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304 Cards in this Set

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marketing mix (4 p's)

product, price, place, and promotion--the controllable set of activities that a firm uses to respond to the wants of its target markets
goods
items that can be physically touched
service
any intagible offering that involved a deed, performance, or effort that cannot be physically possessed; intangible customer benefits that are produced by people or machiens and cannot be separated form the producer
ideas
intellectual concepts==thoughts, opinions, and philosophies
marketing
an organized function and set of processes for creating, capturing, communicating, and delivering value to customer and for managing customer relationships in ways that benefit the organization and its stakeholders
employment marketing
marketing programs to attract applicants to the hiring firm
value
reflects the relationship of benefits to costs, or what the consumer gets for he gives
value cocreation
customers act as collaborators with a manufacturer or retailer to create the product or service
transactional orientation
regards the buyer-seller relationship as a serioes of individual transactions, so anything that happened before or after the transaction is of little importance
basically this is going to be a one time thing; buyer wants lowest price, seller wants high, things could get ugly
relational orientation
a method of building a relationship with customers based on the philosophy that buyers and sellers should develop a long-term relationship
customer relationship management CRM
a business philosophy AND ACTUAL SET of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers
supply chain
the group of firms that MAKE AND DELIVER a given set of goods and services
marketing strategy
a firms target market, marketing mix, and method of obtaining a sustainable competitive advantage
sustainable competitive advantage
somethign the firm can persistentyly do better than its competitors
not easily copied
customer excellence
involves a focus on retaining loyal customer and excellent customer service
operational excellence
involves a firm's focus on efficient operations and excellent supply chain management
product excellence
involves a focus on achieving high quality products; effective branding and positioning is key
locational excellence
a method of achieving excellence by having a strong physical locations and/or internet presence
marketing plan
a written document composed of an analysis of
1) the current marketing situation
2) opportunities and threats for the firm
3) marketing objectives and strategy specified in terms of the four Ps,
4) action programs
5) projected or pro forma income (and other financial) statements
planning phase
the part of the strategic marketing planning process when marketing executives, in conjunction with other top managers, 1) define the mission or vision of the businss and 2) evaluate the situation by assessing how various players both in and outside the organization affect the firm's potential for success
1) mission of business
2) asssess internal and external factors of busienss
implementation phase
the part of the strategic marketing planning process when marketing managers 1) identify and evaluate diffferent opportunities by engaging in segmentation targeting, and positioning (see STP) and 2) implement the marketing mix using the 4 ps
imp = stp + 4ps

(marketing plan)
control phase
the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions
evaluate performance of overall marketing strategy and take action if necessary
mission statement
a broad description of a firm's objectives and the scope of activities it plans to undertake;
1) what type of business is it
2) what do we need to do to reach our goals
situation analysis
internal SW

external OT
part 2 of M.Plan

uses SWOT

(planning phase)
STP
the processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits.
segmentation, targeting, positioning
market segment
a group of consumers who respond similarly to a firm's marketing efforts
market segmentation
the process of dividing the market into groups of customers with different needs, wants, or characteristics—who therefore might appreciate products or services geared especially for them.
