Term
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Definition
| Deviding the market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes |
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Term
| Market targeting (targeting) |
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Definition
| The process of evaluating each market segment's attractiviness and selecting one or more segments to enter |
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Term
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Definition
| Differentiating the market offering to create superior customer value |
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Term
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Definition
| Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the mids of target consumers |
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Term
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Definition
| Dividing the market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods |
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Term
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Definition
| Dividing the market into segments based on variables such as age, gender, family size, family life cylce, income, occupation, education, religion, race, generation, and nationality |
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Term
| Age and Life-cycle Segmentation |
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Definition
| Dividing a market into differentage and life-cycle groups |
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Term
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Definition
| Dividing th market into different segments based on gender |
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Term
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Definition
| Dviding a market into different income segments |
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Term
| Psychographic Segmentation |
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Definition
| Dividing a market into different segments based on social class, lifestyle, or personality characteristics |
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Term
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Definition
| Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product |
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Term
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Definition
| Dividing the market into segments accroding to occasions when buyers get the idea to buy,actually make their purchase, or use the purchased item. |
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Term
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Definition
| Dividin the market into segments according o the different benefits that consumers seek from the product |
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Term
Intermarket Segmentation
(cross-market segmentation) |
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Definition
| Forming segments of consumers who have similar needs and buing behavior even though they are located in diferent countires |
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Term
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Definition
| A set of buyers sharing common needs or characteristics thatthe company decides to serve |
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Term
| Undifferentiated (mass) marketing |
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Definition
| A market-coverag strategy in which a firm decides to ignor market segment differences and go after the whole market with one offer |
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Term
| Differentiated (segmented) marketing |
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Definition
| A market-coverage strategy in which a firm decides to target several market segments and designs separte offers for each. |
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Term
| Concentrated (niche) marketing |
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Definition
| A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches |
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Term
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Definition
| Tailoring products and marketing programs to the needs and wants of specific individuals and local customer segemnts; it includes local marketingand individual marketing. |
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Term
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Definition
| Tailoring brands and promotions to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores. |
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Term
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Definition
| Tailoring products and marketing programs to the needs and preferences of individual customers - also called one-to-one marketing, customized marketing, and markets-of-one marketing. |
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Term
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Definition
| The way the product is defined by consumers on impotant attributes- the place the product occupies in the consumers' mind relative to competing products |
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Term
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Definition
| An advantage over competitors gainded by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices |
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Term
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Definition
| The full positioning of a brand- the full mix of benefits on which it is positioned |
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Term
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Definition
| A statement that summarizes company or brand positioning. It takes this for: To (target segments and need) our (brand) is (concept) that (point of difference) |
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Term
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Definition
| Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need |
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Term
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Definition
| An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in ownership of anything |
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Term
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Definition
| A product bought by final consumers for personal consumption |
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Term
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Definition
| a consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort |
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Term
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Definition
| A consumer product that the consumer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style. |
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Term
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Definition
| A consumer product with unique characteristics or brand identifcation for which a significant group of buyers is willing to make a special purchase effort. |
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Term
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Definition
| A consumer product that the consumer either does not know about or knows about but does not normally consider buying. |
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Term
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Definition
| A product bought by individuals and organizations for further processing or for use in conducting business. |
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Term
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Definition
| The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society. |
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Term
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Definition
| The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs |
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Term
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Definition
| A name, term, sign, symbol, design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors. |
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Term
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Definition
| The activities of designing and producing the container or wrapper for a product. |
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Term
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Definition
| A group of products that are closeley related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. |
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Term
| Product Mix (or product portfolio) |
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Definition
| The set of all product lines ad items that a particular seller offers for sale |
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Term
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Definition
| Services cannot be seen, tasted, felt, heard, or smelled before they are bought |
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Term
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Definition
| Services are produced and consumed at the same time and cannot be separated from their providers |
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Term
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Definition
| The quality of services may vary greatly depending on who provides them and when, where, and how. |
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Term
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Definition
| Services cannot be stored for later sale or use |
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Term
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Definition
| The chain that links service firm profits with employee and consumer satisfaction |
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Term
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Definition
| Orienting and motivation customer-contact employees and supporting service people to work as a team to provide customer satisfaction |
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Term
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Definition
| Training service employees in the fine art of interacting with customers to satisfy their needs |
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Term
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Definition
| The differential effect that knowing the brand name has on a customer response to the product or its marketing |
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Term
| Store brand (or private brand) |
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Definition
| A brand created and owned by a reseller of a product or service |
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Term
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Definition
| The practice of using the established brand names of two different companies on the same product |
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Term
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Definition
| Extending an existing brand name to new forms. colours, sizes, ingredients, or flavors of an existing category. |
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Term
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Definition
| Extending an existing brand name to a new product category |
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Term
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Definition
| The developement of original products, product improvements, product modifications, and new brands through the firm's own product development efforts. |
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Term
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Definition
| The systematic search for new-product ideas |
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Term
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Definition
