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| developing & performing marketing activities across national boundaries |
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| defining business practices as right or wrong based on differing moralities within particular cultures |
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| the purchase of products from a foreign source |
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| the sale of products to foreign markets |
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| A company that links buyers and sellers in different countries |
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| hiring a foreign firm to produce a domestic firm’s product |
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| contracting noncore operations with an organization that specializes in that operation |
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| moving a business process that was done domestically to a foreign country, whether it is a subsidiary or a subcontractor |
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| contracting with an organization to perform business functions in a country other than the country in which the product will be sold |
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| partnership between domestic and foreign firms |
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| partnership formed to create competitive advantage on a worldwide basis |
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| a company owns subsidiaries or other facilities overseas |
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| firm has operations in many countries |
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| an alternative to direct investment requiring a license to pay commissions on sales or supplies used in manufacturing |
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| a form of licensing in which a franchiser grants a franchisee the right to market its product in accordance with the franchiser’s standards. |
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| customizing marketing strategy to meet different marketing mixes |
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| development of marketing strategies that treat the world markets as a single entity |
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| sharing business information, maintaining business relationships, and conducting business transactions by means of telecommunications network |
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| the strategic process of creating, distributing, promoting, and pricing products for targeted customers over the Internet |
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| Consumer-generated e-marketing |
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Definition
Desire to learn about consumers’ opinions and experiences
Increased ability to exchange information between consumers |
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Term
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Definition
A marketer’s ability to identify customers before they make a purchase.
-Cookie |
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Definition
| The ability to allow customers to express their needs and wants directly to the firm in response to the firm’s marketing communications. |
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The ability to access databases or data warehouses containing individual customer profiles and purchase histories and use these data in real time to customize a marketing offer.
-Database |
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| Customers’ ability to regulate the information they view and the rate and sequence of their exposure to that information. |
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The ability to obtain information available on the Internet.
increases competition for internet users’ attention |
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Definition
| The ability to represent a product, or at least some of its benefits, as digital bits of information |
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Term
| Cutomer Relationship Management (CMR) |
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Definition
| Using information about customers to create marketing strategies that develop and sustain desirable customer relationships |
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Term
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Definition
Used for personalized marketing
Identifying and building a database of current and potential consumers, including a wide range of demographic, lifestyle and purchase information
Delivering differential messages according to each consumer’s preference and characteristics through established and new media channels
Tracking customer relationships to monitor the costs of retaining individual customers and the lifetime value of their purchases |
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Definition
| The 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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| Benefits of Marketing Research |
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Definition
Facilitates strategic planning
Assess opportunities/threats
Ascertain potential for success |
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| Marketing Research Process |
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Definition
1. locating and defining problems or issues
2. designing the research project
3. collecting data
4. interpreting research findings
5. reporting research findings |
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| an overall plan for obtaining the information needed to address a research problem or issue. |
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| research conducted to gather more information about a problem or to make a tentative hypothesis more specific |
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| research designed to verify insights through objective procedures and to help marketers in making decisions |
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| Descriptive conclusive research |
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Definition
clarifies characteristics of certain phenomena to solve a particular problem
-Qualitative
-Survey |
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| Experimental conclusive research |
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Definition
| allows marketers to make casual inferences about relationships |
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| identical results produced in repeated trials of the same research technique |
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| research method measuring what it is supposed to measure |
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| all elements, units or individuals of interest to researchers for a specific study |
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| limited number of units chosen to represent the characteristics of a total population |
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Definition
| selecting representative units from a total population |
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Definition
| Groups of people who, as individuals or also as organizations, 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
Need/desire for a particular product
Have ability to purchase product
Willing to use buying power
Have authority to buy specific products
An aggregate of people that lack any one of the four requirements does not constitute a market |
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| Undifferentiated targeting strategy |
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Definition
| organization defines an entire market for a product as its target market and has a single marketing mix |
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| market which a large proportion of customers have similar needs for a product |
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Definition
| a market made up of individuals or organizations with diverse needs for products in a specific product class |
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Term
| Concentrated Targeting Strategy |
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Definition
| a market segmentation strategy where an organization targets a single market segment using one marketing mix |
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| Differentiated Targeting Strategy |
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Definition
| Strategy in which an organization targets two or more segments by developing a marketing mix for each segment |
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Term
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Definition
| creating and maintaining a certain concept of a product in customers minds. |
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Definition
| a tangible, physical entity |
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Definition
| an intangible, result of application of human and mechanical efforts to people or objects |
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| concept, philosophy, image or issue |
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Definition
| Relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort |
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| Marketing Implications for convenience products |
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Definition
Retail outlets
Low per-unit gross margins
Little promotion effort
Packaging important |
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Term
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Definition
Items for which buyers are willing to expend considerable effort in planning and making purchases
Marketing Implications:
No brand loyalty
Fewer retail outlets than convenience
Lower inventory turnover
Higher gross margins |
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Term
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Definition
Items with unique characteristics that buyers are willing to expend considerable effort to obtain.
