Industry Analysis Flashcards
Test marketing
The process of testing products among potential users
Focus groups
A group of customers who meet under the direction of a discussion facilitator to communicate opinions
Marketing
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have a value for customers, clients, partners, and society at large
Market concept
A three part business philosophy:
- Customer orientation
- Service orientation
- A profit orientation
Customer relationship management (CRM)
The process of learning as much as possible about customers and doing everything you can to satisfy them or even exceed their expectations with goods and services
Marketing mix
The ingredients that into a marketing program: product, Price, place, and promotion
Product
Any physical good, service or idea that satisfies a want or need plus anything that would enhance the the product in the eyes of the consumers such as the brand
Brand name
A word letter or group of words or letters that differentiates one sellers goods and services from those of competitors
Promotion
All the techniques sellers use to inform people about and motivate them to buy their goods and services
Market research
The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions
Secondary data
Information that has already been compiled by others and published in journals and books or made available online.
Primary data
Data that you gather yourself( not from secondary sources like books or magazines)
Environmental scanning
The process of identifying the factors that can affect marketing success
Consumer market
All the individuals or households that want goods or services for the personal consumption for use.
Business to business market
All the individuals and organizations that want goods and services to use in producing other goods and services to use in producing other goods and services to sell, rent, or supply goods to others
Market segmentation
The process of dividing the total market into groups whose members have similar characteristics
Target marketing
Marketing directed toward those groups (market segments) an organization decides it can serve profitably
Geographic segmentation
Dividing a market by cities countries, states, or regions
Demographic segmentation
Dividing the market by age, income, and education level
Psychographic segmentation
Dividing the market using groups groups values attitudes and interests
Benefit segmentation
Deciding the market by determining which benefits of the product to talk about
Volume or usage segmentation
Dividing the market by usage (volume of use)
Niche marketing
The process of finding small but profitable market segments and designing or finding products for them
One to one marketing
Developing a unique mix of goods and services for each customer
Mass marketing
Developing products and promotions to please large groups of people
Relationship marketing
Marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements
Value
Good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs
Distributed product development
Handing off various parts of your innovation process often to companies in other countries
Total product offer
Everything that consumers evaluate when deciding whether to buy something; also called a value package
Product line
A group of products that are physically similar or are intended for a similar market
Product mix
The combination of product lines offered by a manufacturer
Product differentiation
The creation of real or perceived product differences
Convenience goods and services
Products that the consumer wants to purchase frequently and with a minimum of effort
Shopping goods and services
Those products the consumer buys only after comparing value quality price and style from a variety of sellers
Specialty goods and services
Consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute the consumer puts forth a special effort to purchase them
Unsought goods and services
Products that consumers are unaware of, haven’t necessarily thought of buying, or that they need to solve an unexpected problem
Industrial goods
Products used in the production of other products sometimes called business goods or business to business goods.
Bundling
Grouping two or more products together and pricing them as a unit
Brand
A name or symbol or design that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and and services of competitors
Trademark
A brand that has exclusive legal protection for both its brand name and its design
Manufacturers brands
The brand names of the manufacturers that distribute products nationally
Dealer (private-label) brands
Products that don’t carry the manufacturers name but carry a distributor or retailers name instead
Generic goods
Nonbranded products that usually sell at a sizable discount compared to national or private label brands
Knockoff brands
Illegal copies of national name brand goods
Brand equity
The value of the brand name and associated symbols
Brand loyalty
The degree to which customers are satisfied, like the brand, and are commuted to further purchases
