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Definition
| States of felt deprivation |
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| The form human needs take as they are shaped by cultutre and individual personality |
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| Human wants that are backed by buying power |
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| Some combination of products, services, information,, or experiences offered to a market to satisfy a need or a want |
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| activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything |
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Definition
| mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products |
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Definition
| experiences consumers have had with a brand |
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| The act of obtaining a desired object from someone by offering something in return |
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| ser of actual and potential buyers of a product |
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| the art and science of choosing target markets and building profitable relationships with them |
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Definition
| dividing the market into segments of customers |
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| the segments a company chooses to go after |
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| practice of reducing the number of customers or to shirt thier demand temporarily or permanently |
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| is the set of benefits or values it promises to deliver to consumers to satisfy their needs |
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| holds that consumers will favor products that are available and highly affordable |
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| holds that consumers will favor products that offer the most in quality, performance and innovative features |
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| holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort |
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Definition
| holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do |
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Term
| What kind of perspective does the selling concept take? |
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Definition
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Term
| What kind of perspective does the marketing concept? |
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Term
| societal marketing concept |
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Definition
| Concept holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer's and the society's well being |
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Term
| Three Considerations Underlying the Societal Marketing Concept |
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Definition
Ø Society (Human Welfare)
Ø Consumers (Want satisfaction)
Company (Profits) |
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Definition
*Product
*Price
*Place
*Promotion |
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Definition
| depends on the product's perceived performance relative to a buyer's expectations |
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| selling in a standardized way to any customer who comes along |
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Definition
| creating market offerings and messages that involve consumers rather than interrupt them |
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| Partner relationship management: |
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Definition
| working closely with partners in other company departments and outside the company to jointly bring greater value to customers |
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Definition
| describes a longer channel, stretching from raw material to components to final products that are carried to final buyers |
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| many companies are strengthening their connections with partners all along the supply chain |
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Definition
| the value of the entire stream of purchases that the customer would make over a lifetime of patronage |
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| the share they get of the customer's purchasing in their product categories |
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Definition
| a vast public web of computer networks, which connects users of all types around the world to each other and to an amazingly large information repository |
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Definition
| *Marketing is the process of building profitable customer relationships by creating value for customers and capturing value in return |
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Definition
| he entire process of researching, planning, promoting, and distributing the raw materials, apparel, and accessories that consumers want to buy |
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Definition
| is the power behind the product development, production, distribution, retailing, and promotion of fibers, fabrics, leathers, furs, trimmings, apparel and accessories |
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Definition
| people who buy and use merchandise are the primary influence on marketing |
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Definition
| statistical studies of measurable population characteristics such as birthrate, age, distribution, and income |
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Definition
| the age group caused by the increase in the birthrate between 1946 and 1964 |
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Term
| Baby Busters (generation X) |
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Definition
| The generation born between 1965 and 1979 |
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Term
| The Baby Boomlet (generation Y |
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Definition
| Fashion marketing's most sought after consumer group |
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Term
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Definition
| people are looking for a connection to the community; for the first time in more than 40 years, cities are gaining in population |
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| Renewed interest in family life: |
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Definition
| people spend more money on home and family activities than on fashion |
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Term
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Definition
| many people try to insulate themselves from the fears of terrorism, war and crime by staying home as much as possible, shopping less, or shopping by catalog or on the internet. At home they feel a sense of comfort and protection from an increasingly insecure and hostile world |
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Term
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Definition
| the number of people who work at home is expected to increase dramatically |
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| Increased at- home use of computers: |
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Definition
| people are more likely to shop on the internet |
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Definition
| people want relaxed and casual dressing at home and at work and activewear for exercise |
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Definition
| people are willing to trade money for free time, which makes shopping by catalog or internet appealing |
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Definition
| overwhelmed consumers have busy schedules and are overwhelmed with too much choice of merchandise; they prefer to limit shopping to a few favorite stores, catalogs, or websites |
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Term
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Definition
| the gross amount of income from all sources, such as wages and salaries, interest and dividends |
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Term
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Definition
| is personal income minus taxes; amount determines a person's purchasing power |
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Definition
| income left over after food, lodging, and other necessities have been paid for; money is available to be spent or saved at will |
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Definition
| amount of goods and services that income can buy thus creating its relevance and meaningfulness |
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Definition
| goods that are brought in from a foreign country to sell here |
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| the difference in value between a country's exports and its imports |
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| trade without restrictions |
