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| The managerial process of creating and maintainng a fit between the organizational's objectives and resources and evolving market opportunities |
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| Defining a business in terms of goods and services rather than in terms of the benefits that customers seek |
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| The set of unique features of a company and its product that are perceived by the target market as significant and superior to the competition |
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| The advantage achieved when a firm seeks to target and effectively serve a small segment of the market |
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| sustainable competitive advantage |
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| An advantage that cannot be copied by the competition |
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| A tool allocating resources among products or stratefic business units on the basis of relative market share and market growth rate |
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| A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers |
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| A product bought to satisfy an individual's personal wants |
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| A relatively inexpensive item that merits little shopping effort |
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| A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores. |
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| A item for which consumers search extensively and are very reluctant to accept substitutes |
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| A product unknown to the potential buyer, or a known product that the buyer does not actively seek |
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| A specific version of a product that can be designated as a distinct offering among an organization's products |
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| a group of closely related product items |
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| the number of product lines an organization offers |
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| the number of product items in a product line |
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| Product Modification and the three types |
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Changing a characteristic about a product.
Quality, functuinal, or style modification |
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| Changing a consumer's perceptions of a brand |
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| The practice of modifying products so those that have already been sold become obsolete before they actually need replacement |
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| Adding additional products to an existing product line in order to compete more broadly in the industry |
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| Three benefits of branding |
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| Product identification, repeat sales and new-product sales |
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| The value of company and brand names- high awareness, perceived quality and brand loyalty |
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| brand owned by a manufacture |
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| Private Brand (store brand) |
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| A brand name owned by a wholesaler or a retailer |
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| A brand that carries no evidence of a retailer affiliation, is manufactured by a third party and is sold exclusively at the retailer. |
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| Using different brand names for different products |
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| Cobranding and three types |
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Definition
Placing two or more brand names on a product ir it's package
Ingredient branding-intel computers, Cooperative,complementary-seagrams and soda |
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| Marketing several different products under the same broad name |
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| What are the four functions of packaging? |
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Definition
| Containing and protecting products, promoting products, facilitate storage, use and convenience and facilitate recycling, reducing environmental damages |
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| A type of package label that focuses on a promotional theme or logo with the consumer information being secondary |
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| A type of label designed to help consumers make proper product selections and lower their cognitive dissonance after the purchases |
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| New Product Development Process (seven steps) |
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Definition
| New-product strategy, idea generation, idea screening, business analysis, development, test marketing, commercializations, new product |
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| Product Life Cycle & four stages |
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Definition
A metaphor that traces the stages of a product's acceptance
Introduction, growth, maturity, decline |
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| The result of applying human or mechanical efforts to pople or objects. intangible, inseparable, heterogeneous and perishable |
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| search-something notice before, and experience-after |
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| Three types of service products |
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Definition
People processing-people fixing people
Possession processing-people fix possessions
Mental stimuli processing-people help cognitive information helps assests |
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| Core vs. supplementary services |
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Definition
| Core-exactly what you wanted, supplementary- services that support/enhance core services |
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| Customization, standardization. mass customization |
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| weather or not to make a service custamizable or not. Mass customization-tech service that allows customers to customize service |
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| Three ways to promote services |
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| Stressing tangible cues (mint of pillow), Creating a strong org. image (McDonalds), Engaging in post-purchase communication (post cards) |
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| A set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer |
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| All parties in the marketing channel that negotiate with one another, buy and sell products, and facilitate the change in ownership between buyer and seller in the course of moving the product from manufacturer into the hands of the final consumer |
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| Providing Specialization and Division of Labor |
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Definition
| By breaking up task and allocating them to appropriate channel members, organizations can specialize and quicken the distribution process |
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| Discrepancies (four types) |
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Definition
| created by economies of scale- Quantity-(too much product), Assortment- (pancakes/syrup), temporal-(seasonal), spatial (right location) |
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| Factors Affecting Channel Choice (three types) |
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Definition
Market Factors-target customer questions (who, what, where, when, how) Product Factors-(complex or not, PLC, delicacy)
Producer Factors-larger can handle more |
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| Level of Distribution Intensity 3 types |
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Definition
| Intensive-have it everywhere, Selective-only select number of dealers, Exclusive-one or a few |
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| Four factors which classify retail |
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Definition
| Ownership, product assortment, price and level of service |
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Definition
| independant-just you, chain store (one owner many stores) Franchise-owned by individuals licensed by organization |
