Term
| 4 types of consumer products |
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Definition
| specialty, convienience (frenquently bought), shopping (only in special stores), unsought |
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Term
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Definition
| high consumer awareness and it’s a valuable asset |
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Term
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Definition
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Term
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Definition
| beliefs and values (highest) benefits (middle) attributes (lowest) |
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Term
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Definition
| Managing profitable customer relationships |
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Term
| Integrated Marketing Communications |
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Definition
| (IMC): Marketing Mix + Marketing Communications Mix |
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Term
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Definition
| requires more value and more satisfaction over the competition |
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Term
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Definition
| pays attention to both customer and competitor |
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Term
| roles in the business markets |
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Definition
| market leader, challenger, market followers, market niche |
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Term
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Definition
| process of identifying competition |
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Term
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Definition
| identifies you from competitors |
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Term
| Marketing Communications Mix 4 Tools |
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Definition
| Advertising (Mass communication tools), sales promotion (Mass communication tool), public relations (Mass communication tool), Personal selling (Direct communication tool), direct marketing (Direct communication tool) |
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Term
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Definition
| to encourage purchase or sale |
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Term
| Types of
direct marketing |
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Definition
| Word of mouth, Direct main (junk mail), E-mail (spam), Direct response (call to action) |
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Term
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Definition
| 1. Identify target audience, 2. Determine communication objectives, 3. Design message (statement/appeal/format), 4. Choose media (personal/non personal), 5. Select message source (company/third party), 6. Collect feedback |
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Term
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Definition
| 1. Understand the marketplace and customer needs and wants, 2. Design Customer-Driven Marketing Strategy, 3. Construct Marketing Program, 4. Build profitable customer relationships, 5. Capture value to create profits and customer equity |
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Term
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Definition
| Product, Price, Place, Promotion |
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Term
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Definition
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Term
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Definition
| exchange involves another consumer (Final consumer: individuals who buys goods and services for personal consumption B2C: Business to Consumer) |
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Term
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Definition
| Exchange involves another business (B2B: Business to business Final Customers: Businesses who buy goods and services for business consumption) |
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Term
| Business Market vs Consumer Market |
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Definition
| Marketing Structure and Demand, Nature of the Buying Unit, Types of Decisions and the Decision Process |
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Term
| Characteristics Affecting Consumer Buyer Behavior |
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Definition
| Cultural, Social, Personal, Psychological |
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Term
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Definition
| values, beliefs, customs, and tastes, handed down from one generation to the next, the most basic cause of a persons wants and behavior |
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Term
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Definition
| Awareness, Interest, Evaluation, Trial, Adoption |
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Term
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Definition
| Innovators, Early adopters, Early majority, Late majority, Laggards |
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Term
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Definition
| 1. Target segmentation, 2. Target marketing, 3. Market positioning |
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Term
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Definition
| Geographic Segmentation, Demographic Segmentation, Psychographic Segmentation, Behavioral Segmentation |
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Term
| Target Marketing Strategies |
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Definition
| Undifferentiated Marketing (mass), Differentiated Marketing (segmented), Concentrated Marketing (niche), Micromarketing (local or individual) |
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Term
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Definition
| advantage over competitors gained by offering target market value and satisfaction |
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Term
| Steps in Competitor Analysis |
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Definition
| 1. Identifying competitors, 2. Assess competitors, 3. Select to attack or avoid |
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Term
| Competitor-centered company |
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Definition
| mostly tracks moves and markets share of competitors and finds strategies to counter |
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Term
| Customer-centered company |
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Definition
| focused more on customer developments in designing strategies |
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Term
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Definition
| watches both customers and competitors in designing strategies |
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Term
| Types of Consumer Products |
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Definition
| Convenience, Shopping, Specialty, Unsought |
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Term
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Definition
| a name, term, sign, symbol, or design - ora combination of those - that identifies the maker or seller |
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Term
| Product Line Decisions (Product Line Length) |
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Definition
| Line Stretching - add products higher or lower priced than existing line, Line Filling - add more products within the present price range |
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Term
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Definition
| Art or science of building good relations and communicating with various publics to increase awareness and help promote brand |
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Term
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Definition
| Art or science of building favorable interest to create a buzz and get your message across through media channels |
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Term
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Definition
| All activities having to do with transferring ownership of a product from the producer to the customer in a way that meets customer needs. Performance of business activities that direct the flow of goods and services from producer to consumer |
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Term
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Definition
| desired for a particular thing used to satisfy a need (culturally and socially influenced) |
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Term
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Definition
| Combine want with the buying power or resources to satisfy the want. Customers demand products with benefits that add up to the most value and satisfaction |
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Term
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Definition
| combination of products, services, information, or experiences that satisfy a need or want (creates brand experience) |
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Term
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Definition
| Expectations, delivering customer value and satisfaction builds customer relationships |
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Term
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Definition
| Buyer receives something that satisfies a need or want, seller receives something he/she feels is of equivalent value, goal is to build several exchanges |
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Term
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Definition
| group of all the actual and potential buyers |
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Term
| Step One
The Marketing Process |
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Definition
| Understand the marketplace and customer needs and wants |
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Term
| Step Two
The Marketing Process |
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Definition
| Outlines customers you can profitably serve and how you will create value for those customers |
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Term
