Marketing Midterm 2

Front 1

market segmentation

Back 1

dividing a market into smaller groups of buyers with distint needs, char., or behaviors who might require separate products or marketing mixes.

Front 2

target marketing

Back 2

evaluating each market segment's attractiveness adn selecting one or more of the market segments to enter.

Front 3

marketing position

Back 3

setting the competitive position for the product and creating a detailed marketing mix.

Front 4

geographic segmentation

Back 4

dividing the mardet into different geographical units such as nations, regions, states, countries...

Front 5

demogrpahic segmentation (most popular)

Back 5

devides the market into groups based on variables such as age gender family size, income ,occupation, religion, race...

Front 6

Age and life cycle segmentation

Back 6

offering different products or using different approaches for different age and life cycle goups. ex; for kids, crest fun spinbrush, adult- dentist clean feeling. guard against stereotyping.

Front 7

behavioral segmentation

Back 7

dividing based on consumer knowledge, attitude, use or response to product

Front 8

occasion segmentation

Back 8

dividing according to occasion when buyers get the idea to buy...mother's day= flowers

Front 9

benefit segmentation

Back 9

dividing based on the different benefits that consumers seek from the product. P&G different laundry detergents

Front 10

heavy half

Back 10

the heavy users are a small percentatge of the market but account for a high % of total consumption

Front 11

multivariable segmentation

Back 11

geodemographic segmentation

Front 12

intermarket segmentation

Back 12

form segments of comsumers who have similar needs and buying behavior even though they are located in different countries

Front 13

Requirements for effective segmentation

Back 13

1. measureable
2. accessible
3. substantial
4. differentiable
5. actionable

Front 14

target market

Back 14

set of buyers who share common needs or characteristics that the company decides to serve.

Front 15

undifferentiated (mass) marketing

Back 15

strategy in which a firm decides to ignore market segment differences adn go after the whole market with one offer

Front 16

differentiated marketing

Back 16

strategy in which a firm decides to target several market segments and designs separate offers to each

Front 17

concentrated (niche) marketing

Back 17

strategy in which a firm goes after a large share of one or a few segments, or niches.

Front 18

micromarketing

Back 18

tailoring products and marketing programs to suit the tastes of specific individuals and locations.

Front 19

product's position

Back 19

the way the product is defined by consumers on important attributes- the place the product occupies in the consumers mind relative to competing products

Front 20

competitive advantage

Back 20

advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices.

Front 21

value proposition

Back 21

the full mix of venefits on which the brand is positioned.

Front 22

service intangibility

Back 22

major characteristics of service... cannot be seen, tasted, felt, heard, or smelled before bought.

Front 23

4 major characteristics of services

Back 23

1. inseparability
2. variability
3. perishability
4. intangiblity

Front 24

service-profit chain

Back 24

links service firm profits with employee and customer satisfaction.

Front 25

internal marketing

Back 25

service firm must effectively train and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction.

Front 26

interactive marketing

Back 26

service quality depends heavliy on the quality of teh buyer-seller interaction during the service encounter.

Front 27

idea generation

Back 27

systematic search for new product ideas

Front 28

Test Q- Drop Error

Back 28

reject an idea that eventually works ex. xerox copy/printer

Front 29

Test Q- Go Error

Back 29

accept product when its really not a good idea

Front 30

product concept

Back 30

detailed version of teh new produt idea stated in meaningful consumer terms.

Front 31

marketing strategy development

Back 31

designing initial marketing strategy for a new product based on teh product concept

Front 32

business analysis

Back 32

review of the sales, costs and profit projections for a new product to find out whether these factors satisfy the company's objectives.

Front 33

product life cycle

Back 33

life of a product, involves: development, intro, growth, maturity, and decline.

Front 34

style
fashion
fad

Back 34

mode of expression
currently accepted style
fast fashions, short time

Front 35

introduction stage (test)

Back 35

when product is first launched, sales will be slow, profits are negitive

Front 36

growth stage (test)

Back 36

sales quickly climbing, early buyers continue and new buyers start coming..faces trade off between high market share and high current profit.

Front 37

maturity stage (test)

Back 37

slaes start to slow down, challenge to marketing management... modifying market to try adn increase the consumption of current product

Front 38

decline stage (test)

Back 38

sales may go to zero, may remain with brand or reformulate/reposition to get back into growth stage.

Front 39

dynamic pricing

Back 39

charging different prices depending on individual customers and situations.

Front 40

target costing

Back 40

pricing that starts with an ideal selling price, then targets costs what will ensure the price is met.