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Definition
| custom charges imposed on imports in an attempt to protect domestic industry |
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| Harmonized Tariff Schedule (HTS) |
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Definition
| an international system of product classification used since 1988 for international customs clearance and the collection of data on imports and exports |
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Definition
the style or styles most popular at a given time; implies four components
*style
*change
*acceptance
*taste |
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Definition
| any particular characteristic or look in apparel or accessories |
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| an individual's preference for one style or another |
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Definition
| implies sensitivity to what is beautiful and appropriate |
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Definition
| purchases by large numbers of people; makes a style into a fashion |
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Definition
| describes the group of consumers the store wishes to attract |
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Definition
| dentify with consumers who want fashion adaptations available to them at moderate and upper moderate prices |
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Definition
| appeal to people who simply cannot or will not spend more money on clothing; balance of fashionable and basic merchandise |
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Term
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Definition
| indicates the dates on which specific merchandise is to be featured and the number and location of windows and interior displays that are to show the merchandise |
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Definition
| special events that communicate a fashion story; usually sponsored by a vendor |
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Definition
| ake a great deal of advance planning involving booking models and fittings and arranging for a runway, scenery, lighting, microphones, music, seating, and assistants |
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Definition
done in cooperation with a single vendor and are a popular way to sell expensive collections
*invitations are sent to the best customers according to customer profile
*travels store to store with the collection
*customers get to see the entire collection unedited by a buyer and may order from the samples in their size
*some designers and retailers do 50 percent of their total business through trunk shows |
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Term
| Department fashion shows: |
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Definition
on a much smaller scale are produced in-store to generate immediate sales
*usually on a platform is set up directly in the department that carries the clothes |
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Term
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Definition
| the easiest to produce; few models walk through the store showing the fashions they are wearing to customers who are shopping for having lunch in the store's restaurant |
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Term
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Definition
Ø Descriptive in nature
Ø Used by researchers to understand the effects of various promotional inputs on the consumer
Ø Enabling marketers to predict consumer behavior
Ø Research is known as positivism
Ø Methods used consist of
*Experiments
*Survey techniques
*Observation
Ø Findings are
*descriptive
*empirical
*if collected randomly can be generalized to larger populations
Ø Because the data collected are quantitative they lend themselves to sophisticated statistical analysis |
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Term
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Definition
Ø Includes
*depth interviews
*focus groups
*metaphor analysis
*collage research
*projective techniques
Ø Techniques are administered by highly trained interviewer-analysts who also analyze the findings
Ø Findings tend to be somewhat subjective |
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Term
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Definition
| riginal data performed by individual rearchers or organizations to meet specific objectives |
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Term
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Definition
| consists of data generated in house for earlier studies as well as analysis of customer files |
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Term
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Definition
| available from marketing research companies that routinely monitor specific aspects of consumer behavior and sell data to marketers |
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Term
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Definition
| an important method of consumer research because marketers recognize that the best way to gain an in depth understanding of the relationship between people and products is by watching them in process |
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Term
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Definition
| uses a mechanical or electronic device to record customer behavior or response to particular marketing stimulus |
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| Physiological observation |
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Definition
| devices that monitor respondents patterns of information processing |
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Term
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Definition
| ensures that any difference in outcome is due to different treatments of the variable under study and not to extraneous factors |
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Definition
| a major application of causal research; prior to launching a new product, elements such as package, price, and promotion are manipulated in a controlled setting in order to predict sales or gauge the possible responses to the product |
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Definition
| if it collects the appropriate data needed to answer the questions or objectives stated un the first stage of the research process |
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Definition
| if the same questions, asked of a similar sample, produce the same findings |
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Definition
| instruments most frequently used to capture this evaluative data |
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Definition
| most popular form of attitude scale because it is easy for researchers to prepare and to interpret, and simple for consumers to answer |
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Term
| Semantic differential scale: |
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Definition
| relatively easy to construct and administer; typically consist of a series of bipolar adjectives anchored at the end of odd-numbered continuum; respondents are asked to evaluate a concept on the continuum that best reflects their feelings or beliefs |
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Term
| Behavior intention scale: |
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Definition
| measures the likelihood that consumers will act in a certain way in the future, such as buying the product again or recommending it to a friend |
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Term
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Definition
| subjects are asked to rank items such as products in order of preference in terms of some criterion, such as overall quality or value for the money |
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Term
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Definition
| lengthy nonstructural interview between a respondent and a highly trained interviewer who minimizes his or her own participation in the discussion after establishing the general subject to be discussed |
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Term
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Definition
| consists of 8 to 10 respondents who meet with a moderate analyst for a group discussion "focused" on a particular product or product category |
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Definition
| esigned to tap the underlying motives of individuals despite their unconscious rationalization or efforts at conscious concealment; consist of a variety of disguised tests that contain ambiguous stimuli such as incomplete sentences, untitled pictures or cartoons, ink blots, word association tests and other person characterizations |
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Definition
| use of one form of expression to describe or represent another |
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Term
| Customer satisfaction measurement: |
