Marketing Chapter 5 Vocab Words

Front 1

Analyzer 171

Back 1

that operates in two types of product/market domains: one relatively stable and the other changing. In their stable areas, they operate routinely and efficiently through the use of formalized structures and processes. In their turbulent areas, top managers watch their competitiors closely for new ideas and then rapidly adopt those that appear to be the most promising.

Front 2

Behavioral segmentation 190

Back 2

buyers are divided into groups on the basis of differences in their knowledge, attitude use or response to a product

Front 3

benefit segmentation 190

Back 3

divides buyers according to the different benefits they seek from the product

Front 4

brand alliance 200

Back 4

a kind of co-branding that helps to position brands, renting a brand name known to target consumers from another firm

Front 5

brand communities 187

Back 5

groups of people who share a consciousness of a kind, share moral responsibility for other members and perpetuate rituals and traditions associated with the brand

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brand loyal consumers 178

Back 6

consumers who regularly purchase the brand and have an expressed preference for it

Front 7

buyer readiness 193

Back 7

refers to the fact that at any time people are in different stages of willingness to buy a product

Front 8

concentrated, or niche, marketing 198

Back 8

an approach to marketing where the organization seeks a large share of one or a few submarkets

Front 9

Coordinated marketing 174

Back 9

stressing that a market oreintation is not just the responsibility of a marketing department... market intelligence must be distributed across the organization

Front 10

Customer focus 172

Back 10

when organizations constantly look for ways to deliver greater value to current and prospective customers through mutually beneficial exchanges

Front 11

defender 164

Back 11

firms with a narrow product market, a stable customer group, and an established organization structure typically managed by older executives (Tabasco)

Front 12

demographic segmentation 189

Back 12

consists of dividing the market into groups on the basis of variables such as age, sex, income, occupation, education, religion, family size, family life cycle, and ethnicity

Front 13

differentiated marketing 196

Back 13

a strategic option that involves operating in several segments of the market and design separate marketing mixes for each segment

Front 14

differentiation 173

Back 14

offering customers something they value and that competitors dont have

Front 15

differentiation strategy 170

Back 15

a strategy that emphasizes a product that is perceived as unique in the industry provides a distinct advantage, or is otherwise set apart from competitors' brands in some way

Front 16

geographic segmentation 187

Back 16

divides the market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods

Front 17

learning relationships 183

Back 17

learning about the customer during each exchange... amazon.com does this

Front 18

lifestyle 190

Back 18

how people live; this includes peoples activities, interests, and opinions

Front 19

market intelligence 174

Back 19

knowledge of environmental factors that affect both current and future needs and preferences of customers

Front 20

market orientation 172

Back 20

the organizational generation of market intelligence pertaining to current and future consumer needs, dissemination of that intelligence across departments and organization-wide responsiveness to that intelligence

Front 21

market segmentation 182

Back 21

the proces of dividing a market into identifiable groups of similar consumers

Front 22

marketing concept 172

Back 22

a business philosophy, an idea, and a policy statement... the essence of _____ is a market focused, customer oriented, coordinated marketing effort aimed at generating customer satisfaction as the key to satisfying organizational needs

Front 23

marketing imagination 166

Back 23

to go beyond what consumers are able to tell researchers to find new ways to create value for them... example: Lands end online shopping idea

Front 24

marketing mix 182

Back 24

those basic building blocks of marketing strategy-- a product, its price, promotional communications, and its place of purchase and delivery

Front 25

marketing strategy 165

Back 25

the actions managers taketo improve the likelihood marketplace exchanges will occur between a firm and its target markets

Front 26

marketspace 165

Back 26

information defined area where economic and social transactions occur... it is a physical space

Front 27

mass customization 183

Back 27

manufacturing a product or delivering a service in response to a particular customer's needs, and mass customization means doing it in a cost effective way

Front 28

occasion segmentation 191

Back 28

divides buyers according to when they acquire or use a product

Front 29

perceptual mapping 200

Back 29

a spatial picture of how consumers view products or brands within a market... a 4 quadrant grid measuring 2 variables on an x and y axis

Front 30

product positioning 199

Back 30

deciding how the organization wants the company and its brands to be perceived and evaluated by target markets

Front 31

prospector 170

Back 31

these organizations have a changing product market, a focus on innovation and change, and a flexible organizational structure headed by younger managers

Front 32

psychographic segmentation 190

Back 32

divides buyers into groups on the basis of differences in consumer lifestyle

Front 33

reactor 171

Back 33

organizations that dont have a particular strategy... they are not particularly customer oriented and they adopt a "me-too" approach to marketing... decisions are oriented toward the short versus the long term

Front 34

rules of good segmentation 193

Back 34

measureability (can size and purchasing power of the segment be clearly identified and measured?) substantiality, accessibility, and responsiveness

Front 35

segmentation bases 187

Back 35

determined by continual refinement of market offerings as consumers respond to them through purchase and use

Front 36

sense the market 172

Back 36

refers to a managers ability to empathize with and gain insights from customers

Front 37

strategy 165

Back 37

the actions managers take to attain the goals of the firm

Front 38

Triad regions 183

Back 38

North America, Europe, and the Asia-Pacific Rim

Front 39

undifferentiated marketing 195

Back 39

the strategy of ignoring differences between groups within a market and offer a single marketing mix to the entire market

Front 40

usage rate segmentation 191

Back 40

segmenting the market by amount of the product purchased or consumed