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MKTG1001 > KEY WORDS > Flashcards

KEY WORDS Flashcards

1
Q

market offering

A

some combination of goods, services, information, or experiences offered to a market to satisfy a need or want

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2
Q

marketing myopia

A

mistake of paying more attention to specific product offered than the benefits of the experiences produced by these products.

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3
Q

exchange

A

the act of obtaining a desired object from someone by offering something in return

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4
Q

transaction

A

a trade between two parties that involves at least two things of value, agreed-upon conditions and a time and place of agreement

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5
Q

market

A

set of all actual and potential buyers of a product or service

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6
Q

marketing management

A

the art and science of choosing target markets and building profitable relationships with them

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7
Q

demarketing

A

marketing to temporarily or permanently reduce demand

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8
Q

value proposition

A

how a company positions itself in the marketplace - a set of values or benefits it will provide to the consumer

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9
Q

customer relationship management

A

overall process of building and maintaining profitable

customer relationships by delivering superior customer value and satisfaction

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10
Q

marketplace

A

situation in which a market is located

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11
Q

industry

A

group of sellers, selling to the same market

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12
Q

customer perceived value

A

the difference between the values the customer gains in owning and using a product compared to the costs associated with obtaining the product

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13
Q

customer satisfaction

A

the extent to which a product’s perceived performance matches buyer’s expectations

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14
Q

Customer generated marketing

A

Brand exchanges created by consumers themselves - both invited and uninvited. Consumers create their own consumer experiences.

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15
Q

Partner relationship management

A

Working closely w/ partners in other departments and outside company to jointly bring greater value

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16
Q

Share of customer

A

Portion of customer’s purchasing that a company gets in product categories

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17
Q

Customer equity

A

The total combined customer lifetime values of all the company’s customers

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18
Q

consumer buyer behaviour

A

buying behaviour of final consumers

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19
Q

final consumers

A

consumers that buy goods and services for personal consumption

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20
Q

Consumer market

A

All individuals and households that buy or acquire goods and services for personal consumption

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21
Q

Membership groups

A

Groups that a person belongs to that have a direct influence on them

22
Q

Opinion leader

A

Person who exerts social influence on others, because of personality, special skills, or knowledge

23
Q

Buzz marketing

A

The use of brand ambassadors and opinion leaders in marketing a product

24
Q

Brand personality

A

The specific mix of human traits that may be attributed to a particular brand

25
Selective attention
The tendency of consumers to screen out most information they are exposed to
26
Selective distortion
People tend to interpret information in a way that will support what they believe
27
Cognitive dissonance
The discomfort caused by post purchase conflict, ususally present after a large or major purchase
28
Adoption process
The mental process through which an individual passes from first hearing about an innovation to final adoption
29
market targeting
the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
30
differentiation
differentiating the company's market offering from that offered by competitors, to create superior customer value
31
positioning
arranging a market offering to occupy a clear, distinctive and desirable place in the minds of target consumers relative to competing products.
32
geographic segmentation
dividing the market into different geographical units
33
demographic segmentation
dividing the market into segments based on variables such as age, gender, family size, race, generation, income, and nationality
34
psychographic segmentation
dividing market into segments based on social class, lifestyle or personality
35
behavioural segmentation
divides market based on consumer knowledge, attitudes, uses or responses to a product
36
target market
set of buyers sharing common needs or characteristics that the company decides to serve
37
undifferentiated marketing
mass marketing. a firm ignores market segments and goes after the whole market with one offer
38
differentiated marketing
marketing strategy in which a firm decides to target several market segments and designs offers for each
39
niche marketing
firm goes after a large share of one or few niche segments
40
micromarketing
tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments
41
product position
complex set of perceptions, impressions and feelings consumers have for the product compared to competing products
42
positioning statement
statement which summarises company or brand positioning
43
consumer product
product bought for final consumption by consumers
44
industrial products
products by individuals or corporations for further processing or use in conducting a business. Separated into material parts, capital items, and supplies and services
45
product quality
characteristic of a product/service that contribute to its ability to satisfy stated or implied needs
46
brand
name, symbol, design or combination of these that uniquely reflects a seller's product and distinguishes it from competition. It is a means of market segmentation.
47
product line
a group of products that are closely related and can have: similar functions, sold to same customer groups, sold through same outlet or are within similar price ranges
48
product portfolio (mix)
set of all product lines and items that a company sells
49
brand equity
the differential effect that knowing a brand name has on customer response to the product or marketing. brand valuation estimates the financial value or this equity.
50
manufacture brand
brand owned and promoted by a large manufacturer or big brand e.e. CocaCola
51
store (private) brand
brands created and sold by resellers and wholesalers
52
co-branding
occurs when two established brand names of different companies are used on the same product

MKTG1001 (2 decks)

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