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| creating an image or perception in the minds of consumers about the organization or its products relative to the competition |
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| the characteristics consumers associate with a brand based on important attributes |
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| a diagram of how consumers in a segment perceive brands based on specific elements they consider important |
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| strategy based on delivering customer value in a way that clearly distinguishes the product from competitors; works through effectiveness |
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| strategy whose objective is to be the low-cost leader, thereby allowing the company to have higher margins than competitors and pass some savings onto customers through lower prices; works through efficiency |
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| the steps an individual consumer goes through in making a product choice |
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| the four stages a product goes through: introduction, growth, maturity, and decline |
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| the spread of innovations from one group of consumers to another over time |
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| offering new products to existing product segments |
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| any physical object, service, idea, person, event, place, or organization offered to satisfy consumers' needs and wants |
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| a costly item that lasts a long time but does not become part of any finished product |
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| a relatively inexpensive product that consumers purchase frequently and with minimum effort |
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| a product purchased due to an unexpected event and for which the consumer has an urgent need |
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| products purchased to help run a business that are not included in the finished products |
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| raw materials, processed materials, component parts, and sub-assemblies that become parts of other goods |
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| a purchase generally made only after the consumer has compared several alternatives |
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| a product with unique characteristics that provides unusual value to the purchaser |
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| consumable items used for business operations |
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| an item that consumers don't think about frequently and for which they don't perceive much need |
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| buyers with diverse characteristics |
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| buyers with similar characteristics |
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| a marketing strategy with which companies attempt to make their products appear unique relative to the competition |
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| the object is to reach as many people as possible with the same marketing approach |
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| Undifferentiated Marketing |
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Definition
| a strategy that views all potential customers as though they were the same |
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| marketing to each of several segments with a marketing mix strategy matched specifically to its desires and expectations |
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| focusing the organization's marketing mix strategy on one or only a few of many possible segments |
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| a very small market segment that most companies ignore because they fail to see any opportunity |
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| marketing to an individual customer |
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| Segmentation, Positioning, Innovation, General marketing strategy, Competitive strategy, Physical connections |
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Term
| The 6 steps in the Positioning Process |
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Definition
| 1)Identify attributes, 2)Diagram the most important dimensions, 3) Locate brands relative to other brands, 4)Identify ideal position of segments, 5)Determine desired product decision, 6)Develops marketing mix tactics to achieve position |
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| First 3 Steps in the Positioning Process... |
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Definition
| determine the criteria customers use |
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| Steps 4 and 5 in the Positioning Process... |
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| determine product position |
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| Step 6 in the Positioning Process... |
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Definition
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| How many options available for a positioning strategy? |
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Definition
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| Options Available for a Positioning Strategy |
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Definition
Focus on Demand:
1)changes perception of what product is based on, either the benefits it provides or based on its product class/category, 2)changes perception of when or where product is used based on its time of use application
Focus on Attributes of the Product:
3)improves how a product is rated on an attribute, 4)changes the importance of an attribute, 5)introduces a new attribute |
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Term
| Criteria that should be considered when selecting a positioning strategy... |
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Definition
| the expected market reaction to the strategy, the cost of implementing the strategy, and the extent to which there are any open positions |
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Term
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Definition
| to design, price, locate, and communicate a product/service offering in a way that creates an image or perception in the minds of consumers |
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Definition
| to place the organization in a position to maintain its success given that consumers constantly change, competitors constantly change and improve, and an organizations track record in introducing new products has a major impact on its stock evaluation |
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| To successfully innovate companies must master 6 product related success factors... |
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Definition
| Relative advantage, Compatibility, Satisfaction, Product complexity, Trial-ability, Observability |
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| To successfully innovate companies must master 3 management related success factors... |
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Definition
| Management of diffusion (movement of trend across society), Management of adoption (movement of trend across person's decision making process), Management of new product development process |
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| Purpose of a General Marketing Strategy |
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Definition
| to provide guidance for the nature of demand that the marketing strategy should focus on and how it should try and alter or re-direct that demand |
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Term
| The 8 General Marketing Strategies |
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Definition
| 1)Increasing the number of users by increasing their willingness to buy, 2)Increasing the number of users by increasing their ability to buy, 3)Increasing sales by increasing the purchasing rate of existing buyers, 4)Retaining customers by increasing their satisfaction, 5)Retaining customers by simplifying their buying process, 6)Retaining customers by out competing competitors, 7)Acquiring customers through effective segmentation and positioning, 8)Acquiring customers by out competing competitors |
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Term
| The general marketing strategy is based on... |
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Definition
| the criteria of the nature of demand, the firm's position in the market, the growth rate of the market, and the nature of opportunities |
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Term
| Purpose of a Competitive Strategy |
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Definition
| to define what other firms the organization will measure its performance against; and how the firm will allocate its resources to protect its weaknesses and exploit its strengths versus some other organization in terms of executing its general marketing strategy and achieving its desired position |
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| The 5 Options of a Competitive Strategy |
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Definition
| 1)Leader, 2)Attacking challenger, 3)Differentiating challenger, 4)Low-cost challenger, 5)Niche |
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| The Competitive Strategy is based on... |
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Definition
| the criteria of the firm's relative market share, its resources, its competitive advantage, and the extent to which open positions exist |
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| the assets linked with the brand name and symbol that add value to the product |
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