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| the process of discovering the needs and wants of potential buyers and customers and then providing goods and services that meet or exceed their expectations. |
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| the process in which two parties give something of value to each other to satisfy their respective needs. |
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| identifying consumer needs and then producing the goods or services that will satisfy them while making a profit for the organization. |
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the ratio of benefits to the sacrifice necessary to obtain those benefits, as determined by the customer, reflects the willingness of customers to actually buy a product.
product-money=happy |
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| the customers feelings that a product has met or exceeded expectations. |
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| a strategy that focuses on forging long term partnerships with customers by offering value and providing customer satisfaction. |
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| the process in which a firm continually collects and evaluates info abt its external environment. |
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| the specific group of consumers toward which a firm directs its marketing efforts. |
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| a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition; also called differential advantage. |
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| cost competitive advantage |
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Definition
| a firms ability to produce a product or service at a lower cost thatn all other competitors in an industry while maintaining staisfactory profit margins. |
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| differential competitive advantage |
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Definition
| a firms ability to provide a unique product or service with a set of feartures that the target market percieves as important and better that the competitors. |
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| niche competitive advantage |
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| a firms ability to target and effectively serve a single segment of the market, often within a limited geographic area. |
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| the blend of product offering pricing, promotional methods, and distribution system that brings a specific group of consumers superior value. |
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| product, price, promotion, and place (distribution) |
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| taking the good or service and selecting a brand name, packaging, colors, a warranty, accessories, and a service program. |
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| setting price based on the demand for and cost of a good or service. |
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| creating the means by which products flow from the producer to the consumer |
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| the unique combination of personal sellin, advertising, publicity, and sales promotion to stimulate the target market to buy a product or service. |
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| the actions people take in buying and using goods and services. |
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| the set of values, ideas, attitudes, and other symbols created to shape human behavior. |
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| formal and informal groups that influence buyer behavior |
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| a way of organizing and grouping how an individual reacts to situations |
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| the process of seperating, identifying, and evaluating the layers of a market in order to identify a target market. |
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| the differentiation of markets through the use of categories such as age, education, gender, income, and household use. |
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| the differentiation of markets by region of the country, city, or country size, market density, or climate. |
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| psychographic segmentation |
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| the differentiation of markets by personality or lifesyle |
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| the differentiation of markets based on what a product will do rather that on customer characteristics |
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| the differentiation of markets based on the amount of the product purchased. |
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| the process of planning, collecting, and analyzing data relevant to a marketing decision. |
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Definition
| a marketing research method in which data is gathered from respondents, either in person, by telephone, by mail, at a mall, or through the internet to obtain facts, opinions, and attitudes. |
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| a marketing research method in which the investigator monitors respondents actions without interacting directly with the respondents; for example, by using cash registers with scanners. |
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Definition
| a marketing research method in which the investigator changes one or more variables price, packaging, design, shelf space, advertising theme, or advertising expenditures while oberserving the effects of these changes on another variable (usually sales) |
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Definition
| in marketing, any good or service, along with its perceived attributes and benefits, that creates value for the customer. |
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Definition
| products that either are unknown to the potential buyer or are known but the buyer does not actively seek them. |
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| relatively inexpensive items that require little shopping effort and are purchased routinely without planning. |
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| items that are bought after considerable planning including brand to brand and store to store comparisons of price suitability, and style. |
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| items for which consumers search long and hard and for which they refuse to accept substitutes. |
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| large, expensive items with a long life span that are purchased by businesses for use in making other products or providing a service. |
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| items, purchsed by business, that are smaller and less expensive than capital products and usually have a life span of less that 1 yr. |
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| a group of 8 to 12 paricipants led by a moderator in an in depth discussion on one particular topic or concept |
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| the process of testing a new product among potential users |
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| the person who develops and implements a complete strategy and marketing program for a specific product or brand |
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| the pattern of sale and profits over time for a product or product category; consists of an introductory stage, growth stage, maturity, and decline (and death) |
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| a new flavor, size, or model using an existing brand name in an existing category. |
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| the strategy of introducing a product with a high initial price and lowering the price over time as the product moves through its life cycle. |
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| the strategy of selling new products ar low prices in the hope of achieving a large sales volume. |
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| the strategy of priceing products below the normal makup or even below cosr to attract customers to a store where they otherwise wouldnt go |
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| a product priced below cost as part of a leader pricing strategy |
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| strategy of selling 2 diff products together at the same price |
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| odd- even (psych) pricing |
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Definition
| the strategy of setting the price at a odd number to connote a bargain and an even number to suggest quality |
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Definition
| the strategy of increasing the price of a product s that consumers will perceive is as being of higher quality, status, or value. |
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| product line (or brand) extension |
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Definition
| taking a product with a well developed brand image and using that brand name for a new product in either the same product category or a diff product category. |
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Definition
| value and long term susatinability of a renowned brand name. |
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| where a retailer, or wholesaler, has a manufacturer produce products and the retailer, or wholesaler, puts own name on the item. |
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