definitions Flashcards
Marketing Myopia
when the sellers pay more attention to the actual products they offer rather than the experience and benefits which are produced by the product
product development
a strategy for company growth by offering modified or new products to current marketing segments
Return on marketing investment (ROI)
the net return from a marketing investment divided by the costs of the marketing investment
Microenvironment
actors close to the company that affect its ability to serve its customers
Macroenvironment
Larger societal forces that affect the microenvironment. The economy and market in general.
core beliefs vs secondary beliefs
core beliefs are beliefs and values passed on from parents to children and are reinforced. Secondary beliefs are ones that are more open to change.
Marketing intelligence
systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment
segmentation
dividing a market into smaller segments with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes
market targeting
the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Niche Markets
a subset of the market on which the specific product focuses, tailored for a specific market need.
Convenience products
products and services bought by final consumers for personal consumption and are purchased frequently and immediately.
product line
a group of products that are closely related and usually bought together.
product line length
the number of items in the product line
product mix (conglomerate)
the set of all the product lines and items that a particular seller offers for sale.
Service providers
any activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
new product development
the development of original products, product improvements, product modifications, and new brands through the firm’s own product development efforts.
The product life cycle
the course of a product’s sales and profits in its lifetime. The stages are product development, introduction, growth, maturity, and decline.
oligopoly
a market that consists of a few major sellers who are highly sensitive to each other’s pricing and marketing strategies
psychological pricing
pricing that considers the psychology of prices and not simply the economics and true value.
dynamic pricing
adjusting prices continually to meet the characteristics and needs of individual customers and situations
Predatory pricing
selling below cost with the intention of punishing a competitor or gaining higher long-run profits by putting competitors out of business.
marketing channels
a set of interdependent organizations that help make a product or service available for consumption or use by the consumer or business users
multichannel distribution systems (hybrid)
when a single firm sets up two or more marketing channels to reach one or more customer segments
Selective distribution
the use of more than one, but fewer than all, of the intermediaries who are willing to carry the company’s products
Retailing
all activities involved in selling goods or services directly to final consumers for their personal use.
wholesaling
includes all activities involved in selling goods and services to those buying for resale or business use
personality symbol
a character that represents the product and with which the consumer can relate.
Salesforce
The people who go out there and make sales for the company
direct marketing
connection directly with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships
catalog marketing
direct marketing through print, video, or digital catalogs that are mailed to select customers, make available in stores or presented online
economic communities
a group of nations organized to work toward common goals in the regulation of international trade
exporting
entering a foreign market by selling goods produced in the company’s home country, often with little modification
joint venturing
entering a foreign market by joining a with foreign companies to produce or market a product or service
direct investment
entering a foreign market by developing a foreign-based assembly or manufacturing facilities
planned obsolescence
causing the product to become obsolete before a real replacement is needed
sustainable marketing
socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
societal marketing
a principle of sustainable marketing believes that a company makes marketing decisions by considering the customers’ interests.
