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Definition
| Marking 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. |
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Definition
| A three-part business philosophy: (1) a customer orientation, (2) a service orientation, and (3) a profit orientation. |
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Term
| customer relationship management (CRM) |
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Definition
| 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. |
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Term
| What are the 4 P of the marketing mix |
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Definition
| Product / Price / Place / Promotion |
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Definition
| Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers, such as the brand. |
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| The process of testing products among potential users. |
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Definition
| A word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors. |
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Definition
| All the techniques sellers use to inform people about and motivate them to buy their products or services |
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| What is "customer orientation" in the marketing concept? |
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Definition
| Find out what consumers want and provide it for them. |
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Term
| What is services orientation in marketing concept? |
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Definition
| Make sure everyone in the organization has the objective: customer satisfaction. |
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| Whaqt is profit orientation in marketing concept? |
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Definition
| Focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs. |
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Definition
| The ingredient that go into a marking program? Product, price, place, promotion |
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Definition
| All the individuals or households that want goods and services for personal consumption or use. |
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Term
business-to-business (B2B) market
N |
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Definition
| 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 |
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Term
| How do marketers implement the four Ps? |
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Definition
| The idea behind the four Ps is to design a product people want, price it competitively, place it where consumers can find it easily, and promote it so consumers know it exists. |
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Term
| • What are the steps in conducting marketing research? |
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Definition
| (1) Define the problem or opportunity and determine the present situation, (2) collect data, (3) analyze the data, and (4) choose the best solution. |
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Term
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Definition
| Find out what consumers want and provide it for them. (Note the emphasis on meeting consumer needs rather than on promotion or sales.) |
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Term
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Definition
| Make sure everyone in the organization has the same objective: customer satisfaction. This should be a total and integrated organizational effort. That is, everyone from the president of the firm to the delivery people should be customer-oriented. |
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Definition
| Focus on those goods and services that will earn the most profit and enable the organization to survive and expand to serve more consumer wants and needs. |
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Term
| What is the meaning of concept testing when it deals with the product design? |
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Definition
| This is to see if there is a need for the product or the design and also see if people wont it. You are mainly conducting research and identifying a target market. |
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Definition
| Marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don’t take title to the goods. |
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Definition
| Organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C). |
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Definition
| A marketing intermediary that sells to other organizations. |
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Definition
| An organization that sells to ultimate consumers. |
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Definition
| 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 costs. |
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| distributed product development |
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Definition
| Handing off various parts of your innovation process—often to companies in other countries. |
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Definition
Everything that consumers evaluate when deciding whether to buy something;
also called a value package. |
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Definition
| The creation of real or perceived product differences. |
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Term
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Definition
| A name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors. |
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Term
| What does a brand name consists of? |
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Definition
| a word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors. |
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Definition
| A brand that has exclusive legal protection for both its brand name and its design. |
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Definition
| The value of the brand name and associated symbols. |
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Definition
| The degree to which customers are satisfied, like the brand, and are committed to further purchases. |
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Definition
| How quickly or easily a given brand name comes to mind when a product category is mentioned. |
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Definition
| preference—that is, they prefer one brand over another—because of such cues. |
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Definition
| The linking of a brand to other favorable images. |
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Definition
| Designing a product so that it satisfies customers and meets the profit margins desired by the firm. |
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Term
| competition-based pricing |
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Definition
| A pricing strategy based on what all the other competitors are doing. The price can be set at, above, or below competitors’ prices. |
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Definition
| The strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow. |
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Definition
| The process used to determine profitability at various levels of sales. |
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Definition
| All the expenses that remain the same no matter how many products are made or sold. |
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Definition
| Costs that change according to the level of production. |
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Definition