| inviting broad communities of people- consumers, employees, independent scientists and researchers, and even the public at large - into the new-product development innovation process |
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Term
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Definition
| Screening new-product ideas to spot good ideas and drop poor ones as soon as possible. |
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Term
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Definition
| A detailed version of the new-product idea stated in meaningful consumer terms |
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Term
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Definition
| Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal |
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Term
| Marketing strategy developement |
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Definition
| Designing an initial marketing strategy for a new product based on the products concept. |
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Term
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Definition
| A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives |
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Term
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Definition
| Developing the product concept into a physical product to ensure that he product idea can be turned into a workable market offering. |
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Term
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Definition
| The stage of new-product developement in which the product and its proposed marketing program are tested in realistic market settings |
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Term
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Definition
| Introducing a new product into the market |
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Term
| Customer-centered new=-product developement |
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Definition
| New-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences |
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Term
| Team-based new-produce developments |
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Definition
| An approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness |
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Term
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Definition
| The course of a product's sales and profits over its lifetime. it involves five distinct stages: product development, introduction, growth, maturity, and decline. |
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Term
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Definition
| A basic and distinctive mode of expression |
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Term
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Definition
| A currently accepted or popular style in a give field |
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Term
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Definition
| A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or rand popularity |
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Term
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Definition
| The PLC stage in which a new product is first distributed and made available for purchase |
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Term
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Definition
| The PLC stage in which a product's sales start climbing quickly |
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Term
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Definition
| The PLC stage in which a product's sales growth slows or levels off |
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Term
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Definition
| The PLC stage in which a products sales decline |
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Term
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Definition
| The amount of money charged for a product or service; the sum of the values that customers exchange for benefits of having or using the product or service. |
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Term
| Customer value-based pricing |
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Definition
| Setting price based on buyers' perception of value rather than on the seller's cost |
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Term
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Definition
| Offering the right combination of quality and good service at a fair price. |
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Term
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Definition
| attaching value-added features and services to differentiate a company's offers and charging higher prices. |
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Term
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Definition
| Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk |
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Term
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Definition
| Costs that do not vary with production or sales level |
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Term
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Definition
| Costs that vary directly with the level of production |
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Term
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Definition
| The sum of the fixed and variable costs for any given level of production |
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Term
| Experience curve (learning curve) |
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Definition
| The drop in the average per-unit production cost that comes with accumulated production experience. |
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Term
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Definition
| adding a standard markup to the cost of the product |
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Term
| Break-even pricing (target return pricing) |
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Definition
| Setting price to break even on the costs of making and marketing a product or setting price to make a target return |
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Term
| Competition-based pricing |
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Definition
| Setting prices based on competitor' strategies, prices, costs, and market offerings. |
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Term
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Definition
| Pricing that starts with an ideal selling price and then targets costs that will ensure tat the price is met. |
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Term
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Definition
| A curve that shows the number of units he market will buy in a given time period, at different prices that might be charged. |
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Term
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Definition
| A measure of the sensitivity of demanded to changes in price |
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Term
| Market-skimming pricing (price skimming) |
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Definition
| Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company will make fewer but more profitable sales. |
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Term
| Market-penetration pricing |
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Definition
| Setting a low price for a new product to attract a large number of buyers and a large market share |
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Term
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Definition
| Setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices. |
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Term
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Definition
| The pricing of optional or accessory products along with a main product |
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Term
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Definition
| Setting a price for products that must be used along with a main product, such as blades for a razor and games for a video game console |
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Term
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Definition
| Setting a price for by-products to make the main product's price more competitive |
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Term
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Definition
| Combining several products and offering the bundle at a reduced price |
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Term
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Definition
| A straight reduction in price on purchases during a stated period of time or of larger quantities. |
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Term
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Definition
| Promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's products in some way |
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Term
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Definition
| Selling a product or service at two or more prices, where the difference in the price is not based on difference in cost. |
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Term
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Definition
| Pricing that considers the psychology of prices, not simply the economics; the price says something about the product |
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Term
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Definition
| Prices that buyers carry in heir minds and refer to when they look at a given product. |
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Term
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Definition
| Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales. |
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Term
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Definition
| Setting prices for customers located in different parts of the world. |
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Term
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Definition
| A geographical pricing strategy in which goods are placed free on board a carrier; the customer pays the freight from the factory to the destination |
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Term
| Uniform-delivered pricing |
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Definition
| A geographical pricing strategy in which the company charges the same price plus freight to all customers, regardless of their location. |
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Term
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Definition
| A geographical pricing strategy in which the company sets up two or more zones. All customers within a zone pay the same total price; the more distant the zone the higher the price. |
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Term
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Definition
| A geographical pricing strategy in which the seller designates some city as a basing point and charges all customers the freight cost from that city t the customer. |
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Term
| Freight-absorption pricing |
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Definition
| A geographical pricing strategy in which the seller absorbs all or part of the freight charges to get the desired business. |
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Term
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Definition
| Adjusting prices continually to meet the characteristics and needs of the individual customers and situations. |
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