divide customers into segments based on similarities (so marketers can gear products better to specific demographics)
target marketing/targeting
the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market
pretty much analyzing your segments and deciding where to put 'your eggs in what basket'
market positioning
involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products
letting your segment know why your product you're trying to get them to buy is best for them
metric
a measuring system that quantifies a trend, dynamic, or characteristic
strategic business unit (SBU)
a division of the firm itself that can be managed and operated somewhat independently from tother divisions and may have a different mission or objectives
product line
groups of associated items, such as those that consumers use together or think of as part of a group of similar products
group of similar products (i.e. tires for car, van, SUV as apposed to nascar/indie500 tires)
market share
percentage of a market accounted for by a specific entity
relative market share
a measure of the product's 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
market share when compared to another competitive firm, or one's own company's stats from a previous year
market growth rate
the annual rate of growth of the specific market in which the product competes
business ethics
refers to a branch of ethical study that examines ethical rules and principles within a commerical context, the various moral or ethical problems that might arise in a business stting, and any special duties or obligation that apply to persons engaged in commerce
refers to moral and ethical dilemmas that might arise in a business setting
macroenviromental factors
aspects of the external environment that affect a company's business, such as the culture, demographics, social issues, technological advances, economic situation, and political/regulatory environment
culture
the set of values, guiding beliefs, understandings, and way of doing things shared by members of a society; exists on two levels: visible artifacts (behavior, dress, symbols, physical settings, ceremonies) and underlying values (thought processes, beliefs, and assumptions)
country culture
entails easy to spot visible nuances that are particular to a country such as dress, symbols, ceremonies, language, colors, food, and more subtle aspects, which are trickier to identify
demographics
info about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education
generational cohort
a group of people in the same generation--typically have similar purchase behaviors because they have shared experiences and are in the same stage of life
green marketing
involves a strategic effort by firms to supply customers with environmentally friendly merchandise
economic situation
macroeconomic factor that affects the way consumers buy merchandise and spend money, both in a marketer's home country and abroad
inflation
persistent increase in the pries of goods and services
foreign currency fluctuations
changes in the value of a country's currency relative tot he currency of another country; can influence consumer spending
interest rates
cost of borrowing money
political/regulatory environment
comprises political parties, government organizations, and legislation and laws.
business ethics
Refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce.
corporate social responsibility
Refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.
ethical climate `
The set of values within a marketing firm, or in the marketing division of any firm, that guide decision making and behavior.
locational privacy `
A person's ability to move normally in public spaces with the expectation that his or her location will not be recorded for subsequent use.
marketing ethics
Refers to those ethical problems that are specific to the domain of marketing.
control phase
the part of the strategic marketing planning process when managers evaluate the performance of the marketing strategy and take any necessary corrective actions.
`
customer excellence
involves a focus on retaining loyal customers and excellent customer service.
diversification strategy
`a growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve.
implementation phase
the part of the strategic marketing planning process when marketing managers (1) identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning (see STP ) and (2) implement the marketing mix using the four Ps.
locational excellence
a method of achieving excellence by having a strong physical location and/or Internet presence.
market development strategy
a growth strategy that employs the EXISTING marketing offering to reach NEW market segments, whether domestic or international.
market growth rate
the annual rate of growth of the specific market in which the product competes.
market penetration strategy
a growth strategy that employs the EXISTING marketing mix and focuses the firm's efforts on EXISTING customers.
market positioning
involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
market segment
a group of consumers who respond similarly to a firm's marketing efforts.
market segmentation
the process of dividing the market into groups of customers with different needs, wants, or characteristics—who therefore might appreciate products or services geared especially for them.
market share
percentage of a market accounted for by a specific entity.
marketing plan
a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or pro forma income (and other financial) statements.
marketing strategy
a firm's target market, marketing mix, and method of obtaining a sustainable competitive advantage.
metric
a measuring system that quantifies a trend, dynamic, or characteristic.
mission statement
a broad description of a firm's objectives and the scope of activities it plans to undertake; attempts to answer two main questions: What type of business is it? What does it need to do to accomplish its goals and objectives?
operational excellence
involves a firm's focus on efficient operations and excellent supply chain management.
`planning phase
the part of the strategic marketing planning process when marketing executives, in conjunction with other top managers, (1) define the mission or vision of the business and (2) evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success.
product development strategy
a growth strategy that offers a new product or service to a firm's current target market.
product excellence
involves a focus on achieving high-quality products; effective branding and positioning is key.
product line
groups of associated items, such as those that consumers use together or think of as part of a group of similar products.
products
anything that is of value to a consumer and can be offered through a voluntary marketing exchange.
related diversification
a growth strategy whereby the current target market and/or marketing mix shares something in common with the new opportunity.
situation analysis `
second step in a marketing plan; uses a SWOT analysis that assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.
