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I-Core Marketing
selling your soul
53
Marketing
Undergraduate 3
09/12/2010

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Term
customer relationship management
Definition
overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. it deals with all aspects of acquiring, keeping, and growing customers.
Term
customer perceived value
Definition
the customer's evaluation of the difference between all the benefits and costs of a market offering relative tot hose of competing offers. They don't judge accurately; they judge on perceived value.
Term
customer satisfaction
Definition
depends on the product's perceived performance relative to buyer's expectations
Term
consumer-generated marketing
Definition
a significant marketing force through a profusion of consumer-generated videos, blogs, and websites, consumers are playing an increasing role in shaping their own brand experiences
Term
consumer lifetime value
Definition
revenue stream of 1 customer for 1 brand over time
Term
share of customer
Definition
the share that customer relationship management get out of customer's purchasing in their product categories.
Term
customer equity
Definition
total combined customer lifetime values of all the company's current and potential customers
Term
Types of Research
Definition
Exploratory, Descriptive, Causal
Term
methods of research
Definition
Observational, Survey, Experimental
Term
reference group
Definition
people that have a significant effect on an individual’s evaluations, aspirations, or behavior.
Term
opinion leader
Definition
a person who influences others’ attitudes or behaviors.
Term
culture
Definition
most basic cause of our own wants and behavior. learned from family, church, school, peers, etc. reflects basic values, perceptions, wants
Term
business portfolio
Definition
collection of businesses and products that make up the company
Term
portfolio analysis
Definition
management evaluates the products and businesses that make up the company
Term
growth matrix
Definition
by BCG. Vertical axis shows market attractiveness and horizontal axis shows relative market share.
Term
product market expansion grid
Definition
from page 131, involves new products and new markets.
Term
market penetration
Definition
making more sales without changing its original product.
Term
market development
Definition
identifying and developing new markets for its current products.
Term
product development
Definition
offering modified or new products to current markets
Term
diversification
Definition
starting up or buying businesses outside of its current products and markets.
Term
downsizing
Definition
when companies develop strategies for shrinking business portfolios due to multiple reasons (ex: grown too fast or enter areas where it lacks experience)
Term
marketing strategy
Definition
the marketing logic by which the company hopes to create this customer value and achieve these profitable relationships
Term
market segmentation
Definition
the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
Term
market segment
Definition
consumers who respond in a similar way to a given set of marketing efforts
Term
market targeting
Definition
evaluating each market segment's attractiveness and selecting one or more segments to enter
Term
positioning
Definition
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Term
differentiation
Definition
separating company's marketing offering so that it gives consumers more value
Term
marketing mix
Definition
set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market.
Term
microenvironment
Definition
consists of the actors close to the company that affect its ability to serve its customers--the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
Term
macroenvironment
Definition
consists of the larger societal forces that affect the microenviornment--demographic, economic, natural, technological, political, cultural.
Term
marketing intermediaries
Definition
help company to promote, sell, and distribute to final buyers--resellers, physical distribution firms, marketing service agencies, financial intermediaries.
Term
geographic segmentation
Definition
calls for dividing the market into different geographical units to operate in or pay attention to.
Term
demographic segmentation
Definition
divides the market into segments based on variables such as age, gender, family size, income, etc. most popular bases for segmenting customer groups because it's closely tied to usage rates.
Term
age and life-cycle segmentation
Definition
companies offering different products or using different marketing approaches for different age and life cycle groups.
Term
income segmentation
Definition
targeting different consumers of various income for luxury goods or cheap goods.
Term
psychographic segmentation
Definition
divides buyers into different segments based on social class, lifestyle, or personality characteristics
Term
behavorial segmentation
Definition
divides buyers based on their knowledge, attitudes, uses, or responses to a product.
Term
differentiated marketing
Definition
when a firm targets several market segments and designs separate offers for each.
Term
concentrated marketing
Definition
when a firm goes after a large share of one or a few smaller segments or niches.
Term
micromarketing
Definition
practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.
Term
product's position
Definition
defined by consumers on important attributes, where it's occupied in consumers' minds.
Term
convenience products
Definition
products and services customers buy frequently, immediately, and with minimum comparison
Term
convenience products
Definition
products and services customers buy frequently, immediately, and with minimum comparison
Term
shopping products
Definition
less frequently purchased consumer products and services that they compare on suitability, quality, price, and style.
Term
specialty products
Definition
consumer products and services with unique characteristics for which a significant group of buyers is willing to make special purchase effort, such as cars, photographic equipment, etc.
Term
unsought products
Definition
consumer products that the consumer either does not know about or knows about but does not normally think of buying.
Term
industrial products
Definition
those purchased for further processing or for use in conducting a business
Term
product line
Definition
a group of products that are closely related because they function in a similar matter.
Term
product mix
Definition
consists of all the product lines and items that a particular seller offers for sale
Term
sales inseparability
Definition
when services cannot be separated from their providers, whether the providers are people or machines.
Term
service variability
Definition
quality of services depends on who provides them as well as when, where, and how they are provided.
Term
service perishability
Definition
services cannot be stored for later sale or use
Term
service profit chain
Definition
links service firm profits with employee and customer satisfaction
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