Midterm I Flashcards
Brand Personality
-Set of human characteristics associated with a brand -Personality is how the brand behaves -Gender, age, socio-economic class, psychographic, emotional characteristics
Customer Relationship Management
System for managing interactions with current and future customers, i.e. customer service, technical support
Customer Satisfaction
Measure of how products and services supplied by a company meet or surpass customer expectation
Demand
Desire for a certain good or service supported by the capacity to purchase it
Detractor
Extremely unlikely to recommend to a friend
Fad
Unpredictable, short-lived and without social, economic, or political significance
Customer Lifetime Value
Prediction of the net profit attributed to the entire future relationship with a customer
Need
Occurs when a person feels psychologically deprived of basic necessities, such as food, clothing, and shelter
Market
One of many varieties of systems, institutions, procedures, social relations, and infrastructures whereby parties engage in exchange
Market Offerings
Some combination of products, services, information, or experienced offered to a market to satisfy a need or want
Marketing Myopia
Focusing only on existing wants and losing sight of underlying consumer needs
Marketing
-A process by which companies create value for customers and build strong customer relationships to capture value from customers in return -Deals with identifying human and social needs -Meeting needs profitably
Perceived Value
The worth that a product or service has in the mind of the consumer; affects the price that he/she is willing to pay for it
Primary Data
-Data from primary research tailored to your particular needs -Focus groups, surveys, interviews, etc -Delivers more specific results than secondary research
Promoter
Extremely likely to recommend your product or service to other potential customers
Relationship Marketing
From of marketing developed from direct response marketing campaigns, which emphasize customer retention and satisfaction rather than a dominant focus on sales
Secondary Data
Data that already exists; collected by someone other than the user (censuses, organizational records, etc.)
Share of a Customer
The portion of the customer’s purchasing that a company gets in its product categories
Target
-Refers to which segments to go after -Consists of a set of buyers who share common needs or characteristics that the company decides to serve
Trend
-Sequence of events that has some momentum and durability -Reveals shape of the future
Value
Difference between a prospective customer’s evaluation of the benefits and costs of one product when compared with others
Value Proposition
Promise of a value to be delivered and a belief from the customer that the value will be appealed and experienced
Want
The form that needs take as they are shaped by culture and individual personality
Marketing Research Process
- Define the problem 2. Develop the research plan (budget, scope, data sources, research approach) 3. Collect information 4. Analyze information 5. Present findings 6. Make decision
The Four Ps
- Product -What does the customer want from it? 2. Place -Where do they look for it? 3. Price -What is the value to the buyer? 4. Promotion -How will you reach your audience (TV, ads, radio, etc.)
Frontal
Directly matches opponent’s products
Flank
Geographic areas where competitor is under performing; serves uncovered markets
Bypass
Attack easier markets to broaden resource base; diversify into unrelated products
Encirclement
Capture territory through a grand offensive on all fronts
Guerilla
Waging small, intermittent attacks to harass and demoralize the opponent (selective price cuts, intense promotional blitzes, attention-getting activities)
SWOT Analysis
Strengths:
Product, brand image, loyal users
Weaknesses:
High price, bad quality
Opportunities:
Demand is growing
Threats:
Competitors
