Term
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Definition
| Activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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| People giving up something to receive something they would rather have |
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Definition
| • Major quest of marketing is customer satisfaction of wants & needs while meeting organizational objectives |
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Term
| The Societal Marketing Concept |
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Definition
| • Not only satisfying customer wants but also preserve or enhance individual’s and society’s long term best interests |
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Term
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Definition
| • Plan of action for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market |
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Term
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Definition
| • Group of customers on which marketing efforts are focused |
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Term
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Definition
• PRODUCT
o Tangible goods, ideas and services
• PRICE
o Value paid for a product in a marketing exchange
• PROMOTION
o Communication to build and maintain relationships by informing and persuading one or more audiences
• DISTRIBUTION/PLACE
o Decisions and activities that make products available to customers when and where they want to purchase them |
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Term
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Definition
| • Competitive, economic, political, legal, regulatory, technological, and sociocultural forces that surround customers and affect marketing mix |
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Term
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Definition
Set of unique features of a company and its products that are perceived by the target market as significant and superior to the competition
-result of a company matching a core competency to opportunities it has discovered in a marketplace |
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Term
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Definition
| o Considers certain individual rights or duties as universal, regardless of the outcome |
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Definition
o Focuses on the “greatest food for the greatest number”
o Assesses the costs and benefits of the consequences of ethical behavior |
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Term
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Definition
| • Marketing that targets markets throughout the world |
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Term
Multinational Firm
-Global Market Standardization |
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Definition
Production of uniform products that can be sold the same way all over the world
-companies operate in 1 country and sell into another
-setup foreign subsidiaries to handle sales
-operate an entire line of business in another country
-virtual operation |
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Term
| Environmental Factors of Global Marketing |
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Definition
| Culture, Economic and Technological Development, Political Structure, Demographics, Natural Resources |
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Term
| Competitive Advantage of Nations |
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Definition
-sustained through highly localized processes
-nations succeed b/c their home market is the most forward looking, dynamic, and challenging
-companies that achieve through acts of innovation
-innovations that yield competitive advantage anticipate foreign and domestic needs |
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Term
| Entry Strategies of Global Marketing |
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Definition
Exporting
licensing
contract manufacturing
joint venture
direct investment |
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Term
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Definition
| selling domestically produced products to buyers in other countries |
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Definition
| legal process allowing use of manufacturing/patents/knowledge |
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Definition
| private-label manufacturing by a foreign country |
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Definition
| domestic firms buys/joins foreign company to create a new entity |
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Definition
| active ownership of a foreign company/manufacturing facility |
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Definition
| • Processes that a customer uses to make purchase decisions, as well as to use and dispose of purchased goods and services; includes factors that influence purchase decisions and the product use |
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Term
| Stages in the Buying Decision Process |
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Definition
-Need recognition
-information search
-alternative evaluation
-purchase decisions
-post-purchase behavior |
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Term
| Evoked Set (alternative evaluation) |
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Definition
Group of brands, resulting from an information search, from which a buyer can choose
-analyze product attributes
-use cutoff criteria
-rank attributes by importance |
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Term
| cognitive dissonance (post purchase behavior) |
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Definition
| inner tension that a consumer experiences after recognizing an inconsistency b/w behavior and values or opinions |
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Term
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Definition
who do we buy from?
when do we buy?
where do we buy? |
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Term
| 4 types of Decision-Making |
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Definition
Economic
Personal
Social Significance
problem solving |
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Term
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Definition
| o Purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make profit |
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Term
| Business-to-Business Markets |
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Definition
| o Individuals, organizations, or groups that purchase a specific kind of product for resale, direct use in producing other products, or use in general daily operations |
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Term
| Influences on consumer buying decisions |
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Definition
-situational
-individual
-psychological
-social
-cultural |
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Term
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Definition
| purchase task, social surroundings, physical surroundings, temporal effects, antecedent states |
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Definition
| gender, family life cycle |
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Definition
| personality, extraversion, self-concept, lifestyle, perception, motives |
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Definition
| reference group, opinion leaders, family members |
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Term
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Definition
| Values that shape human behavior and artifacts or products of that behavior as they are transmitted from one generation to another |
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Term
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Definition
| • Process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs |
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Term
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Definition
-geographic
-demographic (age, gender, income)
-psychographic (personality, motives, lifestyles, geo-demographics) |
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Term
| Business-to-Business Bases |
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Definition
-types of organizations (producers, resellers, governments, institutions)
-size of organization
-geographic location
-product line |
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Term
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Definition
-undifferentiated
-concentrated
-multi-segment |
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Term
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Definition
Consumer Bases
Business-to-Business Bases |
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Term
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Definition
| • Systematic design, collection, interpretation, and reporting of information to help marketers solve specific marketing problems or take advantage of marketing opportunities |
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Term
| 3 types of marketing research |
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Definition
descriptive- gathering and presenting factual statements
diagnostic- explaining data
prescriptive- "what if?" |
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Term
| Marketing Decision Support Systems |
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Definition
| customized computer software that aids marketing managers in decision making |
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Term
| 5 Steps in the research process |
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Definition
1. locating problem
2. design research project
3. collect data
4. interpret research findings
5. reporting research findings |
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Term
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Definition
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Term
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Definition
inexpensive items that merit little shopping effort
ex: toothpaste |
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Term
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Definition
requires comparison shopping, more expensive
ex: camera |
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Definition
search extensively for
ex: car |
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Term
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Definition
product unknown to potential buyer or doesn't actively seek
ex: insurance, thesaurus |
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Term
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Definition
| used in manufacturing process that becomes part of final product |
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Term
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Definition
items used to assist producing other goods and services
- installations, accessory, supplies, or industrial services |
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Term
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Definition
| composite, or total, group of products that an organization makes available to customers |