Front 41

pure competition

Back 41

market consists of many buyers and sellers trading ina uniform commodity such as wheat, copper, or financial securities

Front 42

monopolostic competition

Back 42

many buyers and sellers who trade over a frange of prices rather than a single market price

Front 43

oligopolistic competition

Back 43

market consists of a few sellers who are highly sensitive to each other's pricing and marketing strategies.

Front 44

pure monopoly

Back 44

market consists of one seller.

Front 45

demand curve

Back 45

surve that shows the number of units the market will buy in a given time period at different prices that might be charged.

Front 46

price inelastic

Back 46

demand hardly changes/doesnt change with a small change in price.

Front 47

price elastic

Back 47

big change in demand with small change in price.

Front 48

break even pricing (target profit pricing)

Back 48

firm tries to determine the price at which it will break even or make the target profit it is seeking.

Front 49

value based pricing

Back 49

setting price based on buyers perception of value rather than on the sellers cost.

Front 50

competition based pricing

Back 50

setting prices based on the prices that competitors charge for similar products.

Front 51

competition based pricing (going rate pricing)

Back 51

setting prices based on the prices that competitors charge for similar products.

Front 52

market skimming pricing

Back 52

companies invent new products and set high prices to "skim" revenues layer by layer form teh market. ex; sony w/ HDTV

Front 53

market penetration pricing

Back 53

setting low price for new product in order to attract a large number of buyers and a large market share.

Front 54

captive product pricing

Back 54

setting a price for products that must be used along with a main product, such as blades for a razor and film for a camera.

Front 55

by product pricing

Back 55

manufacturer seeks a market for these by products and should accept any price that covers more than the cost of storing and delivering them.

Front 56

discount

Back 56

straight reduction in price on purchases druing a stated period of time

Front 57

allowances

Back 57

promotional money paid by manu. to retailers in return for an agreement to feature the manu's products some way.

Front 58

segmented pricing

Back 58

selling a priduct or service at two or more prices, where the difference is not based on defferences in costs.

Front 59

psychological pricing

Back 59

considers psychology of prices and not just economics, price used to say something about product.

Front 60

promotional pricing

Back 60

companies will temporarily price their products below list price to create buying excitement and urgency.

Front 61

price fixing

Back 61

sellers must set prices without talking to competitors.

Front 62

predatory pricing

Back 62

selling below cost with intention of punishing a competitor or gain form long run profits by putting competitors out of business

Front 63

deceptive pricing

Back 63

seller states prices or price savings that meslead comsumers or are not actually available to consumers.

Front 64

upstream partner

Back 64

from the manu or service provider is the set of frimst hat supply the raw materials, components, parts, info, finances...

Front 65

downstream partner

Back 65

marketing channels or distribution channels that look forwrd toward the customer.

Front 66

marketing channel (distribution channel)

Back 66

set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer.

Front 67

channel level

Back 67

lsyer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer.

Front 68

direct marketing channel

Back 68

marketing channel that has not intermediary levels

Front 69

indirect marketing channel

Back 69

channel containing one or more intermediary levels.

Front 70

channel conflict

Back 70

disagreement among marketing channel members on goals and roles.. who does what for what rewards.

Front 71

channel captain

Back 71

has power, usually manu, but now retailers have power (walmart)

Front 72

conventianal distribution channel

Back 72

consisting of one or more independent producers, wholesalers and retailers, each a separate business seeking to max its own profits

Front 73

vertical marketing system (VMS)

Back 73

channel structure where prod, wholesalers, and retailers act as a unified system.

Front 74

franchise organization

Back 74

contractual vms in which a channel member, franchiser, links several stages in the prodution.

Front 75

horizontal marketing system

Back 75

channel arrangement in which two or more companies at one level hoin together to follow a new marketing opportunity (banks now inside grocery store)

Front 76

disintermediation

Back 76

displacement of traditional resellers from a marketing channel by radical new types of intermediaries.

Front 77

marketina logistics (physical distribution)

Back 77

planning, implementing and controling the physical flow of materials, final goods, and related info

Front 78

supply chain management

Back 78

suppliers, company, resellers, customers.

Front 79

intermodal transportation

Back 79

combining two or more modes of transportation.

Front 80

piggyback
fishyback
trainship
airtruck

Back 80

rail and trucks
wter adn trucks
water adn rail
air and trucks

Front 81

integrated logistics management

Back 81

emphasizes teamwork to max the performance of the entire distribution system

Front 82

third party logistics provider

Back 82

independent logistics provider that performs any or all the functions required to get its client's product to market.