Busi Midterm 2 Chapter 12

Front 1

marketing

Back 1

an organizational function for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders

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marketing concept

Back 2

the idea that the whole firm is directed toward serving present and potential customers at a profit

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value

Back 3

comparison of products benefits vs cost

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utility

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the ability of a product to satisfy a human need or want

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consumer goods

Back 5

physical products purchased by consumers for personal use

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industrial goods

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physical products purchased by companies to produce other products

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services

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products with non-physical features, such as information, expertise or an activity that can be purchased

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relationship marketing

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a marketing strategy that emphasizes building lasting relationships with customers and suppliers

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customer relationship marketing

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organized methods that a firm uses to build better information connections with clients, so that stronger company client relationships are developed

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marketing plan

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detailed strategy for focusing marketing efforts on consumers needs and wants

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marketing objectives

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the things marketing intends to accomplish in its marketing plan

Front 12

marketing strategy

Back 12

all the marketing programs and activities that will be used to achieve the marketing goals

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marketing mix

Back 13

a combination of product, pricing, promotion, and place strategies used to market products

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product

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good, service, or idea that is marketed to fill consumers needs and wants

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product differentiation

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creation of a product feature or product image that differs enough from existing products to attract customers

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pricing

Back 16

the process of determining the best price at which to sell a product

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place (distirbution)

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the part of the marketing mix concerned with getting products from producers to consumers

Front 18

promotion

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the most effective techniques for communicating information about products

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market segmentation

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the process of dividing a market into categories/segments of customer types

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target market

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a group of people who have similar wants and needs and can be expected to show interest in the same products

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product positioning

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the process of fixing, adapting, and communicating the nature of a product to appeal to the selected target market

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demographic variables

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characteristics of populations that may be considered in developing a segmentation strategy

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geographic variables

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geographic units that may be considered in developing a segmentation strategy

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geo-demographic variables

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a combination of geographic and demographic variables used in developing a segmentation strategy

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psychographic variables

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consumer characteristics such as lifestyles, opinions, interests, and attitudes that may be considered in developing a segmentation strategy

Front 26

behavioural variables

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behavioural considerations, such as benefits sought, loyalty status, usage rate, user status, and occasion for use that may be used in developing a segmentation strategy

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marketing research

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the study of what customers need and want and how best to meet those needs and wants

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observation

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a market research technique involving viewing or otherwise monitoring consumer buying patterns

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survey

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a market research technique based on questioning a representative sample of consumers about purchasing attitudes and practices

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focus group

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market research technique involving a small group of people brought together and allowed to discuss selected issues in depth

Front 31

experimentation

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market research technique in which the reactions of similar people are compared under different circumstances

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consumer behaviour

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the study of the decision process by which people buy and consume products

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industrial market

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organizational market consisting of firms that buy goods that are either converted into products or used during production

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reseller market

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market consisting of intermediaries that buy and resell finished goods

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institutional market

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organizational market consisting of such non-governmental buyers of goods and services as hospitals, religious organizations, museums, charitable organizations

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product features

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tangible and intangible qualities that a company builds into its products

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convenience good

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inexpensive good or service purchased and consumed rapidly and regularly

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shopping good

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moderately expensive, infrequently purchased good or service

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specialty good

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an expensive, rarely purchased good or service

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product mix

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all products a company makes available for sale

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product line

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a group of products that are closely related because they function in a similar manner or are sold to the same consumer group

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product life cycle

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a series of stages in a products commercial life

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branding

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a process of using symbols to communicate the qualities of a product made by a particular producer

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brand equity

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the added value a brand name provides to a product beyond its basic functional benefits

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product placement

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promotional tactic for brand exposure in which characters in movies/tv use a real product with its brand visible to viewers

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buzz marketing

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marketing that relies on word of mouth to spread buzz about a particular product or idea

Front 47

viral marketing

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relies on social networking to spread information

Front 48

national brands

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products distributed by and carrying a name associated with the manufacturer

Front 49

private brands

Back 49

products promoted by and carrying a name associated with the retailer or wholesaler

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generic brands

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products sold under the general category name rather than the specific company name

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packaging

Back 51

physical container in which a product is sold, advertised or protected

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label

Back 52

the part of a products packaging that identifies the product name and contents