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Definition
| divides market into distinct groups of buyers with similar needs, characteristics and or behaviors |
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Term
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Definition
| selection of one or more market segments |
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Term
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Definition
| set of benefits or values product promises to deliver to target market to satisfy its needs |
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Term
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Definition
| way target market perceives product in comparison to competition |
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Term
| Step Three
The Marketing Process |
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Definition
| Construct Marketing Program |
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Term
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Definition
| a good, service, idea, place or person-whatever is offered for sale in exchange thats designed to satisfy a customers need or want (Products are tangible and intangible) |
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Term
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Definition
| assignment of value or amount customer will exchange for the marketing offer |
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Term
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Definition
| availability of marketing offer to customer at desired time and location |
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Term
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Definition
| all efforts to inform and motivate target market about marketing offer |
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Term
| Step Four
The Marketing Process |
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Definition
| Build profitable customer relationships |
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Term
| Step Five
The Marketing Process |
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Definition
| Capture value to create profits and customer equity |
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Term
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Definition
| Shows true worth of customer through customer loyalty and retention |
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Term
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Definition
| Location: City, State, Region (regional, national, international) |
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Term
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Definition
| Typically most popular because easiest to measure |
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Term
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Definition
| How customers act, feel or use a product |
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Term
| Undifferentiated Marketing AKA Mass Marketing |
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Definition
| Ignores market segment differences and goes after whole market with one marketing offer |
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Term
| Differentiated Marketing AKA Segmented Marketing |
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Definition
| targets several market segments and designs seperate marketing offers for each |
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Term
| Concentrated Marketing AKA Niche Marketing |
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Definition
| targets a large share of one or a few segments aka niches |
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Term
| Micro-Marketing AKA Customized Marketing |
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Definition
| tailors specific products and the messages about them to individual customers |
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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 & no profits due to heavy marketing expenses |
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Term
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Definition
| sales level & marketing more expensive to reach resistant customers |
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Term
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Definition
| sales level & marketing more expensive to reach resistant customers |
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Term
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Definition
| sales fall & profits reduced |
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Term
| Internet is what kind of medium |
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Definition
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Term
| are all customers created equal |
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Definition
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Term
| Viral marketing is done through which communication channel |
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Definition
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Term
| Stealth marketing (undercover) |
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Definition
| when consumer don’t realize it’s an advertisement (appears as something else) |
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Term
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Definition
| cultivating opinions through leaders and or celebrities |
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Term
| 4 types of sale force structures |
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Definition
| product, customer, territorial, complex (combined) |
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Term
| 7 steps of selling process |
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Definition
| prospect and qualify customer, pre-approach, approach, presentation and demonstration, handle objections, the close, follow up (ensures customer satisfaction) |
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Term
| effective supervisors provide 2 things to sales cores |
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Definition
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Term
| different forms of non-traditional marketing |
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Definition
| mobile, guerilla, viral, stealth, buzz |
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Term
| global marketing end users are classified as |
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Definition
| clickers, searchers and scrollers |
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Term
| what type of industry is the leader in mobile marketing |
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Definition
| the music industry through the use of ringtones, voice tones, etc. |
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Term
| when 7-11 turned stores into quicky marts |
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Definition
| reverse product placement |
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Term
| characteristics of a good sales person |
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Definition
| good relationship behavior, self motivation, (all of the above) |
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Term
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Definition
| process of comparing product to competitors in order to better yours |
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Term
| when developing your advertising campaign |
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Definition
| 1st thing is figure out your objectives (inform, persuade or remind) |
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Term
| the tone of your advertising campaign |
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Definition
| should have emotional, rational or moral appeal |
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Term
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Definition
| characterized by 4 distinct stages (introduction, growth, maturity, decline) |
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Term
| The key to building lasting customer relationships |
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Definition
| deliver superior customer value and satisfaction |
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Term
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Definition
| has more capability than television |
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Term
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Definition
| is considered instantaneous because of convenience and availability |
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Term
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Definition
| to advertise your product |
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Term
| 3 opportunities of strategic marketing and licensing |
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Definition
| sales, promotion and distribution |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| monitors the success of a marketing plan |
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Term
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Definition
| should be mutually beneficial |
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Term
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Definition
| stands for customer relationship management (building the right relationships with the right people and mainting this relationship) |
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Term
| Marketing should be viewed |
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Definition
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Term
| In marketing you want to respond to both success and failure |
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Definition
| because its all about trial and error |
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Term
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Definition
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Term
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Definition
|
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Term
|
Definition
| is a key component of your success |
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Term
|
Definition
| strengths, weaknesses, opportunities, and threats |
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Term
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Definition
| attention interest desire action |
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