Exam 3 Flashcards
Marketing
a group of activities designed to expedite transaction
Exchange
The act of giving up one thing for another
Value
A customers subjective assessment of benefits relative to costs in determining the worth of a product
Marketing concept
The idea that an organization should try to satisfy customers needs through activities that allow it to achieve tis goals
Market Orientation
a business approach that prioritizes understanding and responding to customer needs and desires, focusing on creating products and services that satisfy them
Marketing Strategy
A plan of Action for developing pricing and distributing products that meet the needs of specific customers
Market
A group of people who have a need to spend money on goods
Target market
the market that a company is trying to sell to
total Market Approach
a firm tries to appeal to everyone and assumes that all buyers have similar needs and wants.
Market Segmentation
Divide the total market into groups of people
Market Segment
A collection of individuals who share one or more characteristics and thus have a relatively similar product needs and desires
Concentration approach
A company develops one marketing strategy for a single market segment
Multisegment Approach
a market segmentation approach whereby the marketer aims its efforts at two or more segments, developing a marketing strategy for each
Marketing mix
product, price, place (distribution), and promotion
Product
a complex mix of tangible and intangible attributes that provide satisfaction and benefits
Price
A value placed on an object between a buyer and a seller
Distribution (Place)
Making products available for customers in the quantities desired
Promotion
Attempts to expedite a market exchange by influencing people and ideas
Marketing Research
objective process of getting information about potential customers to guide marketing decisions
Primary Data
Data that is directly recorded from respondents
Secondary Data
information that is compiled inside or outside an organization for some purpose other than changing the current situation.
Buying Behavior
The decision processes and actions of people who purchase and use products
Perception
The process by which a person selects, organizes, and interprets information received from that persons senses
Motivation
an inner drive that compels someone to do something
Learning
Brings about change in one’s behavior
Attitude
Knowledge and positive or negative feelings about something
Personality
The organization of an individuals distinguishing character traits
Social roles
Set of expectations for individuals based on some position they occupy
Reference Groups
Groups with whom buyers identify and adopt
Social classes
Division of society into a hierarchical category based on economic wealth
Culture
Integrated pattern of human behavior
Test Marketing
A trial launch of a product in limited areas to represent a potential market
Consumer Products
Products for household or family use
Commercialization
The full introduction of a complete marketing strategy and the launch of the product for commercial use
Business Products
Used directly or indirectly in the operation of manufacturing process of the business
Product Line
A group of closely related products that are treated as a unit because of a similar marketing strategy
Product Mix
All the products offered by an organization
Branding
The process of naming and identifying products
trademark
Any word, phrase, symbol, design, or combination of these elements that is registered with the Trademark Office
Manufacturer Brands
products owned and marketed by the manufacturer, sold under their brand name across various retailers
Private Distributor Brands
(Store Brand like Great Value)
brands, which may cost less than manufacturer brands, that are owned and controlled by a wholesaler or retailer.
Generic Products
Products with no brand name at all
Packaging
External container that hold and describes the product
Labelling
the presentation of important information on the package
Quality
the degree to which a good, service, or idea meets the demands and requirements of customers
Price Skimming
Charging the highest price possible that buyers who want the product will pay
Penetration price
a low price designed to help a product enter the market and gain share rapidly
Psychological pricing
Encourages purchases based on emotional rather than rational responses to the price
Reference Pricing
A type of Psychological pricing in which a lower priced item is compared to a more expensive brand in hopes that the consumer will use the higher price as a comparison
Discounts
Temporary price reductions
Marketing Channel
a method or platform businesses use to reach and engage with their target audience
Retailers
buy products directly from manufacturers and sell them to consumers
Direct Marketing
The use of non personal media to communicate about products
Direct Selling
the marketing of products to ultimate consumers through face-to-face sales presentations at home or in the workplace.
Wholesalers
a person or company that sells goods in large quantities at low prices, typically to retailers.
Logistics of management
Planning, implementing, and controlling the flow and storage of products transportation
Transportation
The shipment of products to buyers
warehousing
the design and operation of facilities to receive, store, and ship
Materials Handling
the physical handling and movement of products in warehousing and transportation.
intensive Distribution
Makes a product available in as many outlets as possible
Selective Distribution
Uses only a small number of all available outlets
Exclusive distribution
When a manufacturer gives an intermediary the sole right to sell a products in a defined geographic territory
Integrated Marketing Communications
a process that unifies all marketing communication elements to create a unified brand identity and message
Advertising
A paid form of non personal communication through a mass medium
Advertising Campaign
Designing a series of advertisements and placing them in various media to reach a particular target audience
Personal Selling
A direct, two way communication with buyers and potential buyers
Publicity
non personal communication transmitted through the mass media but not paid for directly by the firm
Sales Promotion
Direct inducements offering added value or some other incentive for buyers to enter into an exchange.
Push Strategy
attempts to motivate intermediaries to push the product down to their customers
Pull Strategy
Uses promotion to create a demand for a product so consumers feel pressured to buy it
Promotional Positioning
uses promotion to create and maintain an image of a product in the buyers’ minds
E business
carrying out the goals of the business through the use of the internet
Digital Media
Electronic media that function using digital codes
Digital Marketing
uses all digital media to promote a product
Paid Media
Promotional Content a company pays for
Owned Media
Content that a business publishes on channels controlled by the company y
Earned Media
Refers to content about a business or product that the company did not pay for
User Generated content
Texts, videos, and reviews about a product
Viral MArketing
marketing that uses a network effect to spread a message and create brand awareness
Omni-Channel retailing
Where retailers offer a seamless experience on mobile or desktop or in traditional retail space
Content Marketing
Creating and distributing useful content to increase brand awareness
Blogs
Web based journals where writers can edit and interact with other internet users
Podcasts
Audio programs that can be downloaded to deliver new content to a listener
Email Marketing
A digital marketing channel though which organizations send promotional messages to current and potential customers via email
Search engine Marketing (SEM)
Increasing an organizations visibility in search engine results
Search Engine Optimization
Digital Marketing strategy in increase an organizations visibility in search results organically though keywords, content, and links
Digital marketing analytics
The practice of tracking and monitoring how consumers engage with digital media
Identity Theft
When criminals obtain personal information that allows them to impersonate someone else to use that persons information for their own benefit
Online Fraud
Includes any attempt to purposefully deceive online
