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MKTG Unit 2

TermDefinition
B2B Marketing marketing of products and services to companies, governments, or nonprofits for use in creating goods and services
Organizational buyers Manufacturers, wholesalers, retailers, service companies, nonprofits, and government agencies that buy goods/services for use or resale
Three organizational markets Industrial markets, Reseller markets, and Government markets
Derived demand Demand for industrial products/services driven by demand for consumer products/services
Top 3 organizational buying criteria Price, ability to meet quality specifications, and ability to meet delivery schedules.
Reciprocity When two organizations buy from each other
Organizational buying behavior The decision making process organizations use to establish needs and choose among suppliers and brands
Buying center Group of people who participate in the buying process and share goals, risks, and knowledge
Three buy classes Straight rebuy, modified rebuy, and new buy
traditional function Seller offers item for sale and buyers compete by bidding
Reverse auction Buyer states need and suppliers compete by bidding
Countertrade Using barter rather than money for global sales
Balance of trade Difference between the monetary value of a nations exports and imports
Globalization Creating economic, cultural, political, and technological interdependence among nations
Protectionism Protecting domestic industries from foreign competition through tariffs or quotas
Tariff Government tax on imports that raises prices of foreign goods
Quota Restriction on the amount of product entering or leaving a country
international firm Markets products in other countries essentially the same as in the home country
Multinational firm Markets differently in each country
Multidomestic marketing strategy different product variations, brand names, and advertising programs for different countries
Transnational firm Use a mix of standardization and adaptation across countries
Global marketing strategy Standardizes marketing when cultures are similar and adapts when they differ
global brand Brand marketed under the same name in multiple countries with coordinated marketing
Economic espionage Clandestine collection of competitors trade secrets or proprietary information
Cross-cultural analysis Study of similarities and differences among consumers in 2 or more nations
Back translation Retranslating into the original language to catch translation errors
Consumer ethnocentricity Belief that purchasing foreign-made products is inappropriate or immoral
Four global market entry strategies Exporting, licensing, joint venture, and direct investment
Product extension Same product sold in different countries
Product adaptation Product changed for a specific country
Product invention New product created foreign markets
Dumping Selling a product in another country below cost
Gray market Products sold through unauthorized distribution channels
Marketing research Process of defining a marketing problem, collecting and analyzing information, and recommending action
Measure of success Criteria used to evaluate proposed solutions to a problem
Constraints Restrictions placed on potential solutions
Secondary data Facts and figures already recorded before the project begins
Observational data Data obtained by watching how people behave
Ethnographic research Studying people in their home or natural environment
Neuromarketing Studying consumers brain responses to products and marketing stimuli
Questionnaire data Data collected by asking people about attitudes, awareness, and intentions
Big data Large amounts of data collected from various sources
Data mining Examining large databases to find relationships between purchasing patterns and marketing actions
Advantage of primary data More flexible and specific to the research problem
Disadvantage of primary data Costly and time consuming to collect
Sales forecast Expected sales of a product during a specified period under stated conditions
Market segmentation Grouping prospective buyers with common needs who respond similarly to marketing actions
Product differentiation Using marketing mix actions to make a product seem different or better than competitors
Market-product grid Framework linking market segments to products of marketing actions
Three segmentation strategies One product/multiple segments; multiple products/multiple segments; segments of one (mass customization)
Geographic segmentation Segmenting based on where customers live or work
Demographic segmentation Segmenting based on objective characteristics such as age, income, or gender
Psychographic segmentation Segmenting based on lifestyles, values, and personalities
Behavioral segmentation Segmenting based on observable actions and product usage
Personas Fictional descriptions of a brand's typical customers
Product positioning Place a product occupies in consumers minds relative to competitiors
Product repositioning Changing a product's perceived position in consumers' minds
Perceptual map Two-dimensional display showing how consumers perceive competing brands
product A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers
goods Tangible products
Non durable goods Goods consumed quickly, such as food, drinks, and detergent.
Durable goods Goods that last over many uses
Services Intangible activities or benefits provided to satisfy consumer needs.
Ideas Concepts or thoughts that lead to action.
Consumer Products Products purchased by the ultimate consumer.
Convinence products Frequently purchased items requiring minimal shopping effort.
Shopping Products Products consumers compare on price, quality, and style before buying.
Specialty products Products consumers make a special effort to find and purchase.
Unsought products Products consumers do not know about or do not initially want.
Business products Products organizations buy to assist in producing other products for resale.
Product class The broad industry category to which a product belongs.
Product item A specific product with a unique brand, size, or price
Product line A group of closely related products.
Product mix All product lines offered by an organization.
Continuous innovation New products requiring no new consumer behavior.
Dynamically Continuous Innovation New products requiring minor behavior changes.
Discontinuous Innovation New products requiring consumers to learn entirely new behaviors.
How long is a product considered "new"? 6 months
Protocol A statement identifying the target market, customer needs, and what the product will do before development begins.
Marketing Reason for Product Failure: Insignificant Point of Difference Product lacks meaningful distinction from competitors.
Marketing Reason for Product Failure: Incomplete Market/Product Protocol Poor understanding of customers and product requirements.
. Marketing Reason for Product Failure: Failure to Satisfy Customer Needs Product does not meet important customer expectations.
Marketing Reason for Product Failure: Bad Timing Product enters the market at the wrong time
Marketing Reason for Product Failure: No Economical Access to Buyers Cannot efficiently reach customers.
Marketing Reason for Product Failure: Poor Marketing Mix Execution Product, price, promotion, or place strategy is ineffective.
Marketing Reason for Product Failure: Too Little Market Attractiveness Market demand is insufficient
Marketing Reason for Product Failure: Poor Product Quality Product performance does not meet expectations
New Product Development Process The seven stages used to identify opportunities and develop marketable products.
Business Analysis Stage where product features, marketing strategy, and financial projections are evaluated.
Commercialization Stage where a new product is positioned and launched into the market.
Which element is emphasized across all consumer product categories in Figure 10-1? Promotion
Created by: user-2067726
 

 



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