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71 Cards in this Set

  • Front
  • Back
Behavioristic Segmentation
method of determining market segments by grouping consumers into groups based on their purchase behavior
Benefit Segmentation
method of segmenting consumers based on the benefits being sought
the gratifications or relief from problems offered by a particular brand, product, or service
that combination of name, words, symbols, or design that identifies the product and its source and distinguishes it from competing products--the fundamental differentiating device for all products
Brand Equity
the totality of what consumers, distributors, dealers, and competitors feel and think about a brand over an extended period of time; in short, it is the value of the brand's capital
Business Markets
organizations that buy natural resources, component products, and services that they resell, use to conduct their business, or use to manufacture another product
Collateral Materials
all the accessory non-media advertising materials prepared by manufactures to help dealers sell a product--booklets, catalogs, brochures, films, trade-show, exhibits, sales kits, and so on
Communication Element
includes all marketing-related communications between the seller and the buyer
Communications Mix
a variety of marketing communications tools, grouped into personal and non-personal selling activities
Cooperative Advertising
the sharing of advertising costs by the manufacturer and the distributor or retailer; the manufacturer may repay 50 or 100 prevent of the dealer's advertising costs or some other amount based on dales
Copy Points
copy-writing themes in a product's advertising
Decline Stage
the stage in the product life cycle when sales begin to decline due to adolescence, new technology, or changing consumer tastes
Demographic Segmentation
based on a population's statistical characteristics such as sex, age, ethnicity, education, occupation, income, or other quantifiable factors
Direct Distribution
the method of marketing in which the manufacturer sells directly to customers without the use of retailers
Direct Marketing
a system of marketing in which companies build their own database of customers and use a variety of media to communicate with them directly such as through ads and catalogs
Distribution Channel
the network of all the firms and individuals that take title, or assist in taking title, to the product as it moves from the producer to the consumer
Distribution Element
how and where customers will buy a company's product; either direct or indirect distribution
Early Adopters
willing to try new things
Equipment-Based Service
a service business that relies mainly on the use of specialized equipment
Exclusive Distribution
the strategy of limiting the number of wholesalers or retailers who can sell a product in order to gain a prestige image, maintain premium prices, or protect other dealers in a geographic region
Family Brand
the marketing of various products under the same umbrella name
Four P's
a type of vertical marketing system in which dealers pay a fee to operate under the guidelines and direction of the parent company or manufacturer
Geodemographic Segmentation
combining demographics with geographic segmentation to select target markets in advertising
Geographic Segmentation
a method of segmenting markets by geographic regions based on the shared characteristics, needs, or wants of people within the region
Growth Stage
the period in a product life cycle that is marked by market expansion as more and more customers make their first purchases while others are already making their second and third purchases
Hidden Differences
imperceptible but existing differences that may greatly affect the desirability of a product
Individual Brands
assigning a unique name to each product a manufacturer produces
Induced Differences
distinguishing characteristics of products effected through unique branding, packaging, distribution, merchandising, and advertising
Intensive Distribution
a distribution strategy based on making the product available to consumers at every possible location so that consumers can buy with a minimum of effort
Introductory Phase
the initial phase of the product life cycle (also called the pioneering phase) when a new product is introduced, costs are highest, and profits are lowest
Licensed Brands
brand names that other companies can buy the right to use
Market Segmentation
strategy of identifying groups of people or organizations with certain shared needs and characteristics within the broad markets for consumer or business products and aggregating these groups into larger market segments according to their mutual interest in the product's utility
Marketing Mix
four elements, called the 4P's, that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy
Maturity Stage
the point in the product life cycle when the market has become saturated with products, the number of new consumers has dwindled, and competition is most intense
National Brand
product brands that are marketed in several regions of the country
Network Marketing
a method of direct distribution in which individuals act as independent distributors for a manufacturer or private-label marketer
Nonpersonal Communication
marketing activities that use some medium as an intermediary for communication, including advertising, direct marketing, public relations, collateral materials, and sales promotion
North American Industry Classification System Codes
method used by the US Department of Commerce to classify all businesses; the NACIS codes are based on broad industry groups, subgroups, and detailed groups of firms in similar lines of business
