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Definition
| The activity of creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large. |
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Definition
| The ratio of perceived benefits to Price |
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| People with both the desire and ability to buy a specific offering |
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| What is the Marketing Mix |
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Definition
| 4Ps - Promotion, Price, Place and Product |
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Definition
| What the consumer needs to survive, wants are items the consumer wishes to use but it isn't a necessity |
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Term
| Why is strategic marketing used? |
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Definition
| used to figure out where to allocate resources, how to convert plans into actions and how to compare results with current plans and do deviations required for new plans. |
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| What are the 3 steps to Strategic Marketing? |
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Definition
| Planning, Implementation and Evaluation |
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| What is the strategic marketing process |
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Definition
| where an organization allocates its marketing mix resources to reach its target markets |
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Term
| Marketing Strategy vs. Marketing Tactics |
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Definition
| Marketing strategy is the means by which a marketing goal is to be achieved usually characterized by a specified target market and a marketing program to reach it. Marketing tactics are detailed day-to-day operational decisions essential to the overall success of marketing strategies. |
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Definition
| Relates the expense of marketing effort to the marketing results obtained. |
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| What are Porters Generic Strategies? |
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Definition
| Cost Differentiation, Cost Focus, Differentiation Focus and Cost Leadership |
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Definition
| Focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments. |
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Definition
| Requires products to have significant points of difference to target one or only a few market segments. |
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Definition
| Involves controlling expenses and, in turn, lowering product price targeted at a narrow range of market segments. |
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Definition
| Requires products to have significant points of difference to target one or only a few market segments. |
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Definition
| From the Business Portfolio Analysis, Quantifies performance measures and growth targets to analyze its clients SBUs |
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Definition
| An organizations special capabilities, the skills, technologies, and resources that distinguish it from other organizations and provide customer value. |
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Definition
| A unique strength relative to competitors that provides superior returns, often based on quality, time, cost, or innovation. |
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Definition
| A measure of the quantitative value or trend of a marketing activity or result. |
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Definition
| The ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself. |
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Definition
| The difference between the projection of the path to reach a new goal and the projection of the path of results of a plan already in place. |
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Definition
| Situations, Weaknesses, Opportunities and Threats |
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Definition
| Competition, Economy, Legal/regulatory, social trends, technology |
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Definition
| refers to the alternative firms that could provide a product to satisfy a specific market’s needs. |
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Definition
| refers to inventions or innovations from applied science or engineering research. |
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Definition
| Consists of restrictions state and federal laws place on business with regard to the conduct of its activities. Regulation exists to protect companies as well as consumers. |
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Definition
| include the demographic characteristics of the population and its values. |
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Definition
| Pertains to income, expenditures, and resources that affect the cost of running a business and household, both macroeconomic and microeconomic. |
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Definition
| The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. |
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Term
| What is the purpose of a SWOT (situation) analysis? |
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Definition
| Taking stock of where the firm or product has been recently, where it is now, and where it is headed in terms of the organization’s marketing plans and the external forces and trends affecting it. |
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Term
| Definition of an opportunity, where do threats come from? |
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Definition
| Future met goals of the organization, threats come from factors that occur both inside and outside of the company that threaten it’s stability or future. |
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Term
| S.M.A.R.T. goals and their importance to the organization |
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Definition
Specific, Measurable, Attainable, Relevant and Time Based.
- Specifics include affected target market, the actual job to be done, the activity or change to be accomplished and the time period. |
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Term
| Definition of Marketing Research |
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Definition
| -The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. |
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Term
| Secondary vs. primary data, advantages and disadvantages |
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Definition
| Secondary Data: facts and figures that have already been recorded before the project at hand. (Advantage: Large time and cost savings. Disadvantage: data may be out of date, and the definitions or categories might not be quite right for the researcher’s project) Primary Data: facts and figures that are newly collected for the project. (Advantage: More specific to the problem being studied. Disadvantage: primary data are more costly and time consuming) |
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Term
| 5 step approach to marketing research |
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Definition
| -Define the Problem, Develop the Research Plan, Collect Relevant Information, Develop Findings, Take Marketing Actions. |
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Term
| Quantitative vs. qualitative data |
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Definition
Qualitative Data: Measures attributes, qualities, characteristics etc.
Quantitative Data: Measured or identified on a numerical scale. |
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Term
| Steps in the consumer decision process |
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Definition
| Problem Recognition, Information Search, Alternative Evaluation, Purchase Decision, Post purchase Behavior |
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Term
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Definition
| The feeling of post purchase psychological tension or anxiety |
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Term
| Maslows Hierarchy of Needs |
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Definition
| Self Actualization, Personal Needs, Social Needs, Safety Needs, Physiological Needs |
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Term
| 3 ways to change attitudes about products/brands |
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Definition
- 1) Changing beliefs about the extent to which a brand has certain attributes.
2) Changing the perceived importance of attributes.
3) Adding new attributes to the product. |
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Term
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Definition
| Individuals who exert direct or indirect social influence over others. |
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| Buzz Marketing/ Word of Mouth |
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Definition
opularity created by consumer word of mouth.
