final exam definitions Flashcards
Agency
Marketing services firm that assists companies in planning, preparing, implementing, evaluating their advertising programs.
Execution style
Style, tone, approach, format used to present an ad
Personal selling process
Personal presentation by the firm’s sales force for the purpose of making sales and building customer relationships
Consumer promotions (13) (2 components)
Sales promotion tools used to boost
short-term customer buying and
engagement or enhance long-term
customer relationships.
Trade promotions (13)
Sales promotion tools used to persuade
resellers to carry a brand, give it shelf
space, promote it in advertising, and
push it to consumers.
Push promotion (13)
A promotion strategy that calls
for using the sales force and trade
promotion to push the product through
channels. The producer promotes the
product to channel members who in
turn promote it to final consumers
Pull promotion (13)
A promotion strategy that calls for
spending a lot on consumer advertising
and promotion to induce final
consumers to buy the product, creating
a demand vacuum that “pulls” the
product through the channel.
Segmentation (5)
Dividing a market into distinct groups of buyers who have different needs, characteristics, behaviors and who might require separate marketing strategies
Value proposition (5)
Set of benefits a company promises to deliver to customers to satisfy needs
Targeting (5)
Selecting one or more segments and developing solutions (products/services) to meet those needs
Marketing information system
People and procedures that assess info needs, develop needed info, and help decision makers use info to generate actionable insights
Marketing research
Systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization
Advertising (12)
Paid form of nonpersonal presentational and promotion of ideas, goods, or services by an identified sponsor
Brand
A name, term, sign, symbol, or design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
Image differentiation
Company or brand image should convey a product’s distinct benefits or positioning.
Positioning
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers
Market offering (1)
Some combination of products, services, information or experiences offered to satisfy a need or want
Exchange (1)
The act of obtaining a desired object
from someone by offering something
in return
Market (1)
Set of all actual and potential buyers in the market
Marketing concept (1)
Achieving organizational goals depends on knowing
the needs and wants of target markets
and delivering the desired satisfactions
better than competitors do.
Marketing mix
Set of tools a firm uses to implement its marketing strategy
Marketing
The process by which companies
engage customers, build strong
customer relationships, and create
customer value in order to capture
value from customers in return.
Political environment
Laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.
Culture
The set of basic values, perceptions,
wants, and behaviors learned by a
member of society from family and
other important institutions.
Subculture
A group of people with shared value systems based on common life experiences and situations
Product line
Group of products that are closely related due to smilar functions, price ranges, or marketing outlets
Microenvironment
The actors close to the company that
affect its ability to engage and serve its
customers—the company, suppliers,
marketing intermediaries, customer
markets, competitors, and publics.
Marketing Intermediaries
Firms that help the company to
promote, sell, and distribute its
products to final buyers.
Publics
Any group that has an actual or
potential interest in or impact on an
organization’s ability to achieve its
objectives.
Exploratory research
Marketing research to gather
preliminary information that will
help define problems and suggest
hypotheses.
Descriptive research
Marketing research to better describe
marketing problems, situations, or
markets, such as the market potential
for a product or the demographics and
attitudes of consumers
Causal research
Marketing research to test hypotheses
about cause-and-effect relationships
Survey research
Gathering primary data by asking
people questions about their
knowledge, attitudes, preferences, and
buying behavior.
Customer relationship management
Managing detailed information about
individual customers and carefully
managing customer touch points to
maximize customer loyalty
Integrated marketing communications
Carefully integrating and coordinating the company’s many communications channels to deliver a clear, consistent, and compelling message about the organization and its brands
Promotion mix
The specific blend of promotion tools
that the company uses to engage
customers, persuasively communicate
customer value, and build customer
relationships
Sales promotion
Short-term incentives to encourage
the purchase or sale of a product or a
service.
Direct and digital marketing
Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships (i.e. direct mail, catalogs, online and social media, mobile marketing)
Advertising Objective
A specific communication task to be
accomplished with a specific target
audience during a specific period
of time
Inform, persuade, remind
Advertising strategy
The strategy by which the company
accomplishes its advertising objectives.
It consists of two major elements:
creating advertising messages and
selecting advertising media.
Business promotions
Sales promotion tools used to generate
business leads, stimulate purchases,
reward customers, and motivate
salespeople.
Three research objectives
Exploratory, descriptive, causal
Types of primary data
Experimental, survey, observational
Customer value based pricing
Setting price based on buyers’ perceptions of value rather than on the
seller’s cost.
Cost-based pricing
Setting prices based on the costs of producing, distributing, and selling the
product plus a fair rate of return for effort and risk.
Differentiation
distinguishing the firm’s market offering to create superior customer value
Strategic planning
maintaining a strategic fit between organizational goals and changing marketing opportunities