`
STP
the processes of segmentation, targeting, and positioning that firms use to identify and evaluate opportunities for increasing sales and profits.
strategic business unit (SBU)
a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives.
sustainable competitive advantage
something the firm can persistently do better than its competitors.
target marketing/targeting
the process of evaluating the attractiveness of various segments and then deciding which to pursue as a market.
unrelated diversification
a growth strategy whereby a new business lacks any common elements with the present business.
temporal state
our state of mind at any particulat time
extended problem solving
for high-priced or risky goods (one of two types of buying processes/decisions depending on consumers level of involevment)
limited problem solving
impulsive or habitual purchases (second of two types of buying processes/decisions depending on consumers level of involvement)
need recognition
the beginning of the consumer deiiison process; occurs when consumers recognize they have an unsatisfied nee dnad want to go from their actual, needy state toa different, desired state
functional needs
pertain to the performance of a product or service
psychological needs
pertain to the personal gratification consumers associate with a product of service
internal search for information
occurs when the buyer examines his or her own memory and knowledge about the product or service, gathered through past experiences
external search for information
occurs when the buyer seeks information outside his or her personal knowledge base to help make the buying decision
internal locus of control
when consumers believe they have ome control over the outcomes of their actions, in which case they generally engage in more search activities
external locus of control
when consumers believe that fate or other external factors control all outcomes
performance risk
invovlves the perceived danger inherent in a poorly performing product or service
financial risk
risk associated with a monetary outlay; includes the initial cost of the purchase, as well as the cost of using the item or service (possilby on yearly basis or whatever basis)
social risk
the fears that consumers suffer when they worry others might not regard their purchases positively
physiological risk
the fear or an actual harm should a product not perform properly
psychological risk
associated with the way people will feel if the product or service does not coney the right image
universal sets
includes all possible choices for a product category
retrieval sets
those brands or stores that the consumer can readily bring forth from memory
evoked set
comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision
evaluative criteria
consist of a set of salient, or important, attrivutes about a particular product
determinant attributes
product or service features that are important to the buyer and on which competing brands or stores are perceived to differ
consumer decision rules
the set of criteria that consumers use consciously or subconsciously to quickly and efficiently select from among several alternatives
compensatory decision rule
at work when the consumer is evaluating alternatives and trades off one characteristic against another, such that good characteristics compensate for bad ones
multi-attribute model
a compensatory model f customer division making based on the notion that customer see a product as a collection of attributes or characteristics. the model uses a weighted average score based on the importance of various attributes and performance on those issues
noncompensatory devision rule
at work when consumer choose a product or service on the basis of a subset of its characteristics, REGARDELESS of the values of its other attributes
DECISION HEURISTICS
MENTAL SHORTCUTS THAT HELP CONSUMERS NARROW DOWN CHOICES; EXAMPLES INCLUDE PRICE, BRAND, AND PRODUCT PRESENTATION
CONVERSION RATE
PERCENTAGE OF CONSUMERS WHO BUY A PRODUCT AFTER VIEWING IT
POSTPURCHASE COGNITIVE DISSONANCE
THE PSYCHOLOGICALLY UNCOMFORTABLE STATE PRODUCED BY AN INCONSISTENCY BETWEEN BELIEFS AND BEHAVIORS THAT IN TURN EVOKES A MOTIVATION TO REDUCE THE DISSONANCE; BUYERS' REMOSE
negative word of mouth
occurs when consumrs spread negative information about a product, service, or store to others
motive
a need or want that is strong enough to cause the person to seek satisfaction
Maslow's Hierarchy of Needs
a paradigm for classifying people's motives.

