Ugba 10 Module 1

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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

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the four activities that compose the marketing mix

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developing, pricing, placing, promoting

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relative comparison of a product's benefits versus its costs

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value

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ability of a product to satisfy a human want or need

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utility

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the four kinds of utility

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form, time, place, ownership

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physical products purchased by consumers for personal use

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consumer goods (consumer marketing)

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physical products purchased by companies to produce other products

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industrial goods (industrial marketing)

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products having nonphysical features, such as time, expertise, or an activity that can be purchased

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services (service marketing)

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marketing strategy that emphasizes lasting relationships with customers and suppliers

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relationship marketing

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the compiling and storage of consumer data

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data warehousing

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the automated massive analysis of data by using computers to sift, sort, and search for previously undiscovered clues about what customers look at, react to, and how they might be influenced

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data mining

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everything outside an organization's boundaries that might affect it

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external environment

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parts of the external environment

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political legal, sociocultural, technological, economic, competitive

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types of competition

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substitute product, brand competition, international competition

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product that is dissimilar from those of competitors but that can fulfill the same need

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substitute product

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competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies

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brand competition

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competition marketing of domestic products against foreign products

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international competition

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manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer

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marketing manager

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detailed strategy for focusing marketing efforts on consumer needs and wants

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marketing plan

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the four basic components of the marketing mix

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product, pricing, place, promotion

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good, service, or idea that is marketed to fill consumer needs and wants

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product

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the creation of a product feature or product image that differs enough from existing products to attract customers

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product differentiation

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selecting the best price at which to sell a product

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pricing

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part of the marketing mix concerned with getting products from producers to customers

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distribution (place)

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techniques for communicating information about products

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promotion

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the most important promotional tools

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advertising, personal selling, sales promotions, publicity, public relations

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group of people that has similar wants and needs and that can be expected to show interest in the same products

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target market

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process of dividing a market into categories of customer types

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market segmentation

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the process of fixing, adapting, and communicating the nature of the product itself

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product positioning

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three of the most important influences on consumer behavior

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geographic, demographic, psychological

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geographical units that may be considered in developing a sementation strategy

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geographical variables

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characteristics of populations that may be considered in developing a segmentation strategy. identifies traits such as age, income, gender, ethnic background, marital status, race, religion, social class

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demographic variables

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consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy

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psychological variables

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the study of the decision process by which people buy and consume products

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consumer behavior

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four major influences on consumer behavior

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psychological, personal, social, cultural

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influences including an individual's motivations, perceptions, ability to learn, and attitudes

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psychological influences

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influences including lifestyle, personality, and economic status

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personal influences

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influences including family, opinion leaders, and such reference groups as friends, coworkers, and professional associates

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social influences

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influences including culture, subculture, and social class

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cultural influences

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pattern of regular consumer purchasing based on satisfaction with a product

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brand loyalty

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stages of the consumer buying process

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problem/need recognition, information seeking, evaluation of alternatives, purchase decision, postpurchase evaluation

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reasons for purchasing a product that are based on a logical evaluation of product attributes such as cost, quality, and usefulness

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rational motives

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reasons for purchasing a product that are based on nonobjective factors such as sociability, imitation of others, and aesthetics

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emotional motives

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three categories of the organizational (commercial) markets

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industrial, reseller, government/institutional

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organizational market consisting of firms that buy goods that are either converted into products or used during production

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industrial market

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organizational market consisting of intermediaries that buy and resell finished goods

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reseller market

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organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations

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institutional market

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three features of organizational buyers that differ them from consumers

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professionals, specialists, experts

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tangible and intangible qualities that a company builds into a product

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product feature

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product marketed as a bundle of value-adding attributes, including reasonable cost

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value pacakge

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three categories of consumer products that reflect buyer behavior

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convenience goods, shopping goods, and specialty goods/services

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inexpensive good or service purchased and consumed rapidly and regularly (milk and newspapers)

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convenience good

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moderately expensive, infrequently purchased good and service (stereos and tires)

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shopping goods

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expensive, rarely purchased good or service

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specialty good/specialty service

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two categories of industrial products

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expense items, capital items

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industrial product purchased and consumed rapidly and regularly for daily operations (includes industrial goods used directly in the production process)(last less than a year)

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expense item

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expensive, long-lasting, infrequently purchased industrial good, such as a building, or industrial service, such as building maintenance (last more than a year)

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capital item (capital good/service)

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group of products that a firm makes available for sale, whether consumer, industrial, or both

