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91 Cards in this Set
- Front
- Back
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Value chain
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a tool for identifying ways to create more customer value
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supply chain
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procuring the right inputs (raw materials,etc.) converting them effieciently into finished products and dispatching them to the final destinations.
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core competency
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attribute that 10is a souce of competitive advantage in that it makes a significant contribution to perceived customer benefits 20has applications in a wide variety of markets 3)is difficult for competitors to imitate
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marketing plan
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written document that summarizes what the marketer has learned about the marketplace, indicates how the firm plans to reach its marketing objectives and helps direct and coordinate the marketing effort
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strategic marketing plan
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laying out the target markets and the value proposition that will be offered, based on analysis of the best market opportunities
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tactical marketing plan
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marketing tactics, including product features, promotion, merchandising, pricing, sales channels, and service
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strategic business unit (SBU)
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a single business or collection of related businesses that can be planned seperately from the rest of the company, with its own set of comeptitors anda manager who is responsible for strategic planning/profit
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Marketing information system (MIS)
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a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment
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potential market
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the set of consumers who profess a sufficient level of inerest in a market offer
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available market
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the set of consumers who have interest, income, and access to a particular offer
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target market
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the part of the qualified available market the company decides to pursue
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penetrated market
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the set of customers who are buying a company's product
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market demand
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the total volume of a product that would be bought by a defined customer group in a defined geog. area in a defined time period in a defined marketing environment under a defined marketing program
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market share
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higher level of selective demand for a product
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market penetration index
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a comparison of the current level of market demand to the potential demand level
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market forecast
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the market demand corresponding to the level of industry marketing expenditure
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market potential
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the limit approached by market demand as industry marketing expenditures approach infinity for a given marketing environment
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market buildup method
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identifying all the potential buyers in each market and estimating their potential purchases
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brand development index (BDI)
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the index of brand sales to category sales
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Marketing research
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the systemic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company
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ethnographic research
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a particular observational research approach that uses concepts and tools from anthropology and other social science disciplines to provide deep cultural understanding of how people live and work
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focus group
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a gathering of six to ten people who are carefully selected based on certain demo, psycho or other considerations and brought together to discuss various topics of interest
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experimental research
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the most scientifically valid research designed to capture cause and effect relatrionships by eliminating competing explanations of the observed findings
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questionnaires
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a set of questions presented to respondents
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marketing metrics
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the set of measures that helps firms to quantify, compar and interpret their marketing performance
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Customer perceived value
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the difference between the prospective customer's evaluation of all the benefits and all the costs of an offereing and the perceived alternatives
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loyalty
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a commitment to rebuy or repatronize a preferred product or service
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value proposition
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the whole cluster of benefits the company promises to deliver
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satisfaction
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a person's feelings of pleasure or disappointment resulting from comparing a product's perceived performance in relation to his expectations
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customer profitability analysis
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a means of assessing and ranking customer profitability through accounting techniques such as activity-based costing
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activity-based accounting
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accounting procedures that can quantify the true profitability of different activities by identifying their actual costs
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customer lifetime value (CLV)
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the net present value of the stream of future profits expected over the customer's lifetime purchases
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customer relationship management (CRM)
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the process of carefully managing details information about individual customers and all customers touch points to maximize loyalty
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frequency programs
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designed to provide rewards to customers who buy frequently and in substantial amounts
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database marketing
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the process of building, maintaining and using customer databases for the purpose of building customer relationships
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data mining
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the extracting of useful information about individuals, trends, and segments for the mass data
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Social classes
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homogeneous and enduring divisions in a society, which are hierarchically ordered and whose member share similar values, interests and behavior
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opinion leader
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the person in informal, product-related communications who offers advice or information about a specific product or category
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brand personality
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the specific mix of human traits that may be attributed to a particular brand
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lifestyle
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a person's pattern of living in the world as expressed in activities interests and opinions
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selective attention
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the mental process of screening out certain stimuli while noticing others
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selective distortion
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the tendency to interpret product information in a way that fits consumer perceptions
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selective retention
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good points about a product that consumers like are remembered and good points about competing products are forgotten
