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25 Cards in this Set
- Front
- Back
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Value
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the benefits a customer receives from buying a good or service
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Marketing
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an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
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Marketing concept
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a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability
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Customer Relationship Management
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a philosophy that sees marketing as a process of building long-term relationships with customers to keep them coming back.
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Marketing Plan
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a document that describes the marketing environment, outline the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy.
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Market Segment
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A distinct group of customers within a larger market who are similar to one another in some way and whose needs differ from other customers in the larger market.
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Market Position
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the way in which the target market perceives the product in comparison to competitors’ brands
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Marketing Mix
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a combination of the product itself, the price of the product, the place where it is made available. And the activities that introduce it to consumers that creates a desired response among a set of predefined consumers.
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BCG Matrix
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growth share market – a way a firm can examine its portfolio of different products or SBU’s (strategic business unit evaluation). By categorizing SBUs as stars, cash cows, question marks, or dogs, the matrix helps managers make good decisions about how the firm should grow.
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Primary data
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data from research conducted to help in making a specific decision.
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Secondary data
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data that have been collected for some purpose other than the problem at hand.
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Consumer decision making
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problem recognition --> information search --> evaluation of alternatives --> product choice --> post purchase evaluation
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Market Segmentation
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the process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics
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Target Marketing
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when an organization focuses its marketing plan and efforts toward a certain market segments.
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Positioning
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developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition.
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New Product Development Process
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Idea generation --> Product concept development and screening --> Marketing strategy development --> Business Analysis
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Product life cycle
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helps marketers understand how a product changes over its lifetime and suggests how marketing strategies should be modified accordingly
1. Introduction Stage – no profits 2. Growth stage – profits increase and peak 3. Maturity stage – sales peak 4. Decline stage – market shrinks --> sales fall |
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Product Line
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a firm’s total product offering designed to satisfy a single need or desire of target customers
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Product Mix
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the total ser of all products a firm offers for sale.
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Skimming Price
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a very high premium price that a firm charges for its new, highly desirable product
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Penetration Pricing
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a pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it.
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Trial Pricing
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pricing a product low for a limited period of time in order to lower the risk for a customer
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Price Elasticity of demand
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the percentage change in unit slaes that results from a percentage change in price.
{%change in quantity demanded} / {% change in price} |
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Establishing Marketing Communication Objectives
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hierarchy of effects – a series of steps prospective customers move through, from initial awareness of a product to brand loyalty.
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Hierarchy of Effects
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1. Create Awareness – repetitive advertising slogans and jingles
2. Inform Market (knowledge) – descriptive copy brochures, infomercials, public relations, personal selling, website 3. Create Desire – status appeals, sex appeals, celebrity endorsements 4. Encourage Purchase – point of purchase displays, coupons, contests, samples 5. Build Loyalty – mailing to users, licensed merchandise, product placement |
