Term
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Definition
| is the activity, set of institutions and processes for creating, communicating delivering and exchanging offereing that have value for customers, clients, partners and society at large |
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Definition
| the action giving up something to recieve something one would rather have |
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Definition
| the idea that social and economic justification for organization existence is the satisfation of customer wants and needs while meeting organizational objectives |
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Term
| Societal Marketing Concept |
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Definition
| means that an organization exists not only to satisfy customer wants but also to preserve or enhance individuals' and society's lont-term best interests |
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Definition
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Term
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Definition
| particular subset of people to who you try to sell your product to |
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Term
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Definition
| Consists of product, price, promotion and distribution. Designed to produce mutually satisfying exchanges with a target market |
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Term
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Definition
Target Market
Marketing Mix |
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Term
| Ethical Issues in Marketing |
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Definition
Product Decisions (product safety)
Distribution Decisions (shipment)
Promtion Decisions (advertising)
Price Decisions (predatory pricing) |
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Term
| Personal Moral Philosophy |
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Definition
Moral Idealism
Unitarianism |
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Term
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Definition
| considers certain rights or duties universal, regardless the outcome |
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Term
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Definition
Focuses on the "greated good for the greatest number"
Assess costs and benefits of the consequences of ethical behavior |
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Term
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Definition
| targets markets throughout the world |
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Term
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Definition
| Global market standardization |
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Term
| Global Market Standarization |
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Definition
| production of uniform products that can be sold the same way all over the world |
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Term
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Definition
Culture
Economic and Technological Development
Political Structure
Demographic Considerations
Natural Resources
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Term
| Creative Advantage of Nations |
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Definition
sustained through highly localized processes
Nations succeed because their home market is ost forward looking, dynamic and challenging
Companies achieve CA through acts of innovation
Innovations yield CA anticipate foreign and domestic needs |
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Term
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Definition
Exporting
Licensing
Contract Manufacturing
Joint Venture
Direct Investment |
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Term
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Definition
| sell domestically produced products to buyers in other countries |
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Term
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Definition
| leagal process allowing use of manufacturing/patents/knowledge |
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Term
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Definition
| Private label manufacturing by a foreign country |
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Term
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Definition
| Domestic firm buys/joins a foreign company to create a new entity |
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Term
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Definition
| active ownership of a foreign company/manufacturing facility |
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Term
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Definition
| involves the processes a consumer uses to make decisions, as well as to use and dispose of purchases goods or services |
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Term
| Importance of Consumer Decision Making |
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Definition
Consumer Behavior
Includes factors that influence purchase decisons and product use |
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Term
| Involvement of Consumer Decison Making |
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Definition
Economic, personal and social significance of a purchase
Problem Solving
(routine, limited, extensive) |
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Term
| Consumer Decision-Making Process |
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Definition
1. Need Recognition
2. Information Research
3. Accessing Alternative to Meet Need
4. Purchase Decision
5. Post-Purchase Decision |
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Term
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Definition
Buying product of good value
From where
When
Where |
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Term
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Definition
perciving a need
Result of an imbalance between actual and desired status
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Term
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Definition
seeking value in the product
Internal Search
External Search |
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Term
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Definition
| recall information in memory |
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Term
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Definition
Seek information in outside environment
Non-marketing controlled
Marketing Controlled |
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Term
| Accessing Alternative to Meet Need |
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Definition
Evalutate Criteria
Objective attributed of a brand and the subjective ones a consumer uses to compare different products and brands
Evoked Set |
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Term
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Definition
| group of brands, resulting from an information search, from which buyer can choose |
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Term
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Definition
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Term
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Definition
| Inner tension that consumer experiences after recognizing an inconsistency between behavior and values or opinions |
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Term
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Definition
Seek information that reinforced positive ideas about the purchase
Avoid information that contradicts the purchase decision
Revoke the orginal decision by returning the product |
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Term
| Influences on Consumer Buying Decisions |
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Definition
Cultural Influences
Social influences
Individual Influences
Psychological Influences |
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Term
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Definition
Reference Group
Opinion Leader
Family members |
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Term
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Definition
Personality
Self-concept
Lifestyle
Psychgraphics
Perception
Motive |
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Term
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Definition
| is a way of organizing and grouping how and individual typically reacts to a situation |
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Term
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Definition
| how consumers see themselves in terms of attitudes, perceptions, beliefs and evaluations |
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Term
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Definition
mode of living idenfied by:
how people spend their time
what they consider important in their environment
what they they of themself and the world around them |
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Term
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Definition
| analysis of consumers lifestlyes |
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Term
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Definition
| is the process by which an individual selects, organizes, interprets stimuli into a meaningful and coherent picture |
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Term
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Definition
| driving forces that causes a person to take action to satisfy specific needs |
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Term
| Business vs Consumer Marketing |
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Definition
Derived Demand
Inelastic Demand
Joint Demand
Fluctuating Demand
Size of the Order
Reciporcity |
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Term
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Definition
