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69 Cards in this Set
- Front
- Back
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Market Penetration
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A marketing strategy that tries to increase Market share among current Customers.
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Market Development
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A marketing strategy that tries to attract new customers to an existing product.
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Product Development
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A marketing strategy that entails creating a new product for existing customers.
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Market Orientation
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The purchasing power is in the hands of the consumer. Aggressive sales are not needed
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Sales Orientation
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Aggressive selling will yield higher profits for the company.
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Need Recognition
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A result of an imbalance between actual and desired states
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Reference Group
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A group in society that influences an individuals purchasing behavior
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Opinion Leader
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An individual who influences the opinions of others.
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Most important social institute
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Family
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Evoked Set
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A set of brand names resulting from an information search.
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Demographic
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Age, gender, income, ethnic background, and lifestyle
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Psychographic
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Personality, motive, lifestyle, geodemographic
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Benefit segmentation
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Grouping people into a segment based on the benefits they seek from a product.
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Undifferentiated Targeting
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The idea that the market is one big market, with no individual segments and uses a single marketing mix.
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Multisegment Targeting
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Strategy that chooses two or more well defined market segments and develops a distinct marketing mix for each.
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Concentrated targeting
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A strategy used to select one segment of a market for targeting market efforts.
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Repositioning
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Targeting an existing product at a new market or market segments
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Test Marketing
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Limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation.
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Concept testing
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Testing to evaluate a new product idea, usually before a prototype has even been made.
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Trialabilty
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Put the product on trail in a limited market.
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Warehouse membership club
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Limited-service merchant wholesaler that sells a limited selection of brand name products on a cash-and-carry bases to members, usually small businesses and groups
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Off - price discouter
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A retailer that sells at prices 25% marked down.
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Shop-at-home
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Shopping networks that allows the customer to shop via the privacy and comfort of their own home.
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Advertising
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Any form of impersonal paid communication in which the sponsor is identified.
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Sales promotion
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Consist of all marketing activities other than personal selling, advertising, or public relations, that stimulates the customer to buy a product
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publicity
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Public information about a company, product, service, or issue, appearing in the mass media.
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Personal selling
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Is a purchase situation involving a personal, paid for communication, involving two people.
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Informative promotion
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Seeks to inform the customer about a product. Usually seen in the early stages of growth.
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Persuasive Promotion
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Designed to stimulate and persuade a customer to buy a product. Usually seen in the growth stage
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Reminder Promotion
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Used to keep the product and brand name in the consumers mind. Usually during the Maturity stage.
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institutional advertising
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Promotes the company as a whole and is designed to establish, change, or maintain the corporations identity
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Product advertising
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Promotes the benefits of a specific good or service.
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Attribute
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Simply a feature of the product such as it's easy to open box.
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Benefit
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What the consumer will receive or achieve by using the product.
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Premium
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An extra item offered to the consumer.
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Consumer sales promotion
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Sales promotion activities targeting the ultimate customer.
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Trade sales promotion
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Sales promotion activities targeting a marketing channel member, such as a wholesaler
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Sampling
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Allows customers to test the product. Usually increases sales by 40%.
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Elasticity of Demand
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Consumers' responsiveness or sensitivity to changes in price.
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Elastic demand
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A situation in which consumers demand is sensitive to change in price.
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Inelastic
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A situation in which an increase or decrease in price will not affect demand on product.
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Status quo pricing
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Meeting the competition or going rate price.
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Zone pricing
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A modification of uniform pricing that divides the US into zones and charges a flat freight rate to a consumer
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FOB pricing
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price tactic that requires the buyer to absorb the freight cost from shipping point.
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Uniform pricing
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The seller pays the actuall freight charges and bills every purchaser an identical flat rate freight charge.
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Price bundling
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Packaging two or more products in a single package for a discounted price.
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leader pricing
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A price tactic in which a product is sold at or below cost in hopes of selling more expensive merchandise.
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Bait pricing
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A price tactic that tries to get the consumer in the door by using false or misleading prices then use high pressure selling to persuade the consumer to purchase a more expensive product
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Two-part pricing
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establishing two separate charges to consume a single good or service.
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Revenu
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Price X unites sold
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Point-of-purchase promotion
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promotion includes any promotional display set up at the retailer’s location to build traffic, advertise the product, or induce impulse buying.
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Seasonal discounts
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price reduction for buying merchandise out of season
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Point-of-purchase promotion
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promotion includes any promotional display set up at the retailer’s location to build traffic, advertise the product, or induce impulse buying.
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Atmosphere
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The look, feel, smell, sound of a store.
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Cooperative advertising
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ad costs are split between two or more parties
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Seasonal discounts
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price reduction for buying merchandise out of season
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private brand
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a brand name owned by a wholesaler or retailer
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Atmosphere
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The look, feel, smell, sound of a store.
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Cooperative advertising
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ad costs are split between two or more parties
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private brand
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a brand name owned by a wholesaler or retailer
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Family brand
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marketing several different products under the same brand name
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Product line extension
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Adding additional products to an existing product line in order to compete more broadly in the industry
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Product line contraction
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Cutting the product line down
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Line depth
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The number of product items in a product line
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External factors influencing global marketing
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Culture, Economic and Technological Development, Political stability, Demographic makeup, and Natural resources.
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Socially responsible
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Business's concern for society's welfare.
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SWOT
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Strength, Weakness, Opportunities, and Threats.
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Competitive advantage
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A set of unique features of a company, or a companies product.
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objectives
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statement of what is to be accomplished through marketing activities.
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