Term
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Definition
-Important operational dimensions for understanding market segments and developing marketing mixes
-important for determining size of consumer target markets
-seeing demographic trends helps identify changes in growth or shift in age distribution |
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Term
| Search for growing markets in... |
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Definition
| other countries,current population, population trend |
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Term
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Definition
| Increasing population density, increasing urbanization |
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Term
| Gross Domestic Product (GDP) |
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Definition
| Gross national product (GNP)/ Country's population size = per capita income, income earned by foreigners in nation |
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Term
| Growth trends of young and old |
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Definition
| Population growing, Birth rate, Graying of America |
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Term
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Definition
| High growth, buying power, unique culture, different needs |
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| Trends in US households and families |
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Definition
| Married w/ no children, "traditional family", High divorce rate, unmarried living together, single adult |
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Definition
| Rural to urban to suburban |
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Term
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Definition
| Growth in real income slows down, middle income groups in us enjoy real choices, higher income groups have all the power (top 20% income group has 47%of total income) |
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Definition
| Disposable income - taxes |
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Term
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Definition
| Discretional income - necessities |
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| Family cycle implications |
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Definition
| Acceptance of new ideas, reallocation for teenagers, empty nesters, senior citizens |
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Term
| Ethnic dimensions of the us Market |
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Definition
| Buy differently, increasing median income, high growth rate, avoid stereotypes |
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Term
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Definition
| Marketing mixes & stimuli -> person making decisions -> Does or does not buy |
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Term
| Examples of economic needs |
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Definition
| Economy of purchase or use, convenience, Efficiency in operation or use, improvement in earnings |
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Term
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Definition
| Motivation, perception, learning, attitudes & beliefs, personality, lifestyle |
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| Psych influences within individual |
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Definition
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Term
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Definition
| Physiological needs, safety needs, social needs, personal needs |
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Term
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Definition
| Selective exposure, selective distortion, selective retention |
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Term
| Attitudes relate to buying |
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Definition
| Belief-an opinion, attitude-a point of view, need to understand attitudes & beliefs, work with existing attitudes, ethical issues may arise, meeting expectations is important |
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Definition
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Definition
| activities, interests, opinions |
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Term
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Definition
| Family, reference groups, social class, culture & subculture |
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Term
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Definition
| Plan and save for the future, analyze alternatives, understand how the world works, feel they have opportunities, willing to take risks, confident about decision making, want long-run quality |
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Term
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Definition
| Live for the present, "feel" what is "best", have simplistic idea about how things works, feel controlled by the world, play it safe, want help with decision making, want short run satisfaction |
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Definition
| Reference groups, opinion leaders, culture |
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| Individuals are affected by the purchase situation |
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Definition
| purchase reason, time available, physical surroundings |
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Term
| Problem solving as a learning process |
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Definition
| Awareness -> interest -> evaluation -> trial -> decision -> confirmation |
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Term
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Definition
| market size, size of purchases, geographic concentration, types of products, customer uniqueness, buyer/seller interdependence, emphasis on personal selling |
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Term
| Organization focuses on value... |
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Definition
| vendor analysis more formal, focus on economic criteria including-quality,total cost to purchase and use, reliability, value in use |
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Term
| The organizational buying process |
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Definition
| 1, anticipation of need, 2, development of product specifications, 3,search for and qualification of potential suppliers, 4, acquisition and analysis of proposals, 5, evaluation of proposals and supplier selections, 6, selection of an order routine, 7, performance feedback and evaluation |
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Term
| Dynamics of buyer/seller relationships |
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Definition
| Powerful customer may control relationship, buyers may still use several suppliers, reciprocity may influence relationship |
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Term
| Manufacturers are important customers |
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Definition
| Not many big ones, clustered in geographic areas, business data classifies industries, NAICS codes |
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Term
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Definition
| Innovation attracts competition, monopolistic competition develops, profits peak and then decline |
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Term
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Definition
| persuasive more costly promotion, brands are more similar, greater price sensitivity/competition, maturity may last a long time |
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Term
| Market growth and introduction |
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Definition
| Allocate sufficient money, consider the four P's, anticipate speed of movement, competitors may help adoption, be flexible |
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Definition
| critical to survival, Firm's perspective, |
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Term
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Definition
| New product thinking should be an on going process, top level support is vital, someone should be in charge of effort, firm should constantly generate new ideas then narrow down to best opportunities with clearly specified screening criteria |
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Term
| Step one: Idea generation |
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Definition
| Ideas from, customers and users, marketing research, competitors, other markets, company people, middlemen |
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Term
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Definition
| Strengths and weaknesses, fit with objectives, market trends, |
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| Step three: Idea evaluation |
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Definition
| concept testing, reactions from customers, rough estimates for costs, sales,and profits |
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Term
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Definition
| R&D, develop model, test marketing mix, revise plans as needed, |
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Term
| Step 5: Commercialization |
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Definition
| Finalize product and marketing plan, |
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Term
| Characteristics of services |
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Definition
| Intangibility, perishability, variability, inseparability |
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Term
| Differences in goods & services |
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Definition
| Tangibility, where produced, contact with customer by producer of product, balancing supply and demand, when produced relative to when consumed |
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Term
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Definition
| a particular product within a product line |
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Term
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Definition
| set of individual products that are closely related, |
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Term
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Definition
| the set of all product lines and individual products a firm sells |
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Definition
| staples, impulse products, emergency products |
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Term
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Definition
| Homogeneous, heterogeneous |
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Term
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Definition
| demand for industrial goods and services is derived from the demand for what firms produce and sell to consumers |
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Term
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Definition
| Accessories, raw materials, component parts & materials, MRO supplies, Professional services, installations |
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Term
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Definition
| Best value for price, dependable widespread availability, market price can be high enough, economies of scale, favorable shelf display space, easy to identify |
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Term
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Definition
| brand rejection -> Brand non recognition -> brand recognition -> brand preference -> brand insistence -> BRAND EQUITY |
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Term
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Definition
| Also called national brands, created/owned by producers, develop demand across many markets |
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Term
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Definition
| Also called private/store brands, created/owned by middlemen, create higher margins for dealers |
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