Marketing (1)
identifying and meeting human and social needs; the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing Management (1)
the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
Marketer (1)
someone who seeks a response from another party, called the prospect
Needs, Wants and Demands (1)
Needs are the basic human requirements for air, food, water, clothing, and shelter. Needs become wants when they are directed to specific objects that might satisfy the needs. Wants are shaped by our society. Demands are wants for specific products backed
5 Types of Needs (1)
Stated, Real, Unstated, Delight, Secret
value proposition (1)
set of benefits that a marketer proposes to deliver to satisfy customers' needs
prospect (1)
an individual or group from whom a marketer seeks a response such as a purchase, a vote, or a donation
marketing concept (1)
customer-centered, sense and respond philosophy. The job is to find not the right customers for your products, but the right products for your customers. The marketing concept holds that the key to achieving organizational goals is being more effective th
holistic marketing concept (1)
based on the development, design, and implementation of marketing programs, processes, and activities that recognize their breadth and interdependencies.
relationship marketing (1)
building mutually satisfying long-term relationships with key parties to earn and retain their business
marketing network (1)
the company and its supporting stakeholders, with whom it has built mutually profitable business relationships
internal marketing (1)
element of holistic marketing that involves hiring, training, and motivating able employees who want to serve customers well.
performance marketing (1)
part of holistic marketing that involves understanding the financial and nonfinancial returns to business and society from marketing activities and programs.
4 Ps (1)
initial: product, price, place and promotion--various marketing activities into marketing-mix tools. new: people, processes, programs, performance
selling concept (1)
holds that consumers and businesses, if left alone, won't buy enough of the organization's products, so the organization must undertake an aggressive selling effort.
product concept (1)
proposes that consumers favor products offering the most quality, performance, or innovative features.
production concept (1)
one of the oldest concepts in business, holds that consumers prefer products that are widely available and inexpensive
Integrated marketing (1)
occurs when the marketer devises marketing activities and assembles marketing programt o create, communicate, and deliver value for consumers such that "the whole is greater than the sum of its parts." Using an integrated communication strategy means choo
value chain (2)
a tool for identifying ways to create more customer value; nine strategically relevant activities that create value and cost in a specific business
value delivery network (2)
the partnerships a firm forges with suppliers and distributors to deliver value to customers; also known as a value delivery network
supply chain (2)
the partnerships a firm forges with suppliers and distributors to deliver value to customers; also known as a value delivery network
core competency (2)
attribute that is a source of competitive advantage by contributing to perceived customer benefits; has applications in a wide variety of markets, and is difficult for competitors to imitate
marketing plan (2)
the central instrument for directing and coordinating the marketing effort; a written document that summarizes what the firm knows about the marketplace, how it will reach its marketing objectives, and how it will direct and coordinate its marketing.
strategic marketing plan (2)
plan that lays out the firm's target markets and value proposition, based on an analysis of the best market opportunities
tactical marketing plan (2)
plan that specifies the firm's marketing tactics, including product features, promotio, merchandising, pricing, sales channels, and service
mission statement (2)
statement of what the organization exists to accomplish, which provides employees with a shared sense of purpose, direction, and opportunity.
strategic business unit (SBU) (2)
a business that can be planned separately from the rest of the company, with its own set of competitors and a manager responsible for strategic planning and profit performance
corporate culture (2)
the shared experiences, stories, beliefs, and norms that characterize an organization.
scenario analysis (2)
developing plausible representations of a firm's possible future using assumptions about forces driving the market and different uncertainties
marketing opportunity (2)
area of buyer need and interest that a company can profitably satisfy
environmental threat (2)
challenge posed by an unfavorable trend or development that, in the absence of defensive marketing action, would lead to lower sales or profit
strategy (2)
firm's game plan for achieving its goals
partner relationship managemnet (PRM) (2)
forming and managing mutually satisfying, long-term relations with key partners such as suppliers and distributors
marketing metrics (2)
the set of measures organizations use to quantify, compare, and interpret marketing performance
marketing information system (MIS) (3)
the people, equipment, and procedures to gather, sort, analyze, evaluate, and distribute needed, timely, and acurate information to marketing decision makers
marketing intelligence system (3)
set of procedures and sources that managers use to obtain everyday information about developments in the marketing environment
marketing research (3)
the systematic design, collection, analysis, and reporting of data and findings relevant ot a specific marketing situation facing the company
potential market (3)
the set of consumers with a sufficient level of interest in a market offer.