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product mix

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group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways

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product line

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strategy of introducing new products to respond quickly to customer or market changes

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speed to market

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series of stages in a product's commercial life

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product life cycle (PLC)

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the stages of a product's PLC, in order

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introduction (commercial space flights), growth (high-definition television), maturity (disposable razors), decline (rollerblades and VHS tapes)

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process of using symbols to communicate the qualities of a product made by a particular producer

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branding

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extent to which a brand name comes to mind when the consumer considers a particular product category

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brand awareness

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two examples of recent successes in effective, less expensive ways to gain brand awareness

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product placements, viral marketing

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a promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use a real product that is visible to viewers

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product placements

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a promotional method that relies on word of mouth and the Internet to spread information like a "virus" from person to person about products and ideas

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viral marketing

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the different types of brand names

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national, licensed, private

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brand-name product produced by, widely distributed by, and carrying the name of a manufacturer

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national brand

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brand-name product for whose name the seller has purchased the right from an organization or individual

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licensed brand

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when a wholesaler or retailer develops a brand name and has a manufacturer put it on a product

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private brand (private label)

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physical container in which a product is sold, advertised, or protected

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packaging

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process of determining what a company will receive in exchange for its products

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pricing

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goals that sellers hope to attain in pricing products for sale

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pricing objectives

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a company's percentage of the total industry's sales for a specific product

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market share

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two tools used to measure the potential impact before deciding on final prices

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cost-oriented pricing, breakeven analysis

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pricing that considers the firm's desire to make a profit and its need to cover production costs

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cost-oriented pricing

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amount added to an item's cost to sell it at a profit

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markup

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for a particular selling price, assessment of the seller's costs versus revenues at various sales volumes

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breakeven analysis

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cost that changes with the quantity of a product produced and sold

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variable cost

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cost that is incurred regardless of the quantity of a product produced and sold

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fixed cost

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sales volume at which the seller's total revenue from sales equals total costs (variable and fixed) with neither profit nor loss

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breakeven point

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pricing as a planning activity

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pricing strategy

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ways in which managers implement a firm's pricing strategies

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pricing tactics

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setting a initially high price to cover new product costs and generate profit

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price skimming

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setting an initially low price to establish a new product in the market

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penetration pricing

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setting a limited number of prices for certain categories of products

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price lining

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pricing tactic that takes advantage of the fact that customers do not always respond rationally to stated prices

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psychological pricing

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psychological pricing tactic based on the premise that customers prefer prices not stated in even dollar amounts

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odd-even pricing

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price reduction offered as an incentive to purchase

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discount

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the combination of distribution channels by which a firm gets its products to end users

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distribution mix

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individual or firm that helps to distribute a product

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intermediary

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two types of intermediaries

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wholesalers, retailers

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intermediary who sells products to other businesses for resale to final customers

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wholesaler

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intermediary who sells products directly to customers

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retailer

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network of interdependent companies through which a product passes from producer to end user

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distribution channel

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four popular distribution channels

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direct distribution, retail distribution, wholesale distribution, distribution by agents/brokers

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distribution channel in which a product travels from producer to consumer without intermediaries

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direct channel

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independent intermediary who generally deals in the related product lines of a few producers and forms long-term relationships to represent those producers and meet the needs of steady customers

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sales agent

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independent intermediary who matches numerous sellers and buyers as needed, often without knowing in advance who they will be

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broker

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the three classifications of US retail stores

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product-line retailers, bargain retailers, convenience stores

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three types of product-line retailers

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department store, supermarket, specialty store

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large product-line retailer characterized by organization into specialized departments

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department store

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large product-line retailer offering a variety of food and food-related items in specialized departments

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supermarket

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retail store carrying one product line or category of related products

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specialty store

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retailer carrying a wide range of products at bargain prices

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bargain retailer

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four types of bargain retailers

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discount house, catalog showroom, factory outlet, wholesale club

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bargain retailer that generates large sales volume by offering goods at substantial price reductions

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discount house

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bargain retailer in which customers place orders for catalog items to be picked up at on-premises warehouses

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catalog showroom

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bargain retailer owned by the manufacturer whose products it sells

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factory outlet

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bargain retailer offering large discounts on brand-name merchandise to customers who have paid annual membership fees

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wholesale club

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retail store offering easy accessibility, extended hours, and fast service (7-11)

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convenience store

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four types of indirect retailing

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direct-response retailing, mail order (catalog marketing), telemarketing, direct selling

