Chapter 13

Front 1

Marketing

Back 1

the process of planning and executing the concpetion, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy indivudal and orgnizational objectives

Front 2

marketing conept

Back 2

A three part business philosophy 1-a customer orientation, 2 a service oriention, and 3 a profit orientation

Front 3

customer relationship managemetn

Back 3

the process of learning as much as possible about customers and doing everything you can to satisfy them or even exceed their expectations with goods and services over time

Front 4

marketing mix

Back 4

the ingredients that go into a marketing program: product, price, place, and promotion

Front 5

product

Back 5

any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers such as the brand

Front 6

test marketing

Back 6

the process of testing products among potential users

Front 7

brand name

Back 7

a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors

Front 8

promotion

Back 8

all the techniques sellers use to motivate people to buy their products or services

Front 9

marketing research

Back 9

the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions

Front 10

secondary data

Back 10

information that has already been compiled by others and published in journals and books or made available online

Front 11

primary data

Back 11

data that oyu gather yourself

Front 12

focus group

Back 12

a small group of people who meet under the direction of a discussion leader to communicate their opinions about an organization, its products, or other given issues

Front 13

environemntal scanning

Back 13

the process of indentifying the factors that can affect marketing success

Front 14

consumer market

Back 14

all the indivudals or housholds that want goods and services for personal consumption or use

Front 15

business-to-business market

Back 15

all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others

Front 16

market segmentation

Back 16

the proces of dividing the total market into groups whose members have similar characteristics

Front 17

target marketing

Back 17

marketing directed toward those groups (market segments) an organization decides it can serve profitably

Front 18

geographic segmentation

Back 18

dividing the market by geographic area

Front 19

demographic segmentation

Back 19

dividing the market by age income and education level

Front 20

psychographic segmentation

Back 20

dividing the market by dtermining which benefits of the product to talk about

Front 21

volume, or usage, segmentation

Back 21

dividing the market by usage

Front 22

nich marketing

Back 22

the process of finding small but profitable market segments and designing or finding products for them

Front 23

one to one marketing

Back 23

developing a unique mix of goods and services for each indivdual customer

Front 24

mass marketing

Back 24

developing products and promotions to please large groups of people

Front 25

relationship marketing

Back 25

marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requiremnts

Front 26

value

Back 26

good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs

Front 27

total product offer

Back 27

everything that consumers evaluate when deciding whether to buy something; also called a value package

Front 28

product line

Back 28

a group of products that are physically simialr or are intended for a simialr market

Front 29

product mix

Back 29

the combination of product lines offered by a manufacturer

Front 30

product differentiation

Back 30

the creation of real or perceived product differences

Front 31

convenience goods and services

Back 31

products that the consumer wants to purchase frequently and with a minimum of effort

Front 32

shopping goods and services

Back 32

those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers

Front 33

specialty goods and services

Back 33

consumer products with unique characteristics and brand identity, Becuse these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them.

Front 34

unsought goods and services

Back 34

products that consumers are unaware of, havent necessarily thought of buying, or find that they need to solve an unexptected problem

Front 35

Industrial goods

Back 35

products used in the production of other products. Sometimes called business goods or B2B goods.

Front 36

brand

Back 36

a name, symbol, or design that indentifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors

Front 37

trademark

Back 37

a brand that has been given exclusive legal protection for both the brand name and the pictorial design

Front 38

manufacturers brand names

Back 38

the brand names of manufacturers that distribute products nationally

Front 39

dealer (private-label) brands

Back 39

products that dont carry the manufactuer's name but carry a distributor or retailer's name instead

Front 40

generic goods

Back 40

nonbranded products that usually sell at a sizable discount compared to national or private label brands

Front 41

knockoff brands

Back 41

illegal copies of national brand-name goods

Front 42

brand equity

Back 42

the combination of factors such as awareneess, loyalty, perceived quality, images, and emotions, that people associate with a given brand name

Front 43

brand loyalty

Back 43

the degree to which customers are satisfied like the brand, and are committed to further purchase

Front 44

brand awareness

Back 44

how quickly or easily a given brand name comes to mind when a product category is mentioned

Front 45

brand association

Back 45

the linking of a brand to other favorable images

Front 46

brand association

Back 46

the linking of a brand to other favorable images

Front 47

brand manager

Back 47

a manager who has direct responsibility for one brand or one product line; called a product manager in some firms

Front 48

product screening

Back 48

a process designed to reduce the number of new-product ideas being worked on at any one time

Front 49

product analysis

Back 49

making cost estimates and sales forecasts to get a feeling for profitablity of new product ideas

Front 50

concept testing

Back 50

taking a product idea to consumers to test their reactions

Front 51

commercialization

Back 51

promoting a product to distributors and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and maintain interst in the product among distributors and consumers

Front 52

product life cycle

Back 52

a theortecial model of what happens to sales and profits for a product class over time

Front 53

target costing

Back 53

designing a product so that it satisfies customers and meets the profit margins desired by the firm

Front 54

competition based pricing

Back 54

a pricing strategy based on what all the other competitors are doing. The price can be set at, above, or below competitors prices.

Front 55

price leadership

Back 55

The procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow.

Front 56

break-even analysis

Back 56

the process used to determine profitability at various levels of sales.
BEP=total fixed cost/price of one unit-Variable cost of one unit

Front 57

total fixed costs

Back 57

all the expenses that remain the same no matter how many products are made or sold

Front 58

variable costs

Back 58

costs that change according to the level of production

Front 59

skimming price strategy

Back 59

strategy in which a new product is priced high to make optimum profit while there's little competition

Front 60

penetration strategy

Back 60

strategy in which a product is priced low to attract many customers and discourage competition

Front 61

everyday low pricing

Back 61

setting prices lower than competitors and then not having any special sales

Front 62

high-low pricing strategy

Back 62

setting prices that are higher than EDLP stores, but having many special salses where the prices are lower than competitors

Front 63

bundling

Back 63

grouping two or more products together and pricing them as a unit

Front 64

psychological pricing

Back 64

pricing goods and services at price points that make the product apper less expensive than it is