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70 Cards in this Set
- Front
- Back
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market segmentation
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involves aggregating prospective buyers into groups or segments that have common needs and will respond similarly to a marketing action
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market segments
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the relatively homogeneous groups of prospective buyers that result from the market segmentation process
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product differentiation
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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
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synergy
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the increased customer value achieved through performing organizational functions more efficiently
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usage rate
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the quantity consumed or patronage (store visits) during a specific period
aka frequency marketing |
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80/20 Rule
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a concept that suggests 80 percent of a firm's sales are obtained from 20 percent of its customers
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market-product grid
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a framework to relate the market segments of potential buyers to products offered or potential marketing actions by an organization
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product positioning
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the place an offering occupies in consumers' minds on important attributes relative to competitive products
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product repositioning
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involves changing the place an offering occupies in consumers' minds relative to competitive products
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perceptual map
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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
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market potential
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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 |
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trend extrapolation
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involves extending a pattern observed in past data into the future
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linear trend extrapolation
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involves using a straight line to extend a pattern observed in past data into the future
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product
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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
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product line
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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
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product mix
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consists of the number of product lines offered by a company
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consumer goods
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products purchased by the ultimate consumer
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business goods
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products that assist directly or indirectly in providing products for resale
aka: B2B goods, industrial goods, or organizational goods |
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convenience goods
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items that the consumer purchases frequently, conveniently, and with a minimum of shopping effort
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shopping goods
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items for which the consumer compares several alternatives on criteria, such as price, quality, or style
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specialty goods
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items that a consumer makes a special effort to search out and buy
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unsought goods
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items that the consumer either does not know about or knows about but does not initially want
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production goods
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items used in the manufacturing process that become part of the final product
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support goods
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items used to assist in producing other goods and services
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protocol
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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
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new product process
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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 |
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new product strategy development
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the stage of the new product process that defines the role for a new product in terms of the firms overall corporate objectives
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idea generation
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the stage of the new product process that involves developing a pool of concepts as candidates for new products
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screening and evaluation
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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
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business analysis
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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
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development
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the stage of the new product process that involves turning the idea on paper into a prototype
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market testing
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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
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commercialization
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the stage of the new product process that involves positioning and launching a new product in full-scale production and sales
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slotting fee
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a payment a manufacturer makes to place a new item on a retailer's shelf
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failure fee
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a penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make
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product life cycle
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describes the stages a new product goes through in the marketplace:
introduction growth maturity decline |
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product class
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consists of the entire product category or industry
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product form
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consists of variations of a product within the product class
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product modification
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involves altering a product's characteristic, such as its quality, performance, or appearance, to increase the products value and sales
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market modification
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a strategy in which a company tries to find new customers, increase a product's use among existing customers, or create new use situations
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trading up
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involves adding value to the product (or line) through additional features or higher-quality materials
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trading down
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involves reducing the number of features, quality, or price
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branding
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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
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brand name
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any word, device (design, shape, sound, or color) or combination of these to distinguish a sellers goods or services
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trade name
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a commercial legal name under which a company does business
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trademark
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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
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brand personality
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a set of human characteristics associated with a brand name
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brand equity
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the added value a given brand name gives to a product beyond the functional benefits provided
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brand licensing
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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
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multiproduct branding
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a branding strategy in which a company uses one name for all its products in a product class
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multibranding
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a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment
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private branding
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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 |
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mixed branding
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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
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packaging
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a component of a product that refers to any container in which it is offered for sale and on which label information is conveyed
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label
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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
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warranty
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a statement indicating the liability of the manufacturer for product deficiencies
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services
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intangible activities or benefits that an organization provides to consumers in exchange for money or something else of value
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Four I's of services
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consists of the four unique elements of services: intangibility, inconsistency, inseparability, and inventory
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Intangibility
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services are a performance rather than an object
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inconsistency
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variability in the quality of services due to variability in people who deliver the services
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inseparability
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services are difficult to separate from deliverer of the service
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inventory
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the cost of maintaining the ability to deliver a service
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idle production capacity
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occurs when the service provider is available but there is no demand
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service continuum
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consists of the range of offerings companies bring to the market from tangible to intangible or good-dominant to service-dominant offerings
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gap analysis
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the type of analysis that identifies the differences btw a consumers expectations about and experiences with a service based on dimensions of service quality
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customer contact audit
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a flowchart of the points of interaction btw consumers and a service provider
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internal marketing
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the notion that a service organization must focus on its employees or internal market before successful programs can be directed at customers
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Customer experience management
CEM |
the process of managing the entire customer experience within the company
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capacity management
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integrates the service component of the marketing mix with efforts to influence consumer demand
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off-peak pricing
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involves charging different prices during different times of the day or days of the week to reflect variations in demand for the service
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