People-Based Service
a service that relies on the talents and skills of individuals rather than on highly technical or specialized equipment
Perceptible Differences
differences between products that are visibly apparent to the consumer
Personal Communication
marketing activities that include all person-to-person contact with customers
the way in which a product is ranked in the consumer's mind by the benefits it offers, by the way it is classified or differentiated from the competition, or by its relationship to certain target markets
Price Element
in the marketing mix, the amount charged for the good or service--including deals, discounts, terms, warranties, and so on; the factors affecting price are market demand, cost of production and distribution, competition, and corporate objectives
Primary Demand
consumer demand for a whole product category
Primary Demand Trend
the projection of future consumer demand for a whole product category based on past demand and other market influences
Primary Motivation
the pattern of attitudes and activities that help people reinforce, sustain, or modify their social and self-image; an understanding of the primary motivation of individuals helps advertisers promote and sell goods and services
Private Labels
personalized brands applied by distributors or dealer to products supplied by manufacturers; private brands are typically sold at lower prices in large retail chain stores
Product Concept
the consumer's perception of a product as a 'bundle' of utilitarian and symbolic values that satisfy functional, social, psychological, and other wants and needs; also, as an element of the creative mix used by advertisers to develop advertising strategy, is it the bundle of product values the advertiser presents to the consumer
Product Element
the most important element of the marketing mix: the good or service being offered and the values associated with it--including the way the product is designed and classified, positioned branded, and packaged
Product Life Cycle
progressive stages in the life of a product--including introduction, growth, maturity, and decline--that affect the way a product is marketed and advertised
Psychographic Segmentation
method of defining consumer markets based on psychological variables including values, attitudes, personality, and lifestyle
the grouping of consumers into market segments on the basis of psychological makeup--values, attitudes, personality, and lifestyle
the generation of news about a person, product, or service that appears in broadcast or print media
Pull Strategy
marketing, advertising, and sales promotion activities aimed at inducing trial purchase and repurchase by consumers
Purchase Occasion
a method of segmenting markets on the basis of when consumers buy and use a good or service
Push Strategy
marketing, advertising, and sales promotion activities aimed at getting products into the dealer pipeline and accelerating sales by offering inducements to dealer, retailers, and salespeople; inducements might include introductory price allowances, distribution allowances, and advertising dollar allowances to stock the product and set up displays
business that buy products from manufacturers or wholesalers and then resell the merchandise to consumers or other buyers; also called middlemen; these businesses do not change or modify the goods before they resell them; resellers make their profits by selling the goods they buy for more than they paid; the most common examples of resellers are retail stores and catalog retailers; internet retailers comprise a growing portion of the reseller business segment
a term in the VALS typology relating to the range of psychological, physical, demographic, and material capacities that consumers can draw upon; the resources include education, income, self-confidence, health, eagerness to buy, and energy level
Sales Promotion
a direct inducement offering extra incentives all along the marketing route--from manufacturers through distribution channels to customers--to accelerate the movement of the product form the producer to the consumer
Selective Demand
consumer demand for the particular advantages of one brand over another
Selective Distribution
strategy of limiting the distribution of a product to select outlets in order to reduce distribution and promotion costs
a bundle of benefits that may or may not by physical, that are temporary in nature, and that come from the completion of a task
Special Events
scheduled meetings, parties, and demonstrations aimed at creating awareness and understanding for a product or company
Target Market
the market segment of group within the market segment toward which all marketing activities will be directed
Target Marketing Process
the sequence of activities aimed at assessing barious market segments, designating certain ones as the focus of marketing activities, and assigning marketing mixes to communicate with and make sales to these targets
selling products and services by using the telephone to contact prospective customers
Usage Rates
the extent to which consumers use a product: light, medium, or heavy
User Status
six categories into which consumers can be placed, which reflect varying degrees of loyalties to certain brands and products; these categories are sole users, semisole users, discount users, aware nontriers, trial/rejectors, and repertoire users
Vertical Marketing System (VMS)
a centrally programmed and managed system that supplies or otherwise serves a group of stores or other businesses
Volume Segmentation
defining consumers as light, medium, or heavy users of products