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Marketing Chap 1-8
| Question | Answer |
|---|---|
| Value | The benefits a customer receives from buying and using a good or service in relation to the cost and sacrifices of buying and using it. |
| Marketing | An organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. |
| Customer Value | What the customer gets in the purchase, usa, and ownership of a product relative to the costs and sacrifices incurred. |
| Stakeholder | People or organizations who influence or are influenced by marketing decisions |
| Exchange | The process by which some transfer of value occurs between a buyer and a seller. |
| Consumer | The ultimate user of a good or service |
| Marketing Concept | A business orientation that focuses on achieving organizational objectives by understanding customer needs and creating and delivering value in exchange that satisfy the needs of all parties. |
| Need | The recognition of any difference between a consumers actual state and some ideal or desired state. |
| Want | The desire to satisfy needs in specific ways that are culturally and socially influenced. |
| Benefit | The outcome sought by a customer that motivated buying behavior. |
| Demand | Customers desire for products coupled with the resources to obtain them. |
| Marketplace | Any location or medium used to conduct and exchange |
| Market Segment | A distinct group of customers within a larger market who have similar needs, wants and preferences. |
| Market Segmentation | The process of diving up the entire market into difference sections based on customers similar needs, value, and wants. |
| Segment Profile | Detailed description of the characteristics, behaviors and lifestyles of the market segment selected. |
| Target Markets | A market segment which a firm decides to focus its marketing plan toward. |
| Mass Market | All possible customers in a market, regardless of the differences in their specific needs and wants. |
| Positioning | The development of a marketing strategy to separate the offering from other similar products, It establishes how the product is know to consumers. |
| Marketing Mix | The development of the four P's. Product, Price, Promotion, and Place. Which is used to introduce it to customers, to create a desired response. |
| Product | A tangible good, a service, an idea, or a combination, that satisfies a customers needs in some way |
| Price | The sellers assessment of the products value |
| Place | The availability of the product to the customer at the desired time and location. |
| Promotion | The coordination of efforts to influence a consumer or organization about a good, service, or idea. |
| Social Marketing Concept | A marketing concept that emphasizes the idea that customers needs must be met in ways that also benefit society. |
| Triple Bottom Line | A business perspective that measures economic, social, and environmental value creation |
| Product Orientation | A management idea that focuses on creating the most efficient way to produce and distribute products. |
| Selling Orientation | A managerial view of marketing as a selling function in which products are sold to create less inventory |
| Consumer Orientation | A management focus that advocated being proactive and responsive to satisfying consumer needs and wants. |
| Value Proposition | A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased |
| Competitive Advantage | The ability of a firm to outperform the competition, thereby providing customers with a benefit the competition cannot. |
| Distinctive Competency | A superior capability of a firm in comparison to its direct competitors. |
| Differential Benefit | Properties of products that set them apart from competitors products by providing unique customer benefits. |
| Strategic Planning | A managerial process that matches an organizations resources and capabilities to its market opportunities for long term growth and survival. |
| Strategy | What a firm is going to do to achieve an objective |
| Tactics | How a strategy is going to be implemented |
| Business Portfolio | The group of different products or brands owned by an organization and characterized by different income generating and growth capabilities. |
| Market Penetration Strategies | Growth strategies designed to increase sales of an existing product to existing markets |
| Market Development Strategies | Introducing existing products to new markets |
| Product Development Strategy | Create growth by selling new products to existing markets |
| Diversification Strategy | Introducing a new product to a new market to achieve growth. |
| Marketing Plan | A document that describes the marketing environment, outlines the marketing objectives and strategy, and identifies who will be responsible for carrying out each part of the marketing strategy. |
| SWOT analysis | An analysis of the companies strengths, weaknesses, opportunities, threats in its external environment. |
| Competitive Advantage | The ability of a firm to outperform the competition providing the consumer with a unbeatable benefit. |
| Grey Market | The importing of products by an unauthorized party, who sells them for a fraction of the price. |
| Dumping | Pricing products lower in a foreign market than they are offered at home |
| Social Profit | The benefit a firm receive from ethical practices. |
| Business Ethics | Rules of conduct for a firm |
| Code of Ethics | Written standards of behaviors that everyone in the organization must commit to |
| Consumerism | A social movement that attempts to protect consumers from harmful business practices. |
| Price Fixing | An illegal business practice where a firm decides in advance on a price of a product. |
| Market Fragmentation | Creation of many consumer groups due to a diversity of distinct needs and wants in modern society. |
