Term
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Definition
| the creation of many consumer groups due to a diversity of distinct needs and wants |
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Term
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Definition
| Dividing the market into segments based on consumer characteristics and developing products to fit those specific needs |
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Term
| Steps in the targeting market process |
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Definition
1. Segmentation
2. Targeting
3. Positioning |
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Definition
| the process of dividing a larger market into smaller pieces based on one or more characteristics |
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Definition
| Group of consumers born between 1979 and 1994 |
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Term
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Definition
| statistics that measure observable aspects of a population, including size, age, gender, ethnic groups, income, education, occupation, and family structure |
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Definition
| the group of consumers born between 1979 and 1978 |
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Definition
| the segment of people born between 1946 and 1964 |
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Definition
| a straight, urban male who is interested in taking care of himself |
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Definition
| a segmentation technique that combines geography with demographics |
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Term
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Definition
| customizing web advertising so people who log on see local advertisements |
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Definition
| segments consumers in terms of psychological and behavioral similarities such as shares activities, interests, or opinions (AIO's) |
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Definition
| A psychographic system that divides the US population into 8 segments |
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Term
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Definition
| High achievement, High Innovation |
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Term
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Definition
| low resources, low innovation |
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Definition
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Definition
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Definition
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Definition
| A technique that divides consumers into segments based on how they feel, act toward, or use a service |
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Term
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Definition
| 20% of customers account for 80% of sales |
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Term
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Definition
| A company can profit by selling specific products as long as they are very varied |
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Term
| concentrated targeting strategy |
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Definition
| focusing a firms efforts on offering one or more products to a single segment |
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Term
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Definition
1. Analyze competitor's positions
2. Offer a good or service with a competitive advantage
3. Finalize the marketing mix
4. Evaluate responses and modify as needed |
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Term
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Definition
1. Lifetime value of a customer
2. Share of customer
3. Customer equity
4. Customer prioritization |
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Term
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Definition
| the benefits that the product will provide to the consumer |
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Term
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Definition
| the physical product or service that the customer is getting |
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Term
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Definition
| the actual product plus other features like a warranty |
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Term
| consumer product categories |
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Definition
1. Convenience
2. Shopping
3. Specialty
4. Unsought |
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Term
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Definition
| a consumer product that is low-priced, widely available, and purchased frequently with minimal effort |
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Term
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Definition
| goods or services for which consumers spend considerable time and effort gathering info and comparing alternatives before making a purchase |
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Term
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Definition
| goods or services that have unique characteristics that will have the buyer devote significant effort to acquire |
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Term
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Definition
| goods or services for which a customer has little awareness or interest in until the product is brought to their attention |
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Term
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Definition
| expensive goods that a business buys that last a long time |
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Term
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Definition
| Goods that a business consumes in a relatively short amount of time |
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Term
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Definition
| parts businesses need to convert raw materials to process materials or products |
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Term
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Definition
| a modification of an existing product that sets one bran apart from its competitors |
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Term
| dynamically continuous innovation |
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Definition
| a change in an existing product that requires a moderate amount of learning (iPod) |
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Term
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Definition
| a totally new product that creates major changes in the way we live (computer) |
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Term
| New Product Development (NPD) |
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Definition
| the phases by which firms develop new products: Idea generation, product concept development and screening, marketing strategy development, business analysis, technical development, test marketing, and commercialization (IPMBTTC) |
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Term
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Definition
| a legal mechanism to prevent competitors from producing or selling an invention |
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Term
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Definition
| the process by which a consumer begins to buy a new good or service |
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Term
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Definition
| the process by which the use of a product spreads throughout a population |
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Term
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Definition
| the point when a products sales spike from a sow climb to a new level, often accompanied by a steep price decline |
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Term
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Definition
| the first segment of a population to adopt a new product |
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Term
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Definition
| those who adopt an innovation early in the diffusion process after the innovators |
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Term
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Definition
| the adopters that signal the general acceptance of the innovation |
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Term
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Definition
| the adopters who are willing to try a product when little to know risk is associated with it |
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Term
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Definition
| the last consumers to adopt an innovation |
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Term
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Definition
| a firm's total product offering designed to satisfy a single need of a target customer |
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Term
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Definition
| the loss of sales of an existing brand when a new item in a product line is introduced |
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Term
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Definition
| the total set of all products a firm offers for sale |
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Term
| total quality management (TQM) |
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Definition
| focuses on satisfying customers through empowering employees to be involved in continuous improvement |
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Term
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Definition
| Introduction, growth, maturity, decline |
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Term
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Definition
| slow growth follows the introduction of a product into the marketplace |
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Term
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Definition
| the second stage in which consumers accept the product and sales increase |
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Term
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Definition
| the third and longest stage in which sales peak and profit margins narrow |
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Definition
| the final stage in which sales decrease as customer needs change |
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Term
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Definition
| a name, term, symbol, or other element that identifies a firms product and sets it apart from the competition |
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Term
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Definition
| the legal term for a brand mark registered for exclusive use in one country |
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Term
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Definition
| a new product sold with the same brand name as a strong existing brand |
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Term
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Definition
| creating a secondary brand within the main brand that will help differentiate a product to a desired target group |
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Term
| Individual vs. family brands |
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Definition
| Individual brands are unique in their name while family brands are when a group of products share one brand name |
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Term
| national/manufacturer brands |
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Definition
| brands that the product manufacturer owns |
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Term
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Definition
| brands that a certain retailer or distributor owns and sells (store brand) |
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Term
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Definition
| a strategy in which products are not branded and are sold at the lowest price possible |
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Term
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Definition
| an agreement in which one firm sells another the right to use brand name for a specific purpose and amount of time |
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Term
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Definition
| an agreement between two brands to work together to market a new product |
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Term
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Definition
1. Set pricing objectives
2. estimate demand
3. determine costs
4. examine the pricing environment
5. choose a pricing strategy
6. develop pricing tactics |
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Term
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Definition
| demand and price are directly related |
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Term
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Definition
| demand and price are inversely related |
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Term
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Definition
| a premium price that a firm chargers for its new, desirable product |
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Term
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Definition
| when a company introduces a new product at a low price to encourage more customers to buy it |
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Term
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Definition
| two items that must be used together have different prices (razor and blades) |
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Term
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Definition
| the cost of transporting the product from factor to customer is the customers responsibility |
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Term
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Definition
| a pricing tactic in which the cost of transporting the product to the customer is the manufacturers responsibility |
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Term
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Definition
| a pricing tactic in which customers pay shipping charges from set basing-point locations |
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Term
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Definition
| discounts off products to members of the channel of distribution |
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Term
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Definition
| a pricing strategy in which the price can easily be adjusted to meet changes in the marketplace |
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Term
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Definition
| a set price or price range in a consumers mind that they refer to when evaluating a price |
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Term
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Definition
| the policy of setting prices very low or even slow costs to attract customers into a store |
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