1.
Ansoff Matrix: matches products with markets. Described by market penetration, market development, product development, diversification
2.
BCGs Four quadrants: star, cash cow, dog, problem child.
3.
Boston Consulting Group's portfolio matrix: to determine future cash contributions and requirements expected for each strategic business unit. Categorizes by present growth and market share.
4.
Cognitive dissonance: inner tension that a consumer experiences after recognizing and inconsistency between their behavior and values or opinions
5.
Consumer Decision Making Process: five step process used by consumers when deciding to purchase a good; need recognition, information search, evaluation of alternatives, purchase, post purchase behavior
6.
Evaluation of Alternatives and purchase: take all alternatives and information gathered into consideration to make a decision and purchase a product
7.
Example of Marketing Objective: To grow Jell-o RTE snacks sales volume by 5% compared to a year-a-go by the end of 2013.
8.
External Information Search: seeking information in outside environment
9.
Internal Information Search: recalling past information stored in memory
10.
Involvement: amount of time and effort a buyer invests in the search evaluation, and decision process of consumer behavior
11.
Marketing controlled information source: product information source that is promotion of marketers
12.
Marketing Mix (Four P's): Product, place, promotion, pricing strategies designed to produce mutually satisfying exchanges with a target market
13.
Marketing Objective: statement of what is to be accomplished through marketing activities. Should be: realistic, measurable, time specific, compared to a bench mark
14.
Need Recognition: imbalance between actual and desired needs
15.
Nonmarketing controlled Information source: product information source that is not associated with advertising or promotion
16.
OT: analyze: marketing environment, environmental scanning: collection and interpretation of information about forces, events, relationships
17.
Place: making products available when and where customers want them
18.
Post Purchase Behavior: level of satisfaction with product
19.
Pricing: what buyer must give up in order to obtain a product. Most flexible. Important competitive weapon. Helps determine total revenue
20.
Product: physical unit, package, warranty, after sale service, brand name, company image value, etc. Can be tangible goods, ideas, services
21.
Promotion: advertising, public relations, sakes promotion, personal selling. Brings mutually satisfying exchanges with target markets by informing, educating, persuading, reminding consumers of benefits
22.
Routine Response Behavior: type of decision making exhibited by consumers buying frequently purchased, low cost goods and services, little search and decision time
23.
Stimulus: unit affecting one or more of the five senses (Internal/External)
24.
SW: focus on: organizational resources such as production costs, marketing skills, financial resources, company, brand image, employee capabilities, technology
25.
SWOT Analysis: identification of internal strengths and weaknesses, and external opportunities and threats
26.
Want: unfulfilled need that a product will satisfy
