Term
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Definition
| good, service, or idea;creating or modifying brand names and packaging. Deals with researching customers wants and needs to design a satisfying product |
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| Place (Distribution) Variable |
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Definition
| Products must be abailable at the right time and in convenient locations. Make products available in the desired quantities. |
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Definition
| activities used to inform individuals or groups about the organization and its products |
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Definition
| establishing pricing objectives and policies and determining product prices. |
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Term
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Definition
| collecting information about forces in the marketing environment |
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Term
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Definition
| assessing and interpreting the information gathered through environemntal scanning |
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Term
| Two responses to environmental forces: |
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Definition
1)reactive- accepting them as uncontrollable; marketing managers adjust current maketing strategies to environmental changes
2)proactive-identify market opportunities |
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Term
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Definition
One competitor, many barriers of entry, almost no substitutes for products, UTILITY
exists when an organization offers a product that has no close substitues making it the sole source of supply |
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Term
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Definition
few competitors, some barriers to entry, homogeneous or differentiated product
Few sellers control the supply of a large proportion of a product. |
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Term
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Definition
Prosperity- low unemp., high income
Recession-unemployment rises, total buying power declines
depression-unemployment is extremely high, wages are low, minimum disposable income.
recovery-from recession or depression to prosperity, unemployment declines |
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Term
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Definition
| inclination to buy because of expected satisfaction, benefit from product |
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Term
| Sherman Antitrust Act (1890) |
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Definition
| Prohibits contracts, combinations, or conspiracies to restrain trade; establishes as a misdemeanor monopolizing or attempting to monopolize |
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Term
| Federal Trade Commission Act (1914) |
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Definition
| Created FTC; gives FTC investigatory powers to be used in preventing unfair methods of competition |
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Term
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Definition
| curb false advertising, end misleading pricing, and deceptive packaging and labeling. |
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Term
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Definition
| Food and Drug Administration- Enforces laws and regulations to prevent distribution of adulterated or misbranded foods, drugs, medical devices, cosmetics, veterinary products, and potentially hazardous consumer products |
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Term
| Federal Communications Commission |
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Definition
| FCC-regulates communication by wire, radio, and telivision in interstate and foreign commerce. |
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Term
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Definition
| Better Business Bureau- A local, nongovernmental regulatory agency, supported by local businesses, that helps settle problems between customers and specific business firms.Warns consumers, preserve good business practices in a locality |
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Term
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Definition
| National Advertising Division of (BBB) deceptive advertising |
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Term
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Definition
| National Advertising Review Board- considers cases that advertisers challenge against the NAD. NARB can file complaint to FCC, influence if you dont comply |
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Term
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Definition
| technology-application of knowledge and tools to solve problems and perform tasks more efficiently, research done bye businesses, universities, gov. agencies, non profit organizations, more than half paid by gov't. |
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Term
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Definition
| how we satisfy our physiological needs. |
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Term
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Definition
| constant change that often challenges the structures of social instutitions |
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Term
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Definition
| broad nature of technology as it moves through society |
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Term
| self-sustaining nature of technology |
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Definition
| technology acts as a catalyst to spur faster development |
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Term
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Definition
| dinfluences in a society and its cultures that bring about changes in people. |
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Term
| Demographic and diversity |
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Definition
| changes in demograph characteristics: age, gender, race, ethnicity, marital and parental status, income, education. |
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Term
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Definition
| marketers try to monitor changes in order to predict changes in consumers' needs for products, NUTRITION, EXERCISE, ALTERED SEXUAL BEHAVIOR |
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Term
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Definition
| fulfuilling the economic(be profitable), legal(Obey the Law), ethical(do what is right, be fair) and philanthropic(be a good corporate citizen) social responsibilities that stakeholdes expect. |
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Term
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Definition
| principles and standards that define acceptable conduct in marketing that are determined by stakeholders-public, government regulators, private-interest groups, consumers, industry, and the organization itself. |
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Term
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Definition
| linking products to a particular social cause on an ongoing short-term basis |
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Term
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Definition
| ability to link assets of an organization to concerns of stakeholders. |
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Term
| Factors that influence ethical decision making process |
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Definition
Individual factors
Opportunity
Organizational Relationships |
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Term
| Individual Factors (ethical decision making) |
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Definition
| base decisions on their own values of right or wrong |
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Term
| Organizational Factors (bus ethics) |
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Definition
| decisions in work groups and committees, conversations with co-workers. Organizational culture, values rituals goals norms, members of an org. share. |
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Term
| Opportunity factors (marketing ethics) |
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Definition
| conditions that limit barriers or provide rewards. Practicer might continue to act if the reward is continually received. |
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Term
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Definition
| a group of people who, as individuals or as ogranizations, have needs for products in a product category and have the ability, willingness and authority to purchase such products |
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Term
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Definition
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Term
| Target Market Selection Process |
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Definition
Indentify the appropriate strategy
Determine which segmen. variables to use.
