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Final Marketing
| Term | Definition |
|---|---|
| Product Life Cycle | the stages that a new product goes through |
| Introduction | create customer awareness, slow sales growth; high listing fees |
| Price Skimming | high initial price to take advantage of the price insensitivity of innovators and early adopters |
| Penetration Pricing | low pricing used to encourage rapid acceptance of an innovation or to combat a competitive threat |
| High-learning Products | extended introductory period due to the significant efforts required to educate on use or benefit |
| Low-learning Products | short introductory stage; benefits are self-evident |
| Fashion Products | cyclical; 2-3 year periods |
| Fad Products | very short life cycle |
| Harvesting | when a company keeps the product but reduces marketing support in an attempt to reap some minor profits at this stage |
| Line Extension | new item is added to an already existing product line |
| Minor Innovation | requires no new learning by consumers |
| Continuous Innovation | changes consumer's normal routine but does not require totally new learning |
| Radial Innovation | requires new learning and consumption patterns by consumers |
| Adoption Curve | the sequential diffusion and acceptance of an innovation into the market by consumers |
| Innovators | venturesome; higher educated; use multiple information sources |
| Early Adopters | leaders in social settings; slightly above average education |
| Early Majority | deliberate; many informal social contacts |
| Late Majority | skeptical; below average social status |
| Laggards | fear of debt; neighbors and friends information sources |
| Concepts | more detailed idea, couched in consumer terms |
| Concept Test | external evaluation of the new product idea to consumers to gain feedback of strengths and weaknesses |
| Price | the money or other considerations, including other goods and services, exchanged for the ownership or use of a product |
| Barter | exchanging goods and services for other goods and services |
| Value Pricing | increasing product or service benefits while maintaining or decreasing price |
| Demand-Oriented Approaches | emphasize factors underlying expected customer tastes and preferences |
| Prestige Pricing | high price so that quality -or status- conscious consumers are attracted |
| Price Lining | different prices for different products within a product line |
| Odd-Even Pricing | setting prices a few dollars or cents under an even number |
| Target Pricing | use price the ultimate consumer would be willing to pay the calculate markups backwards |
| Bundle Pricing | marketing of two or more products in a single package price |
| Yield Management Pricing | charging of different prices to maximize revenue for a set amount of capacity at any given time |
| Markup | the difference between selling price and cost, usually expressed as a percentage of cost |
| Target Profit Pricing | using an annual profit target and an estimate of demand |
| Target Return-on-Sales Pricing | set prices to give a profit of a specific percentage |
| Target Return-on-Investment | may be a percentage mandated by a board |
| Customary Pricing | where tradition, a standardized channel of distribution,or other competitive factors dictate the price |
| Loss-Leader Pricing | priced to attract customers to a store |
| Qualitative | using market experts |
| Regression | link forecast variables through an equation |
| Time-Series | assumes the variable being forecasted is affected by time |
| The Demand Curve | shows the number of products that will be sold at a given price |
| Price Elasticity | how sensitive consumer demand and the firm's revenues are to changes in the product's price |
| Elastic Demand | a slight change in price results in a relatively large change in quantity demanded |
| Inelastic Demand | slight changes do not significantly affect the demand |
| Break-Even Point | quantity at which total revenue and total costs are equal |
| Price Fixing | competitors collaborate and conspire to set prices |
| Price Discrimination | different customers get different prices |
| Deceptive Pricing | price offers that mislead |
| Predatory Pricing | low price set to drive competitors out of business |
| Dumping | occurs when a firm sells a product in a foreign country below its domestic price or below its actual cost |
| Grey Market (Parallel Importing) | situations where products are sold through unauthorized channels of distribution |
| Discounts | reductions from list price that a seller gives a buyer as a reward for some favourable activity |
| Allowances | reductions from list or quoted price that a seller gives a buyer for performing some activity |
| Geographic Adjustments | price reflects transportation component |
| Paid Media | the media time that is purchased so that messages can be disseminated through channels that are controlled by others |
| Owned Media | the media channels that a company controls |
| Outbound Marketing | traditional marketing approach where marketers seek out consumers widely broadcasting messages |
| Inbound Marketing | when interested consumers find the product and its messaging by using online techniques that marketers facilitate |
| Integrated Marketing Communications (IMC) | designing a marketing communications program that coordinates all promotional activities to provide a consistent message to a target audience |
| Advertising | a paid form of a non-personal message communicated through various media |
| Creative Objectives | statements that clearly indicate the information to be communicated to the target audience |
| Mass Customization | the development, manufacture and marketing of unique products to unique customers |
