Exam 1 Flashcards
Exchange
what happens any time two or more people trade goods or services
Customer Value
measures the value of a product or service and compares it to possible alternatives
On-demand marketing
a marketing trend that provides 24/7 engagement with consumers, in line with their needs and expectations, i.e. based on their demand.
Strategic Business Unit (SBU)
a fully-functional unit of a business that has its own vision and direction
Competitive Advantage
anything that gives a company an edge over its competitors, helping it attract more customers and grow its market share.
Marketing mix
the four P’s of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.
Target market
is a specific group of people with shared characteristics that a business markets its products or services to.
Component lifestyles
the practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle.
Inflation
a rise in prices, which can be translated as the decline of purchasing power over time.
Purchasing Power
the value of a currency expressed in terms of the number of goods or services that one unit of money can buy.
Evoked set
consists of those brands which the consumer is aware of and considers for purchase.
Nudge
the process of communicating marketing messages that encourage desired behavior by appealing to the psychology of the individual.
Showrooming
a trend in shopping behavior where consumers visit stores to touch and feel the products but opt to purchase them online.
Reference group
the formal or informal social groups against which consumers compare themselves.
Churning
the measure of how many customers stop using a product.
Market
a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services.
Market segment
the process of dividing prospective consumers into different groups depending on factors like demographics, behavior and various characteristics.
Cannibalization
a loss in sales caused by a company’s introduction of a new product that displaces one of its own older products.
Positioning
where your product (item or service) stands in relation to others offering similar products and services in the marketplace as well as the mind of the consumer.
Perceptual mapping
a chart used by market researchers and businesses to depict and understand how target customers view and feel about a given brand or product.
Secondary data
data that was previously collected for a different purpose besides the research at hand.
Big data
gathering, analyzing, and using massive amounts of digital information to improve business operations
Research design
a blueprint describing how to conduct a research project.
four marketing management philosophies
production, sales, marketing and societal marketing orientations
