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Definition
| Product, Price, Promotions, Place |
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Term
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Definition
| at least two parties with something of value, where they communicate delivery, both parties have the freedom to accept or reject |
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Term
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Definition
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Definition
| best thing to understand the consumer- personality, values, attitudes |
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Term
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Definition
| consumer oriented philosphy that suggests the staisfaction of consumer needs provides the focus for product development and marketing strategy to enable the firm to meet its own goals |
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Term
| Marketing Mgmt Philosophies |
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Definition
Production- 1900s focus on efficiency of internal operations
Sales- 1940s focus on aggressive techniques for overcoming customer resistance
Market- 1908s, focus on staisfying customer needs and wants
Societal- present focus on satisfying customer needs, while enchancing societal well being to connect with more customers |
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Term
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Definition
| an organization perspective that puts the philosophy of marketing concept into practice, gather info, disseminate knowledge, coordinate response |
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Term
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Definition
| environment is set of forces, some controllable and some not that influence ability of a business to create value and attract and serve customers |
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Term
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Definition
1. Values
2. Changing Trends in household structure
3. Component Lifestyle
4. Changing Roles of Women |
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Term
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Definition
| competitors who offer similar products and service to the same customers at similar price |
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Term
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Definition
| competitors who make the same procuts but different price points, example kia vs bmw |
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Term
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Definition
Tweens 8-14
Generation Y 1979-1994 word of mouth
Generation X- 1965-1978 premium
baby boomers- 1946-1964 |
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Term
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Definition
bargaining power of suppliers
bargaining power of consumers
threat of substitute
threat of new entrants
competitive rivalry within an industry |
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Term
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Definition
| segment(use demo and psyographics), target(select most appropriate market), position (communication w/ customers) |
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Term
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Definition
| means of displaying or graphing in two or more dimensions |
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Term
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Definition
| changing consumers perceptions of brand in relation to competing brands |
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Term
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Definition
| stronger the initial stimulus the greater the added intensity needed to perceive a difference |
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Term
| Strategic Market Plan Elements |
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Definition
| Mission, Objective, SWOT, strategy, evaluation |
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Term
| 4 elements of balance scorecard |
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Definition
| financial, internal business, customer, innovation |
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Term
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Definition
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Term
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Definition
| take new role in foreign culture |
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Term
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Definition
| exposed to outside influences without leaving your comfort zone |
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Term
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Definition
| idea that socially sustainable companies will outperform their peers by focusing on the world's social problems and viewing them as opportunities to build profits |
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Term
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Definition
1. derived (organizations buy products to be used to produce consumer products
2. Inelastic- demand without regards to price
3. joint-multiple items used together in final product
4. fluctuating- dmeand for biz products is more unstable than consumer products |
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Term
| 5 step decision making process |
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Definition
1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. cognitive dissoncace- post purchase, buyers regret |
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Term
| Consumer decision strategy (competesory model) |
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Definition
| cost benefit analysis, multi attribute |
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Term
| consumer decision strategy (non compensatory model) |
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Definition
| immeidate rejection based on some factor |
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Term
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Definition
| list outcomes, rate each outcome based on importance |
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Term
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Definition
| view min cutoff and compare to see if meets criteria |
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Term
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Definition
| make decision based on the most important attribute |
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Term
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Definition
| Diagnostic (explains data), Predictive (estimate result of planned mkt decision), Descriptive (gather factual stmts) |
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