chapter 13,14,16

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marketing

the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

marketing concept

a three part business philosophy 1. customer orientation 2. service orientation 3. profit orientation

customer relationship management

the process of learning as much as possible about customers and doing everything you can to satisfy them or even exceed their expectations with goods and services.

marketing mix

the ingredients that go into a marketing program: product, price, place, and promotion.

product

any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of the consumers, such as brand

test market

the process of testing products among potential users

brand name

a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors

promotion

all the techniques sellers use to inform people about and motivate them to buy their products or services

marketing research

the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions

secondary data

information that has already been compiled by others and published in journals and books or made available online

primary data

data that you gather yourself (not from secondary sources such as books and magazines)

focus group

a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization

environmental scanning

the process of identifying the factors that can affect marketing success

consumer market

all the individuals or households that want goods and services for personal consumption or use

B2B market

all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others

market segmentation

the process of dividing the total market into groups whose members have similar characteristics

target market

marketing directed toward those groups (market segments) an organization decides it can serve profitably

geographic segmentation

dividing a market by cities, countries, states or regions

demographic segmentation

dividing the market by age, income, and education level

psychographic segmentation

dividing the market using the groups values, atitudes, and interests

benefit segmentation

dividing the market by determining which benefits of the product to talk about

volume(or usage) segmentation

dividing the market by usage

niche marketing

the process of finding small but profitable market segments and designing or finding products for them

one to one marketing

developing a unique mix of goods and services for each individual customer

mass marketing

developing products and promotions to please large groups of people

relationship marketing

marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements

value

good quality at a fair price. when consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the cost

total product offer

everything that consumers evaluate when deciding whether to buy something; also called a value package

product line

a group of products that are physically similar or are intended for a similar market

product mix

the combination of product lines offered by a manufacturer

product differentiation

the creation of real or perceived product differences

convenience goods and services

those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers.

shopping goods and services

those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers

specialty goods and services

consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them

unsought goods and services

products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem

industrial goods

products used in the production of other products; sometimes call B2B goods

bundling

grouping two or more products together and pricing them as a unit

brand

a name, symbol, or design that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors

trademark

a brand that has exclusive legal protection for both its brand name and its design

manufacturer's brand names

the brand names of manufacturers that distribute products nationally

dealer(private label) brands

products that dont carry the manufacturers name but carry a distributor or retailer's name instead

generic goods

non-branded products that usually sell at a sizable discount compared to national or private-label brands

knock off brands

illegal copies of national name brand goods

brand equality

the value of the brand name and associated symbols

brand loyalty

the degree to which customers are satisfied, like the brand, and are committed to further purchases

brand awareness

how quickly or easily a given brand name comes to mind when a product category is mentioned

brand association

the linking of a brand to other favorable images

brand manager

a manager who has direct responsibility for one brand or one product line; product manager

product screening

a process designed to reduce the number of new product ideas being worked on at any one time

product analysis

making cost estimates and sales forecasts to get a feeling for profitability of new-product ideas

concept testing

taking a product to consumers to test their reactions

commercialization

promoting a product to distributors and retailers to get a wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers

product life cycle

a theoretical model of what happens to sales and profits for a product class over time; the four stages of the cycle are introduction, growth, maturity, and decline

target costing

designing a product so that it satisfies customers and meets the profit margins desired by the firm

competition- based pricing

a pricing strategy based on what all the other competitors are doing

price leadership

the strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow

break-even analysis

the process used to determine profitability at various levels of sales

total fixed costs

all the expenses that remain the same no matter how many products are made or sold

variable costs

costs that change according to the level of production

skimming price strategy

strategy in which a new product is priced high to make optimum profit while there's little competition

penetration strategy

strategy in which a product is priced low to attract many customers and discourage competition

every day low pricing (EDLP)

setting prices lower than competitors and then not having any special sales

high-low pricing strategy

setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors

psychological pricing

pricing goods and services at price points that make the product appear less expensive than it is

promotion mix

the combination of promotional tools an organization uses

integrated marketing communication (IMC)

a technique that combines all the promotional tools into one comprehensive, unified promotional strategy

advertising

paid, non-personal communication through various media by organizations and individuals who are in some way identified in the advertising message

product placement

putting products into tv shows and movies where they will be seen

infomercial

a full-length tv program devoted exclusively to promoting goods or services

interactive promotion

promotion process that allows marketers to go beyond a monologue, where sellers try to persuade buyers to buy things, to a dialogue in which buyers and sellers work together to create mutually beneficial exchange relationships

personal selling

the face-to-face presentation and promotion of goods and services

prospecting

researching potential buyers and choosing those most likely to buy

qualifying

in the selling process, making sure that people have a need for the product, the authority to buy, and the willingness to listen to a sales message

prospect

a person with the means to buy a product, the authority to buy, and the willingness to listen to a sales message

trial close

a step in the selling process that consists of a question or statement that moves the selling process toward the actual close

public relations

the management function that evaluates public attitudes, changes policies and procedures in response to the publics requests, and executes a program of action and info to earn public understanding and acceptance

publicity

any information about an individual, product, or organization that's distributed to the public through the media and thats not paid for or controlled by the seller

sales promotion

the promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities

sampling

a promotional tool in which a company lets consumers have a small sample of a product for no charge

viral marketing

the term now used to describe everything from paying customers to say positive things on the internet to setting up multilevel selling schemes whereby consumers get commissions for directing friends to specific websites

blog

an online diary that looks like a web page but is easier to create and update by posting text, photos, or links to other sites

podcasting

a means of distributing audio and video programs via the internet that lets users subscribe to a number of files, also known as feeds, and then hear or view the material at the time they choose

push strategy

promotional strategy in which the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise

pull strategy

promotional strategy in which heavy advertising and sales promotion efforts are directed toward consumers so that they will request the products from consumers

pick economy

customers who pick out their products from online outlets or who do online comparison shopping

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