- Influencing of people during conversations. |
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Term
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Definition
| A good, service or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value. |
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| 4 Is of service and service quality dimensions |
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Definition
| Intangibility, Inconsistency, Inseparability and inventory (Pg. 299) |
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Definition
| color, size and style which can be determined before a purchase |
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Definition
| which can be discerned only after purchase or during consumption |
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Definition
| Characteristics that the consumer may find impossible to evaluate even after purchase and consumption |
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Term
| Customer Experience Management (CEM) |
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Definition
| The process of managing the entire customer experience within the firm. |
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Definition
| Convieence, shopping and specialty goods |
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Term
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Definition
| Introduction, Growth Maturity and Decline |
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Term
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Definition
| in which an organization uses a name, phrase, design symbols, or combination of these to identify its products and distinguish them from those of competitors. |
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Term
| Brand Equity and Creation |
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Definition
| The added value a brand name gives to a product beyond the functional benefits provided. |
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Term
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Definition
| Any word, device or combination of these used to distinguish a seller’s goods or services. Elements: trade name and trademark |
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Definition
| The practice of using a current brand name to enter a different product class. |
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Term
| Marketing advantages of packaging |
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Definition
| Perceptual, Communication and functional |
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Term
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Definition
| the label information on it conveyed to the consumer, such as directions on how, where, and when to use the product and the source and composition of the product, which is needed to satisfy legal requirements of product disclosure. |
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Term
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Definition
| Packaging often plays a role such as storage, convenience, protection or product quality. |
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Term
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Definition
| A third component of packaging and labeling is the perception created in the consumer’s mind. |
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Term
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Definition
| a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price. |
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Term
| What is movement along the demand curve? |
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Definition
| Movement that doesn’t affect the consumer tastes, price and availability of substitutes and consumer income. |
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Term
| What is a shift in the demand curve? |
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Definition
| A change in the consumer tastes, price, availability of substitutes and consumer income. |
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Term
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Definition
| With a downward-sloping demand curve, marketing managers are especially interested in how sensitive consumer demand and the firm’s revenues are to changes in the product’s price. |
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Term
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Definition
| Setting the highest initial price that customers really desiring the product are willing to pay. |
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Term
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Definition
| Setting a low initial price on a new product to appeal immediately to the mass market |
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Term
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Definition
| Involves setting a high price so that quality-or status conscious consumers will be attracted to the product and buy it. |
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Term
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Definition
| Often a firm that is selling not just a single product, but a line of products may price them at a number of different specific pricing points. |
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Term
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Definition
| Charge a low price to drive competitors out of business |
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Term
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Definition
| Not to increase sales but to attract customers in hopes they will buy other products as well, particularly the discretionary items with large markups. |
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Term
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Definition
| Includes all activities involved in selling, renting, and providing products and services to ultimate consumers for personal family or household use. |
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Term
| How retailing creates value? |
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Definition
| people employed in retailing and money exchanged in retail sales |
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Term
| Depth vs. breadth of product line |
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Definition
Depth: the store carries a large assortment of each item, such as a show store that offers running shoes, dress shoes, and children shoes.
- Breadth: refers to the variety of different items a store carries, such as appliances and CDs.
Forms of non-store retailing: vending machines, direct mail and catalogs, television home shopping, online retailing, telemarketing, direct selling |
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Term
| Forms of non store retailing |
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Definition
| vending machines, direct mail and catalogs, television home shopping, online retailing, telemarketing, direct selling |
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Term
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Definition
| Will utilize and integrate a combination of traditional store formats and non store formats such as catalogs, television, home shopping, and online retailing |
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Term
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Definition
| A sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users. |
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Term
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Definition
| Railroads, Motor Carriers, Air Carriers, Pipeline, Water Carriers |
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Term
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Definition
| Involves aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action. |
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Term
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Definition
| -Geographic, Demographic, Psychographic, Behavioral. |
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Term
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Definition
| refers to the place a product occupies in consumers’ minds on important attributes relative to competitive products. |
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Term
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Definition
| Involves seeking a less-competitive, smaller market niche in which to locate a brand. |
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Term
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Definition
| Involves competing directly with competitors on similar product attributes in the same target market. |
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Term
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Definition
| changing the place a product occupies in a consumer’s mind relative to competitive products. |
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Term
| Positioning or perceptual map |
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Definition
| -A means of displaying or graphing two dimensions the location of products o brands in the minds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand. |
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Term
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Definition
Context, Commerce, Connection, Communication, Content, Community, Customization
Why consumers shop online (Pg. 557-560) |
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Term
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Definition
| An internet enabled marketing strategy that encourages individuals to forward marketer-initiated messages to others via e-mail, social networking, web sites and blogs. |
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Term
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Definition
| The blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online. |
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Definition
| Conducting business in a way that protects the natural environment while making economic progress |
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Term
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Definition
| -Marketing efforts to produce, promote, and reclaim environmentally sensitive products |
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Term
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Definition
| Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products |
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