Marketing

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operational excellence

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focus on efficient operations and excellent supply chain management

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product excellence

Back 2

focus on achieving high-quality products and effective branding and positioning

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locational excellence

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focus on good physical location and internet presence

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STP

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the process of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits.

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market segment

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a group of consumers who respond similarly to a firms marketing efforts

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marketing segmentation

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the process of dividing the market into distinct groups of customers- where each individual group has similar needs wants and characteristics

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target marketing

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the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market

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market positioning

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the process of defining the marketing mix variables so that target customers have a clear, distinct, desirable understanding of what the product does or represents in comparison with competing products

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relative market share

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a measure of the products strength in a particular market, defined as the sales of the focal product divided by the sales achieved by the largest firm in the industry.

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diversification strategy

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introducesa new product or service to a market segment that currently is not served

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competitive intelligence

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used by firms to collect and synthesize information about their position with respect to their rivals: enables companies to anticipate changes in the marketplace rather than merely react to them.

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political/legal environment

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political parties, government organizations, and legislation and laws that promote or inhibit trade and marketing activities.

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economic situation

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economic changes that effect the way consumers buy merchandise and spend money

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CDSTEP

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Cultural

demographic

social

economic

political

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need recognition

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beginning of the consumer decision process; occurs when consumers recognize they have unsatisfied need and want to go from their needy state to a different desired state.

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functional needs

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pertain to the performance of a product or service

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psychological needs

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the personal gratification consumers associate with a product or service

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internal search for information

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when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences

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external search for information

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when the buyer seeks information outside his or her personal knowledge base to help make the buying decision

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internal locus of control

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refers to when consumers believe they have some control over the outcomes of their actions, in which case they generally engage in more search activities

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external locus of control

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refers to when consumers believe that fate or other external factors control all outcomes

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performance risk

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involves the perceived danger inherent in a poorly performing product or service

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financial risk

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risk associated with a monetary outlay; includes the initial cost of the purchase as well as the costs of using the item or service

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social risk

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involves the fears that consumers suffer when they worry that others may not regard their purchases positively

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physiological risk

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risk associated with the fear of an actual harm should the product not perform properly

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psychological risk

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the way ppl will feel if the product or service does not convey the right image

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evaluative criteria

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consist of a set of salient or important attributes about a particular product that are used to compare alternative products

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determinant attributes

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product or service features that are important to the buyer and on which competing brands or stores are perceived to differ

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consumer decision rules

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set of criteria consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives

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contemporary decision rule

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at work when the consumer is evaluating alternatives and trade off one characteristic against another, such that good characteristics compensate for bad ones.

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non-compensatory decision rule

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is at work when consumers choose a product or service on the basis of a subset of its characteristics, regardless of the values of its other attributes.

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decision heuristics

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mental shortcuts that help consumers narrow down choices. examples= price, brand, product presentation.

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ritual consumption

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pattern of behaviors tied to life events that affect what and how people consume.

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post purchase dissonance

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an internal conflict that arises from an inconsistency between two beliefs, or between beliefs and behavior (buyers remorse).

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esteem needs

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allow people to satisfy their inner desires

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self actualization

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occurs when you feel completely satisfied with your life and how you live

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cognitive component

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component of attitude that reflects what a person believes to be true.

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affective component

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component of attitude that reflects what a person feels about the issue at hand.. his or her likes or dislikes of something

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behavioral component

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component of attitude that compromises actions a person takes w regard to the issue at hand.

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perception

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process by which people select, organize and interpret information to form a meaningful picture of the world

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learning

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refers to a change in a persons thought process or behavior that arises from the experience and takes place throughout the consumer decision process

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extended problem solving

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purchase decision process during which the consumer devotes considerable effort to analyzing alternatives often occurs when the consumer perceives that the purchase decision entails a great deal of risk.

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limited problem solving

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occurs during a purchase decision that calls for, at most a moderate amount of effort and time

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impulse buying

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a buying decision made by customers on the spot when they see the merchandise

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habitual decision making

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a purchase decision process in which consumers engage with little conscious effort