available market (3)
the set of consumers who have interest, income, and access to a particular offer
target market (3)
the part of the qualified available market the company decides to pursue
penetrated market (3)
the set of consumers who are buying the company's product
market demand (3)
the total volume that would be bought by a defined cusomter group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program
market share (3)
level of selective demand for a company's product
market forecast (3)
the market demand corresponding to the level of industry marketing expenditure
market potential (3)
the limit approached by market demand as industry marketing expenditures approach infinity for a given marketing environment.
company demand (3)
company's estimated share of market demand at alternative levels of company marketing effort in a given period
company sales forecast (3)
expected level fo company sales based on a chosen marketing plan and an assumed marketing environment
sales quota (3)
sales goal set for a product line, company division, or sales representative.
sales budget (3)
conservative estimate of the expected volume of sales, primarily for making current purchasing, production, and cash flow decisions.
forecasting (3)
the art of anticipating what buyers are likely to do under a given set of conditions
trend (3)
a direction or sequence of events with momentum and durability
fad (3)
a craze that is unpredictable, of brief duration, and without long-term significance
subcultures (3)
groups with shared values, beliefs, preferences, and behaviors emerging from their special life experiences or circumstances
marketing research process (3)
six steps - define the problem and objectives, develop the plan, collect the data, analyze the data, present the findings, and make the decision
marketing research process - importance of objective (3)
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marketing research process - role of marketing decision (3)
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data sources (3)
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secondary data (3)
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secondary data - internal (3)
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secondary data - external (3)
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primary data (3)
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primary data - observational (3)
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primary data - behavioral (3)
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primary data - experimental (3)
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primary data - qualitative (3)
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trade-offs & objectives (3)
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survey analysis tools (3)
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survey analysis tools -prob vs. non-prob (3)
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survey analysis tools - questionnaire design (3)
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survey analysis tools - cross-tabs (3)
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qualitative methods - focus groups (3)
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qualitative methods - projection techniques (3)
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market sizing - classification of markets (3)
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market sizing - market potential (3)
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market sizing - top-down approach (3)
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customer perceived value (CPV) (4)
the difference between the prospective customer's value of all the benefits and all the costs of an offering and the perceived alternatives
total customer benefit (4)
the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a market offering
total customer cost (4)
the perceived monetary value of the bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the market offering
loyalty (4)
a deeply held commitment to rebuy a market offering in the future despite situational influences and marketing efforts that might case switching behavior
value delivery system (4)
all the experiences the customer will have in obtaining and using the offering
satisfaction (4)
a person's feelings of pleasure of disappointment that result from comparing a product's perceived performance to expectations
quality (4)
the totality of feaures and characteristics of a product or service that bear on its ability to satisfy stated or implied needs
profitable customer (4)
a person, household, or company that over time yields a revenue stream exceeding by an acceptable amount the company's costs for attracting, selling, and serving that customer
customer lifetime value (CLV) (4)
the net present value of the stream of future profits expected over the customer's lifetime purchases
customer relationship management (CRM) (4)
the process of managing detailed information about individual customers and all customer touch points to maximize loyalty
marketing funnel (4)
tool used to identify the percentage of the potential target market at each stage in the decision process
frequency programs (FPs) (4)
programs to reward customers who buy frequently and in substantial amounts
database marketing (4)
the process of building, maintaining, and using databases to contact, transact with, and build relationships with customers
data warehouse (4)
collection of data drawn from company contact with customers that marketers can analyze to draw inferences about an individual customer's needs and responses
data mining (4)
use of statistical and mathematical techniques to extract useful information about individuals, trends, and segments
marketing intermediaries - roles & functions
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marketing intermediaries - value-added
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channel design - objective
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channel design - intensity
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channel design - structure
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channel management - conflict - horizontal, vertical
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channel management - solutions
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consumer behavior (5)
the study of how individuals, groups and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy needs and wants
culture (5)
the fundamental determinant of a person's wants and behavior
social classes (5)
homogeneous and enduring divisions in a society, hierarchically ordered and with members who share similar values, interests, and behavior.