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| continuum from full service to self service |
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| department, specialty, supermarket, drugstore, convenience, discount, specialty discount stores, warehouse membership, off-price retailers (tj MAX) restaurants |
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| four P's plus presentation and personnel-help define retail mix |
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| also called product assortment-what products are sold |
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| Four promotional tools (mix) |
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Definition
| advertising, public relations, personal selling and sales promotion |
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Definition
| One of more unique aspects of and organization that cause target consumers to patronize that firm rather than others |
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| informing, persuading, reminding |
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| Ben and dis of Advertising |
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Definition
Ben-reach wide amount of people
Dis-Little control over situation, low feedback, low amount of flexibility |
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| Ben and dis of public relations |
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Definition
Ben-Maintain image/ educate customers reinforces goals and image of the company
Dis- Doesn't id sponsor and little control over the message |
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| Personal Selling Ben and dis |
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Definition
Ben-Build relationships high control over situation, High feedback
Dis- Slow to react to large audience |
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| Sales Promotion def, dis and ben |
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Definition
All market activeites expect personal selling adverising and public relations: samples, contest, ptrade shows, giveaways and coupons
Ben-Stimulate purchase Can reach large audience quickly
Dis-little feedback, no personal communication |
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Term
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Definition
| integrated marketing communications- Careful consideration of all promotional messages fo a product or a service to assure the consistency of messages at every contact point where a company meets the consumer |
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| SIX factors that affect promotional mix |
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Definition
| Nature of the product, product lifecycle, target market, type of buying decision, available funds and push and pull strategies |
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Definition
Consumer vs busines product-business relies more on sales
Cost and risk-more need sales, less cannot support it |
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Definition
| High advertise and PR to build interest, growth emphasize differences in product, maturity advertising see pg. 541 |
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| Push Strategy (promotional mix) |
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Definition
| uses personal selling and trade advertising to aggressively push product onto wholesaler or retailer |
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Definition
| Stimulate demand in consumers through advertising and promotional tools |
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| Public Relation Tools (five) |
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Definition
| new Product publicity, product placement, consumer education, sponsorship company websites |
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| Advantages of personal selling |
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Definition
| cost can be controlled, more effective, customizable, directaable |
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Definition
| Predicted N]number of products that will sell based on various prices in a specific period. |
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| Elasticity of Demand and three types |
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Definition
| Change in quantity over change in price, unitary, elastic or inelastic (1, under or over) |
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Definition
| marking up the price based off of cost and how much revenue the retailer wants |
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| Profit Maximization Pricing |
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Definition
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Definition
| Intro-high (recover cost, inelastic-target market), Growth-lower (competitors), Maturity Stage-similar prices comp, Decline-lower still |
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Definition
| Using high price to signal high quality |
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| Four steps in Setting price |
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Definition
1. Establish pricing goals 2. estimate demand, cost and profits 3. Choose a price strategy to help determine price
4. Fine tune base price with pricing tactics |
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| Three types of Pricing strategies |
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Definition
Price Skimming-high intro price-signal quality differences
Penetration Pricing-Low price-market share
Status Quo-meet competitors price |
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| Four Types of unethical pricing |
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Definition
Unfair Trade Practices-floor for prices
Price Fixing- Firms setting a price
Price Discrimination-selling comedies at different prices
Predatory Pricing-low prices aimed to push out |
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| 9 types of pricing tactics |
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Definition
| Single (dollar store), flexible (car dealers), pricing lining (set increments of price), leader pricing (in the door), bait pricing (deceptive), bundle pricing (bundle complements) odd-even, two part and product line pricing (whole vs. individual product |
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| Five reason products fail |
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Definition
Company can't support fast growth-mosquito Magnet
Product falls short of claim-vista
Product Limbo-features are not well enough define
New Product/Poor Education- P&G scent player (consumers were unsure of product benefits)
Fad that changes-skip it |
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| Five ways Supermarkets can attract consumers |
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Definition
| essentials at the back, discounting hot items (beer), Game/Holiday promotion, free samples, Bakery at entrance |
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| Six tendencies in art of persuasion |
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Definition
Reciprocation (giving away product to attract consumers)
Consistency-foot in door-ask for a big favor then a small one
Social Validation-band wagon (celebrity endorsements)
Liking- the source or product
Authority-credibility of the source (doctor approved)
Scarcity-limited time sales |
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| Three key aspects of a brand's portfolio |
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Definition
Scope-number of brands owned/segments
Intraportfolio Competition-how much competition within portfolio
Brand positioning-perceived quality and price |
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| Four unique shopping facts about women |
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Definition
Shrewd shopping:cheap chic locations
Caring about others: charity
What it does is more important: brief explanations
Messages About Improvement |
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| Three Factors of Customer Satisfaction |
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Definition
Cultural: Traditional Societies happier than secular rational
Socioeconomic: Literacy Rate and Gross Domestic Product Helped
Political-Economic Factor: Internal Business Development and Foreign Trade: More better
Found that it's True |
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| General Findings of Ethnicity and Global Brandings |
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Definition
African and Hispanics find them more important, respond more favorably, perceive more benefits, and will buy at higher rate
Whites still buy at the same rate though |
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