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form of nonstore retailing by direct interaction with customers to inform them of products and to receive sales orders

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direct-response retailing

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mail order (catalog marketing)

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form of nonstore retailing in which customers place orders for catalog merchandise received through the mail

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form of nonstore retailing in which the telephone is used to sell directly to customers

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telemarketing

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form of nonstore retailing typified by door-to-door sales

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direct selling

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Internet distribution channel mbmer that assists in delivering products to customers or that collects information about various sellers to be presented to customers

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e-intermediary

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the three types of e-intermediaries

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syndicated sellers, shopping agents, e-retailers

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e-commerce practice whereby a Web site offers other Web sites commissions for referring customers

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syndicated selling

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e-intermediary (middleman) in the Internet distribution channel that assists users in finding products and prices but that does not take possession of the products

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shopping agent (e-agent)

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nonstore retailing in which information about the seller's products and services is connected to consumers' computers, allowing consumers to receive the information and purchase the products in the home

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electronic retailing

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nonstore retalining in which the Internet is used to display products

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e-catalog

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commercial Web Site in which customers gather information about products and buying opportunities, place orders, and pay for purchases

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electronic storefront (virtual storefront)

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collection of virtual storefronts (business Web sites) representing a variety of products and product lines on the Internet

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cybermall

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nonstore retailing that uses a Web site to provide real-time sales and customer service

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interactive marketing

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nonstore retailing to customers via home television

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video marketing

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activities needed to move a product efficiently from manufacturer to consumer

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physical distribution

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two components of physical distribution

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warehousing, transportation operations

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physical distribution operation concerned with the storage of goods

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warehousing

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two types of warehousing

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private, public

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warehouses owned by and providing storage for a single company

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private warehouse

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independently owned and operated warehouse that stores goods for many firms

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public warehouse

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five major modes of transportation

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trucks, railroads, planes, water carriers, pipelines

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all activities involved in completing a sales transaction, beginning with making the sale and ending with on-time delivery to the customer

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order fulfillment

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aspect of the marketing mix concerned with the most effective techniques for communicating information about and selling a product

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promotion

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the total message any company sends to consumers about its product

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communication mix

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four common goals of promotion

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communicate information, position products, add value, control sales volume

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process of establishing an identifiable product image in the minds of consumers

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positioning

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four of marketing's most powerful promotional tools

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advertising, personal selling, sales promotions, publicity and public relations

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combination of tools used to promote a product

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promotional mix

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the most important factor in determining the best promotional mix

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target audience

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match the five stages of the consumer buying process with the most effective promotional tools

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problem (need) recognition - advertising; publicity
information seeking - advertising; personal selling
evaluation of alternatives - personal selling
purchase decision - sales promotion; personal selling
postpurchase evaluation; advertising; personal selling

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promotional tool consisting of paid, nonpersonal communication used by an identified sponsor to inform an audience about a product

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advertising

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variety of communication devices for carrying a seller's message to potential customers

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advertising media

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the combination of advertising media chosen to carry a message about a product

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media mix

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name 7 ways of advertising

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television, direct mail, newspapers, magazines, radio, Internet, outdoor

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promotional tool in which a salesperson communicates one-on-one with potential customers

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personal selling

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three basic tasks of personal selling

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order processing, creative selling, missionary selling

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personal selling task in which salespeople receive orders and see to their handling and delivery

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order processing

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personal selling task in which salespeople try to persuade buyers to purchase products by providing information about their benefits

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creative selling

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personal selling task in which salespeople promote their firms and products rather than try to close sales

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missionary selling

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short-term promotional activity designed to encourage customer buying, industrial sales, or cooperation from distributors

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sales promotion

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four types of sales promotions

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coupon, premium, point-of-sale (POS) display, trade show

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sales promotion technique in which a certificate is issued entitling the buyer to a reduced price

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coupon

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sales promotion technique in which offers of free or reduced-price items are used to stimulate purchases

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premium

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sales promotion technique in which product displays are located in certain areas to stimulate purchase or to provide information on a product

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point-of-sale (POS) display

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sales promotion technique in which various members of an industry gather to display, demonstrate, and sell products

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trade show

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a way of boosting sales by rewarding high-producing distributors and sales representatives with vacation trips

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contests

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promotional tool in which information about a company, a product, or an event is transmitted by the general mass media to attract public attention

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publicity

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company-influenced information directed at building goodwill with the public or dealing with unfavorable events

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public relations