Term
| Market segmentation: 4 levels |
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Definition
Geographic,
Demographic,
Psychographic,
Behavioral |
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Term
Market segmentation
vs.
Market targeting |
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Definition
Develop segment profiles,
Develop measure of segment attractiveness; select target segments |
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Term
Segment marketing
vs.
Niche marketing |
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Definition
Different products to more than 1 segment
(Marriott),
Different products to subgroups w/in segments (standard vs. luxury SUVs) |
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Term
Market segmenting: Geographic
Demographic
Psychographic
Behavioral |
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Definition
Divide market into country, region, city, density, climate (northern vs. southern)
Divide market into age, gender, income, etc.
Divide market into social class, lifestyle, personality
Divide market into occasion, sought benefits, user status, usage rate, loyalty |
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Term
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Definition
measurable
accessible
substantial
differential
actionable |
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Term
Marketing coverage strategies:
Undifferentiated
Differentiated
Concentrated |
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Definition
firm ignores market segment diffs. and targets whole market w/ one offer
firm targets several market segments w/ seperate offers for each
firm targets large share of one/few segments or niches |
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Term
Positioning
Positioning strategy selection |
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Definition
defined by consumers on important attributes; place a product is relative to others in consumers' minds
1) Identify possible comp. advantages
2) Select right comp. advantage
3) Select overall positioning strategy |
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Term
Comp. advantages in positioning
Unique selling proposition |
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Definition
products, services, image, people
more for more, more for same, same for less, less for less, more for less |
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Term
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Definition
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Term
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Definition
anything marketed for attention, acquistion, use, consumption, satisfy want/need
intangible product form yielding activities, benefits, or satisfaction |
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Term
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Definition
convenience (candy)
shopping (clothing)
specialty (lamborghini)
unsought (blood donation) |
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Term
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Definition
core benefit (need of hole)
actual product (drill)
augmented product (warranty) |
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Term
| Product-service continuum |
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Definition
pure tanglible good
tangible good w/ service
hybrid offer
service w/ minor good
pure service |
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Term
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Definition
length: # of items in all product lines
width: # of diff. product lines
depth: # of each product versions |
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Term
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Definition
name, term, sign, symbol and/or design that identifies and diffs. product from competition
consumer's 'gut feeling' about product |
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Term
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Definition
elements: characteristics:
name memorable
logo meaningful
symbols likeable
character transferable
spokesperson adaptable
slogans protectable
jingles
package
signage |
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Term
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Definition
attributes
consistency
quality and value
identification |
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Term
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Definition
line extension
brand extension
multibrands
new brands |
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Term
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Definition
salience: (deep/broad brand awareness)
performance/imagery: (points of parity and difference)
judgements/feelings: (positive accessible reactions)
resonance: (intense loyal action) |
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Term
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Definition
intangibility
inseperability (from providers)
variability (quality from whom, when, how)
perishability (no future sale/use) |
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Term
| Measuring service quality |
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Definition
experience: only assessbile after use
credence: difficult to assess b/c lack of necessary knowledge/experience |
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Term
| Gap model of service quality |
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Definition
provider--
cust. expect. management percep-- (gap 2)
serv quality-- ----->| (gap 3)
serv. delivery-- (gap 4) comm. to cust.
perceived serv. <-----| (gap 5)
expected serv.--
customer-- (gap 1) -- provider |
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Term
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Definition
| core + supplementary services |
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Term
| Service promotion strategies |
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Definition
stress tangible cues
use 'personal' services
create strong org. issues
engage in post-buy communication |
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Term
4 P's: Product vs. Service
Product
Price
Place
Promotion |
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Definition
tangible vs. intangible
per unit vs. unit consu., bund. v. seper
minimal difference
advertising vs. referral (obj. vs. subj.) |
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Term
| Service firm marketing strategies |
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Definition
manage service differentiation
manage service quality
manage service productivity |
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Term
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Definition
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Term
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Definition
Decided by free market & legal system
-then respon. of indv. corps./managers
Each corp./manager must look past legal boundaries and incorporate personal integrity, corporate conscience, and long-run consumer/social welfare. |
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Term
| Marketing's impact on indv. consumers |
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Definition
high prices
deceptive practices
high-pressure selling
shoddy/unsafe products
planned obsolesence
poor service to disadv. consumers |
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Term
| Marketing impact on society |
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Definition
false wants and imposed materialism
too few social goods
cultural pollution
too much political power |
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Term
| Ethics policy: role of business |
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Definition
enlightened marketing:
consumer-oriented (consumer's perspective)
innovative (real improvements)
customer-value (value relations/informing)
sense-of-mission (broad soc. v. nar. indv)
societal |
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Term
Societal marketing
(products) |
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Definition
immediate satisfaction= SI
long-run benefit= LRB
salutary: low SI, high LRB
desirable: high SI, high LRB
deficient: low SI, low LRB
pleasing: high SI, low LRB |
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Term
Word-of-mouth marketing
Consumer generated media |
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Definition
oral medium, non-comm. relationship, brand/product/service--> topic
online: forums, message boards, social networking sites, blogs (electronic WOM) |
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Term
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Definition
consumer protection and respect
honesty of relas., opinion, identity
rules of the venue
manage relas. w/ minors responsibly
honest downstream communications
protect privacy and permission |
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