Demand for business products results from demand for consumer products
When I sell to someone, i need to understand their business and understand what the consumer is about |
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Term
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Definition
| a change in price will not significantly affect the demand for the product |
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Term
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Definition
| multiple items are used together in a final product |
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Term
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Definition
| demand for business products is more volatile than for consumer products |
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Term
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Definition
| a small increase or decrease in consumer demand can produce a much larger change in demnad for the facilities and equipment needed to make the consumer product |
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Term
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Definition
| industrial buyers practice in which two organizations agree to purchase each others products and services |
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Term
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Definition
| the process of dividing up a market into meaningful relatively similar identifiable segments |
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Term
| Criteria for Marketing Segmentation |
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Definition
Substantial
Indefinability and measurability
Accesibility
Responsiveness |
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Term
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Definition
| a segement musy be large enough to warrant a special marketing mix |
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Term
| Indefinability and Measureability |
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Definition
| segement must be indentifiable and their size measureable |
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Term
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Definition
| members of targeted segments must be reachable with marketing mix |
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Term
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Definition
| unless segments responds to a marketing mix differently, no seperate treatment is needed |
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Term
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Definition
Undifferentiated Targeting Strategy
Concentrated Targeting Startegy
Multi-Segment targeting Strategy |
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Term
| Undifferentiated Targeting Strategy |
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Definition
| a marketing approach that views the market as one big market with no individual segments and thus requires a single marketing mix |
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Term
| Concentrated Targeting Strategy |
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Definition
| a strategy used to select one sement of a market for targeting marketing efforts |
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Term
| Multi-Segement Targeting Strategy |
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Definition
| a strategy in which a company chooses two or more well-defined market segments and develops a distinct marketing mix for each |
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Term
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Definition
| the process of planning, collecting and analyzing data revelant to a marketing decision |
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Term
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Definition
| interactive, flexible computerized information system that enables managers to obtain and manipulate information as they are making decisions |
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Term
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Definition
1. Identify and Formulate the Problem
2. Plan the Research Design and Gather Primary Data
3.Specify the Sampling Procedure
4. Collect Data
5. Analyzet the Data
6. Prepare and Present the Report
7. Follow-up |
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Term
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Definition
| a subset of a large population |
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Term
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Definition
| a sample in which every element in the population has a known statistical likelihood of being selected |
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Term
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Definition
| a sample arranged so that every element of the population has an equal chance of being selected |
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Term
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Definition
| is any sample in which litle or no attempt is made to get representative crossection of the population |
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Term
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Definition
| a nonprobablity sample using respondents who are convient or readily accessible to the researcher |
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Term
| Classifying Consumer and Business Goods |
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Definition
Consumer Groups:
Convience Goods
Shopping Goods
Specialty Goods
Unsought goods |
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Term
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Definition
relativly inexpensive items that merits little shopping effort
inexpensive and widespread |
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Term
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Definition
a product that requires comparison shopping because it usually more expensive and found in fewer stores
inexpensive and selective |
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Term
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Definition
a particular item for which consumers search extensivly and are reluctant to access substitutes
expensive and limited |
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Term
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Definition
product unknown to the potential buyer or a known product that a buyer does not activly seek
vary in price and limited |
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Term
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Definition
Production Goods
Support Goods |
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Term
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Definition
| items used in manufacturing process that become part of the final product |
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Term
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Definition
| items used to assist in producing goods and services including installations and supply services |
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Term
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Definition
| all products that an organization sells |
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Term
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Definition
| a specific version of a product that can be designated as a distinct offering among an organization's products |
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Term
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Definition
| a group of products that are closely related, product items that satisfy a class of needs, are used together, are sold to the same customer group are distributed through the same type of outlet or fall within a given price range |
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Term
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Definition
| concept that provides a way to trace the stages of a products acceptance from its introduction to its decline |
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Term
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Definition
Introduction
Growth
Maturity
Decline |
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Term
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Definition
a company needs to communicate features, uses and advantages of the product
The initial price of the product may be high in order to cover research and development costs
advertising, public relations, sales promotion for awareness |
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Term
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Definition
companies encourage brand loyalty
advertising for brand loyalty, public relations and personal selling
Prices begin to stabalize |
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Term
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Definition
product begins to lose its distinctiveness
advertisment decreases, sales promo and personal selling
Price decreases as competition increases |
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Term
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Definition
| product has already been replaced by new |
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Term
| Stages in the New product Development Process |
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Definition
Idea generation
Idea screening
Business Analysis
Development
Test Marketing
Commercialization
New Product |
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Term
| Categorizing New Products |
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Definition
New-to-the-World
New Product Lines
Product Line additions
Improvements or Revisions
Repositioned Products |
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Term
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Definition
Equipment-based
People-based |
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Term
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Definition
Automated (ATM)
Semi-skilled labor