| Target Marketing Strategy | Dividing the total market into different segments based on customer characteristics, selecting one or more segments, and developing products to meet eh needs of those specific segments. |
| Segmentation | The process of dividing a larger market into smaller pieces based on one or more important trait |
| Segmentation Variables | Bases for dividing the market into fairly homogeneous groups, each with different needs. |
| Behavioral Segmentation | Technique that divides consumers based on how they act, feel, or use a product |
| Benefit Segementation | Groups consumers based on the benefits they seek in buying an product |
| Product Usage Segmentation | Groups customers based on the amount of a product purchased |
| Psychographic Segmentation | A segmentation that groups people based on their attitudes, values, lifestyle and other aspects. |
| Demographics | Variables that describe objective characteristics of a population or group |
| Geodemography | Segmentation technique that combines geography with demographics |
| Industrial Psychographics | The application of psychographics to the business-to-business context |
| Segment Profile | A description of the typical customer in a segment |
| Market Potential | The maximum demand expected among consumers in a segment for a product. |
| Target Market | A group the marketers focus on when developing marketing programs |
| Differentiated Target Strategy | Developing one or more products for each of several distinct customers groups and making sure these offerings are kept separate from the marketplace |
| Concentrated Targeting Strategy | Focusing a firms efforts on offering one or more products to a certain segment |
| Niche Marketing | A type of concentrated targeting strategy where the market segment chosen is relatively small |
| Custom Marketing Strategy | Approach that tailors specific products and the messages about them to individual customers. |
| Mass Customization | Approach that modifies a basic product to meet the needs of an individual |
| Brand Image | How consumers perceive the positioning of a brand |
| Brand Concept | How the marketer wants the brand to be positioned |
| Brand Personality | A distinctive image that captures a product's characters and benefits |
| Marketing Intelligence | A method by which marketers get information about everyday happenings in the marketing environment. |
| Marketing Research | The process of gathering information about customers, competitors, and the business environment to make marketing decision. |
| Secondary Research | Research collected for a purpose other than the decision at hand. |
| Syndicated Research | Research collected by firms on a daily business which they then sell as reports to other firms. |
| Primary Research | Research conducted by or for a single firm to provide specific information for a marketing decision |
| Data Mining | A sophisticated system of research that takes massive amounts of information |
| Exploratory Research | Techniques that marketers use to generate insights for future, more rigorous studies |
| Ethnography | A detailed report on observations of people in their own homes or communities. |
| Consumer Behaviour | The process individuals or groups go through to select, purchase and use goods or services to satisfy their needs. |
| Perceived Risk | The belief that use of a product has potentially negative consequences either financial, physical,or social |
| Consideration Set | The set of alternative brands the consumer is considering for the decision process. |
| Heuristics | A mental rule of thumb that leads to a speedy decision by simplifying the process. |
| Cognitive Dissonance | The regret or remorse buyers may feel after making a purchase |
| Motivation | An internal state that drives us to satisfy needs by activating goal-oriented behavior |
| Classical Conditioning | A person percieves two stimuli at about the same time. After a while, the person transfers his or her response from one stimulus to the other |
| Operant Conditioning | Learning that occurs from the result of rewards or punishments |
| Stimulus Generalization | Behaviour caused by a reaction to one stimulus that occurs in the presence of other similar stimuli |
| Cognitive Learning Theory | A theory of learning that stresses the importance of internal mental processes and that views people as problem solvers, who actively use information from the world around them to master their environment. |
| Multicultural Marketing | The practice of recognizing and targeting the distinctive needs and wants of one of more ethnic subcultures |
| Status Symbol | Products that consumers purchase to signal membership in a desirable social class |
| Reference Group | An actual or imaginary individual or group that has a significant effect on an individual's evaluations, aspirations or behaviors |
| Conformity | A change in beliefs or actions as a reaction to real or imagined group pressures |
| Sex Roles | Society's expectations about the appropriate attitudes, behaviors, and appearance for men and women. |
| Opinion Leaders | A person who is frequently able to influence others attitudes or behaviors by virtue of his or her active interest and expertise in one or more product categories. |
| Growth Stage | The second stage in the product life cycle, during which the product is accepted an sales rapidly increase |
| Maturity Stage | The third and longest stage in the product life cycle, in which sales peak and profit margins narrow |
| Introduction | The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace. |
| Decline Stage | The final stage in the product life cycle in which sales decrease as customer needs change. |
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