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Definition
| A person's overall evaluation of a concept; an affective response involving general feelings of liking or favorability |
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| The number of consumers identified as having an interest in a product or service, access to its purchase and the financial means to purchase it. |
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| Behavioral Segmentation groups target or existing customers by their behavior. Behavioral segmentation can categorize individuals by either specific behaviors or general behaviors, depending on how detailed the segmentation needs to be. |
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| The members of the postwar Baby Boom are all grown up. Today, these Americans are in their forties and fifties, and one segment of this huge cohort--college-educated, upper-middle-class and home-owning--is found in Beltway Boomers. Like many of their peers who married late, these Boomers are still raising children in comfortable suburban subdivisions, and they're pursuing kid-centered lifestyles. |
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| Blue ocean strategy generally refers to the creation by a company of a new, uncontested market space that makes competitors irrelevant and that creates new consumer value often while decreasing costs. |
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| Primary brand elements include: signature, colors, typography, and secondary graphical elements (if applicable). |
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| The value of a brand as defined by consumer attitudes toward its stated attributes, product performance and perceived status. |
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| Initial choices for the brand elements. products and all accompanying marketing activities. Other associations inderictly transferred to the brand by linking it to someother entity |
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| 3-5 word phrase that encaptures the essence of the brand |
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| is a specific “personality-type” traits or characteristics ascribed by consumers to different brands. |
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| how often and how easily customers think of a brand. |
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| A short and striking or memorable phrase used in advertising. |
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Brand tracking studies allow marketers to monitor the health of the brand and provide insights into the effectiveness of marketing programs implemented by the company.
measurements of awareness, usage, brand attitudes, perceptions, and purchase intent in brand tracking studies. |
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government departments as well as manufacturers, wholesalers, retailers and similar commercial enterprises that purchase goods and services needed for their operations. Also referred to as Business Customers
B2B transactions |
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Definition
"Two or more organisations, or groups within organisations,
collaborating on certain aspects of their spend in order to
generate leverage and better value for money for all."
‘consolidated buying’ which is where separate organisations
purchase together, and joint ventures which include partial
equity ownership. |
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Definition
All the individuals and units that participate in the business buying-decision process.
In a generic sense, there are typically six roles within any buying center. They are:
- Initiator who suggests purchasing a product or service.
- Influencers who try to affect the outcome decision with their opinions.
- Deciders who have the final decision.
- Buyers who are responsible for the contract.
- End users of the item being purchased.
- Gatekeepers who control the flow of information
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Part of category membership, when a product designer is compared to famous product designers in the same field.
Being compared to the exemplar. |
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A consumer goes through several stages before purchasing a product or service.
NEED
↓
INFORMATION GATHERING/SEARCH
↓
EVALUATION OF ALTERNATIVES
↓
PURCHASE OF PRODUCT/SERVICE
↓
POST PURCHASE EVALUATION |
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| company stops funding their weaker markets and additionally fund their stronger markets. |
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| A defining capability or advantage that distinguishes an enterprise from its competitors |
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| Counter-offensive Defense |
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| This involves countering an attack with an offense of your own. If you are attacked, retaliate with an attack on the aggressor’s weakest point. |
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| Current trends in US income distribution |
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Definition
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| Custom Marketing Research Firm |
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Definition
There are also custom market research firms that handle all aspects of the process, from defining the marketing problem and designing research techniques to evaluating results and formulating new marketing strategies
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| The profitability of a customer over the period of a business relationship; can include multiple transactions and purchases |
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| All the ways a customer can communicate with a company. |
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| Dealing with Low Profit Customers |
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Definition
| Customers that don't buy often. Encourage to buy more often or larger quantities. |
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Definition
| consists of dividing the market into groups based on variables such as age, gender family size, income, occupation, education, religion, race and nationality. |
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Definition
| where demand for one good or service occurs as a result of the demand for another intermediate/final good or service. |
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| is the process of distinguishing a product or offering from others, to make it more attractive to a particular target market. |
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| It seeks to increase profitability through greater sales volume obtained from new products and new markets |
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Definition
| Events used to enhance a brand, revealing, kick off party. |
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Definition
Model of consumer attitude formation that asserts that the consumer rates a product according to the sum of the ratings given the product on a variety of product characteristics
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Definition
| Brand knowledge, thoughts, feelings associated with the brand. |
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| desgned to capture cause and effect relationship, by eliminating competing explanations of the observed findings |
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Definition
| short lived popular pattern occuring in fashion |
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| Research companies that specialize in data collection |
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| his involves the re-deployment of your resources to deter a flanking attack. You strengthen your flank if you think it is vulnerable. The disadvantage of this defense is that it can distract you from your primary objective and siphon resources away from where they are needed most. In business terms, this involves the introduction of new products, product lines, or brands, the defensive re-positioning of existing products, or additional promotional activity in a market niche. |
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| paying a group of consumers to talk about a product. |
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The strategy a company follows when it pursues a cost or differentiation advantage in a narrow industry segment.
big fish in a little pond
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Definition
| made to reward customers that frequently make purchases. punch card, rewards card. |
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Term
| Fulfillment Management Process |
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Definition
| the process of recieving orders, shipping orders and recieving payment. |
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| person that prevents information for the buying center |
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Definition
dividing market base on nation, region, city, neighborhood....