Skilled Labor |
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Term
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Definition
Unskilled Labor
Skilled Labor
Professionals |
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Term
| Characteristics of Services |
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Definition
Intangibility
Inconsistency
Inseperability
Inventory
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Term
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Definition
| characteristic of something that cannot be physically touched |
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Term
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Definition
| variability in a service due to variability the service provider |
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Term
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Definition
| means that the service is consumed at the same time it is being produced |
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Term
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Definition
| the cost assocaited with manitaining the ability to deliver service |
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Term
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Definition
| identifies the differences between expectations about and with a serivice |
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Term
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Definition
| a name, term, symbol design or combination there of that ID's a seller products and differentiates them from computers products |
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Term
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Definition
| the exclusive right to use a particular brand |
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Term
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Definition
| the part of the brand that can be spoken, including letters, words, and numbers |
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Term
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Definition
the element of a brand that cannot be spoken
nike swoosh |
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Term
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Definition
| the value of a company and brand names |
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Term
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Definition
Contains and protects products
Saftey
Promotes products
Stores and displays products
Has an environmental impact |
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Term
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Definition
Persuasive Labeling
Legal
Informational Labeling
Universal product codes |
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Term
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Definition
| set of interdependent organizations that easy the transfer of ownership as products move from producer to business user or consumer |
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Term
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Definition
Retailer
Merchant Wholesaler
Agents/brokers |
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Term
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Definition
| channel intermediary that sells mainly to customers and takes titles to goods |
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Term
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Definition
| an institution that buys goods from manufactures takes titles to goods, stores them and resells them and ships them |
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Term
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Definition
| wholesaling intermdiaries who facilitate the sale of a product by representing channel member but do not take title to goods |
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Term
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Definition
| determines the flow of goods from producer to consumer |
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Term
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Definition
| connected group of business entities, both internal and external to a compare that perform or support the logistics function |
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Term
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Definition
| mamangement system that coordinated and integrates all of the activites performed by supple chain members into seamless proces, from the source to the point of consumption, resulting in enhanced custome and economic value |
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Term
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Definition
| refers to activities directly related to the sale of goods and services to a consumer for personal, non business use |
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Term
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Definition
Department Stores
Specialty Stores
Supermarkets
Drug Stores
Convenience Stores
Discount Stores
Restaurants |
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Term
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Definition
Automated Vending
Direct Retailing
Direct Marketing
Electronice Retailing
Independent Retailer
Coprorate Chain
Franchise |
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Term
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Definition
| a business owned by a single person or partnership and part of a larger retial institution |
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Term
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Definition
| owned and opperated as a group by a single organization |
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Term
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Definition
| Gives a person the right to operate a business or sell a product |
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Term
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Definition
| an arrangement in which a supplier grants a dealer the right to sell products in exchange for some type of consideration |
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Term
| Retail Positioning Matrix |
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Definition
| positions retail outlets on two dementions: breadth of product line and value added |
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Term
| Central Business District |
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Definition
| oldest reatail setting, usually located in a communities downtown |
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Term
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Definition
| contains 50-150 stores and attracts customers within 5-10 miles and contains two or three anchor stores |
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Term
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Definition
| cluster of stores that serves people within 5-10 minute drive |
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Term
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Definition
| huge center with multiple anchor stores |
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Term
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Definition
inclues three phases:
entry
Trading up
vulnerability |
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Term
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Definition
| communicated by markerts that inform, persuade and reminds potential buyers of a product in order to influence a opinion or elicit a response |
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Term
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Definition
| an impersonal, one-way communication about a product or organization that is paid for by a marketer |
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Term
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Definition
| a merketing function that evaluates public attitudes, identifies areas within the org. that the public maybe interested in, and excecutes a program of action to earn public understanding |
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Term
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Definition
| includes marketing activities that stimulater consumer buying and dealer effectiveness |
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Term
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Definition
| planned presentation to one or mor prospective buyers for the purpose of selling a product |
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Term
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Definition
| the orginator of the message in the communication process |
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Term
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Definition
| the conversation of a sender's ideas and thoughts into a message usually in the form of words or signs |
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Term
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Definition
| a medium of communication - such as voice, radio or newspaper - for transmitting a message |
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Term
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Definition
| interpretation of the language and symbols sent by the source through a channel |
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Term
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Definition
| the person who decodes a message |
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Term
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Definition
| anything that interfere with, distorts or slows fown the transmission of information |
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Term
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Definition
| advertising and public relations effective. Advertisers have to first gain attention of target market |
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Term
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Definition
advertising, public relations and personal selling effective.
