Cbma Test # 2

Front 1

Customer insights

Back 1

fresh understandings of customer and the marketplace derived from marketing information that become the basis for creating customer value and relationships.

Front 2

Marketing information system (MIS)

Back 2

people and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.

Front 3

Internal databases

Back 3

electronic collections of consumer and market information obtained from data sources within the company network.

Front 4

Marketing intelligence

Back 4

the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

Front 5

Marketing research

Back 5

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Front 6

Exploratory research

Back 6

marketing research to gather preliminary information that will help define problems and suggest hypothesis.

Front 7

Descriptive research

Back 7

marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or demographics and attitudes of consumers.

Front 8

Casual research

Back 8

marketing research to test hypotheses about cause-and-effect relationships.

Front 9

Secondary data

Back 9

information that already exists somewhere, having been collected for another purpose.

Front 10

Primary data

Back 10

information collected for the specific purpose at hand.

Front 11

Commercial online databases

Back 11

computerized collections of information available from online commercial sources or via the Internet.

Front 12

Observational research

Back 12

gathering primary data by observing relevant people, actions, and situations.

Front 13

Ethnographic research

Back 13

a form of observational research that involves sending trained observers to watch and interact with consumers in their “natural habitat.”

Front 14

Survey research

Back 14

gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Front 15

Experimental research

Back 15

gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.

Front 16

Focus group interviewing

Back 16

personal interviewing that involves inviting six to ten people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer “focuses” the group discussion on important issues.

Front 17

Online marketing research

Back 17

collecting primary data online through Internet surveys, online focus groups, web-based experiments, or tracking consumers’ online behavior.

Front 18

Online focus groups

Back 18

gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior.

Front 19

Sample

Back 19

a segment of the population selected for marketing research to represent the population as a whole.

Front 20

Consumer relationship management (CRM)

Back 20

managing detailed information about individual customers and carefully managing customer “touch points” in order to maximize customer loyalty.

Front 21

Market segmentation

Back 21

dividing a market into smaller groups with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.

Front 22

Marketing targeting (targeting)

Back 22

the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.

Front 23

Differentiation

Back 23

actually differentiating the market offering to create superior customer value.

Front 24

Positioning

Back 24

arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Front 25

The FOUR D’s of effective positioning

Back 25

Define- what the brand is.
Differentiate- the brand from other products.
Deepen- the brand’s connection to consumer goals.
Defend- the position as competitors react.

Front 26

Geographic segmentation

Back 26

dividing a market into different geographic units such as nations, states, regions, counties, cities, or neighborhoods.

Front 27

Demographic segmentation

Back 27

dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.

Front 28

Age and life-cycle segmentation

Back 28

dividing a market into different age and life-cycle groups.

Front 29

Gender segmentation

Back 29

dividing a market into different groups based on gender.

Front 30

Income segmentation

Back 30

dividing a market into different income groups.

Front 31

Psychographic segmentation

Back 31

dividing a market into different groups based on social class, lifestyle, or personality characteristics.

Front 32

Behavioral segmentation

Back 32

dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.

Front 33

Occasion segmentation

Back 33

dividing the market into groups according to occasions when buyer get the idea to buy, actually make their purchase, or use the purchased item.

Front 34

Benefit segmentation

Back 34

dividing the market into groups according to the different benefits that consumers seek from the product.

Front 35

Intermarket segmentation

Back 35

forming segments of consumers who have similar needs and buying behavior even though they are located in different countries.

Front 36

Target market

Back 36

a set of buyers sharing common needs or characteristics that the company decides to serve.

Front 37

Undifferentiated (mass) marketing

Back 37

a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

Front 38

Differentiated (segmented) marketing

Back 38

a market-coverage strategy in which a firm decides to target market segments and designs separate offers for each.

Front 39

Concentrated (niche) marketing

Back 39

a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.

Front 40

Micromarketing

Back 40

the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups—includes local marketing and individual marketing.

Front 41

Local marketing

Back 41

tailoring brands and promotions to the needs and wants of local customer groups—cities, neighborhoods, and even specific stores.

Front 42

Individual marketing

Back 42

tailoring products and marketing programs to the needs and preferences of individual customers--- also labeled “One-To-One marketing,” “customized marketing,” and “markets-of-one marketing.”

Front 43

Product position

Back 43

the way the product is defined by consumers on important attributes—the place the product occupies in consumers’ minds relative to competing products.

Front 44

Competitive advantage

Back 44

an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify high prices.

Front 45

Value proposition

Back 45

the full positioning of a brand--- the full mix of benefits upon which it is positioned.

Front 46

Positioning statement

Back 46

a statement that summarizes the company or brand positioning—it takes this form: to (target segment and need) our (brand) is (concept) that (point-of-difference).

Front 47

Primary demand stimulation

Back 47

marketing activity intended to increase demand for the product category.

Front 48

Selective demand stimulation

Back 48

marketing activity intended to increase demand for one organization’s product or services over those of competitors.

