Ch11/14/16 Flashcards
Utility:
Ability of a product to satisfy a want or need.
Consumer goods:
Physical products purchased by consumers for personal use.
Industrial goods:
Physical products produced by companies to produce other products.
Relationship marketing
Marketing strategy that focuses on building lasting relationships with customers and suppliers
Customer Relationship Management
Organized methods that a firm uses to build better information connections with clients so that stronger company-client relationships are developed.
Data warehousing
Collection storage and retrieval of days in electronic files.
Data mining:
The application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information.
Political legal environment:
The relationship between business and govt. usually in the form of government regulation of business.
Sociocultural environment:
The customs, mores, values, and demographic characteristics of the society an organization functions.
Technological environment
All the ways by which firms create value for their constituents
Economic environment:
Relevant conditions that exist in the economic system in which a company operates.
Competitive environment:
The competitive system In which a business operates.
Substitute product
Product that is dissimilar from those of competitors but fulfills the same need
Brand competition:
Competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies. (Apple)
International competition:
Competition marketing of domestic products against foreign products.
Marketing Mix:
Combo of product, pricing, promotion, and place (distribution) strategies used to market products. [4P’s]
Product:
Good, service, or idea that is marketed to fill consumer’s needs and wants.
Product differentiation:
Creation of a product feature or product image that differs enough from existing products to attract consumers.
Pricing:
Process of determining the best price at which to sell a product
Place (distribution):
Part of marketing mix concerned with getting products from producers to consumers.
Promotion:
Aspect of the marketing mix concerned with the most effective techniques for communicating information about products.
Advertising:
Any form of paid non-personal communication used by an identified sponsor to persuade or inform potential buyers about a product.
Personal selling.
Person-to-person sales (p2p)
Sales promotion:
Direct inducements such as premiums, coupons, package inserts, etc. to tempt consumers to buy products.
Public Relations (PR):
Communication efforts directed at building goodwill and favorable attitudes in the minds of the public toward the organization and its products.
Integrated marketing strategy:
Strategy that blends together the four P’s of marketing to ensure their compatibility with one another and the company’s non-marketing activities as well.
Market segmentation:
Process of dividing a market into categories of customers types or “segments” having similar wants and needs and who can be expected to show interest in the same products.
Product positioning
Process of fixing, adapting, and communicating the nature of a product.
Geographic variables:
Geographic units that may be considered in developing a segmentation strategy.
Geographic segmentation:
Segmentation based upon location (could be country, state, or neighborhood)
Demographic segmentation:
A segmentation strategy that used demographic characteristics to identify market.
Demographic variables:
Characteristic of populations that may be considered in developing a segmentation strategy.
Geo-demographic segmentation:
Using a combo of geographic and demographic traits for identifying markets.
Psychographic Segmentation:
A strategy that uses psychographic characteristics to identify different market segments. (Lifestyles, interests, personalities, attitudes)
Behavioral segmentation:
A segmentation strategy that uses behavioral variables (behavioral patterns by consumers) to identify different market segments.
Evoked set (consideration set)
Group of products consumers will consider buying as a result of information search.
