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BA115 Test 3

Ch. 13-16

the ingredients that go into a marketing program; product, price, place, and promotion marketing mix
The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have customers, clients, partners, and society at large marketing
a three part business: 1. a customer orientation; 2. a service orientation; 3. a profit orientation marketing concept
the process of learning as much as possible about customers and doing everything you can to satisfy them - or even exceed their expectations - with goods and services customer relationship management (CRM)
any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of the consumers, such as the brand. product
the process of testing products among potential users test marketing
a word, letter, or group of words or letter's that differentiates one seller's goods and services from those of competitors brand name
all the techniques sellers use to inform people about and motivate them to buy their products or services promotion
the analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions marketing research
information that has already been compiled by others and published in journals and books or made available online. secondary data
data that you gather yourself (not from secondary sources such as books and magazines.) Primary Data
A small group of people who meet under the distraction of a discussion leader to communicate their opinions about an organization, its products, or other given issues focus group
the process of identifying the factors can affect marketing success. environmental scanning
all the individuals or households that want goods and services for personal consumption or use consumer market
all the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others business-to-business market (B2B)
the process or dividing the total market into groups whose members have similar characteristics market segmentation
marketing directed toward those groups (market segments) an organization decides it can serve profitability target marketing
dividing a market my citizens, counties, states, and regions. geographic segmentation
dividing the market by age, education level, and income demographic segmentation
dividing the market using the group's values, attitudes, and interests psychographic segmentation
dividing the markets by determining which benefits of the product to talk about benefit segmentation
dividing the market by usage(volume of use) volume (or usage) segmentation
developing a unique mix of goods and services for each individual customer one to one marketing
the process of finding small but profitable market segments and designing or finding products for them niche marketing
developing a market by cities, counties, states, or regions geographic segmentation
dividing the market by age, income, and education level demographic segmentation
developing products and promotions to please large groups of people mass marketing
marketing strategy with the goal of keeping individual customers over time by offering them products that exactly meet their requirements relationship marketing
good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs value
everything that consumers evaluate when deciding whether to buy something; also called a value package total product
a group of products that are physically similar or are intended for a similar market product line
the combination of product lines offered by a manufacturer product mix
the creation of real or perceived product differences product differentiation
products that the consumer wants to purchase frequently and with a minimum of effort convenience goods and services
those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers shopping goods and services
consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them. specialty goods and services
products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem. unsought goods and services
products used in the production of other products. Sometimes called business goods or B2B goods. industrial goods
grouping two or more products together and pricing them as a unit bundling
a name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors. brand
a brand that has exclusive legal protection for both its brand name and its design trademark
the brand names of manufacturers that distribute products nationally manufacturers' brand names
products that don't carry the manufacturer's name but carry a distributor or retailer's name instead dealer (private label) brands
nonbranded products that usually sell at a sizable discount compared to national or private-label brands. generic goods
illegal copies of national brand name goods knockoff brands
the value of the brand name and associated symbols. brand equity
the degree to which customers are satisfied, like the brand, and are committed to further purchases. brand loyalty
how quickly or easily a given brand name comes to mind when a product category is mentioned brand awareness
the linking of a brand to other favorable images brand association
a manager who has direct responsibility for one brand or one product line; called a product manager in some firms brand manager
a process designed to reduce the number of new product ideas being worked on at any one time product screening
making cost estimates and sales forecasts to get a feeling for profitability of new product ideas product analysis
taking a product idea to consumers to test their reactions concept testing
promoting a product to distributor and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers commercialization
a theoretical model of what happens to sales and profits for a product class over time; the four stages of the cycle are introduction, growth, maturity, and decline product life cycle
designing a product so that it satisfies customers and meets the profit margins desired by the firm target costing
a pricing strategy based on what all the other competitors are doing. The price can be set at, above, or below competitor's prices competition based pricing
the strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow. price leadership
the process used to determine profitability at various levels of sales break-even analysis
all the expenses that remain the same no matter how many products are made or sold total fixed costs
costs that change according to the level of productions variable costs
strategy in which a new product is priced high to make optimum profit while there's little competition skimming price strategy
strategy in which a product is priced low to attract many customers and discourage competition penetration strategy
setting prices lower than competitors and then not having any special sales everyday low pricing (EDLP)
setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than the competitor's high-low pricing strategy
pricing goods and services at price points that make the product appear less expensive than it is psychological pricing
organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C) marketing intermediaries
a whole set of marketing intermediaries, such as agents, brokers, wholesalers, and retailers, that join together to transport and store goods in their path (or channel) from producers to consumers channel of distribution