references groups (5)
all the groups that have a direct or indirect invluence on a customer's attitudes or behavior
membership groups (5)
groups having a direct influence on consumer behavior
aspirational groups (5)
groups a person hopes to join
dissociative groups (5)
groups whose values or behavior an individual rejects
opinion leader (5)
person who offers informal advice or information about a specific product or product category
family of orientation (5)
parents and siblings
family of procreation (5)
spouse and children
role (5)
the activities a person is expected to perform
status (5)
one's position within a group or society
personality (5)
distinguishing human psychological traits that lead to relatively consistent and enduring responses to environmental stimuli
brand personality (5)
the specific mis of human traits attributed to a particular brand
lifestyle (5)
a person's pattern of living in the world as expressed in activites, interests, and opinions
core values (5)
the belief systems that underlie attitudes and behaviors and determine people's long-term choices and desires
motive (5)
a need that is aroused to a sufficient level of intensity to drive someone to take action
perception 95)
process by which people select, organize, and interpret information inputs to create a meaningful picture of the world.
selective attention (5)
mental process of screening out some stimuli while noticing others.
learning (5)
changes in consumer behavior arising from experience
cues (5)
minor stimuli that determine when, where, and how a person responds
drive (5)
a strong internal stimulus impelling action
associative network memory model (5)
conceptual representation that views memory as consisting of nodes and interconnecting links, where nodes represent stored informaiton or concepts and links represent strength of assoiation between information or concepts
brand associations (5)
all brand related thoughts, feelings, perceptions, images, experiences, beliefs, attitudes, and so on that become linked to the brand node
belief (5)
a descriptive thought that a person holds about something
attitutdes (5)
a person's enduring favorable or unfavorable evaluations, emotional feelings, and action tendencies toward some object or idea
expectancy-value model (5)
consumers evaluate products and services by combining their brand beliefs - the positives and negatives - according to importance
heuristics (5)
rules of thumb in the decision process.
positioning (5)
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perceptual mapping (5)
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market segmentation Concept (4/7)
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market segmentation benefit (4/7)
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market segmentation bases - geo-demographic, psychographic, behavioral (4/7)
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targeting - properties of good targets (4/7)
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targeting - common targeting strategies (4/7)
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identifying segments - PRIZM (4/7)
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identifying segments - VALS (4/7)
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identifying segments - SimpyMap (4/7)
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identifying segments - Cluster Analysis - Basis Concept, Apply K-Means Clustering (4/7)
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life stage (7)
a person's major concern, such as going through a divorce, taking care of an older parent, or deciding to buy a new hoe
psychographics (7)
the science of using psychology and demographics to better understand consumers
supersegment (7)
a set of of market segments sharing some exploitable similarity
customerization (7)
combination of operationally driven mass customization with customized marketing that empowers consumers to design the offering of their choice
competitive frame of reference (9)
defining which other brands a brand competes with and which should be the focus of competitive analysis
category membership (9)
the products or sets of products with which a brand competes and which function as close substitutes
industry (9)
group of firms offering a product or class of products that are close substitutes for one another
points of difference (PODs) (9)
attributes or benefits that consumers associate with a brand, positively evaluate, and believe they could not find with a competitive brand
points of parity (POPs) (9)
attribute or benefit associations that are not necessarily unique to the brand but may be shared with other brands
competitive advantage (9)
a company's ability to perform in one or more ways that competitors cannot or will not match.
