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| The art and science of choosing target markets and building profitable relationships with them. |
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| Finding and increasing demand, also changing or reducing demand such as in demarketing. |
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| Temporarily or permanently reducing the number of customers or shifting their demand. |
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| Profits through sales volume. |
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| Profits through customer satisfaction. |
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| The set of benefits or values a company promises to deliver to consumers to satisfy their needs. |
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| Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. |
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| Dependent on the product’s perceived performance relative to a buyer’s expectations. |
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| The entire stream of purchases that the customer would make over a lifetime of patronage. |
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| The share a company gets of the customers purchasing in their product categories. |
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| Customer equity is the total combined customer lifetime values of all of the company’s customers. |
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| Divide the market into groups of customers |
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| Select the segment to cultivate |
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| The "added value" endowed by the brand name. |
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| Recall and recognition of the brand. |
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| Perceived quality of the brand |
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| The brand that sets the standard for others in the industry. |
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| Buy frequently and immediately, low priced |
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| Buy less frequently, gather product information, fewer purchase locations, compare for price and quality |
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| special purchase efforts, unique characteristics, brand identification |
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| new innovations, products consumers don't want to think about |
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| Materials and parts, capital items, supplies and services |
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| Intangibility, inseparability, variability, perishability |
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| Existing brand names extended to new forms, sizes, and flavors of an existing product category |
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| Existing brand names extended to new product categories |
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| New brand names introduced in the same product category |
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| New brand names in new product categories |
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| Price Elasticity of Demand |
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Definition
| Percent change in quantity demanded/change in price |
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| Change in demand of one product resulting from change of price on another product |
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| Pricing optional or accessory products sold with the main product |
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| Pricing products that must be used with the main product |
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| Pricing low-value by-products to get rid of them |
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| Pricing bundles of products sold together |
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| Capture customers with high initial pricing then decreasing price over time |
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Definition
| Capture customers with initial low price |
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| Six components of Communications Model |
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Definition
| Advertising, Personal selling, Public Relations, Sales Promotion, Direct marketing |
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| Personal selling vs. advertising |
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Definition
| Advertising is meant for simple goods. Personal selling for expensive goods. |
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Definition
| what can be afforded, % of sales, comparison with rivals, objective and task |
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| Purchasing products for resale or as an agent for supply of a product, contacting potential customers, assume risks based on ownership of inventory |
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| Creating product assortments from several sources, assembling and protecting products to offer customer service |
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| extending credit to customers, assigning quality grades to products |
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| Forward and backward integration |
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| Wholesaler-sponsored voluntary chains, retailer-sponsored cooperatives |
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| One member of the chain is dominant and acts accordingly |
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| A marketing strategy under which a company sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go: supermarkets, drug stores, gas stations, and the like. Soft drinks are generally made available through intensive distribution. |
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| Situation where suppliers and distributors enter into an exclusive agreement that only allows the named distributor to sell a specific product. For example, Apple had an exclusive distribution deal with AT&T to provide the iPhone to consumers. |
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| Type of product distribution that lies between intensive distribution and exclusive distribution, and in which only a few retail outlets cover a specific geographical area. Considered more suitable for high-end items such as 'designer' or prestige goods. |
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| getting the right amount of the right products to the right place at the right time at the lowest possible cost. |
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| Utilizing the 4 Ps of the marketing mix to promote a product globally |
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| an unconscious reference to one’s own cultural values, experiences, and knowledge as a basis for decisions. |
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| the notion that one’s own culture or company knows best how to do things. |
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| Language is one of the major barriers to effective communication through advertising |
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| Knowledge of cultural diversity must encompass the total advertising project |
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| Media limitations may diminish the role of advertising in the promotional program |
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