Shopping product: a consumer product that the customer in the process of selecting and
purchasing usually compares on such attributes as suitability, quality, price and style.
Specialty product: a consumer product with unique characteristics or brand identification for
which a significant group of buyers is willing to make a special purchase effort.
Unsought product: a consumer product that the consumer either does not know about or
knows about but does not normally consider buying.
Industrial product: a product bought by individuals and organizations for further processing
or for use in conducting a business.
Societal marketing: the use of commercial marketing concept and tools in programs
designed to influence individual’s behavior to approve their well being and that of society.
Product line: a group of product that are closely related because they function in a similar
manner are sold to the same customer groups are marketed though the same types of outlets
or fall within given price ranges.
Service intangibility: service cannot be seen, tasted, felt, heard or smelled before they are
brought.
Service inseparability: service are produced and consumed at the same time and cannot be
separated from their providers.
Service profit chain: the chain that links service firm profits with employee and customer
satisfaction.
Internal marketing: orienting and motivating customer contact employees and supporting
service employees to work as a team to provide customer satisfaction.
Interactive marketing: training service employees in the fine art of interacting with
customers to satisfy their needs.
Brand equity: the differentiate effect that knowing the brand name has on customer
response to the product or its marketing.
Line extension: extending an existing brand name to new forms, colors, sizes, ingredients or
flavors of an existing product category.
Brand extension: extending an existing brand name to new product categories.
, Chapter 9- New Product Development and Product Life-Cycle Strategies
Crowdsourcing: inviting broad communities of people, customers, employees, independent
scientist and researchers and even the public at large into new product innovation process.
Idea screening: screening new product ideas to spot good ideas and drop poor ones as
soon as possible.
Marketing strategy development: designing an initial marketing strategy for a new product
based on the product concept.
Business analysis: a review of the sales, costs and profits protection for a new product to
find out whether these factors satisfy the company’s objectives.
Test marketing: the stage of new product development in which the product and its
proposed marketing program are tested in realistic marketing settings.
Commercialization: introducing a new product into the market.
Customer centered new product development: new product development that focuses on
finding new ways to solve customer problem and create more customer satisfying
experiences.
Team based new product development: new product development in which various
company department work closely together, overlapping the steps in the product development
process to save time and increase effectiveness.
Fad: a temporary period of unusually high sales driven by consumer enthusiasm and
immediate product or brand popularity.
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