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111 Cards in this Set
- Front
- Back
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Marketing |
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
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What is needed for marketing to occur? |
Two or more parties with unsatisfied needs, desire and ability to fill those needs, a way for those parties to communicate, something to exchange |
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Value |
The benefits the buyer receives that meets their needs |
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Hassle |
The time and effort that customers put into the shopping process |
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Social marketing |
Marketing designed to influence the behaviour of individuals in which the benefits of the behaviour are accrued to those individuals or society in general, not to the marketers |
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Ultimate consumer |
Ultimate consumers are the people who use the goods and services purchased for a household |
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Organizational buyer |
Units such as manufacturers, retailers, or government agencies that buy goods and services for their own use or resale |
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Target Market |
One or more specific groups of potential customers toward which an organization directs its marketing program |
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The marketing program |
Plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
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Value Proposition |
Thirty second elevator speech stating the specific value a product or service provides to a target market. |
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Market Penetration |
Focus on increasing a firms sales of its existing products to its existing customers |
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Market Penetration |
Focus on increasing a firms sales of its existing products to its existing customers |
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Product Development |
Involve creating new products for existing customers |
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Market Penetration |
Focus on increasing a firms sales of its existing products to its existing customers |
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Product Development |
Involve creating new products for existing customers |
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Market Development |
Focus on entering new markets with existing products |
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Market Penetration |
Focus on increasing a firms sales of its existing products to its existing customers |
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Product Development |
Involve creating new products for existing customers |
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Market Development |
Focus on entering new markets with existing products |
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Diversification |
Involve entering new markets with new products or doing something outside a firms current businesses |
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Offering |
The entire bundle of a tangible good, intangible service, and price that composes what a company offers to customers |
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Total cost of ownership |
The amount paid to own, use, and dispose of the product |
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Line depth |
The number of offerings in a single product line |
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Line extension |
When a new but similar product is added to a line |
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Line extension |
When a new but similar product is added to a line |
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Line breadth |
A function of how many different, or distinct, product lines a company has |
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Line extension |
When a new but similar product is added to a line |
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Line breadth |
A function of how many different, or distinct, product lines a company has |
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Product mix |
The entire assortment of products that a firm offers |
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Convenience offering |
Items that the consumer purchases frequently |
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Convenience offering |
Items that the consumer purchases frequently |
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Shopping offering |
Items for which the consumer compares several alternatives on criteria such as price, quality, or style |
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Convenience offering |
Items that the consumer purchases frequently |
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Shopping offering |
Items for which the consumer compares several alternatives on criteria such as price, quality, or style |
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Specialty offering |
Items that a consumer makes a special effort to search out and buy. Highly differentiated |
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Convenience offering |
Items that the consumer purchases frequently |
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Shopping offering |
Items for which the consumer compares several alternatives on criteria such as price, quality, or style |
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Specialty offering |
Items that a consumer makes a special effort to search out and buy. Highly differentiated |
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Unsought offering |
Items that the consumer either does not know about or knows about but does not want until they need them |
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Services |
Intangible activities, benefits, or satisfactions that an organization provides to consumers in exchange for money or something else of value. |
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Services |
Intangible activities, benefits, or satisfactions that an organization provides to consumers in exchange for money or something else of value. |
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The Four I's of Service |
Intangibility, Inseparability, inconsistency, and inventory |
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Services |
Intangible activities, benefits, or satisfactions that an organization provides to consumers in exchange for money or something else of value. |
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The Four I's of Service |
Intangibility, Inseparability, inconsistency, and inventory |
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Intangibility |
Services cannot be held, touched, or seen before purchase |
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Inconsistency |
Service quality varies |
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Inconsistency |
Service quality varies |
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Inseparability |
Consumer does not and cannot separate the service from the deliverer of the service |
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Inconsistency |
Service quality varies |
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Inseparability |
Consumer does not and cannot separate the service from the deliverer of the service |
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Inventory |
Inventory carrying costs are more subjective and related to idle production capacity |
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Customer contact audit |
Refers to how consumers judge services based on the tangible elements of their experience and their interaction with a service provider |
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8Ps of Marketing Services |
Product (service), price, place, Promotions, people, physical evidence, productivity, process |
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Brand |
A name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and to differentiate them from competitors offerings |
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Brand |
