Term
|
Definition
| The mistake of paying attention to the actual products a company makes than to the benefits produced by these products. |
|
|
Term
|
Definition
| The process of dividing the market into segments of customers. |
|
|
Term
|
Definition
| The idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort. |
|
|
Term
|
Definition
| The idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests. |
|
|
Term
|
Definition
| the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do. |
|
|
Term
| Types of Customer Loyalty |
|
Definition
Butterflies: High Profits/Low Loyalty
Strangers: Low Profits/Low Loyalty
True Friends: High Profits/High Loyalty
Barnacles: Low Profits/High Loyalty |
|
|
Term
| Players in a Companies Microenviroment |
|
Definition
| The company, suppliers, marketing intermediaries, competitors. |
|
|
Term
| Players in a Companies Macroenviroment |
|
Definition
| Demographic, Economic, Natural, Technological, Political and cultural. |
|
|
Term
|
Definition
| Age, family, population shifts, educational characteristics and diversity. |
|
|
Term
|
Definition
| Taxes on imports designed to raise revenues and protect domestic firms. |
|
|
Term
|
Definition
| Limits on the amount of foreign important a country will accept. |
|
|
Term
|
Definition
| When a company sells products it produces domestically in a foreign market. It is the least invasive strategy. |
|
|
Term
|
Definition
| When a firm joins with a foreign company to produce or market products or services. |
|
|
Term
|
Definition
| A firm enters into an agreement with a foreign company and for a free, lets this company use their products or trademarks. |
|
|
Term
|
Definition
| The development of foreign based assembly or manufacturing facilities. |
|
|
Term
|
Definition
| A unit of the company that has a separate mission and objectives that can be planned separately from other company business. |
|
|
Term
| Business Portfolio Analysis |
|
Definition
Star: High Growth/High Market Share
Cash Cow: Low Growth/High Market Share
Question Mark: High Growth/Low Share
Dog: Low Growth/Low Share |
|
|
Term
| Product/Market Expansion Grid |
|
Definition
| A tool for identifying company growth opportunities though market penetration, market development, product development or diversification. |
|
|
Term
|
Definition
Market Pen: Existing Prod./Existing Mrkt.
Market Dev: Existing Prod./New Mrkt.
Product DeV: New Prod./Existing MRKT.
Deversification: New Prod./New Mrkt. |
|
|
Term
|
Definition
| Arranging for a product to occupy a clear, distinctive and desirable place relative to competitors in the minds of the consumer. |
|
|
Term
|
Definition
| Research aimed at describing things in the marketing world |
|
|
Term
|
Definition
| Research aimed at testing hypothesis and cause and effect relationships. |
|
|
Term
|
Definition
| Research aimed at gathering preliminary research for later analysis. |
|
|
Term
|
Definition
| Research that involves sending observers to watch and interact with customers in their natural environment. |
|
|
Term
|
Definition
| Research aimed at gathering Causal or Cause and Effect data. |
|
|
Term
|
Definition
| Society's relatively permanent and ordered divisions whose members share similar values, interests and behaviors. |
|
|
Term
| Four Types of Buying Behavior |
|
Definition
Complex: High Inv./Significant Diff.
Dissonance: High Inv./Few Diff.
Variety Seeking: Low Inv./Significant Diff.
Habitual Buying: Low Inv./Few Diff. |
|
|
Term
|
Definition
| The discomfort caused by a post purchase conflict. |
|
|
Term
| Entrepreneurial Marketing |
|
Definition
| Visualizing an opportunity and constructing and implementing flexible strategies. |
|
|
Term
|
Definition
| Developing formal marketing strategies and following them closely. |
|
|
Term
| Intrepreneurial Marketing |
|
Definition
| Involves the attempt to reestablish an internal spirit and refresh marketing strategies and approaches. |
|
|
Term
|
Definition
| When a company focuses its effort on serving few markets rather than the entire market. |
|
|
Term
|
Definition
| A strategy that occurs when a follower observes what made the leader successful and improves on it. |
|
|
Term
|
Definition
| A useful tool for assessing a companies strengths and weaknesses. |
|
|