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subliminal perception
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receiving and processing subcocious messages that affect behavior
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learning
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changes in behavior arising from experience
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associative network memory model
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a conceptual representation that views memory as consisting of a set of nodes and interconnecting links where nodes represent stored information or concepts and links represent the strength of assic between info
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brand associations
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all brand-related thoughts, feeling, percpetions, images, experiences, beliefs, attitudes, and so on that become linked to the brand node
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expectancy-value model
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consumers evaluate products and services by combining their brand beliefs, positive and negative according to their weighted importance
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heuristics
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rules of thumb or mental shortcuts in the decision process
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noncompensatory models—conjunctive
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in comsumer choice, when consumers do not simultaneously ocnsider all positive and negative attribute considerations in making a decision
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lexicographic
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a consumer choosing the best brand on the basis of its perceived most important attribute
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elimination-by-aspects
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situation in which the consumer compates brands on an attribute selected probabilistically and brands are eliminated if they do not meet minimum acceptable cutoff levels
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customer involvement
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customer
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mental accounting
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the manner by which consumers code, categorize and evaluate financial outcomes of choices
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prospect theory
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when consumers frame decision alternatives in terms of gains and losses according to a value function
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Straight rebuy
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straight
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modified rebuy
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modified
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new task
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new
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Psychographics
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the science of using psychology and demographics to better understand consumers
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brand equity
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the added value endowed to products and services
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customer-based brand equity
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the differential effect that brand knowledge has on a consumer response to the marketing of that brand
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brand knowledge
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all the trhoughts, feeling , images, experiences, beliefs and so on that befome assiciated with the brand
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brand promise
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the marketer's vision of what the brand must be and do for consumers
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brand elements
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those trademarkable devices that serve to identify and differentiate the brand such as a brand name, logo or character
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internal branding
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activities and processes that help inform and inspire employees
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brand audit
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a consumer-focused excerise that involves a series of prcedures to assess the health of the btrand, uncover its sources of brand equity and suggest ways to imrove and leverage its brand equity
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brand valuation
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an estimate of the total financial value of the brand
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brand architecture
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branding strategy
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brand extension
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a company's use of an established brand to introduce a new product
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line extension
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the parent brand is used to brand a new product that targets a new market segment within a product category currently being served by the parent brand
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category extension
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using the parent brnad to brand a new product outside the product category currently served by the parent brand
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brand portfolio
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the set of all brands and brand lines a particular firm offers for sale to buyers in a particular category
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brand dilution
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when consumers no longer associate a brand with a specific product or highly similar products or start thinking less favorably about the brand
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customer equity
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the sum of lifetime values of all customers
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Points of difference (PODs)
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attributes that consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competetive brand
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points of parity (POPs)
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" "associations that are not necessarily unique to the brand but may in fact be shared with other brands
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competitive advantage
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a company's ability to perform in one or more way that competitors cannot or will not match
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Non-durable goods
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stuff
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durable goods
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stuff
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services
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any act or performance thato ne party can offer to another that is essentially intangible and does not result in the ownership of anything
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shopping goods
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goods that the consumer, in the process of selection and purchase, characteristiaclly compares on such bases as suitability, quality, price and style
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convenience goods
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goods the consumer purchases frequently, immediately and with a minimum effort
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specialty goods
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goods with unique characteristics or brand identification for which enough constuencies who have a critical interest in and impact on the company's performance
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unsought goods
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those the consumer does not know about or does not normally think of buying, like smoke detectors
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mass customization
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the ability of a company to meet each customer's requirements
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product mix
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the set of all the products and items a seller offers for sale
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product map
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competitor's items that are competing against company X's items
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co-branding
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two or more ell-known brands are combined into a joint product or marketed together in some fashion
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ingredient branding
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a special case of co-branding that involves creating brand equity for materials, components, or parts that are necessarily contained within other branded products
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warranties
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formal statements of expected product performance by the manufacturer
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Life cycle cost
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the products purchase cost plus the discounted cost of maintenance and repair less thediscounted salvage value
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