brand (8)
a name, term, sign, symbol, or deisng, or a combination of these, intended to identify the offering of one seller or seller group and differentiate it from competing offers
brand knowledge (8)
all the thoughts, feelings, images, experiences, and beliefs associated with the brand
brand promise (8)
the marketer's vision of what the brand must be and do for consumers
brand equity (8)
the added value a brand endows on products and services
brand elements (8)
trademarkable devides that identify and differentiate the brand
brand contact (8)
any information-bearing experience that a customer or prospect has with the brand, its product category, or its market
integrated marketing (8)
mixing and matching marketing activities to maximize their individual and collective effects
brand community (8)
a specialized community of conumers and employees whose identification and activites focus around the brand
brand audit (8)
a consumer-focused series of procedures to assess the health of the brand, uncover its sources of brand equity, and suggest ways to improve and leverage its equity
brand valuation (8)
estimating the brand's total financial value
brand portfolio (8)
the set of all brands and brand lines a particualr firm offers in a particular category or maket segment
brand dilution (8)
when consumers no longer associate a brand with a specific product or highly similar set of products and start thinking less of the brand
product (10)
anything that can be offered to a market to satisy a want or need
customer-value hierarchy (10)
five product levels that must be addressed by marketers in planning an offering
convenience goods (10)
consumer goods that are purchased frequently, immediately, and with minimal effort
shopping goods (10)
goods that consumers compare on the basis of suitability, quality, price and style
specialty goods (10)
consumer goods with unique characteristics of brand identification for which enough buyers are willingto make a special purchasing effort
unsought goods (10)
goods that the consumer does not known about or normally think of buying
capital items (10)
long-lasting business goods that facilitate developing or managing the finished product
form (10)
the product's size, shape, or physical structure
features (10)
characteristics that supplement a product's basic function
mass customization (10)
how a company meets each customer's requirements, on a mass basis, by individually designing products, services, programs, and communications.
performance quality (10)
the level at which the product's primary characteristics operate
conformance quality (10)
the degree to which all produced units are identical and meet promised specifications
design (10)
the totality of features that affect how a product looks, feels, and functions to a consumer
product system (10)
a group of diverse but related items that function in a compatible manner
product mix (10)
also called a product assortment, the set of all products and items a particualr seller offers for sale
product assortment (10)
also called a product mix, the set of all products and items a particualr seller offers for sale
product lines (10)
products within a product class that are closely related because they perform similar function,s are sold to the same customer groups, are marketed through the same channels, or fall within given price ranges
line stretching (10)
when a company lengthens its product line beyond the current range
product-mix pricing (10)
the firm plans a set of prices that maximizes profits on the total product mix
co-branding (10)
also called dual branding or brand bundling, combining two or more well-known brands into a joing product or marketing them together in some fashion
ingredient branding (10)
a special case of co-branding that creates brand equity for materials, components, or parts contained in a branded product
packaging (10)
all the activities of desining and producing a product's container
warranties (10)
formal statements of expected product performance by the manufacturer, legally enforceable
innovation (10)
any good, service, or idea that someone perceives as new, no matter how long its history
adoption (10)
an individuals decision to become a regular user of a product
innovation diffusion process (10)
the spread of a new idea from its source of inbention or creation to its ultimate users or adopters
personal influence (10)
the effect one person has on naother's attitude or purchase probability
reference price (12)
internal or external price against which a customer compres an observed price
market-penetration pricing (12)
pricing strategy where firms set the lowest price, assuming the market is price sensitive, to drive higher sales volume
market-skimming pricing (12)
pricing strategy where prices start high and slowly drop over time to maximize profits form less price sensitive customers
fixed costs (12)
also known as overhead, costs that do not vary with production level or sales revenue
variable costs (12)
costs that vary directly with the level of production
total costs (12)
the sum of the fixed and variable costs for a given level of production
average cost (12)
the cost per unit at a given level of production; it equals total costs divided by production
experience curve (12)
decline in the average cost that occurs with accumulated production experience; also known as the learning curve
target costing (12)
determining the cost that must be achieved to sell a new product at the price consumers are willing to pay, given its appeal and competitors' prices
markup (12)
pricing an item by adding a standard increase to the product's cost
target return pricing (12)
determining the price that will yielf the firm's target rate of return on investment
value pricing (12)
pricing method in which the firm wins loyal customres by charging a fairly low price for a high-quality offering
everyday low pricing (EDLP) (12)
charging a constant low price with little or no price promotions and special sales
high-low pricing (12)
in retailing, charging higher-than-EDLP prices on an everyday basis with frequent promotions that temporarily lower prices
going-rate pricing (12)
prices based largely on competitors' prices
countertrade (12)
when buyers offer items instead of cash as payment for a purchase
price discrimination (12)
pricing approach in which a firm sells an offering at two or more prices that do not reflect a proportional difference in costs