Chapter 11 Flashcards
marketing
activity, set of institutions, and processes for creating, communicating, delivering, and enhancing offerings that have value for customers, clients, partners, and society at large
value
relative cmoparision of a product’s benefits versus its costs
utility
ability of a product to satisfy a human want or need
consumer goods
physical products purchsed by consumers for personal use
industrial goods
physical products purchased by companies to produce other products
services
products having nonphysical fetures, such as informaiotn, expertise, or an activity that can be purchased
relationship marketing
marketing strategy that empshasizes lasting relationships with customers and suppliers
substitute product
product that is dissimilar from those of cmopetitors but that can fulfill the same need
brand competition
competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies
international competition
competitive marketing of domestic products against foreign products
marketing manager
manager who plans and implements the marketing activiites that result in the transfer of products from producer to consumer
marketing plan
detailed strategy for focusing marketing efforts on consumer’s needs and wants
marketing mix
combination of product, pricing, promotion, and distibution strategies used to market products
product
good, service, or idea that is marketed to fill consumers’ needs and wants
product differentiation
creating of product feature or product image that differs enough from existing products to attract customers
pricing
process of determining the best price at which to sell a product
distribution (place)
part of the markeitng mix concerned with getting products from producers to consumers
promotion
aspect of the marketing mix concerned with the most effective techniquies for communicating informaiton about products
integrated marketing strategy
strategy that ble4nds together the four Ps of marketing to ensure their compatability with one another and with the company’s non-marketing activities as well
target market
group of people that have similar wants and needs and can be expected to show interest in the sane products
market segmentation
process of dividing a market into categories of customer types, or “segments”
production positioning
process of fixing, adapting, and communicating the nature of a product
geographical variablese
geographic units that may be considered in developing a segmentation strategy
demographic variables
characteristics of populations that may be considered in developing a segmentation strategy
psychographic variables
consumer characteristics, such as lifestyles, opinions, interests, and attitudes that may be considered in developing a segmentation strategy
consumer behavior
study of the decision process by which people buy and consume products
brand loyalty
pattern of regular consumer pruchasing based on satisfaction with a product’s performance
rational motives
reasons for purchasing a product that are based on logical evaluation of product attributes
emotional motives
reasons for purchasing a product that are based on nonobective factors
industrial market
organizational market consisting of 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
product features
tangible and intangible qualities that a company builds into its products
vale package
product marketed as a bundle of value-added attributes, including reasonable cost
convenience good / convenience service
inexpensive good or service purchased and consumed rapidly and regularly
shopping good / shopping service
moderately expensive, infrequently purchased good or service
specialty good / specialty service
expensive, rarely purchased good or service
expense item
industrial product purchased and consumed rapidly and regularly for daily operations
capital item
expensive, long-lasting, infrequently purchased industrial good, such as a building, or industrial service, such as building maintenance
product mix
group of products that a firm makes available for sale
product line
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
speed to market
strategy of introducing new products to respond quickly to customer or market changes
product life cycle (PLC)
series of stages in product’s commercial life
branding
process of using symbols to communicate the qualities of a product made by a particular producer
brand awareness
extent to which a brand name comes to mind when a consumer considers a particular category
product placement
a promotional tactic for brand exposer in which characters in television, film, music, magazines, or video games use a real product with its brand visible to viewers
buzz marketing
promotional method that relies on work of mouth to create buzz about products and ideas
viral marketing
type of buzz marketing that relies on the internet to spread information like a “virus” from person to person about products and ideas
corporate blogs
comments and opinions published on the web by or for an organization to promote its activities
national brand
brand-name products produced by, widely distributed by, and carrying the name of a manufacturer
licensed brand
brand-name product for whose name the seller has purchased the right from an organization or individual
private brand (private label)
brand-name product that a wholesaler or retailer has commission from a manufacturer
packaging
physical container in which a product is sold, advertised, or protected
secondary data
data readily available as a result of previous research
primary data
data developed through new research
observation
market research technique that involves watching and recording consumer behavior
survey
market research technique using a questionnaire that is either mailed to individuals or used as the basis of telephone or personal interviews
focus group
market research technique in which a group of people is gathered, presented with an issue, and asked to discuss it in depth
experimentation
market research technique that attempts to compare the responses of the same or similar people under different circumstances