A name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and to differentiate them from competitors offerings |
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Branding |
The set of activities designed to create a brand and position it in the minds of consumers |
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Brand |
A name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and to differentiate them from competitors offerings |
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Branding |
The set of activities designed to create a brand and position it in the minds of consumers |
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Brand name |
The spoken part of a brand's identity |
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Brand |
A name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and to differentiate them from competitors offerings |
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Branding |
The set of activities designed to create a brand and position it in the minds of consumers |
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Brand name |
The spoken part of a brand's identity |
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Brand mark |
The symbol associated with the brand |
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Brand extension |
Involves utilizing an existing brand name or brand mark for a new product or category |
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Brand extension |
Involves utilizing an existing brand name or brand mark for a new product or category |
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Cannibalization |
Occurs when a firms new offerings eats into the sales of one of its older offerings |
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Trade name |
A commercial, legal name under which a company does business |
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Trade name |
A commercial, legal name under which a company does business |
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Trademark |
The brand name which is the exclusive right of the company and is legally registered in Canada under the trademarks act with consumer and corporate affoies Canada |
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Brand Equity |
The added value a given brand name provides a product beyond the functional benefits provided |
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Brand Equity |
The added value a given brand name provides a product beyond the functional benefits provided |
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Steps in creating brand equity |
Develop positive brand awareness; establish brand's meaning in consumer's mind; elicit proper consumer responses to brand identity and meaning |
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Multi product Branding |
Multiple products marketed under a single brand |
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Multi product Branding |
Multiple products marketed under a single brand |
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Multi branding strategy |
Each corporate product has a different name that is intended for different market segments |
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Private branding |
When the offering sells under the name of the wholesaler or retailer |
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Mixed branding |
When manufacturers market products under their own name and that of the reseller |
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Primary packaging |
Holds a single retail unit of product |
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Primary packaging |
Holds a single retail unit of product |
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Secondary packaging |
Holds a single wholesale unit of product |
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Primary packaging |
Holds a single retail unit of product |
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Secondary packaging |
Holds a single wholesale unit of product |
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Tertiary packaging |
Is packaging designed specifically for shipping and efficiently handling large quantities |
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Marketing Research |
A process of collecting, analyzing, and reporting marketing information |
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Research Design |
Outlines what data is to be gathered, from whom, how, and when data is to be collected, and how to analyze it once it's been collected |
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Exploratory Research Design |
Investigation of a problem, less structured, uses secondary data |
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Exploratory Research Design |
Investigation of a problem, less structured, uses secondary data |
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Descriptive Research design |
Gathering "hard" numbers. Uses surveys to answer questions |
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Causal Research design |
Cause and effect relationships, answers "what if" questions |
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Secondary data |
Data already collected by your firm or another organization for purposes other than the marketing project at hand |
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Secondary data |
Data already collected by your firm or another organization for purposes other than the marketing project at hand |
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Primary Data |
Data collected using hands on tools such as interviews or surveys to answer a question for a specific research project |
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Sample |
Subset of potential buyers that are representative of the entire target market |
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Sample |
Subset of potential buyers that are representative of the entire target market |
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Probability sample |
Each participant has a known and equal chance of being selected. |
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Sample |
Subset of potential buyers that are representative of the entire target market |
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Probability sample |
Each participant has a known and equal chance of being selected. |
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Nonprobability sample |
A sample that's not drawn in a systematic way. Used because it is readily available and convenient |
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Psychographics |
Combines lifestyle traits of consumers and their personality styles with their attitudes, activities, and values |
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Selective attention |
Filters out irrelevant information |
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Selective attention |
Filters out irrelevant information |
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Selective retention |
Forgetting information that contradicts beliefs |
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Selective attention |
Filters out irrelevant information |
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Selective retention |
Forgetting information that contradicts beliefs |
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Selective distortion |
Misrepresentation of intended message |
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Shock advertising |
Surprising stimuli that can increase retention |
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Cultures |
Shared beliefs, customs, behaviours, and attitudes |
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Cultures |
Shared beliefs, customs, behaviours, and attitudes |
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Subcultures |
Groups of people within a culture who are different from the dominant culture but have something in common with one another such as common interests, vocations or jobs, religion, ethnic backgrounds, and geographic location |
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Consideration Set |
The group of brands that a consumer would consider acceptable from among all of the brands of the product class of which he or she is aware |
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Cognitive Dissonance |
Feeling of post purchase psychological tension or anxiety |
