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Marketing & CI > Marketing Galossary > Flashcards

Marketing Galossary Flashcards

First Marketing & Cl exam

1
Q

Adoption Process
๐Ÿ’ก

A

The mental from first hearing about innovation to final adoption.

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2
Q

Age and life-cycle segmentation
๐Ÿ‘ต๐Ÿ‘จ๐Ÿ‘ถ

A

Dividing a market into different age and life-cycle groups.

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3
Q

Baby boomers

A

People born after WWII until 1964

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4
Q

Behavioral segmentation
๐Ÿง ๐Ÿ—ฃ๐Ÿ‘€

A

Dividing a market into segments based on consumer knowledge, attitudes, uses or responses to a product.

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5
Q

Benchmarking
๐Ÿvs๐ŸชŸ

A

Comparing the companyโ€™s products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance.

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6
Q

Benefit segmentation
โ˜‚๏ธโ˜”๏ธ

A

Dividing the market into segments according to the different benefits that consumers seek from the product.

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7
Q

Brand
๐Ÿ”ค

A

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.

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8
Q

Brand extension
๐Ÿ“ฑ+ ๐Ÿ–ฅ

A

Extending and existing brand name to new product categories.

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9
Q

Break-even analysis
โ‚ฌ

A

Analysis to determine the unit volume and euro sales needed to be profitable given a particular price and cost structure.

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10
Q

Business buyer behavior
๐Ÿ’ฐโžก๏ธ๐Ÿญ

A

The buying behaviour of organisations that buy goods and services for use in the production of other goods and services that are sold, rented or supplied to others.

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11
Q

Buyer-readiness stages
๐Ÿง โžก๏ธ๐Ÿ”ฌโžก๏ธ๐Ÿ™‚โžก๏ธ๐Ÿ’ตโžก๏ธ๐Ÿ›’๐Ÿ›

A

The stages consumers normally pass through on their way to a purchase, including awareness, knowledge, liking, preference, conviction and the actual purchase.

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12
Q

Buzz marketing
๐Ÿ‘ค๐Ÿ“ฑโžก๏ธ๐Ÿ‘ฅ๐Ÿ“ฑ๐Ÿ‘ฅ

A

Cultivating* opinion leaders and getting them to spread information about a product or service to others in their communities.

*Cultivating - Try to acquire or develop

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13
Q

Canibalization
๐Ÿ‘ตโžก๏ธ๐Ÿ‘ง

A

Loss in sales caused by a companyโ€™s introduction of a new product that displaces one of its own older products.

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14
Q

Captive product pricing
๐Ÿช’๐Ÿ•น

A

Setting a price for products that must be used along with the main product.

Example:
blades for a razor and games for a video-game console.

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15
Q

Chain ratio method
โšพ๏ธ๏นก2=๐Ÿ“ˆ

A

Involves multiplying a base number by several adjusting factors that are believed to influence market sales potential.

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16
Q

Click-only companies
๐ŸŒ๐Ÿ–ฅ

A

Dot-com companies, they operate only online and have no brick and mortar* market presence.

*Brick and mortar - a traditional business that operates in a building, when compared to one that operates over the internet.

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17
Q

Cognitive dissonance
๐Ÿ˜ฐ๐Ÿ“ฑ

A

Buyer discomfort caused by post-purchase conflict.

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18
Q

Competition based pricing

A

Setting prices based on competitorโ€™s strategies, prices, costs and market offerings.

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19
Q

Competitive advantage

A

An advantage over competitors gained by offering consumers great value.

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20
Q

Competitor analysis
๐Ÿ’ฐ๐Ÿ“๐Ÿ’ช๐Ÿคข๐Ÿ‘€

A

Identifying key competitors; assessing their objectives, strategies, strengths and weaknesses and reaction patterns; and selecting which competitors to attack or avoid.

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21
Q

Concentrated (niche) marketing
๐Ÿ‘

A

A market-coverage strategy in which firms go after a large share of one or few segments or *niches.

*Niche - specialised segment of the market for a particular kind of product or service

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22
Q

Consumer behaviour
๐Ÿ ๐Ÿซ‚

A

The buying behaviour of final consumers - individuals and households that buy goods and services for personal consumption.

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23
Q

Cost based pricing
๐Ÿ’ฒโžก๏ธ๐Ÿ’ตโžก๏ธ๐Ÿ”„๐Ÿญ

A

Setting prices based on the costs of producing, distributing and selling the product plus a fair rate of return for effort and risk.

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24
Q

Creative concept
๐Ÿ˜ฒ๐Ÿ’ก

A

The compelling โ€œbig ideaโ€ that will bring an advertising message strategy to life in a distinctive and memorable way.

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25
Q

Customer lifetime value
๐Ÿ‘ด๐Ÿ›’๐Ÿ›

A

The value of the entire stream of purchases that the customer makes over a lifetime of *patronage.

*Patronage - the financial support or business provided to a store, hotel, or the like, by customers, clients, or paying guests.

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26
Q

Customer satisfaction
๐Ÿ™‚๐Ÿ™

A

The extent to which a products perceived performance matches buyers expectations.

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27
Q

Customer value-based pricing
๐Ÿซต๐Ÿ‘๐Ÿ’ฐ

A

Setting price based on buyers perceptions of value rather than on the sellers cost.

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28
Q

Deciders
๐Ÿ”Œ

A

People in an organisations buying centre who have formal or informal power to select or approve the final suppliers.

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29
Q

Demographic segmentation
๐Ÿง‘โ€๐Ÿ’ผ๐Ÿ‘ฉโ€๐Ÿ”ง๐Ÿ‘ถ๐Ÿ’ธ๐Ÿ‘ฎโ€โ™€๏ธ๐Ÿ‘จโ€๐ŸŽ“โœ๏ธ๐Ÿ‘๐Ÿฟ๐Ÿ‘ต

A

Dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity and generation.

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30
Q

Differentiated (segmented) marketing
๐Ÿ”ด๐ŸŸฆ๐Ÿ”บ๐ŸŸค๐Ÿ”ถ

A

A market-coverage strategy in which a firm targets several market segments and designs separate offers for each.

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31
Q

Direct and digital marketing
๐Ÿ‘ฅ๐Ÿ‘ค๐Ÿ‘ฅ

A

Engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships.

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32
Q

Disintermediation
๐ŸŽฌ๐Ÿ”—

A

The cutting out of marketing channel *intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries.

Intermediaries - a person who acts as a link between people in order to try and bring about an agreement; a mediator.

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33
Q

Environmental sustainability
โ™ป๏ธ

A

1 - Developing strategies and practices that create a world economy that the planet can support indefinitely.

2 - A management approach that involve developing strategies that both sustain the environment and produce profits for the company.

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34
Q

Experience curve (Learning curve)
๐Ÿ“ˆ๐Ÿ“‰

A

Graphical representation that shows the decrease in average labour cost in repetitive operations as the employees obtain more learning.

Experience curve depicts the overall cost saving as the production grows in volume.

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35
Q

Fixed cost (overhead)
โŒ๐Ÿ“ˆ๐Ÿ“‰

A

Fixed overhead costs are costs that do not change even while the volume of production activity changes. Fixed costs are fairly predictable and fixed overhead costs are necessary to keep a company operating smoothly.

36
Q

Focus group interviewing
๐Ÿงโžก๏ธ๐Ÿ‘ฅ

A

Personal interviewing that involves inviting small groups of people to gather for a few hours with a trained interviewer to talk about a product, service or organisation. The interviewer โ€œfocusesโ€ the group discussion on important issues.

37
Q

Gatekeepers
๐Ÿ‘ฉโ€๐Ÿ’ผ๐Ÿ“ž

A

A gatekeeper, most commonly a secretary, an executive assistant, or an associate to the decision-maker, is a person who can grant or block access to key decision-makers, or control flow of information to others.

38
Q

Gender segmentation
โ™‚๏ธŽโ™€๏ธŽ

A

Dividing a market into different segments based on gender.

39
Q

Generation X
โžก๏ธ๐Ÿ’€

A

People born between 1965 and 1976 in the โ€œbirth dearthโ€ following the baby boom.

40
Q

Generation Z
๐Ÿ“ฑ

A

People born after 2000, who make up the โ€œkids, tweens and teensโ€ market

41
Q

Geographic segmentation
๐Ÿ‡ญ๐Ÿ‡ท๐Ÿ‡ซ๐Ÿ‡ฎ๐Ÿ‡ฉ๐Ÿ‡ช๐Ÿ‡ฎ๐Ÿ‡ช๐Ÿ‡ฒ๐Ÿ‡ฐ๐Ÿ‡ฐ๐Ÿ‡ท

A

Dividing market into different geographical units, such as nations, states, regions, counties, cities or even neighborhoods.

42
Q

Good-value pricing
๐Ÿ–ฅ๐ŸŸฐโœ…๐Ÿ’ฒ

A

Offering the right combination of quality and good service at a fair price.

43
Q

Income segmentation
๐Ÿ’ฒโฌ†๏ธโฌ‡๏ธ

A

Dividing a market into different income segments.

44
Q

Individual marketing
๐Ÿชก๐Ÿงต๐Ÿ‘‰๐Ÿ‘ค

A

Tailoring products and marketing programmes to the needs and preferences of individual customers - also called one-to-one marketing, mass customisation and markets-of-one marketing.

45
Q

Integrated marketing communications (IMC)
๐Ÿ˜ถโ€๐ŸŒซ๏ธโŒ โœ…๐Ÿ™‚

A

Carefully integrating and coordinating the companyโ€™s many communication channels to deliver a clear, consistent and compelling message about an organisation and its products.

46
Q

Inter market segmentation (cross-market segmentation)
๐Ÿ™‚๐Ÿ‡ง๐Ÿ‡ท ๐Ÿ™‚๐Ÿ‡ญ๐Ÿ‡ท

A

Forming segments of consumers who have similar needs and buying behaviour even though they are located in different countries.

47
Q

Lifestyle
๐Ÿง—โ€โ™€๏ธ

A

A persons pattern of living as expressed in his or her activities, interests and opinions.

48
Q

Market offerings
๐Ÿ–ฅ๐Ÿ“ฑ๐Ÿ’ปโŒš๏ธ

A

Some combination of products, services, information or experiences offered to a market to satisfy a need or want.

49
Q

Market penetration
๐Ÿ’ป๐Ÿ“ˆ

A

Company growth by increasing sales of current products to current market segments without changing the product.

50
Q

Market potential
โฌ†๏ธโœ–๏ธ

A

The upper limit of market demand.

51
Q

Market segmentation
โฌ›๏ธโฌœ๏ธโšซ๏ธโšช๏ธ

A

Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviours, and who might require separate marketing strategies or mixes.

52
Q

Market share
โž—

A

Company sales divided by market sales.

53
Q

Market targeting

A

Evaluating each market segments attractiveness and selecting one or more segments to serve.

54
Q

Marketing

A

The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.

55
Q

Marketing concept

A

A philosophy in which achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

56
Q

Market control

A

Measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure the objectives are achieved.

57
Q

Marketing intermediaries

A

Firms that help the company to promote, sell and distribute its goods to final buyers.

58
Q

Marketing mix

A

The set of tactical marketing tools - product, price, place and promotion - that the firm blends to produce the response it wants in the target market.

59
Q

Marketing myopia

A

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

Businesses will do better in the long term if they concentrate on meeting the utility of a product or good, rather than just trying to sell their products.

60
Q

Marketing return on investment (ROI)

A

The return from a marketing investment divided by the costs of the marketing investment.

61
Q

Market-skimming pricing (price skimming)

A

A pricing approach in which the producer sets a high introductory price to attract buyers with a strong desire for the product and the resources to buy it, and then gradually reduces the price to attract the next and subsequent layers of the market.

62
Q

Millennials - Generation Y

A

The children of the baby boomers, born between 1977 and 2000).

63
Q

Multi-channel retailing

A

Marketing both through stores and other traditional offline channels and through digital, online, social media and mobile channels.

64
Q

Occasion segmentation

A

Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase or use the purchased item.

65
Q

Omni-channel retailing

A

Creating a seamless cross-channel buying experience that integrates in-store, online and mobile shopping.

66
Q

Perception

A

The process by which people select, organise and interpret information to form a meaningful picture of the world.

67
Q

Perception

A

The process by which people select, organise and interpret information to form a meaningful picture of the world.

68
Q

Pleasing products

A

Products that give high immediate satisfaction but may hurt consumers in the long term.

69
Q

Positioning

A

Arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers. Positioning built on meaningful differentiation, supported by appropriate strategy and implementation, can help a company build competitive advantage.

70
Q

Positioning statement

A

A statement that summarises company or brand positioning.
It takes this form:
To (target segment and need) our (brand) is (concept) that (point of difference).

71
Q

Price elasticity

A

A measure of the sensitivity of demand to changes in price.

72
Q

Product life cycle (PLC)

A

The course of a products sales and profits over its lifetime.

73
Q

Product position

A

The way a product is defined by consumers on important attributes - the place it occupies in consumers minds relative to competing products.

74
Q

Promotion mix (Marketing communications mix)

A

The specific blend of promotion tools that the company uses to persuasively communicate customer value and build customer relationships.

75
Q

Psychographic segmentation

A

Dividing a market into different segments based on lifestyle or personality characteristics.

76
Q

Pull strategy

A

A promotion strategy that calls for spending a lot on consumer advertising and promotion to induce final consumers to buy a particular product, creating a demand vacuum that โ€œpullsโ€ a product through the channel.

77
Q

Share of customer

A

The percentage of a customerโ€™s purchase that a firm receives in exchange for its goods.

78
Q

Strategic planning

A

The process of developing an maintaining a strategic fit between the organisations goals and capabilities and its changing marketing opportunities.

79
Q

Survey research

A

Gathering primary data by asking people questions about their knowledge, attitudes, preferences and buying behaviour.

80
Q

Total costs

A

The sum of the fixed and variable costs for any given level of production.

81
Q

Total market demand

A

The total volume that would be bought by a defined
consumer group, in a defined geographic area, in a
defined time period, in a defined marketing
environment, under a defined level and mix of industry
marketing effort.

82
Q

Undifferentiated (mass) marketing

A

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.

83
Q

Unit contribution

A

The amount that each unit contributes to covering fixed costs - the difference between price and variable costs.

84
Q

Value chain

A

The series of internal departments that carry out value-creating activities to design, produce, market, deliver and support a firms products.

85
Q

Value proposition

A

The full positioning of a brand - the full mix of benefits on which it is positioned.

86
Q

Variable costs

A

Costs that vary directly with the level of production

Marketing & CI (1 decks)

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