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45 Cards in this Set

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marketing
the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals; marketing's goal is to provide value and utility for consumers
value
relative comparision of a product's benefits with its costs; value: benefits/cost; marketing resources are used to add value to a product to greater satisfy a customer; example: opening a store extra hours during a busy season
utility
ability of a product to satisfy a human want or need; marketing strives to provide four kinds of utility: time utility, place utility, ownership utility, and form utility
consumer goods
products purchases by consumers for personal use
industrial goods
products purchased by companies to produce other products
services
intangible products, such as time, expertise, or an activity that can be purchased
relationship marketing
marketing strategy that emphasizes lasting relationships with customers and suppliers
external environment
outside factors that influence marketing programs by posing opportunities or threats; the political-legal, social-cultural, technological, economic, and competitive environments
subsitute product
product that is dissimilar to those of competitors but that can fulfill the same need; fitness program and drugs are two ways to lower one's cholesterol level
brand competition
competitive marketing that appeals to consumer perceptions of similar products
internationbal competition
compeititve marketing of domestic products against foreign products; cheese from Wisconsin vs. cheese from France
markeitng manager
manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer
marketing plan
detailed strategy for focusing marketing efforts on consumer needs and wants
makerting mix
the combination of product, pricing, promotion, and distribution strategies used to market products: product, pricing, place, and promotion
product
good, serivce, or idea that is marketed to fill consumer needs and wants----->>>> product differentiation
product differentiation
creation of a product or product image that differs enough from existing products to attract consumers
pricing
selecting the best price at which to sell at; successful pricing means finding a profitable middle ground between supporting the costs of making the product and the costs of the competition
place (distribution)
part of the markeitng mix concerned with getting products from producers to consumers
promotion
advertising: any form of paid nonpersonal communication used by an identified sponsor to persuade or inform potential buyers about a product
personal selling: person-to-person sales; purchasing agents used in transactions of industrial goods
sales promotions: used for inexpensive goods; gifts, coupons, and package inserts
public relations: communication efforts directed at building goodwill; Ronald McDonald House
target market
group of people that has similar wants and needs and that can be expected to show interest in the same products
market segmentation
market segmentation is a result of targeting marketing; process of dividng a market into categories of customer types: geographic, demographic, and psychographic
geographic variables (market segmentation)
geographical unites that may be considered in developing a segmentation strategy; people in Iowa don't wanna buy surf boards
demographic variables (market segmentation)
characteristics of populations that may be considered in developing a segmentation strategy; age, income, gender, ethnic background, marital statues, race, relgion, and social class
psychographic variables (market segmentation)
consumer characterisitis, such as lifestyles, opinions, interests, and attitutdes, that may be considred in developing a segmentation strategy; can be changed by marketing efforts; making Burberry into an international luxury good sold at Neiman Marcus
consumer behavior
various facets of the decision process by which customers come to purchase and consume products
FACETS
psychological influences: individual's motivations, perceptions, ability to learn, and attitudes
personal influences: lifestyle, personality, and economic status
social influences: family, opinion leaders, friends, coworkers
cultural influences: distinguishable cultural values, subcultures such as ethnic groups, social class affected by background, occupation, and income
brand loyalty
pattern of regular consumer purchasing based on satisfaction with a product
consumer buying process
this process is borken up into different stages and each process is influenced by both personal and environmental factors (psychological, personal, social, cultural) as well as marketing factors (product, pricing, promotion, place)
STAGES OF THE CONSUMER BUYING PROCESS
PROBLEM/NEED RECOGNITION: when you realize youneed something or buying habits change (substantial raise)

INFORMATION SEEKING: go do research from websites and people as well as personal experiences

EVALUATION OF ALTERNATIVES: comparing products in terms of color, price, prestige, quality, service record, etc

PURCHASE DECISION: Based on rational motives (reasons for purchasing a product that are based on a logical evalution of product attributes) and/or emotional motives (reasons for purchasing a product that are based on nonobjective factors)

POSTPURCHASE EVALUATIONS: marketers wants consumers to be happy with their purchase so they'll buy from the company again, brand loyalty!!! sometimes works negatively if a person doesn't like their purchase, matt doesn't like his converses
rational motives
reasons for purchasing a product that are based on a logical evaluation of product attributes such as cost, quality, and usefulness
emotional motives
reasons for purchasing a product that are based on nonobjective factors including socialbility, imitatoin of others, and aesthetics
data warehousing
process of collecting, storing, and retrieving data in electronic files; just random facts preferences in movie rentals, are you married, what groceries you like all stored online!!! how freaky
data mining
application of electronic technologies for searching, sifting, and reorganazing data in order to collect marketing information and target products in the marketplace
industrial market
organizational market consisting firms that buy goods that are either converted into products or used during production
reseller market
organizational market consisting of intermediaries that buy and resell finished goods
institutional market
organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations
industrial buyers
professionals trained in negotiating; specialists in their line of items; do extensive research on products
feature
tangible quality that a company builds into a product
value package
product marketed as a bundle of value-adding attributes, including reasonable cost
possible attributes for a computer:
- choices of color
- attractive software packages
-attractive prices
- warranties
- presitge of owning a state-of-the-art system
- technical support
convenience good/service
inexpensive product purchased and consumed rapidly and regularly; milk and newspapers
shopping good/service
moderately expensive, infrequently purchased product; stereos shoes
specialty good/service
expensive, rarely purchased product; wedding gown
expense item
industrial product purchased and consumed rapidly and regularly for daily operations; buulkloads of tea are processed into tea bags
capital item
expensive, long-lasting, infrequently purchased industrial product such as a building
unsought good/service
life insurance, burial plot, NOT UNWANTED
product mix
group of products that a firm makes available for sale; black & decker makes toasters, vacuum cleaners, electric drills, and other crazy ass appliances