it argues that when lower-level, more basic needs (physiological and safety)( and fulfilled, people turn to satisfying their higher-level human needs (*social and personal);

5 groups of needs:
Psyiological, Safety, Love, Esteem, Self-actualization
physiological needs
those relation to the basic biological necessities of life: food, drink, rest, and shelter
safe needs
one of the needs in the PSSP hierarchy of needs; pertain to protection and physical well-being
love neds
needs expressed through interactions with others
esteem neesd
nees that enable people to fulfill inner desires
self-actualization
when a person is completely satisfied with his or her life
attitude
a person's enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea; consists of three components: COGNITIVE, AFFECTIVE, AND BEHAVIORAL
cognitive component
a component of attitude that reflects what a person believes to be true
affective component
a component of attitude that reflects what a person feels about the issue at hand--his or her like or dislike of something
behavioral component
a component of attitude that comprises the actions a person takes with regard to the issue at hand
perception
the process by which people select, organize, and interpret information to form a meaningful picture of the world
learning
refers to a change in a persons' thought process or behavior that arises from experience and takes place throughout the consumer decision process
lifestyle
a component of psychographics; refres to the way a person lives or her life to achieve goals

refers to the way consumers spend their time and money to live......does this product fit with my actual lifestyle or my perceived lifestyle.
reference group
one or more persons whom an individual uses as a basis for comparison regarding beliefs, feelings, and behaviors
culture
the set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels; visible artifacts (behavior, dress, symbols, physical settings, ceremonies) and underlying values (thought processes, beliefs, and assumptions)
situation factors
factor affecting the consumer decision process; those that are specific to the situation that may override, or at least influence, psychological and social issues
involvement
consumer's interest in a product or service
business to business (B2B) Marketing
the process of buying and selling goods or services to be used in the production of other goods and services, for consumption by the buying organization, or for resale by wholesalers and retailers
derived demand
the linkage between consumers' demand for a company's output and its purchases of necessary inputs to manufacture or assemble that particular output
white papers
the goal of white papers is to provide valuable in formation that a businesssperson can easily understand and that will help the company address its problems iwth new solutions


a good white paper provides information about the INDUSTRY AND ITS CHALLENGES IN AN EDUCATIONAL CONTEXT, rather than a promotional sense, to avoid seeming like simply propaganda
extended problem solving
a purchase decision process during which the consumer devotes considerable time and effort to analyzing alternatives; often occurs when the consumer perceives that the purchase devision entails lot of risk
limited problem solving
occurs during a purchase devision that calls for; at most, a moderate amount of effort and time
impulse buying
a buying decision made by customers on the spot when they see the merchandise
habitual devision making
a purchase decision process in which consumers engage with little conscious effort
resellers
marketing intermediaries that resell manufactured products without significantly altering their form
wholesalers
those firms engaged in buying taking title to, often storing, and physically handling goods in large quantities, then reselling the goods (usually in smaller quantities) to retailers or industrial or business user
distributors
a type of reseller or marketing intermediary that resells manufactured products without significantly altering their form. distributors often buy from manufacturers and sell to tother businesses like retailer in a B2B transaction.
request for proposals (RFP)
a process through which buying organizations invite alternative suppliers to bid on supplying their requiered components
web portal
an internet site whose purpose is to be a major starting point for users when they connect to the web
buying center
the group of people typically responsible for the buying divisions in large organizations
initiator
the buying center participant who first suggests buying the particular product or service
influencer
the buying center participant whose views influence other members of the buying center in making the finals devision
decider
the buying center participant who ultimately determines any part of or the entire buying decision --whether to buy, what to buy, how to buy, or where to buy
buyer
the buying center participant who handles the paperwork of the actual purchase
user
the person who consumers or uses the product or service purchased by the buying center
gatekeeper
the buying center participant who controls information or access to decisions makers and influences
organizational culture
reflects the set of values, traditions, and customs that guide a firm's employees' behavior
