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70 Cards in this Set

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market segmentation
involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action
market segments
the relatively homogeneous groups of prospective buyers that result from the market segmentation process
product differentiation
a marketing strategy that involves a firm using different marketing mix activities to help consumers perceive the product as being different and better than competing products
synergy
the increased customer value achieved through performing organizational functions more efficiently
usage rate
the quantity consumed or patronage (store visits) during a specific period

aka frequency marketing
80/20 Rule
a concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers
market-product grid
a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization
product positioning
the place an offering occupies in consumers' minds on important attributes relative to competitive products
product repositioning
involves changing the place an offering occupies in consumers' minds relative to competitive products
perceptual map
a means of displaying or graphing in two dimensions the location of products of brands in the minds of consumers to enable a manger to see how consumers perceive competing products or brands and then take marketing action
market potential
the maximum total sales of a product by all firms to a segment during a specified time period under specified environmental conditions and marketing efforts of the firms.

aka industry potential
trend extrapolation
involves extending a pattern observed in past data into the future
linear trend extrapolation
involves using a straight line to extend a pattern observed in past data into the future
product
a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value
product line
consists of a group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same type of outlets, or fall within a given price range
product mix
consists of the number of product lines offered by a company
consumer goods
products purchased by the ultimate consumer
business goods
products that assist directly or indirectly in providing products for resale

aka: B2B goods, industrial goods, or organizational goods
convenience goods
items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
shopping goods
items for which the consumer compares several alternatives on criteria, such as price, quality, or style
specialty goods
items that a consumer makes a special effort to search out and buy
unsought goods
items that the consumer either does not know about or knows about but does not initially want
production goods
items used in the manufacturing process that become part of the final product
support goods
items used to assist in producing other goods and services
protocol
a statement that, before product development begins, identifies a well defined target market, specific customers' needs, wants, and preferences, and what the product will be and do
new product process
consists of the stages a firm goes through to identify business opportunities and convert them to a salable good or service

new product strategy development
idea generation
screening and evaluation
business analysis
development
market testing
commercialization
new product strategy development
the stage of the new product process that defines the role for a new product in terms of the firms overall corporate objectives
idea generation
the stage of the new product process that involves developing a pool of concepts as candidates for new products
screening and evaluation
the stage of the new product process that involves internal and external evaluations of the new product ideas to eliminate those that warrant no further effort
business analysis
the stage of the new product process that involves specifying the product features and marketing strategy and making necessary financial projections needed to commercialize a product
development
the stage of the new product process that involves turning the idea on paper into a prototype
market testing
the stage of the new product process that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy
commercialization
the stage of the new product process that involves positioning and launching a new product in full-scale production and sales
slotting fee
a payment a manufacturer makes to place a new item on a retailer's shelf
failure fee
a penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make
product life cycle
describes the stages a new product goes through in the marketplace:

introduction
growth
maturity
decline
product class
consists of the entire product category or industry
product form
consists of variations of a product within the product class
product modification
involves altering a product's characteristic, such as its quality, performance, or appearance, to increase the products value and sales
market modification
a strategy in which a company tries to find new customers, increase a product's use among existing customers, or create new use situations
trading up
involves adding value to the product (or line) through additional features or higher-quality materials
trading down
involves reducing the number of features, quality, or price
branding
a marketing decision by an organization to use a name, phrase, design, or symbols, or a combination of these to identify its products and distinguish them from those of competitors
brand name
any word, device (design, shape, sound, or color) or combination of these to distinguish a sellers goods or services
trade name
a commercial legal name under which a company does business
trademark
identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it
brand personality
a set of human characteristics associated with a brand name
brand equity
the added value a given brand name gives to a product beyond the functional benefits provided
brand licensing
a contractual agreement whereby one company (licensor) allows its brand name or trademark to be used with products or services offered by another company (licensee) for a royalty or fee
multiproduct branding
a branding strategy in which a company uses one name for all its products in a product class
multibranding
a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment
private branding
a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer

aka private labeling, or reseller branding
mixed branding
a branding strategy where a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from its own market
packaging
a component of a product that refers to any container in which it is offered for sale and on which label information is conveyed
label
an integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients
warranty
a statement indicating the liability of the manufacturer for product deficiencies
services
intangible activities or benefits that an organization provides to consumers in exchange for money or something else of value
Four I's of services
consists of the four unique elements of services: intangibility, inconsistency, inseparability, and inventory
Intangibility
services are a performance rather than an object
inconsistency
variability in the quality of services due to variability in people who deliver the services
inseparability
services are difficult to separate from deliverer of the service
inventory
the cost of maintaining the ability to deliver a service
idle production capacity
occurs when the service provider is available but there is no demand
service continuum
consists of the range of offerings companies bring to the market from tangible to intangible or good-dominant to service-dominant offerings
gap analysis
the type of analysis that identifies the differences btw a consumers expectations about and experiences with a service based on dimensions of service quality
customer contact audit
a flowchart of the points of interaction btw consumers and a service provider
internal marketing
the notion that a service organization must focus on its employees or internal market before successful programs can be directed at customers
Customer experience management

CEM
the process of managing the entire customer experience within the company
capacity management
integrates the service component of the marketing mix with efforts to influence consumer demand
off-peak pricing
involves charging different prices during different times of the day or days of the week to reflect variations in demand for the service