Substitutes are not accepted
Marketing Implications:
Limited retail outlets
Lower inventory turnover
High gross margins |
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Term
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Definition
Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do no necessarily think of buying.
Speed and resolution more important than price and other features |
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Definition
| closely related items viewed as a unit |
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Definition
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Term
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Definition
| number of different products in line |
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Term
| Four Steps To Product Line/Mix Expansion |
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Definition
Determine customers’ specific needs in each high-priority market segments
Identify product/service bundles most attractive to them
Create unique value for line extensions and position product to segments
Determine sales/distribution channels that will achieve highest penetration of segments |
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Term
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Definition
the progression of a product through four stages: introduction, growth, maturity, decline
Goal is to maintain profitable products and drop unprofitable products |
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Term
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Definition
| The product life cycle stage when sales rise rapidly and profits reach a peak, then start to decline. |
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Term
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Definition
| The stage of a product’s life cycle when the sales curve peaks and starts to decline, and profits continue to fall. |
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| The five-stage process of buyer acceptance of a product: |
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Definition
Awareness, Interest, Evaluation, Trial,
Adoption |
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Definition
| Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs. |
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Definition
| Changes in one or more characteristics of a product. |
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Definition
| Changes affecting a product’s versatility, effectiveness, convenience, or safety. |
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| Changes relating to the sensory appeal of a product. Such as taste, texture, sound, smell, and appearance. |
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| seven-phase process for introducing products: |
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Definition
| idea generation, screening, concept testing, business analysis, product development, test marketing, commercialization |
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Definition
| Seeking product ideas to achieve organizational objectives. |
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Definition
| Selecting the ideas with the greatest potential for further review. |
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Definition
| Seeking a sample of potential buyers’ responses to a product idea. |
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Definition
| Evaluating the potential impact of a product idea on the firm’s sales, costs, and profits |
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Definition
| A limited introduction of a product in geographic areas chosen to represent the intended market. |
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Definition
| Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product |
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Definition
| Creating and designing products so that customers perceive them as different from competing products. |
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Definition
| human or mechanical efforts or activities that add value to a product |
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Definition
| Eliminating a product from the product mix when it no longer satisfies a sufficient number of customers. |
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Definition
| a name, term, design, symbol, or other feature that identifies a seller’s products and differentiates them from competitors’ products. |
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Definition
| part not made up of words, such as a symbol or design |
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Definition
| legal designation of exclusive use of a brand |
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Definition
| full legal name of organization |
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Definition
| aware brand exists and is alternative if preferred brand unavailable |
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Definition
| strongly preferred, no substitute |
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Definition
| The marketing and financial value associated with a brand’s strength in a market |
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Definition
| all of a firm’s products with the same name or part of the name |
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| Extension Branding Policy |
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Definition
| organization uses one of its existing brands to brand a new product in a different category |
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Definition
| An agreement whereby a company permits another organization to use its brand on other products for a licensing fee. |
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Term
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Definition
Protect product and maintain functional form
Offer convenience
Promote product
Communicate quality or premium nature of product |
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Definition
| identifying, promotional, or other information on package |
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Term
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Definition
Fair Packaging and Labeling Act (1966)
Nutrition Labeling Act (1990) |
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