autocratic buying center
a buying center in which ONE PERSON makes the devision alone, though there may be multiple participants
democratic buying center
a buying center in which the majority rules in making devisions
consultative buying center
a buying center in which one person makes the devision BUT he or she solicits input from others before doing so
consensus buying center
a buying center in which all members of the team must reach collective agreement that they can support a particular purchase
new buy
in a B2B setting, a purchase of a good or service for the first time; the buying devision is likely to be quite involved because the buyer or the buying organization does not have any experience with the item
modified rebuy
refers to when the buyer has purchased a similar product in the past but has decided to change some specifications, such as the desired price, quality level, customer service level, options, or so forth
straight rebuys
refers to when the buyer or buying organization simply buys additional units of products that have been previously been purchased
globalization
refers tot he process by which goods, services, capital, people, information, and ideas flow across national borders
globalization of production
refers to manufacturers' procurement of goods and services from around the glove to take advantage of national differences in the cost and quality of various factors of production (labor, energy, land, capital)
General Agreement on Tarriffs and Trade (GATT)
organization estrablished to lower trade barriers, such as high taiffs on imported goods and restriction sont he number and tyupes of imported products that inhibited the free flow of goods across borders
World Trade Oganization
replaced the GATT in 1994; differs from the GATT in theat the WTO is an established institution based in Geneva, Switz instead of simply an agreement; represetns the only nternational organization that deals with the global rules of trade among nations
INternational Money Fund
`established with the original GATT; primary purpose is to promote international monetary cooperation and facilitate the expansion of growht of internation tarde
World Band Group
a development bank that provides loans, policy advice, techincal assistance, and knowledge sharing servicesto low and middle-income countries in an attempt to reduce poverty in the developing world
trade deficit
when a country has more imports than exports
trade surplus
when a country has more exports than imports
GDP gross deomestic product
definied as the market value of the goods and sercices produced by a country in a year; the most widely used stanardized measure of output
Gross national income GNI
consists of GDP plus the net income earned from investments abroad (minus any payments made to nonresidents who contribute to the domestic economy)
Purchasing power parity PPP
a theory that states that if the exchange rates of two countries are in equilibrium, a product purchased in one will cost the same in the other, expressed in the same currency
human development index HDI
A COMPOSITE MEASURE OF THREE INDICATORS OF THE QUALITY OF LIFE IN DIFFERENT COUNTRIES: LIFE EXPECTANCY AT BIRTH, EDUCATIONAL ATTAINMENT, AND WHETHER THE AVERAGE INCOMES ARE SUFFICIENT TO MEET THE BASIC NEEDS OF LIFE IN THAT COUNTRY
infrastructure
the basic facilities, services, and installations needed for a community or society to function, such as transportation and communications systems, water,and power lines, and public institutions like schools, post offices and prisons
tariff
a tax levied on a good imported into a country; a duty
dumping
the practice of selling a good in a foregin market at a price that is lower than its domenstic price or below its cost
quota
designates the maximum quanityt of a product that may be brought into a country during a specified time period
boycott
a group's refusal to deal commercially with some organization to protest against its policies
exchange control
refers to the regulation of a country's currency
exchange rate
the measure of how much one currency is worth in relation to antoher
trade agreements
intergovernmental agreements designed to manage and promote trade activiteis for specific regions
trading bloc
consists of those countries that have signed a particular trade agreement
exporting
producing goods in one country and selling them in another
franchising
a contractual agreement between a franchisor and franchisee that allows the franhisee to operate a business usisng a name and format developed and supported by the franchisor
strategic alliances
a cllaborative relatipnsihp between independent firms, though the partering firms do not create an equity partnership; that is, they do not invest in one another
joint venture
formed when a firm entering a new market pools its resources with those of a local firm to form a new company in which owenership, control, and profits are shared
direct investment
when a firm maintain 100 percent ownership of its plants, operation facilities, and offices in a foreign country, often through the formation of wholly owned subsideiaries
geographic segmentation
the grouping of consumers on the basis of where they live
demographic seg
