Word Bank 1 Flashcards
4Cs (list)
- Customer Value
- Convenience
- Cost
- Communication
4Ps (list)
- Product
- Pricing
- Promotion
- Placement
Action plan
Individual support plans included in a marketing plan that provide guidance for implementation and control of the various marketing strategies within the plan. sometimes referred to as marketing programs.
advertising
Nonpersonal communication from an identified sponsor using the mass media.
advertising appeal
The central idea or theme of an advertising message.
attitude
A learned predisposition to respond favorably or unfavorably to stimuli on the basis of relatively enduring evaluations of people, objects, and issues.
bottom-up budgeting
Allocation of the promotion budget based on identifying promotion goals and allocating enough money to accomplish them.
Business plan
A plan that includes the decisions that guide the entire organization.
close
The stage of the selling process in which the salesperson asks the customer to buy the product.
consumer behavior
The process involved when individuals or groups select, purchase, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and desires.
corrective advertising
Advertising that clarifies or qualifies previous deceptive advertising claims.
creative brief
A guideline or blueprint for the marketing communication program that guides the creative process.
Custom research
Research conducted for a single firm to provide specific information its managers need.
customer relationship management
A systematic tracking of consumers’ preferences and behaviors over time to tailor the value proposition as closely as possible to each individual’s unique wants and needs.
data mining
A process in which analysts sift through Big Data (often measured in zettabytes—much larger than gigabytes or even terabytes) to identify unique patterns of behavior among different customer groups.
decoding
The process by which a receiver assigns meaning to the message.
demographics
Statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure.
direct marketing
Any direct communication to a consumer or business recipient designed to generate a response in the form of an order, a request for further information, or a visit to a store or other place of business for purchase of a product.
discretionary income
The portion of income people have left over after paying for necessities such as housing, utilities, food, and clothing.
ethnocentrism
Consumers’ feeling that products from their own country are superior or that it is wrong to buy products produced in another country.
geodemography
A segmentation technique that combines geography with demographics.
heuristics
A mental rule of thumb that leads to a speedy decision by simplifying the process.
import quota
Limitations set by a government on the amount of a product allowed to enter a country.
integrated marketing communication
A strategic business process that marketers use to plan, develop, execute, and evaluate coordinated, measurable, persuasive brand communication programs over time to targeted audiences.
marketing metrics
Specific measures that help marketers watch the performance of their marketing campaigns, initiatives, and channels, and when
appropriate, serve as a control mechanism.
Marketing Plan
EOSIS
A document that describes the:
1. marketing environment
2. outlines the marketing objectives and strategy
3. identifies how the company will implement and control the strategies embedded in the plan.
Environment, Objectives, Strategy, Implementation and Sustainability
Mission statement
A formal statement in an organization’s strategic plan that describes the overall purpose of the organization and what it intends to achieve in terms of its customers, products, and resources.
Non probability sample
A sample in which personal judgment is used to select respondents.
Perception
The process by which people select, organize, and interpret information from the outside world.
personal selling
Marketing communication by which a company representative interacts directly with a customer or prospective customer to communicate about a good or service.
positioning
Developing a marketing strategy to influence how a particular market segment perceives a good or service in comparison to the competition.
Probability sample
A sample in which each member of the population has some known chance of being included.
prospecting
A part of the selling process that includes identifying and developing a list of potential or prospective customers.
protectionism
A policy adopted by a government to give domestic companies an advantage.
psychographics
PSA
The use of psychological, sociological, and anthropological factors to construct market segments.
public relations
Communication function that seeks to build good relationships with an organization’s publics, including consumers, stockholders, and legislators.
puffery
Claims made in advertising of product superiority that cannot be proven true or untrue.
qualify
be entitled to a particular benefit or privilege by fulfilling a necessary condition. Meet the requirements for a product.
Reliability
The extent to which research measurement techniques are free of errors.
sales promotion
Programs designed to build interest in or encourage purchase of a product during a specified period.
search engine optimization
A systematic process to ensure that your firm comes up at or near the top of lists of typical search phrases related to your business.
segmentation
The process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics.
stakeholder
Buyers, sellers, or investors in a company; community residents; and even citizens of the nations where goods and services are made or sold—in other words, any person or organization that has a “stake” in the outcome.
Syndicated research
Research by firms that collect data on a regular basis and sell the reports to multiple firms.
target market
The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts.
top-down budgeting
Allocation of the promotion budget based on management’s determination of the total amount to be devoted to marketing communication.
unique selling proposition
An advertising appeal that focuses on one clear reason why a particular product is superior.
Validity
The extent to which research actually measures what it was intended to measure.
value chain
A series of activities involved in designing, producing, marketing, delivering, and supporting any product. Each link in the chain has the potential to either add or remove value from the product the customer eventually buys.
Designing, Producing, marketing, delivering and supporting
value proposition
A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased.
