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Marketing
Exam 1
| Term | Definition |
|---|---|
| Market | An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter. |
| There must be a benefit to exchange. There must be at least two parties There must be a communication channel There must be a desire and ability to satisfied | 4 Things needed to conduct business |
| Customer value | the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price. Loyal, satisfied customers are likely to repurchase more over time |
| best price, best product, or best service. | Many successful firms have chosen to deliver outstanding customer value with one of three value strategies |
| search good | a product or service with features and characteristics easily evaluated before purchase. ex: laptop |
| experience good | is a product or service where product characteristics, such as quality or price are difficult to observe in advance, but these characteristics can be ascertained upon consumption. ex: cologne |
| Marketing program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| Product,Price,Place, Promotion | 4 parts of the Marketing mix: |
| Demographics | :Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation |
| Value consciousness | the concern for obtaining the best quality, features, and performance of a product or service for a given price |
| GDP | one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period, often referred to as the size of the economy |
| Gross Income | The total amount of money made in one year by a person, household, or family |
| Disposable Income | The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation. Thus, if taxes rise or fall faster than income, consumers are likely to have more or less of..... |
| Discretionary income | the money that remains after paying for taxes and necessities. |
| Monopoly | a sector or industry dominated by one corporation, firm or entity. |
| Oligopoly | a market structure with a small number of firms, none of which can keep the others from having significant influence. |
| Perfect Competition | is a theoretical market structure in which the following criteria are met: all firms sell an identical product |
| Porter’s 5 Forces | Supplier Power, Buyer Power, Competitive Rivalry,The Threat of Substitution & The Threat of New Entry |
| Supplier Power | The power of suppliers to drive up the prices of your inputs. |
| Buyer Power: | The power of your customers to drive down your prices. |
| Competitive Rivalry | The strength of competition in the industry. |
| The Threat of Substitution | The extent to which different products and services can be used in place of your own. |
| The Threat of New Entry: | The ease with which new competitors can enter the market if they see that you are making good profits (and then drive your prices down). |
| Exploratory research | provides ideas about a relatively vague problem |
| Descriptive research | involves trying to find the frequency that something occurs or the extent of a relationship between two factors |
| Causal research | the most sophisticated, tries to determine the extent to which the change in one factor changes another one. (laboratory experiment, field experiment) |
| Primary data collection | informantion collected by oneself |
| secondary data | information collected by someone else |
| time savings,low cost, greater level of detail | advantages of secondary data |
| Evoked Set | A group of relevant brands that a prospective consumer is favorably familiar with when they are thinking about making a purchase |
| Consideration Set | the brands or products left after a person has narrowed down their choices based on their own personal screening criteria, such as previous exposure, |
| Involvement | the degree of personal relevance a consumer perceives a product, brand, object, or behavior to have. |
| High involvement products | seen as having important personal consequences or as useful for achieving important personal goals. Expensive,can have serious personal consequences, or could reflect on one's social image. |
| Low involvement products | are not linked to important consequences or goals(AMA) |
| Motivation | the energizing force that stimulates behavior to satisfy a need. |
| Selective Perception: | a filtering of exposure, comprehension, and retention |
| Selective comprehension | consumer interpret messages in line with their beliefs, attitudes, motives and experiences. |
| Selective retention: | people more accurately remember messages that are closer to their interests, values and beliefs, than those that are in contrast with their values and beliefs, selecting what to keep in the memory, narrowing the informational flow |
| Subliminal perception | you see or hear messages without being aware of them. |
| Lifestyle | is a mode of living that is identified by how people spend their time and resources, what they consider important in their environment, and what they think of themselves and the world around them. |
| psychographics | The analysis of consumer lifestyles, provides insights into consumer needs and wants. |
| Reciprocity | Buying from each other |
| Supply partnership | Having common goals and policies |
| semiology | the study of signs and sign processes (semiosis), indication, designation, likeness, analogy, metaphor, symbolism, signification, and communication |
| strategy | A statement (implicit or explicit) of how a brand or product line will achieve its objectives. The strategy provides decisions and direction regarding variables such as the segmentation of the market |
| Hierarchical Levels of Strategy | Corporate Level Business Unit Level Functional or Department Level |
| Strategic business unit (SBU) | a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers. At this level, managers set a more specific strategic direction for their businesses to exploit value |
| Core Values | fundamental beliefs, they dictate behavior and action Innovation, excellence, sustainability |
| Mission | Purpose, primary function of the organization |
| Organizational Culture: | is the sum of values and rituals which serve as 'glue' to integrate the members of the organization." — Richard Perrin |
| Diversification Analysis | a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products |
| Situation (SWOT) Analysis | is a process that identifies an organization's strengths, weaknesses, opportunities and threats |
| 1-Planning Phase 2-Implementation Phase 3-Evaluation Phase | 3 stages of Strategic Marketing Process |
| Services | are intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange for money or something else of value |
| good | has tangible attributes that a consumer's five senses can perceive. |
| Shopping products | Consumer compares price quality and style among several alternatives (ex. laptops, cars) |
| Specialty products | Consumer makes a special effort to search and buy (ex. rings) |
| Unsought products | Consumer does not know or think about buying |
| Consumer products, Convenience products | Consumer buys frequently, conveniently and with a min shopping effort |
| Derived demand | 1)Components 2) Support Products |
| Product item- | specific brand, size,price etc |
| Product line- | a group of related products produced by same company |
| Product mix(product assortment) | The collection of products (items, families, lines) that comprise the offering of a given seller(AMA) |
Created by:
normh80
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