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78 Cards in this Set

  • Front
  • Back
marketing
the process of planning and executing the conception, pricing, promotion, and distribution of goods and services to facilitate exchanges that satisfy individual and organizational objectives
marketing concept
Three part business philosophy: 1) customer orientation 2) a service orientation 3) a profit orientation
customer relationship management (CRM)
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
marketing mix
the ingredients that go into a marketing program; product, price, place, and promotion
product
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
test marketing
the process of testing products among potential users
brand name
a word, letter, or group of words or letters that differentiates one seller's goods and services from those of competitors
promotion
all the techniques sellers use to motivate people to buy their products or services
marketing research
the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
secondary data
information that has already been compiled by others and published in journals and books or made available online
primary data
data that you gather yourself (not from secondary sources such as books and magazines)
focus group
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
environmental scanning
the process of identifying the factors that can affect marketing success
consumer market
all the individuals or households that want goods and services for personal consumption or use
Business to Business (B2B) market
all the individuals that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others
market segmentation
the process of dividing the total market into groups whose members have similar characteristics
target marketing
marketing directed towards those groups (market segments) an organization decides it can serve profitably
geographic segmentation
dividing the market by geographic area
demographic segmentation
dividing the market by age, income, and education level
psycho-graphic segmentation
dividing the market using the group's values, attitudes, and interests
benefit segmentation
dividing the market by determining which benefits of the product to talk about
volume, or usage, segmentation
dividing the market by usage (volume of use)
niche marketing
the process of finding small but profitable market segments and designing or finding products for them
one-to-one marketing
developing a unique mix of goods and services for each individual customer
mass marketing
developing products and promotions to please large groups of people
relationship marketing
marketing strategy with goal of keeping individual customers over time by offering them products that exactly meet their requirements
value
good quality at a fair price. when consumers calculate the value of a product, they look at the benefits and then subtract the costs to see if the benefits exceed the costs
total product offer
everything that consumers evaluate when deciding whether to buy something; also called a value package
product line
a group of products that are physically similar or are intended for a similar market
product mix
the combination of product lines offered by a manufacturer
product differentation
the creation of real or perceived product differences
convenience goods and services
products that the consumer wants to purchase frequently and with a minimum of effort
shopping goods and services
those products that the consumer buys only after comparing value, quality, and style from a variety of sellers
specialty goods and services
consumer products with unique characteristics and brand identity. because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them
unsought goods and services
products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem.
industrial goods
products used in the production of other products. sometimes called business goods or B2B goods
brand
a name, symbol, or design (or combination thereof) that identifies the goods and services of one seller or group of sellers and distinguishes them from the goods and services of competitors
trademark
a brand that has been given exclusive legal protection for both the brand name and the pictorial design
manufacturer's brand names
the brand names of manufacturers that distribute products nationally
dealer (private - label) brands
products that don't carry the manufacturer's name but carry a distributor or retailer's name instead
generic goods
non-branded products that usually sell at a sizable discount compared to national or private-label brands
knockoff brands
Illegal copies of national brand-name goods
brand equity
the combination of factors - such as awareness, loyalty, perceived quality, images, and emotions - that people associate with a given brand name
brand loyalty
the degree to which customers are satisfied, like the brand, and are committed to further purchase.
brand awareness
how quickly or easily a given brand name comes to mind when a product category is mentioned
product differentation
the creation of real or perceived product differences
convenience goods and services
products that the consumer wants to purchase frequently and with a minimum of effort
shopping goods and services
those products that the consumer buys only after comparing value, quality, and style from a variety of sellers
specialty goods and services
consumer products with unique characteristics and brand identity. because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them
unsought goods and services
products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem.
industrial goods
products used in the production of other products. sometimes called business goods or B2B goods
brand
a name, symbol, or design (or combination thereof) that identifies the goods and services of one seller or group of sellers and distinguishes them from the goods and services of competitors
trademark
a brand that has been given exclusive legal protection for both the brand name and the pictorial design
manufacturer's brand names
the brand names of manufacturers that distribute products nationally
dealer (private - label) brands
products that don't carry the manufacturer's name but carry a distributor or retailer's name instead
generic goods
non-branded products that usually sell at a sizable discount compared to national or private-label brands
knockoff brands
Illegal copies of national brand-name goods
brand equity
the combination of factors - such as awareness, loyalty, perceived quality, images, and emotions - that people associate with a given brand name
brand loyalty
the degree to which customers are satisfied, like the brand, and are committed to further purchase.
brand awareness
how quickly or easily a given brand name comes to mind when a product category is mentioned
brand association
the linking of a brand to other favorable images
brand manager
a manager who has direct responsibility for one brand or one product line; called a product manager in some firms
product screening
a process designed to reduce the number of new-product ideas being worked on at any one time
product analysis
making cost estimates and sales forecasts to get a feeling for profitability of new-product ideas
concept testing
taking a product idea to consumers to test their reactions
commercialization
promoting a product to distributors and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers
product life cycle
a theoretical model of what happens to sales and profits for a product class over time
target costing
designing a product so that it satisfies customers and meets the profit margins desired by the firm
competition-based pricing
a pricing strategy based on what all the other competitors are doing. the price that can be set at, above, or below competitor's prices
price leadership
the procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow
break-even analysis
the process used to determine profitability at various levels of sales
total fixed costs
all the expenses that remain the same no matter how many products are sold
variable costs
costs that change according to the level of production
skimming price strategy
strategy in which a new product is prices high to make optimum profit while there's little competition
everyday low pricing (EDLP)
setting prices lower than competitors and then not having any special sales
high-low pricing strategy
setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors'
bundling
grouping two or more products together and pricing them as a unit
psychological pricing
pricing goods and services at price points that make the product appear less expensive than it is