the grouping of consumers according to easily measurd, objective characteristics usch as age, gender, income, and education
psychographics
used in segmentaion; delves into how consumers describe themselces; allows people to describe themselves using those characeristics that help them choose how they occupty their time *behavior) and what underlying psychological reasons determine those choices
self-values
goals for life, not just the goals one wants to accomplish in a day; a component of psychographics that refers to overriding desires that drive how a person lives his or her life
self-concept
the image a person has of himself
lifestyles
a component of psychographics; refers to the way a person lives his or her life to achieve goals
VALS
VALS a psychographic tools developed by Sri consulting busienss intelligence =; classifies consumers into eight segments
innovators
thinkers
believers
achievers
strivers
experiences
makers
survivors
geodemographic segmentatio
the grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characeristcis
benefit segmentation
the grouping of consumers based on the benefits they derive from products or sericies
behavioral segmentaion
a segmentation method that divides customers into groups based on how they use the product or service. some common behavioal measures include occasion and loyalty
occasion segmentaion
a type of behavioral segmentation based on when a product or service is purchsed or consumed
loyalty segmentation
strategy of investing in loyalty initiatives to retain the firm's most profitable customers
undifferentiated targeting strategy
a marketing strategy a firm can use if the product or service is perceived to provide the sSAME BENEFITS TO EVERYONE, with no need to develop separate strategies for different groups
differentiated targeting strategy
a strategy through which a firm targetsSEVERAL MARKETsegments with a DIFFERENT OFFERING TO EACH
concentrated targeting strategy
a marketing strategy of selecting aSINGLE PRIMARY TARGET MARKET and focusing all energies on providing a product to fit that market's needs
micromarketing
an extreme form of segmentation that tailors a product or service to suit an INDIVIDUAL CUSTOMERS NEESD/WANTS
value proposition
the unique value that a product of serive provides to its customers and how it is BETTER THAN AND DIFFERENT from those of competitors
positioning
involved a process of DEFINING THE MARKETING MIX variables so that target customers have a clear, distinctive, desirable understanding of what the product does ro represents in comparison with competin products
value
reflects the relationsihp of BENEFITS TO COSTS or what the consumers GETS FOR WHAT THEY GIVE
perceptual map
displays, in tow or more dimensions, the POSITION of products or brands in CONSUMER'S MIND
ideal points
the positions at which a particular market segment's IDEAL product would lie on a PERCEPTUAL map
marketing research
a set of techniques and principles for systematically collecting, recording, analyzing, and interpreting data that can aid devision makers involved in marketing goods, services, or ideas
secondary data
peices of info that HAVE ALREADY BEEN COLLECTED from other sources and usually are READILY AVAILABLE
primary data
data collected to address specific research needs
external secondary data
data collected from SOURCES OUTSIDE THE FIRM
syndicated data
data available for a fee from COMMERICAL RESEARCH FIRMS such as IRI (info resources inc), National Purchase Diary Panel, and ACNielsen
scanner data
a type of syndicated external secondary dad used in QUANTITATIVE research that is obtained from SCANNER READINGS of UPC CODES at check-out counters
panel data
info collected forom a group of consumers
internal secondary data
data collected from a afirm's OWN data taken from their DAY-TO-DAY OPERATIONS
data warehouses
large computer files that store billions of pieces of individual data
data mining
the use of a variety of STATISTICAL ANALYSIS TOOLS to uncover PREVIOUSLY UNKNOWN PATTERNS in the data stored in databases or relationships among variables
EXPLORATORY RESEARCH
attempts to being to undrestand the phenomenon of interest; also provides INITIAL INFO WHEN THE PROBLEM LACKS ANY CLEAR DEFINITION

observation
in depth surveys
focus groups
social media
CONCLUSIVE research
provides the info needed to CONFIRM PRELIMINARY INSIGHTS, which managers can use to PURSUE appropriate courses of ACTION
observation
an exploratory research method that entails examining purchase and consumption behaviors through personal or video camera scrutiny
crowdsourcing
uses social media to obtain ideas and content from a large group of people (exporatory)
in-depth interview
trained researches ask quetiosn listen to and record the answers and then pose additional q's to clariy of expand on a particular issue (EXPLORATORY RESEARCH)
focus group interviews
small group of people 8-12 comes together for an internsive discussion about a particular topic, with the convo guided by a trained moderator using an unstructured method of inquiry`
survey
a systematic means of collecting information from people that generally uses a questionnaire (conclusive)
questionaire
form that feautres a set of questions designated to gather info from respondents and thereby accomplish thte researchers' objetives; quetsions can be either unstructed or structred
