MKT360Test3Review - MKT 360 Test 3 Review Fall 2006...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
MKT 360 Test 3 Review Fall 2006 IMPORTANT CONCEPTS Chapter 12 - Products and Services for Consumers 1. Global Brand : brand used globally, worldwide use of a name, term, sign, symbol, design, or combo, intended to identify goods/ services of 1 seller Advantages of using a global brand : global image, more sales o BUT only satisfies minimum common denominator 2. You would use a national brand when : it appeals to that culture of the country – has meaning to that country = level of separation is higher 3. country of origin effect (COE)” : where products are made – brings an image w/it, but not permanent; changes over time How ethnocentrism affects COE : o ethnocentrism: to believe or feel your culture is superior to all other countries/cultures- can give ppl a better image of the prod or a worse image of the product depending on where the product is made o feelings of nat’l pride can influence attitudes toward foreign products Degree of industrialization affects COE by : o industrialized countries have the highest quality image, + there’s generally a bias against products from developing countries 4. A private brand : brand owned by retailers or wholesalers, (EX: Publix Shampoo) 3 reasons that make private labels formidable competitors : o 1. they provide the retailer w/high margins o 2. they receive preferential shelf space (eye level) + strong in-store promotion o 3. They are quality products @ low prices 5. A product is more than a physical item; it is a bundle of Satisfaction (utilities) the buyer receives. 6. Some of the satisfactions (or utilities) a buyer receives from a product : a. Physical benefits b. Psychological benefits Both are influenced by culture Which ones of these are influenced by culture? 7. Innovation defined from a sociological point of view : a. a product perceived as new by a potential adopter 8. Diffusion of innovations : the process by which the adoption of an innovation spreads The 3 extraneous variables that affect the rate of diffusion of an object : o 1. the degree of perceived newness classified according to the effect of the innovation of established patterns of consumption + behavior o 2. the perceived attributes of the innovation o 3. the method used to communicate the idea 9. The 4 different categories of degree of newness as perceived by a market : a. 1. Congruent Innovations b. 2. Continuous Innovation
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
c. 3. Dynamically Continuous innovation d. 4. Discontinuous Innovation 10. How disruptive of established consumption patterns is a congruent innovation ? Why ? It doesn’t change your patterns at all / it is not disruptive a. EX: sugar from sugar beets 11. How disruptive is a continuous innovation ? a. it is the least disruptive / least amount of change b. EX: different flavors of coffee What does it almost always involve ?
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern