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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
Q

Selective attention

A

The tendency of consumers to screen out most information they are exposed to

26
Q

Selective distortion

A

People tend to interpret information in a way that will support what they believe

27
Q

Cognitive dissonance

A

The discomfort caused by post purchase conflict, ususally present after a large or major purchase

28
Q

Adoption process

A

The mental process through which an individual passes from first hearing about an innovation to final adoption

29
Q

market targeting

A

the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

30
Q

differentiation

A

differentiating the company’s market offering from that offered by competitors, to create superior customer value

31
Q

positioning

A

arranging a market offering to occupy a clear, distinctive and desirable place in the minds of target consumers relative to competing products.

32
Q

geographic segmentation

A

dividing the market into different geographical units

33
Q

demographic segmentation

A

dividing the market into segments based on variables such as age, gender, family size, race, generation, income, and nationality

34
Q

psychographic segmentation

A

dividing market into segments based on social class, lifestyle or personality

35
Q

behavioural segmentation

A

divides market based on consumer knowledge, attitudes, uses or responses to a product

36
Q

target market

A

set of buyers sharing common needs or characteristics that the company decides to serve

37
Q

undifferentiated marketing

A

mass marketing. a firm ignores market segments and goes after the whole market with one offer

38
Q

differentiated marketing

A

marketing strategy in which a firm decides to target several market segments and designs offers for each

39
Q

niche marketing

A

firm goes after a large share of one or few niche segments

40
Q

micromarketing

A

tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments

41
Q

product position

A

complex set of perceptions, impressions and feelings consumers have for the product compared to competing products

42
Q

positioning statement

A

statement which summarises company or brand positioning

43
Q

consumer product

A

product bought for final consumption by consumers

44
Q

industrial products

A

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
Q

product quality

A

characteristic of a product/service that contribute to its ability to satisfy stated or implied needs

46
Q

brand

A

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
Q

product line

A

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
Q

product portfolio (mix)

A

set of all product lines and items that a company sells

49
Q

brand equity

A

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
Q

manufacture brand

A

brand owned and promoted by a large manufacturer or big brand e.e. CocaCola

51
Q

store (private) brand

A

brands created and sold by resellers and wholesalers

52
Q

co-branding

A

occurs when two established brand names of different companies are used on the same product

MKTG1001 (2 decks)

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