unstructured quetsions
open-ended quetsions that allow respondents to answer in their own words
structures questions
closed-ended quetssions for which a discrete set of response alternatives, or specific answers, is provided for respondents to evaluate
sample
group of customers who represetn teh customers of interest in a reaerach study
experimental research
a type of conclusive and quantitative research that systematically manipulates one of more variables to determine which variables have a causal effect on another variable
data
raw numbesr of facst
information
organized, analyzed, interpreted data that offer value to marketers
churn
the number of consumers who stop using a product or service DIVIDED BY ave # of consumers of that product or service
product
anythign that is of value to a consumer and can be offered through a voluntary marketing exchange
core customer value
the basic problem solving benefits ASSOCIATED W A PRODUCT that consumers are seeking
associated services (augmented product)
the non-physical attributes of the product including product warranties, financing, product support, and after-sale service
consumer products
prod and services used by people for their personal use
specialty products/services
products or services towards which the consumer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers
shopping products
those products for which consumer will spend time compairing alternatives, such as apparel, fragrances, and appliances
convenience products
those prods for which the consumer is not willing to spend any effort to evaluate prior to purcahse
unsought products
prodcuts or services consumers either do not normally think of buying or do not know about
product mix
(product assortment) the complete set of all products offered by a firm
product lines
groups of associated items, such as those that consumers use together or think of as part of a group of similar products
breadth
# of PRODUCT LINES offered by a firm; aka variety
depth
# of CATEGORIES within a PRODUCT LINE
associated services
f(also called augmented product) The nonphysical attributes of the product including product warranties, financing, product support, and after-sale service.
brand association
The mental links that consumers make between a brand and its key product attributes; can involve a logo, slogan, or famous personality.
brand awareness
Measures how many consumers in a market are familiar with the brand and what it stands for; created through repeated exposures of the various brand elements (brand name, logo, symbol, character, packaging, or slogan) in the firm's communications to consumers.
brand dilution
Occurs when a brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold.
brand equity
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
brand extension
The use of the same brand name for new products being introduced to the same or new markets.
brand licensing
A contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, or characters in exchange for a negotiated fee.
brand loyalty
Occurs when a consumer buys the same brand's product or service repeatedly over time rather than buying from multiple suppliers within the same category.
brand personality
Refers to a set of human characteristics associated with a brand, which has symbolic or self-expressive meanings for consumers.
brand repositioning (rebranding)
A strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences.
breadth
Number of product lines offered by a firm; also known as variety.
co-branding
The practice of marketing two or more brands together, on the same package or promotion.
consumer product
Products and services used by people for their personal use.
convenience products/services
Those for which the consumer is not willing to spend any effort to evaluate prior to purchase.
copycat brands
Mimic a manufacturer's brand in appearance but generally with lower quality and prices.
core customer value
The basic problem solving benefits that consumers are seeking.
depth
The number of categories within a product line.
exclusive co-brand
Developed by national brand vendor and retailer and sold only by that retailer.
family brands
A firm's own corporate name used to brand its product lines and products.
generic brand
No-frills products offered at a low price without any branding information.
green products
An ecologically safe product that may be recyclable, biodegradable, more energy-efficient, and/or have better pollution controls.
individual brands
The use of individual brand names for each of a firm's products.
licensed brand
An agreement allows one brand to use another's name, image, and/or logo for a fee.
line extension
The use of the same brand name within the same product line and represents an increase in a product line's depth.
manufacturer brands (national brands)
Brands owned and managed by the manufacturer.
perceived value
The relationship between a product's or service's benefits and its cost.
premium brands
A branding strategy that offers consumers a private label of comparable or superior quality to a manufacturer brand.
primary package
The packaging the consumer uses, such as the toothpaste tube, from which he or she typically seeks convenience in terms of storage, use, and consumption.
