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85 terms

chapter 13,14,16

STUDY
PLAY
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