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MKTG 5341 Test #1
MKTG 5341 Test #1
55
Marketing
Undergraduate 4
10/09/2013

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Term
Marketing Management
Definition
The art and science of choosing target markets and building profitable relationships with them.
Term
Demand Management
Definition
Finding and increasing demand, also changing or reducing demand such as in demarketing.
Term
Demarketing
Definition
Temporarily or permanently reducing the number of customers or shifting their demand.
Term
The Selling Concept
Definition
Profits through sales volume.
Term
The Marketing Concept
Definition
Profits through customer satisfaction.
Term
Value Proposition
Definition
The set of benefits or values a company promises to deliver to consumers to satisfy their needs.
Term
Customer Perceived Value
Definition
Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
Term
Customer Satisfaction
Definition
Dependent on the product’s perceived performance relative to a buyer’s expectations.
Term
Customer Lifetime Value
Definition
The entire stream of purchases that the customer would make over a lifetime of patronage.
Term
Share of Customer
Definition
The share a company gets of the customers purchasing in their product categories.
Term
Customer Equity
Definition
Customer equity is the total combined customer lifetime values of all of the company’s customers.
Term
Market Segmentation
Definition
Divide the market into groups of customers
Term
Target Marketing
Definition
Select the segment to cultivate
Term
Brand Equity
Definition
The "added value" endowed by the brand name.
Term
Awareness
Definition
Recall and recognition of the brand.
Term
Associations
Definition
Perceived quality of the brand
Term
Reference Brand
Definition
The brand that sets the standard for others in the industry.
Term
Convenience Products
Definition
Buy frequently and immediately, low priced
Term
Shopping Products
Definition
Buy less frequently, gather product information, fewer purchase locations, compare for price and quality
Term
Specialty Products
Definition
special purchase efforts, unique characteristics, brand identification
Term
Unsought Products
Definition
new innovations, products consumers don't want to think about
Term
Industrial Products
Definition
Materials and parts, capital items, supplies and services
Term
Services
Definition
Intangibility, inseparability, variability, perishability
Term
Line extension
Definition
Existing brand names extended to new forms, sizes, and flavors of an existing product category
Term
Brand extension
Definition
Existing brand names extended to new product categories
Term
Multi-brands
Definition
New brand names introduced in the same product category
Term
New brands
Definition
New brand names in new product categories
Term
Price Elasticity of Demand
Definition
Percent change in quantity demanded/change in price
Term
Product Line Pricing
Definition
Change in demand of one product resulting from change of price on another product
Term
Optional based Pricing
Definition
Pricing optional or accessory products sold with the main product
Term
Captive Product Pricing
Definition
Pricing products that must be used with the main product
Term
By Product Pricing
Definition
Pricing low-value by-products to get rid of them
Term
Product Bundle Pricing
Definition
Pricing bundles of products sold together
Term
Skimming Price
Definition
Capture customers with high initial pricing then decreasing price over time
Term
Penetration Price
Definition
Capture customers with initial low price
Term
Six components of Communications Model
Definition
Advertising, Personal selling, Public Relations, Sales Promotion, Direct marketing
Term
Personal selling vs. advertising
Definition
Advertising is meant for simple goods. Personal selling for expensive goods.
Term
Determining the budget
Definition
what can be afforded, % of sales, comparison with rivals, objective and task
Term
Transactional function
Definition
Purchasing products for resale or as an agent for supply of a product, contacting potential customers, assume risks based on ownership of inventory
Term
Logistical function
Definition
Creating product assortments from several sources, assembling and protecting products to offer customer service
Term
Facilitating function
Definition
extending credit to customers, assigning quality grades to products
Term
Corporate Systems
Definition
Forward and backward integration
Term
Contractual Systems
Definition
Wholesaler-sponsored voluntary chains, retailer-sponsored cooperatives
Term
Administered Sytems
Definition
One member of the chain is dominant and acts accordingly
Term
Intensive Distribution
Definition
A marketing strategy under which a company sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go: supermarkets, drug stores, gas stations, and the like. Soft drinks are generally made available through intensive distribution.
Term
Exclusive Distribution
Definition
Situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product. For example, Apple had an exclusive distribution deal with AT&T to provide the iPhone to consumers.
Term
Selective Distribution
Definition
Type of product distribution that lies between intensive distribution and exclusive distribution, and in which only a few retail outlets cover a specific geographical area. Considered more suitable for high-end items such as 'designer' or prestige goods.
Term
Logistics
Definition
getting the right amount of the right products to the right place at the right time at the lowest possible cost.
Term
International Marketing
Definition
Utilizing the 4 Ps of the marketing mix to promote a product globally
Term
Self-Reference Criterion
Definition
an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions.
Term
Ethnocentrism
Definition
the notion that one’s own culture or company knows best how to do things.
Term
Legal Constraints
Definition
Term
Linguistic Limitations
Definition
Language is one of the major barriers to effective communication through advertising
Term
Cultural Diversity
Definition
Knowledge of cultural diversity must encompass the total advertising project
Term
Media Limitations
Definition
Media limitations may diminish the role of advertising in the promotional program
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