Develop market segment profiles
Evaluate relevant market segments
Select specific target markets |
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Term
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Definition
| single marketing mix directed to entire market. Larche proportion of customers must have similar needs for product. Develop and maintain a single marketing mix |
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Term
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Definition
| Segmented market, single marketing mix and a single segmented market, within the whole market |
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Term
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Definition
| directs its efforts at two or more segments by developing a marketing mix for each. Fruit of the Loom-Men, Women, Children |
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Term
| 4 Segmentation Variables for Consumer Markets |
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Definition
Demographics
Psychographic
Geographic
Behavioristic |
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Term
| Demographic (consumer market seg.) |
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Definition
| age, gender, race, ethn., income, eduation, occupation, family size, family life cycle, religion, social class |
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Term
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Definition
personality attributes
motives
lifestyles |
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Term
| Geographic variables (market seg. variable) |
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Definition
| Region, Urban, sub, rural, city, county, state size, market density, climate, terrain |
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Term
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Definition
| Volume Usage, End Use, Benefit Expectations, brand loyalty, Price sensitivity |
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Term
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Definition
| consumer lifestyle framework program, classifies consumers into eight basic groups based on psychological characteristics that are correlated with purchase behavior and four key demographics 8 groups: Innovators, Thinkers, Achievers, Experiencers, Believers, Strivers, Makers, Survivors |
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Term
| Variables for segmenting Business Markets |
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Definition
Geogrpahic Location
Type of Organization
Customer Size
Product Use |
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Term
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Definition
| degree of interest in a product and the importance the individual places on that product |
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Term
| Influences on Consumer Buying Decision Process |
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Definition
-Situational influences
-Psychological Influences
-Social influences |
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Term
| situational influences on consumer decision making process |
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Definition
Pyshical surroundings
social surroundings
time
purchase reason
Buyer's mood and condition |
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Term
| Psychological influences on consumer decision making process |
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Definition
perception
motives
learning
attitudes
personality and self concept
lifestyles |
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Term
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Definition
roles
family
reference groups and opinion leaders
social classes
culture and subcultures |
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Term
| consumer buying decision process |
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Definition
Problem recognition
Information Search
Evaluation of alternatives
Purhcase
Postpurchase evaluation |
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Term
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Definition
| internal energizing force that orients a person's activities toward satisfying needs or achieving goals. |
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Term
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Definition
| enduring evaluation of feelings about and behavioral tendencies toward an object or idea. Different attitudes can change buying decisions. |
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Term
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Definition
| how they spend their time what they do, pattern of living |
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Term
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Definition
| set of actions and activities a person in a position is supposed to perform based on expectations of both the individual and surrounding people |
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Term
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Definition
| consumer socialization. why we buy the things and way we buy. different brand loyalties. |
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Term
| reference groups and opinion leaders |
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Definition
| celebrity endorsements, politics, MICHAEL JORDAN-NIKE, group that positively or negatively affets a person's attitudes or behavior |
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Term
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Definition
| open group of individuals with similar social rank. |
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Term
| 4 categories of B2B markets (who to sell to) |
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Definition
Producer
ReSeller
Government
Institutional |
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Term
| Business Customers Transaction Characteristics |
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Definition
Orders have more volume
High Priced machinery and bulk computers
considerable marketing time and effort
Reciprocity-two ogranizations agree to buy from each other |
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Term
| Primary concerns of business customers |
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Definition
price
product quality
service (inventory management, repair services) |
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Term
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Definition
| 1 of 3 business purchases-organization makes an inituial purchase of an item to be used to perform a new job or solve a new problem |
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Term
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Definition
| buyers purhcase the same products routinely under pretty much same terms of sale |
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Term
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Definition
| new-task purchase is changed the second or third time it is ordered or requirements w/ striahgt rebuy are modified |
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Term
| demand for business products |
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Definition
Derived Demand
Inelastic demand
joint demand |
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Term
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Definition
| demand for business products derives from the demand for consumer products |
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Term
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Definition
| price increase or decrease will not significantly alter demand for a business product. small part of a car increase in price wont really matter. |
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Term
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Definition
| two or more items are used in combination to produce a product. |
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Term
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Definition
| demand for business products may fluctuate enormously. |
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Term
| Business buying decision process |
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Definition
Recognize Problem
Develop product specifications to solve
Search and evaluate possible prod. and sup.
Select product supplier and order product
Evaluate prodct and supplier performance |
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