| Text Messaging | the transmission of short text-only messages using wireless devices |
| Video Messaging | consumers with video capabilities on their cell phones can download news and sports clip and selected television shows from major networks and watch them on their phones |
| Public Relations | seeks to influence the opinions and attitudes of target groups through the use of unpaid media exposure |
| Publicity | non-personal form of communication that appears in the media and is not paid for directly |
| Sales Promotion | provides short-term incentives to generate interest in a product or cause and encourage purchase or support |
| Direct Response | designed to communicate with consumers one-to-one and to elicit a direct action either online or offline |
| Event Marketing | creation or involvement of a brand in an experience or occasion that heightens its awareness, creates positive associations and generates a desired response |
| Sponsorship | involves a company paying a fee in exchange for inclusion in an event, involvement in its advertising opportunities, or exposure within the event itself |
| Relationship Selling | practice of building long-term loyalty from customers based on a salesperson's attention and commitment to customer needs over time |
| Word-of-Mouth Marketing | works by listening to consumers, identifying influence individuals, providing important information, and making it easier for them to spread the word |
| Guerrilla Marketing | activities that "ambush" consumers with promotional content in places where they are not expecting to see this type of activity |
| Mobile Marketing | sets of practices that enables organizations to communication and engage with their audiences in an interactive and relevant manner through any mobile device or network |
| M-Commerce | process of purchasing an item online through a mobile device |
| Social Media | allows members to create their own network of friends and contacts to share comments, articles, opinion, videos, and images |
| Social Media Marketing | when brands reach out to consumers online through social networks where people connect with friends and contacts to share comments, articles, opinions, videos and images as a form of self-expression |
| Marketing Channel | consists of individuals and firms involved in the process of making a product or service available |
| Intermediaries | individuals or firms performing a role in the marketing channel, involved in making a product available |
| Industrial distributor | performs a variety of marketing channel functions |
| Electronic Marketing Channel | employ the internet to make goods and services available to consumers or business buyers |
| Dual Distribution | arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product |
| Strategic Alliances | one firm's channel is used to sell another firm's products |
| Multi-channel Marketing | blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining and building relationships with consumers who shop and buy in both markets |
| Cross-channel Shopper | researches online and purchases at a retail store |
| Omni-channel Retailing | seamless experience among all available shopping channels |
| Global Channel Strategy | sophistication increases as its economic infrastructure develops |
| Vertical Marketing Systems | professionally managed and centrally coordinated marketing channels designed to achieve channel economies and maximum marketing impact |
| Target Market Coverage | intensive, exclusive, or selective distribution |
| Satisfying Buyer requirements | information, convenience, variety and pre-and/or post sales services |
| Profitability | distribution, advertising, and selling expenses |
| Logistics | involves those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible price |
| Supply Chain | series of firms that perform activities to create and deliver a god or service to consumers or industrial users |
| Customer Relationship Management (CRM) | overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction |
| Customer Experience Management (CEM) | managing customer interactions (touch points) to build brand equity and improve long-term profitability |
| Loyalty Programs | programs specifically designed for customer retention |
| Pareto's Rule | marketing rule of thumb that 80% of the brand's sales come form 20% of its customers |
| Database Marketing | the use of data-bases to customize communications to customers and potential customers for the purpose of promoting a product or service |
| Data Mining | process of analyzing customer patterns and insights to make better decisions |
| Customer Lifetime Value | the potential sales that will be generated by a customer if the customer remains loyal to that company for a lifetime |
| Share of Wallet | the percentage of a customer's purchases that a company has in a specific product category |
| Business Firm | organization that serves its customers in order to earn a profit |
| Profit | excess of revenues over costs |
| Not-for-Profit Organization | serves its customers but does not have profit as an organizational goal |
| Corporate Level | top management directs overall strategy for the entire organization |
| Business Unit Level | set direction for individual products and markets |
| Functional Level | each BU has marketing and other specialized activities |
| Stratgegy | long-term course of action designed to deliver a unique customer experience while achieving its goals |
| Business Plan | can help convey the value of your company |
| Mission | statement of the organization's scope, often identifying its customers, markets, products, technology and values |
| Strategic Marketing Process | to reach its target markets and achieve its goals |
Created by:
jduda352
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