| Strategy in which a new product is priced high to make optimum profit while there’s little competition. |
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Definition
| Strategy in which a product is priced low to attract many customers and discourage competition. |
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Term
| everyday low pricing (EDLP) |
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Definition
| Setting prices lower than competitors and then not having any special sales. |
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Term
| high–low pricing strategy |
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Definition
| Setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors prices. |
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Definition
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Term
| What’s included in a total product offer? |
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Definition
| A total product offer consists of everything consumers evaluate when deciding whether to buy something. It includes price, brand name, and satisfaction in use. |
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Term
| What’s the difference between a product line and a product mix? |
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Definition
| A product line is a group of physically similar products with similar competitors. A product line of gum may include bubble gum and sugarless gum. A product mix is a company’s combination of product lines. A manufacturer may offer lines of gum, candy bars, and breath mints in its product mix. |
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Term
| How do marketers create product differentiation for their goods and services? |
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Definition
| Marketers use a combination of pricing, advertising, and packaging to make their products seem unique and attractive. |
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Term
| What are industrial goods, and how are they marketed differently from consumer goods? |
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Definition
| Industrial goods are products sold in the business-to-business (B2B) market and used in the production of other products. They’re sold largely through salespeople and rely less on advertising. |
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Term
| What are the seven functions of packaging? |
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Definition
| Packaging must (1) attract the buyer’s attention; (2) protect the goods inside, stand up under handling and storage, be tamperproof, and deter theft; (3) be easy to open and use; (4) describe the contents; (5) explain the benefits of the good inside; (6) provide information about warranties, warnings, and other consumer matters; and (7) indicate price, value, and uses. Bundling means grouping two or more products into a unit, through packaging, and charging one price for them. |
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Term
| Can you define brand, brand name, and trademark? |
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Definition
| A brand is a name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors. The word brand includes all means of identifying a product. A brand name consists of a word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors. A trademark is a brand that has exclusive legal protection for both its brand name and design. |
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Term
| What is brand equity, and how do managers create brand associations? |
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Definition
| Brand equity is the value of a brand name and associated symbols. Brand association is the linking of a brand to other favorable images such as product users, a popular celebrity, or a geographic area. |
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Term
| What do brand managers do? |
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Definition
| Brand managers coordinate product, price, place, and promotion decisions for a particular product. |
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Term
| What are pricing objectives? |
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Definition
| Pricing objectives include achieving a target profit, building traffic, increasing market share, creating an image, and meeting social goals. |
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Term
| What strategies can marketers use to determine a product’s price? |
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Definition
| A skimming strategy prices the product high to make big profits while there’s little competition. A penetration strategy uses low price to attract more customers and discourage competitors. Demand-oriented pricing starts with consumer demand rather than cost. Competition-oriented pricing is based on all competitors’ prices. Price leadership occurs when all competitors follow the pricing practice of one or more dominant companies. |
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Term
| What is break-even analysis? |
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Definition
| Break-even analysis is the process used to determine profitability at various levels of sales. The break-even point is the point where revenues from sales equal all costs. |
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Term
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Definition
| A wholesaler is a marketing intermediary that sells to organizations and individuals, but not to final consumers. |
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Term
| What are some wholesale organizations that assist in the movement of goods from manufacturers to consumers? |
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Definition
| Merchant wholesalers are independently owned firms that take title to the goods they handle. Rack jobbers furnish racks or shelves full of merchandise to retailers, display products, and sell on consignment. Cashand-carry wholesalers serve mostly small retailers with a limited assortment of products. Drop shippers solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer. |
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Definition
| A retailer is an organization that sells to ultimate consumers. Marketers develop several strategies based on retailing. |
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Term
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Definition
| The combination of promotional tools an organization uses. |
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Term
| What tools do company's use today to promote there product to the consumer? |
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Definition
| products. Traditionally, those tools were advertising, personal selling, public relations, and sales promotion. |
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Term
| What at some of the newer promotion strategies being used today? |
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Definition
| promotion. Today they also include e-mail promotions, mobile promotions, social networking, blogging, podcasting, tweets, and more. |
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Term
| integrated marketing communication (IMC) |
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Definition
| A technique that combines all the promotional tools into one comprehensive, unified promotional strategy. |
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Term
| STEPS IN A PROMOTIONAL CAMPAIGN |
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Definition
1. Identify a target market. (Refer back to Chapter 13 for a discussion of segmentation and target marketing.)
2. Define the objectives for each element of the promotion mix. Goals should be clear and measurable.
3. Determine a promotional budget. The budgeting process will clarify how much can be spent on advertising, personal selling, and other promotional efforts.