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Definition
| includes quantitative and qualitative measures as well as a variety of contact methods with others |
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Term
| Customer satisfaction surveys: |
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Definition
| measure how satisfied the customers are with relevant attributes of the product or service and the relative importance of these attributes; generally use 5 point semantic differential scales ranging from very dissatisfied to very satisfied |
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Definition
| professional observers who pose as customers in order to interact with and provide unbiased evaluations of the company's service personnel in order to identify opportunities for improving productivity and efficiency |
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Definition
| should encourage customers to complain about an unsatisfactory product or service, provide suggestions for improvements by completing forms asking specific questions and establish listening posts |
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Definition
| a subset of the population that is used to estimate the characteristics of the entire population |
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Term
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Definition
| respondents are selected in such a way that every member of the population studied has a known, nom zero chance of being selected |
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Definition
| specific elements from the population under study have been predetermined in a nonrandom fashion on the basis of the researchers judgment or decision to select a given number of respondents from a particular group |
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Definition
| the process of dividing a market into distinct subsets of consumers with common needs or characteristics and selecting one or more segments to target with a distinct marketing mix |
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Definition
| offering the same product and marketing mix to all consumers |
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Definition
| the market is divided by location |
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| Demographic characteristics: |
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Definition
| age, sex, marital status, income, occupation, and education are most often used as the basis for market segmentation |
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Definition
| situational factors that might influence when and what consumers buy |
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Definition
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| company seeking to discover more generic need to consumer characteristic that would apply to the members if two or more segments and recombine those segments into a larger single segment |
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| Consumer generated marketing |
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Definition
| Marketing messages, ads and other brand exchanges created by consumers themselves, both invited and uninvited |
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Definition
| total combined customer lifetime values of all the company's customers |
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Definition
| the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities |
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Definition
| a statement of the organization's purpose---what it wants to accomplish in the larger environment |
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| the collection of businesses and products that make up the company |
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Definition
| the process by which management evaluates the products and businesses making up the company |
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Definition
| SBU, a unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses |
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Definition
| a portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks or dogs |
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Term
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Definition
| are high growth, high share businesses or products. They often need heavy investment to finance their rapid growth. Eventually their growth will slow down, and they will turn into cash cows |
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Term
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Definition
| cash cows are low growth, high share businesses or products. These established and successful SBU's need less investment to hold their market share. Thus they produce a lot of cash that the company uses to pay its bills and to support other SBUs that need investment |
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Term
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Definition
| question mark are low share business units in high growth markets, They require a lot of cash to hold their share, let alone increase it, Management must think hard about which question marks it should try to build into stars and which should be phased put |
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Definition
| dogs are a low-growth, low share businesses and products. They may generate enough cash to maintain themselves but do not promise to be large sources of cash |
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| Product/market expansion grid |
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Definition
| a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, product diversification |
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Definition
| a strategy for company growth by increasing sales of current products to current market segments without changing the product |
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Definition
| a strategy for company growth for identifying and developing new market segments for current company products |
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Definition
| a strategy for company growth by offering modified or new products to current market segments |
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Definition
| a strategy for company growth through starting up or acquiring businesses outside the company's current products and markets |
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Definition
| reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company’s overall strategy |
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Definition
| the series of departments that carry out value-creating activities to design, produce, market, deliver, and support |
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Definition
| the marketing logic by which the business unit hopes to create customer value and achieve profitable customer relationships |
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Definition
| dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs |
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Definition
| a group of consumers who respond in a similar way to a given set of marketing efforts |
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Definition
| involves evaluating each market segment's attractiveness and selecting one or more segments to enter |
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Definition
| arranging for a product to occupy a clear, distinctive, and desirable place a relative to competing products in the minds of target customers |
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Definition
| ctually differentiating the market offering to create superior customer value |
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Definition
| the set of controllable tactical marketing tools--product, price, place, and promotion--that the firm blends to produce the response it wants in the target market |
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Definition
| an overall evaluation of the company's strengths, weaknesses, opportunities, and threats |
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| Marketing implementation: |
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Definition
| the process that turn marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives |
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Definition
| the process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensue that objectives are achieved |
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Definition
| a comprehensive, systematic, independent, and periodic examination of a company's environment, objectives, strategies, and activities to determine problem areas and opportunities and to recommend a plan of action to improve the company's marketing performance |
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Term
| Return on marketing investment (or marketing ROI) |
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Definition
| the net return from a marketing investment divided by the costs of the marketing investment |
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