Front 49

The path of least resistance

Back 49

• Secure and solidify your relationships with your existing customers
• Attract competitors’ customers.
• Encourage non-users to use the product category.
• Develop new products for:
o Current customers
o New markets

Front 50

Common positioning errors

Back 50

• Underpositioning- customers cannot sense what is the difference
• Overpositioning- projecting too narrow an image
• Confused positioning- too many claims, or keep changing position
• Doubtful positioning- hard to believe given feature / price / manufacturer

Front 51

Product

Back 51

anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Front 52

Service

Back 52

any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.

Front 53

Consumer product

Back 53

a product bought by final consumer for personal consumption.

Front 54

Convenience product

Back 54

a consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort.

Front 55

Shopping product

Back 55

a consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style.

Front 56

Specialty product

Back 56

a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Front 57

Unsought product

Back 57

a consumer product that the consumer either does not know about or knows about but does not normally think of buying.

Front 58

Industrial product

Back 58

a product bought by individuals and organizations for further processing or for use in conducting a business.

Front 59

Social marketing

Back 59

the use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well-being and that of society.

Front 60

Product quality

Back 60

the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Front 61

Brand

Back 61

a name, term, symbol, design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.

Front 62

Packaging

Back 62

the activities of designing and producing the container or wrapper for a product.

Front 63

Product line

Back 63

a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

Front 64

Product mix (OR product portfolio)

Back 64

the set of all product lines and items that particular seller offers for sale.

Front 65

Brand equity

Back 65

the differential effect that knowing the brand name has on customer responses to the product or its marketing.

Front 66

Store brand (OR private brand)

Back 66

a brand created and owner by a reseller of a product or service.

Front 67

Co-branding

Back 67

the practice of using the established brand names of two different companies on the same product.

Front 68

Line extension

Back 68

extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.

Front 69

Brand extension

Back 69

extending an existing brand name to a new product categories.

Front 70

Service intangibility

Back 70

a major characteristic of services—they cannot be seen, tasted, felt, heard, or smelled before they are bought.
--Make the offering more tangible
-- focus on creating favorable image and manage word-of-mouth

Front 71

Service inseparability

Back 71

a major characteristic of services—they are produced and consumed at the same time and cannot be separated from providers.
--focus on both service elements.

Front 72

Service variability

Back 72

a major characteristic of services—their quality may vary greatly, depending on who provides them and when, where, and how.
--empower frontline employees to manage
--standardize service by employee training

Front 73

Service perishability

Back 73

a major characteristic or services—they cannot be stored for later sale or use.
--price for yield management
--maximize flexibility in capacity

Front 74

Service-profit chain

Back 74

the chain that links service firm profits with employee and customer satisfaction.

Front 75

Internal marketing

Back 75

orienting and motivating customer-contact employees and supporting service people to work as a team provide customer satisfaction.

Front 76

Interactive marketing

Back 76

training service employees in the fine are of interacting with customers to satisfy their needs.

Front 77

SIX P’s of services marketing

Back 77

• Product
• Price
• Promotion
• Place
• People
• Process

Front 78

% customers lost

Back 78

% customers lost = (p1)(a)(p2)+(p1)(b)(p3)+(p1)(c)(p4)+negative word of mouth

Front 79

New-product development

Back 79

the development of original products, product improvements, product modifications, and new brands through the firm’s own product-development efforts.

Front 80

Idea generation

Back 80

the systematic search for new-product ideas.

Front 81

Idea screening

Back 81

screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible.

Front 82

Product concept

Back 82

a detailed version of the new-product idea in meaningful consumer terms.

Front 83

Concept testing

Back 83

testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal.

Front 84

Marketing strategy development

Back 84

designing an initial marketing strategy for new product based on the product concept.

Front 85

Business analysis

Back 85

a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives.

Front 86

Product development

Back 86

developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable marketing offering.

Front 87

Test marketing

Back 87

the stage of new-product development in which the product and marketing program are tested in realistic market settings.

Front 88

Commercialization

Back 88

introducing a new product into the market.

Front 89

Customer-centered new-product development

Back 89

new-product development that focuses on finding new ways to solve customer problems and create more customer-satisfying experiences.

Front 90

Team-based new-product development

Back 90

an approach to developing new products in which various company departments work closely together, overlapping the steps in the product development process to save time and increase effectiveness.

Front 91

Product life cycle

Back 91

the course of a product’s sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline.

Front 92

Style

Back 92

a basic and distinctive mode of expression.

Front 93

Fashion

Back 93

a currently accepted or popular style in a given field.

Front 94

Fad

Back 94

a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.

Front 95

Introduction stage

Back 95

the product life-cycle stage in which the new product is first distributed and made available for purchase.

Front 96

Growth stage

Back 96

the product life-cycle stage in which a product’s sales start climbing quickly.

Front 97

Maturity stage

Back 97

the products life-cycle stage in which sales growth slows or levels off.

Front 98

Decline stage

Back 98

the products life-cycle stage in which a product’s sales decline.

Front 99

Price discrimination

Back 99

utilizes differences in price-sensitivity between customer to effectively segment markets into distinct self-selected groups.