4. Develop a unifying message. The goal of an integrated promotional program is to have one clear message communicated by advertising, public relations, sales, and every other promotional effort.
5. Implement the plan. Advertisements, blogs, and other promotional efforts must be scheduled to complement efforts being made by public relations and sales promotion. Salespeople should have access to all materials to optimize the total effort.
6. Evaluate effectiveness. Measuring results depends greatly on clear objectives. Each element of the promotional mix should be evaluated separately, |
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Term
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Definition
| Paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message. |
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Term
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Definition
| advertising to consumers by various retail stores such as supermarkets and shoe stores. |
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Term
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Definition
| —advertising to wholesalers and retailers by manufacturers to encourage them to carry their products. |
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Term
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Definition
| —advertising from manufacturers to other manufacturers. A firm selling motors to auto companies would use business-to-business advertising. |
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Term
| Institutional advertising— |
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Definition
| designed to create an attractive image for an organization rather than for a product. “We Care about You” at Giant Food is an example. “Virginia Is for Lovers” and “I ❤ New York” were two institutional campaigns by government agencies. |
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Definition
| —advertising for a good or service to create interest among consumer, commercial, and industrial buyers. |
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Definition
| advertising—advertising that supports a particular view of an issue (e.g., an ad in support of gun control or against nuclear power plants). Such advertising is also known as cause advertising. |
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Definition
—advertising that compares competitive products. For example, an ad that compares two different cold care products’ speed and benefits is a comparative ad.
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Definition
| —customer-oriented communication that enables customers to choose the information they receive, such as interactive video catalogs that let customers select which items to view. |
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Definition
| Putting products into TV shows, movies, and other media where they will be seen. |
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Term
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Definition
| A full-length TV program devoted exclusively to promoting goods or services. |
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Definition
| The face-to-face presentation and promotion of goods and services. |
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Term
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Definition
| Researching potential buyers and choosing those most likely to buy. |
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Term
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Definition
| 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. |
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Term
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Definition
| A person with the means to buy a product, the authority to buy, and the willingness to listen to a sales message. |
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Definition
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Definition
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| What are the steps in the Business to consumer approach? |
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Definition
| Start Approach / Ask Questions / make Presentation / Close Sale / Follow Up |
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Term
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Definition
| The promotional tool that stimulates consumer purchasing and dealer interest by means of short-term activities. |
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Term
| What are some of the business to business promotion techniques? |
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Definition
| Trade shows / portfolios for salespeople / deals / catalogs / conventions |
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Term
| what are some of the promotion techniques used in the business to consumer? |
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Definition
| Coupons/ cents off promations / sampling / [premiums / sweepstakes / contest / bonuses / catalogs / demonstrations /special events / lotteries / in store displays |
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Term
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Definition
| A promotional tool in which a company lets consumers have a small sample of a product for no charge. |
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Term
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Definition
| A promotional tool that involves people telling other people about products they’ve purchased. |
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Term
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Definition
| Promotion is an effort by marketers to inform and remind people in the target market about products and to persuade them to participate in an exchange. |
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Term
| What are the four traditional promotional tools that make up the promotion mix? |
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Definition
| The four traditional promotional tools are advertising, personal selling, public relations, and sales promotion. The product itself can also be a promotional tool |
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Term
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Definition
| Advertising is limited to paid, nonpersonal (not face-to-face) communication through various media by organizations and individuals who are in some way identified in the advertising message. |
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Term
| Why the growing use of infomercials? |
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Definition
| Infomercials are growing in importance because they show products in use and present testimonials to help sell goods and services. |
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Term
| What is personal selling? |
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Definition
| Personal selling is the face-to-face presentation and promotion of products and services. It includes the search for new prospects and follow-up service after the sale. |
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Term
| What are the seven steps of the B2B selling process? |
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Definition
| The steps of the selling process are (1) prospect and qualify, (2) preapproach, (3) approach, (4) make presentation, (5) answer objections, (6) close sale, and (7) follow up. |
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Term
| What are the steps in the B2C selling process? |
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Definition
| The steps are the approach, which includes asking questions; the presentation, which includes answering questions; the close; and the follow-up. |
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