Apple created new ways to spark consumer's interest in their iPods |
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Term
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Definition
| sales promotion and personal selling affective |
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Term
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Definition
| personal selling effective, advertising least effective |
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Term
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Definition
Institutional
Product
Advertising Campaign
Cooperative Advertising |
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Term
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Definition
| enhance a copany's image rather than the promotion of a particular product |
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Term
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Definition
tout the benefits of a specific good or service
Pioneering
Competitive
Comparative |
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Term
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Definition
| ads influence demand for the brand during the growth phase of the PLC |
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Term
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Definition
compares two or more competing brands' product attributes
(used if growth is slow) |
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Term
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Definition
| is a series of related advertisements focusing on a common theme, slogan and set of advertising appeals |
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Term
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Definition
| an arrangement in which manufacturer and the the retailer spolit costs of advertising the manufacturer's brand |
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Term
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Definition
| coordinated effort to handle the effects of unfavorable publicity or of a unfavorable event |
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Term
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Definition
| a cash refund given for the purchase of a product during a specific period |
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Term
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Definition
| a certificate that entitles consumers to an immediate price reduction when they buy the product |
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Term
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Definition
| an extra item offered to the consumer, usually in exchange for some proof or purchases of a particular good or services |
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Term
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Definition
| promotions in which participants use some skill or ability to compete for prizes |
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Term
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Definition
| a promotional program that allows consumers the opportunity to try a product or service for free |
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Term
| Point-of-Purchase Display |
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Definition
| a promotional display set up at the retailer's location to build traffic, advertise the product or in induce impule buying |
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Term
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Definition
| price reduction offered by manufacturers to intermediaries |
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Term
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Definition
| money offered to channel intermediaries to encourage them to push products and encourage other members of the chanel to sell the products |
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Term
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Definition
| a manufacturer offers retailers free merchandise in lieu of quantity discounts |
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Term
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Definition
| a manufature will train an intermediary's personnel if the product is rather complex |
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Term
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Definition
| they are an important aspect of dales promotion and growing. Vendors have the chance to display their goods or describe their services to customers |
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Term
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Definition
| manufacturers can also arrange with retailers to perform an instore demonstration. Food manufacturers send representatve to grocery stores so consumers can sample |
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Term
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Definition
Sell products
Focus on closing sales
Limited sales planning
Discuss Product
Asses product-specific needs
Pricing and Product Focus
Short-term sales follow-up |
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Term
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Definition
Sell advice, assistance and counsel
Focus on customers bottom line
Sales planning is the top priority
Customer need focused |
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Term
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Definition
| a set of steps a saleperson goes through in a particular organization to sell a particular product or service |
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Term
| The Selling Process Steps |
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Definition
1. Lead Generation
2. Qualifying Leads
3. Preparing and Approaching the Customer
4. Developing Proposing Solutions
5. Handling Objectives
6. Closing the Sale
7. Follow-up |
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Term
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Definition
| identification of those firms and people most likely to buy the sellers offerings |
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Term
|
Definition
| determinations of sales prospects, recognized needs, buying power, receptivity and accessibility |
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Term
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Definition
| determining whether a someone is a prospect for a product is a need that is not being satisfied |
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Term
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Definition
| involves both authority to make the purchase decision and access to funds to pay for it |
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Term
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Definition
| a determination of the customer's specific needs and wants and the range of options the customer has for satisfying |
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Term
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Definition
| a formal written document or professional presentation that outlines ow the salespersons product or service will meet or exceed the prospects needs |
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Term
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Definition
| a formal meeting in which the salesperson presents a sales proposal to a prospective buyer |
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Term
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Definition
| the final step of the selling process, in which the salesperson ensures that delivery schedules are met, the goods or services are promised and that the buyers' employees are properly trained to use the products |
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Term
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Definition
| is the consideration that is given up in exchange to acquire a good or service |
