Ch. 11: Marketing Processes and Consumer Behavior
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| Marketing | activities, a set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have values for customers, clients, partners, and society at large
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| Value | relative comparison of a product's benefits versus its costs
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| Possession Utility | transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents
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| Consumer Goods | physical products purchased by consumers for personal use
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| Industrial Goods | physical products purchased by companies to produce other products
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| Relationship Marketing | marketing strategy that emphasizes building lasting relationships with customers and suppliers
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| Data Warehousing | the compiling and storage of customers' data
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| Data Mining | the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information
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| Substitute Product | product that is dissimilar from those of competitors, but that can fulfill the same need
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| Brand Competition | based on users' perceptions of the benefits offered by each product
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| International Competition | competitive marketing of domestic products against foreign products
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| Marketing Plan | detailed strategy for focusing marketing efforts on consumers' needs and wants
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| Marketing Objectives | the things marketing intends to accomplish in its marketing plan
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| Marketing Strategy | all the marketing programs and activities that will be used to achieve the marketing goals
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| Marketing Manager | the people responsible for planning, organizing, leading, and controlling the organization's marketing resources toward supporting and accomplishing the organization's overall mission
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| Marketing Mix | combination of product, pricing, promotion, and place (distribution) strategies used to market products
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| Product Differentiation | creation of a product feature or product image that differs enough from existing products to attract customers
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| Pricing | process of determining the best price at which to sell a product
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| Place (distribution) | refers to where and how customers get access to the products they buy
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| Promotion | aspect of the marketing mix concerned with the most effective techniques for communicating information about products
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| Advertising | any form of paid non-personal communication used by an identified sponsor to persuade or inform potential buyers about a product
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| Personal Selling | person-to-person sales
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| Sales Promotion | direct inducements such as premiums, coupons, package inserts to tempt consumers to buy products
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| Public Relations | communication efforts directed at building goodwill and favorable attitudes in the minds of the public toward the organization and its products
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| Integrated Marketing Strategy | strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company's nonmarketing activities as well
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| Target Market | the particular group of people or organizations on which a firm's marketing efforts are focused
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| Market Segmentation | process of dividing a market into categories of customer types, or "segments," having similar wants and needs and who can be expected to show interest in the same products
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| Product Positioning | process of fixing, adapting, and communicating the nature of a product
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| Geographic Variables | geographic units that may be considered in developing a segmentation strategy
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| Geographic Segmentation | geographic units, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy
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| Demographic Variables | describe populations by identifying traits, such as age, income, gender, ethnic background, marital status, race, religion, and social class
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| Geo-Demographic Segmentation | using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy
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| Geo-Demographic Variables | combination of geographic and demographic traits used in developing a segmentation strategy
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| Psychographic Segmentation | segmentation strategy that uses psychographic characteristics to identify different market segmentations
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| Psychographic Variables | consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy
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| Behavioral Segmentation | a segmentation strategy that uses behavioral variables to identify different market segments
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| Behavioral Variables | behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy
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| Marketing Research | the study of what customers need and want and how best to meet those need and wants
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| Observation | research method that obtains data by watching and recording consumer behavior
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| Survey | research method of collecting consumer data using questionnaires, telephone calls, and face-to-face interviews
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| Focus Group | research method using a group of people from a target population who are asked their attitudes, opinions, and beliefs about a product in an open discussion
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| Experimentation | research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products
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| Consumer Behavior | study of the decision process by which people buy and consume products
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| Psychological influences | include an individual's motivations, perceptions, ability to learn, and attitudes that marketers use to study buying behavior
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| Personal Influences | include lifestyle, personality, and economic status that marketers use to study buying behavior
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| Social Influences | include family, opinion leaders (people whose opinions are sought by others), and such reference groups as friends, coworkers, and professional associates that marketers use to study buying behavior
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| Cultural Influences | include culture, subculture, and social class influences that marketers use to study buying behavior
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| Brand Loyalty | pattern of repeated consumer purchasing based on satisfaction with a product's performance
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| Evoked Set (or consideration set) | group of products consumers will consider buying as a result of information search
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| Rational Motives | reasons for purchasing a product that are based on a logical evaluation of product attributes
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| Emotional Motives | reasons for purchasing a product that are based on nonobjective factors
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| Service Companies Market | firms engaged in the business of providing services to the purchasing public
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| Industrial Market | organizational market consisting of firms that buy goods that are either converted into products or used during production
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| Reseller Market | organizational market consisting of intermediaries that buy and resell finished goods
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| Institutional Market | organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations
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| Viral Marketing | type of marketing that relies on the internet to spread information like a "virus," from person to person about products and ideas
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| Corporate Blogs | comments and opinions published on the Web by or for an organization to promote its activities
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