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Term
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Definition
| specific version of a product that can be designated as a distinct offering among a firm's products |
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Term
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Definition
| group of closely related product items viewed as a unit b/c of marketing, technical, or end-use considerations |
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Term
| Categorizing New products |
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Definition
new to world
product line addition
new category
improvements or revisions
repositioned
lower-priced |
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Term
| 7 Stages in the New Product Development Process |
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Definition
1. idea generation
2. idea screening
3. concept testing
4. business analysis
5. development
6. test marketing
7. commercialization |
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Term
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Definition
intangibility
inconsistency
inseparability
inventory |
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Term
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Definition
Identifies difference between expectations about and or experience with service
o Consumer expectation & management perception of consumer expectations
o Management perception of consumer expectations & firm’s service quality specifications
o Service quality specs & actual service quality
o Actual service delivery & external communication about service
o Service quality received & service desired |
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Term
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Definition
| Group of individuals and organizations that direct the flow of products from producers to customers with supply chain |
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Term
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Definition
-retailers
-merchant wholesaler
-agents or brokers |
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Term
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Definition
| All activities associated with the flow and transformation of products from raw materials through to the end customer |
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Term
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Definition
| All transactions in which buyer intends to consume the product through personal, family, or household use |
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Term
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Definition
Merchandise Retailers:
Department (sears)
discount (wal-mart)
convenience (speedway)
supermarket (kroger)
Supercenter (wal-mart supercenter)
Specialty retailers:
traditional specialty (foot locker, radio shack)
category killers (home depot, staples)
off-price (T.J. Maxx) |
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Term
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Definition
automated vending
direct retailing- face to face (schwans)
direct marketing- telephone, internet, to introduce products to customers that can buy over phone, internet, etc.
electronic retailing - amazon.com |
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Term
| Retail Strategy Considerations |
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Definition
location
positioning
store image
retailing mix |
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Term
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Definition
| describes how new retailers work |
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Term
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Definition
| outlet starts with low prices, margins, status |
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Term
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Definition
| as time passes, outlet adds services |
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Term
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Definition
| outlet now has higher prices, marins, status |
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Term
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Definition
| Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response |
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Term
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Definition
advertising
public relations
sales promotion
personal selling |
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Term
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Definition
sender
encode message
message channel
decode message
receiver
noise in the process |
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Term
| promotion during the product life cycle |
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Definition
intro: A, PR, SP
growth: A, PR, PS
maturity: SP, PS
decline: PS |
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Term
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Definition
| Impersonal, one way mass communication about a product or organization that is paid for by a marketer |
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Term
| Institutional Advertising |
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Definition
promotes organizational ideas, images and political issues
-enhance a company's image rather than promoting a particular product |
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Term
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Definition
| company focuses on public issues like abortion, gun violence, and international trade |
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Term
| Product Pioneer Advertising |
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Definition
| informing potential customers of product features, uses, and benefits |
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Term
| Product Competitive Advertising |
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Definition
| promote product through indirect or direct comparisons to competing brands |
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Term
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Definition
Comparing sponsored brand to one or more identified competing brands on one ore more product characteristics
tylenol pm vs. advil pm |
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Term
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Definition
| run heavily at certain intervals |
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Term
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Definition
| combines continuous and flighted |
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Term
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Definition
repetition
moderate cost
flexibility
geographic selectivity
short message
lack of demographic selectivity
high "noise" level |
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Term
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Definition
fast growing
ability to reach narrow target audience
short lead time
moderate cost
difficult to measure ad effectiveness
ad exposure relies on "click through" from banner ads |
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Term
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Definition
low cost
immediacy of message
short notice scheduling
no seasonal audience change
highly portable
short term advertiser commitments
entertainment carryover
no visual treatment
short ad. life
high frequency to generate
background distractions
commercial clutter |
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Term
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Definition
wide, diverse audience
low cost per thousand
immediacy of message
entertainment carryover
short life of message
high campaign cost
long term ad. commitments |
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Term
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Definition
geographic selectivity
short term ad. commitments
year round readership
high individual market coverage
short lead time
low pass along rate
expensive |
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Term
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Definition
good reproduction
long ad. life
high pass along rate
long tern ad. commitment
slow audience build up
long lead time |
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Term
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Definition
influence demand for the brand during the growth phase of the product life cycle
-often use emotional appeal |
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Term
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Definition
evaluates public attitudes
identifies issues of public concern
executes programs to gain public acceptance |
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Term
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Definition
new story type of communication about an organization and/or its products transmitted through a mass medium at no charge
-news releases, press release, feature article, captioned photo, press conference |
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Term
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Definition
| activity and/or material intended to induce resellers to sell a product or consumers to buy it |
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Term
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Definition
| planned presentation to one or more prospective buyers for purpose of making a sale |
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Term
| 7 steps in the selling process |
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Definition
lead generation
qualify leads
prepare and approach a customer
develop and propose solutions
handle objections
close sale
follow up |
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Term
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Definition
| identify price and cost levels that allow firm to maximize profits |
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Term
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Definition
market share
sales maximization
-ignores profits, competition, and mark. environment
-may be used to sell off excess inventory |
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Term
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Definition
maintain existing prices
meet competitors prices |
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Term
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Definition
| overbooking, discount early purchases |
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Term
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Definition
| highest possible price customers will pay |
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Term
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Definition
| gain significant market share quantity |
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Definition
| drive competitors out of business |
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Term
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Definition
| product priced below usual markup, near cost, or below cost |
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Term
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Definition
| 2 or more complementary products |
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