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Term
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Definition
Profit Oriented
Sales oriented
Status Quo
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Term
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Definition
| Maximization, Satisfcatory, ROI |
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Term
|
Definition
| setting prices so that total revenue is as large as possible relative to total costs. |
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Term
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Definition
| Reasonable level of profits |
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Term
|
Definition
| net profit after taxes divied by total assets |
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Term
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Definition
| Market Share, Sales Maximization |
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Term
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Definition
| a companys product sales as a percentage of total sales for that industry |
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Term
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Definition
| ignore profits, competition, and the marketing environment as long as its sales are rising. Used usually temporarily |
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Term
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Definition
| a priceing objective that maintains existing prices or meets the competitions prices. |
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Term
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Definition
| factors that limit the range of prices a firm may set |
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Term
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Definition
| means consumers buy more or less of a product as the price changes |
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Term
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Definition
| means change in price will not significantly affect demand |
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Term
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Definition
| is the total money recieved from the sale of a product |
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Term
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Definition
| equals the sum of fixed cost and variable costs |
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Term
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Definition
is the cost of buying the product from the producer plus amounts for profit and for expenses not otherwise accounted for.
Simplicity makes this method popular |
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Term
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Definition
| is the sum of expenses of the firms that vary directly with the quanity of the product and is produced and sold |
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Term
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Definition
| is the sum of the expense of the firm that are stable and do not change with quantity of a product that is produced or sold |
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Term
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Definition
| is a technique for adjusting prices that use complex mathematical software to profitability fill unused capacity |
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Term
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Definition
| a basic long-term pricing framework, which establishes the initial price for a product and the intended direction for price movements over the product lifecyle |
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Term
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Definition
| a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion "market plus." Works best when the market is willing to buy the product even though it carries an above average price |
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Term
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Definition
| a pricing policy whereby a firm charges a relativly low price for a product initially as a way to reach the mass market |
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Term
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Definition
| meeting the competition or going rate pricing. Charging a price identical or to or very close to the competition price |
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Term
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Definition
| the practice of charging a very low price for a product with the intent od driving competitors out of business or out of a market |
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Term
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Definition
| setting the price at a level that seems to the customer to be good priced compared to the prices of other options |
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Term
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Definition
| a price tactic in which a product is sold near or even below cost in the hope that shoppers will buy other items once they are in the store |
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Term
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Definition
| a price tactic that uses odd-numbered prices to connote bargains and even-number prices to imply quality |
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Term
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Definition
| is a set of unique features of a company and its products that are perceived by the target market as significant and superior competition |
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Term
| Strategies of Competitive Advantage |
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Definition
Cost
Product/Service Differentiation
Niche Strategies |
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Term
|
Definition
| low cost of competitor in an industry while maintaining satisfactory profit margins |
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Term
| Product/Service Differentiation |
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Definition
| Provision of something that is unique and valuable to buyers beyond simply offering lower prices then competitors |
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Term
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Definition
| advantaged achieved when a firm seeks to target and efficiently serves a small segment of the market |
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Term
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Definition
| can be anything, either favorable or unfavorable, that a person receives in an exchange of tangible goods, services and ideas |
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Term
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Definition
| some source of new-product ideas are customers, employees, distributors, competitors, vendors, research and developments and consultants |
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Term
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Definition
| the first filter in the process. It eliminates ideas that are inconsistent with the organizations new product strategy or inappropriate for some other reason |
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Term
|
Definition
| some considerations in this stage are demand, cost, sales and profitability |
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Term
|
Definition
Production
Inventory buildup
Distribution shipments
Sales training
Trade Announcements
Customer Advertising |
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Term
|
Definition
Creation of prototype
Marketing Strategy
Packaging Branding Labeling
Promo, price, place
Manufacturing feasibility |
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