private-label brands
Brands developed and marketed by a retailer and available only from that retailer; also called store brands.
product
Anything that is of value to a consumer and can be offered through a voluntary marketing exchange.
product lines
Groups of associated items, such as those that consumers use together or think of as part of a group of similar products.
product mix
See product assortment. The complete set of all products offered by a firm.
secondary package
The wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners; can contain additional product information that may not be available on the primary package.
shopping products/services
Those for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances.
specialty products/services
Products or services toward which the customer shows a strong preference and for which he or she will expend considerable effort to search for the best suppliers.
unsought products/services
Products or services consumers either do not normally think of buying or do not know about.
alpha testing
An attempt by the firm to determine whether a product will perform according to its design and whether it satisfies the need for which it was intended; occurs in the firm's research and development (R&D) department.
beta testing
Having potential consumers examine a product prototype in a real-use setting to determine its functionality, performance, potential problems, and other issues specific to its use.
clinical trial
Medical test of the safety and efficacy of a new drug or treatment with human subjects.
concept
Brief written descriptions of a product or service;]
its technology, working principles, and forms;
and what customer needs it would satisfy.
concept testing
The process in which a concept statement that describes a product or a service is presented to potential buyers or users to obtain their reactions.
decline stage
Stage of the product life cycle when sales decline and the product eventually exits the market.
diffusion of innovation
The process by which the use of an innovation, whether a product or a service, spreads throughout a market group over time and over various categories of adopters.
early adopter
The second group of consumers in the diffusion of innovation model, after innovators, to use a product or service innovation; generally don't like to take as much risk as innovators but instead wait and purchase the product after careful review.
early majority
A group of consumers in the diffusion of innovation model that represents approximately 34 percent of the population; members don't like to take much risk and therefore tend to wait until bugs are worked out of a particular product or service; few new products and services can be profitable until this large group buys them.
first movers
Product pioneers that are the first to create a market or product category, making them readily recognizable to consumers and thus establishing a commanding and early market share lead.
growth stage
Stage of the product life cycle when the product gains acceptance, demand and sales increase, and competitors emerge in the product category.
innovation
The process by which ideas are transformed into new products and services that will help firms grow.
innovator
Those buyers who want to be the first to have the new product or service.
introduction stage
Stage of the product life cycle when innovators start buying the product.
introductory price promotion
Short-term price discounts designed to encourage trial.
laggards
Consumers who like to avoid change and rely on traditional products until they are no longer available.
late majority
The last group of buyers to enter a new product market; when they do, the product has achieved its full market potential.
lead user
Innovative product users who modify existing products according to their own ideas to suit their specific needs.
manufacturer's suggested retail price (MSRP)
The price that manufacturers suggest retailers use to sell their merchandise.
maturity stage
Stage of the product life cycle when industry sales reach their peak, so firms try to rejuvenate their products by adding new features or repositioning them.
pioneer
New product introductions that establish a completely new market or radically change both the rules of competition and consumer preferences in a market; also called breakthroughs.
premarket test
Conducted before a product or service is brought to market to determine how many customers will try and then continue to use it.
product development
Also called product design; entails a process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product's form and features or a service's features.
product life cycle
Defines the stages that new products move through as they enter, get established in, and ultimately leave the marketplace and thereby offers marketers a starting point for their strategy planning.
prototype
The first physical form or service description of a new product, still in rough or tentative form, that has the same properties as a new product but is produced through different manufacturing processes, sometimes even crafted individually.
reverse engineering
Involves taking apart a competitor's product, analyzing it, and creating an improved product that does not infringe on the competitor's patents, if any exist.
slotting allowance
Fees firms pay to retailers simply to get new products into stores or to gain more or better shelf space for their products.
test marketing
Introduces a new product or service to a limited geographical area (usually a few cities) prior to a national launch.
trade promotion
promotions to wholesalers or retailers to get them to purchase the new products.
trade show
Major events attended by buyers who choose to be exposed to products and services offered by potential suppliers in an industry.