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Definition
census bureau provides in depth look at its population
others are
Bureau of Labor Statistics
Department of Commerce
Department of Labor
Department of Transportation
Department of the Treasury
Federal Reserve System
Library of Congress
National Archives
National Science Foundation
Social Security Administration
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Definition
| says eco friendly but falls short. |
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customers that always buy your brand. one brand all the time.
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Definition
| short cut for decision making process. |
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Term
| Identifying Sales Prospects |
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Definition
| A prospect is a potential buyer of what you sell. It is a person or entity (corporation, government office, etc.) who needs the solutions your products offer, who has purchased them in the past from your employer or your competitors, or who may need these solutions in the future. |
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Definition
| When a price change has no effect on the supply and demand of a good or service, it is considered perfectly inelastic |
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Definition
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| why is a product important to them. what attributes do the like. |
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Desire or preference which a consumer is unable to satisfy due to lack of information about the product's availability, or lack of money
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| is a psychometric scale commonly involved in research that employs questionnaires. It is the most widely used approach to scaling responses in survey research, such that the term is often used interchangeably with rating scale, or more accurately the Likert-type scale, even though the two are not synonymous. The scale is named after its inventor, psychologist Rensis Likert.[2] Likert distinguished between a scale proper, which emerges from collective responses to a set of items (usually eight or more), and the format in which responses are scored along a range. |
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| second biggest brand in a market |
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Definition
| 3rd biggest brand in a market |
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| biggest brand in a market |
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| tiniest brand in a market |
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| Market Research Techniques |
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Definition
| focus groups, surveys, and web-tracking. |
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Definition
| dividing the market into different segments |
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| Meaning all activities in gathering marketing intelligence and acting on the information. |
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Definition
| choosing a target market, keeping and growing customers through creating delivering and communicating superior customer value. |
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Definition
| measures the progress towards objectives |
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Definition
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| Maslow's Hierarchy of Needs |
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Definition
| most important to least important |
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Definition
| large trend that influences us for a long time |
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Definition
| cluster of complimentary products and services closely related |
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| a buying situation in which an individual or organization purchase goods that have been purchased previously but changes either the supplier or some other elements of the previous order |
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| grabbing a segment of a market that was previously untapped. |
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| New-Offering Realization Process |
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Definition
| all activities involve launching new high quality offerings |
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Definition
| researching by discreetly observing others |
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Definition
| offers information or advice on specific products |
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Definition
fulfillment management process
order ship invoice bill |
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Definition
| companies buy supplies in bulk |
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Definition
| more demand not enough supply |
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Definition
| attributes that benefit the brand |
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Definition
| attributes that are shared with competitors |
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Definition
| where u place the product and how customers percieve it |
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| market that can potetially become interested |
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Definition
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| data that u collect yourself |
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Definition
14 groups and 66 lifestyle segments
education, family life cycle, race, mobility |
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Definition
internal stimulus that can develope a new product.
external, customer looking at alternatives |
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Definition
| production, growth, maturity, decline |
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Definition
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Term
| Psychographic Segmentation |
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Definition
| dividing the market into personality groups, lifestyles or values |
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Definition
A high self-monitor is someone who is concerned about how they are perceived by others and will actually change their behavior in order to fit different situations
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Definition
| is a type of a rating scale designed to measure the connotative meaning of objects, events, and concepts. |
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Definition
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Definition
| people who jump from one brand to another |
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Definition
| use 2 or 3 brands consistently |
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Term
| Stages of the Product Life Cycle |
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Definition
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Term
| Steps in the Buying Process |
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Definition
problem recognition
general need description
product specification
supplier search
proposal solicitiation
supplier selction
order routine specification
performance review |
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Term
| Steps in the Market Research Process |
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Definition
define problem
develop research plan
collect info
analyze
present findings
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Definition
| business buys from a supplier off the approved list |
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Definition
| single business that can be planned seperately |
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Definition
| process between raw materials to finished products |
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Definition
| researching through surveys |
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Term
| Syndicated-Service Research Firm |
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Definition
| firms that collect consumer trade information and then sell it. |
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Definition
| market you are aiming for |
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Definition
| 80 percent profit from 20 percent of its customers |
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Definition
| percieved monetary value customers expect from a given market |
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Definition
| predictable and durable fashion occurance |
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| customer is attracted to a product that has an undesirable social consequence |
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| all of the benefits a company promises to deliver |
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| tech savy yound singles and couples living in fashionable neighborhoods. |
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