marketing intermediaries who bring buyers and sellers together and assist in negotiating an exchange but don't take title to the goods agents/brokers
a marketing intermediary that sells to other organizations wholesaler
an organization that sells to ultimate consumers retailer
in economics, the want-satisfying ability, or value, that organizations add to goods or services utility
adding value to products by making them available when they're in need time utility
adding value to products by having them where people want them place utility
doing whatever is necessary to transfer ownership from one party to another, including providing credit, delivery, installation, guarantees, and follow-up service possession utility
adding value to products by opening two-way flows of information between marketing participants information utility
adding value by providing fast, friendly service during and after the sale and by teaching customers how to best use products over time service utility
independently owned firms that take title to the goods they handle merchant wholesalers
wholesalers that furnish racks or shelves full of merchandise to retailers, display products, and sell on consignment rack jobber
wholesalers that serve mostly smaller retailers with a limited assortment of products
wholesalers that solicit orders from retailers and other wholesalers and have the merchandise shipped directly from a producer to a buyer drop shippers
distribution that puts products into as many retail outlets as possible intensive distribution
distribution that sends products to only a preferred group of retailers in an area selective distribution
distribution that sends products to only one retail outlet in a given geographic area exclusive distribution
selling goods and services to ultimate customers (ex. you and me) over the internet electronic retailing
the sale of goods and services by telephone telemarketing
selling to consumers in their homes or where they work direct selling
any activity that directly links manufacturers or intermediaries with the ultimate consumer direct marketing
a distribution system in which all of the organization in the channel of distribution are owned by one firm corporate distribution system
a distribution system in which members are bound to cooperate through contractual agreements contractual distribution system
a distribution system in which producers manage all of the marketing functions at the retail level administered distribution system
the sequence of linked activities that must be performed by various organizations to move goods from the sources of raw materials to ultimate consumers supply chain (or value chain)
the process of managing the movement of raw materials, parts, work in progress, finished goods, and related information through all the organizations involved in the supply chain; managing the return of such goods, if necessary; and recycling materials supply-chain management
the marketing activity that involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit logistics
the area of logistics that involves bringing raw materials, packaging, other goods and services, and information from suppliers to producers inbound logistics
the movement of goods within a warehouse, from warehouses to the factory floor, and from the factory floor to various workstations materials handling
the area of logistics that involves managing the flow of finished products and information to business buyers and ultimate consumers outbound logistics
the area of logistics that involves bringing goods back to the manufacturer because of defects of for recycling materials reverse logistics
an organization that puts many small shipments together to create a single large shipment that can be transported cost-effectively to the final destination freight forwarder
the use of multiple modes of transportation to complete a single long-distance movement of freight intermodal shipping
the combination of promotional tools an organization uses promotion mix
a technique that combines all the promotional tools into one comprehensive, unified promotional strategy integrated marketing communication (IMC)
paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message advertising
putting products into TV shows and movies where they will be seen product placement
a full-length TV program devoted exclusively to promoting goods or services infomercial
promotion process that allows marketers to go beyond a monologue, where sellers try to persuade buyers to buy things, to a dialogue in which buyers and sellers work together to create mutually beneficial exchange relationships interactive promotion
the face-to-face presentation and promotion of goods and services personal selling
researching potential buyers and choosing those most likely to buy prospecting
in the selling process, making sure that people have a need for the product, the authority to buy, and the willingness to listen to a sales message qualifying
a person with the means to buy a product, the authority to buy, and the willingness to listen to a sales message prospect
a step in the selling process that consists of a question or statement that moves the selling process toward the actual close trial close
the management function that evaluates public attitudes, changes policies and procedures in response to the public's requests, and executes a program of action and information to earn public understanding and acceptance public relations (PR)
any information about an individual, product, or organization that's distributed to the public through the media and that's not paid for or controlled by the seller publicity
the promotional tool that stimulates consumer purchasing and dealer interest by means of short term activities sales promotion
a promotional tool in which a company lets consumers have a small sample of product for no charge sampling
a promotional tool that involves people telling other people about products they've purchase word-of-mouth promotion
the term now used to describe everything from paying customers to say positive things on the internet to setting up multilevel selling schemes whereby consumers get commissions for directing friends to specific Web sites viral marketing
an online diary (web log) that looks like a web page but is easier to create and update by posting text, photos, or links to other sites blog
a means of distributing audio and video programs via the internet that lets users subscribe to a number of files, also known as feeds, and then hear or view the material at the time they choose podcasting
promotional strategy in which the producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince wholesalers and retailers to stock and sell merchandise push strategy
promotional strategy in which heavy advertising and sales promotion efforts are directed toward consumers so that they'll request the products from retailers pull strategy
customers who pick out their products from online outlets or who do online comparison shopping pick economy
Created by: forevermoody



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