| Terms |
Definitions |
|
duka
|
store
|
|
dicit
|
he/she says
|
|
Extraneous Variables (7)
|
History*
Maturation*
Instrument Variation
Selection Bias
Mortality*
Testing Effects
Regression to the mean
|
|
Mass Marketing
|
Developing products and promotions to please large groups of people.
|
|
intermodal transportation
|
combining different transportation modes to get the best features of each
|
|
sampling
|
The process of selecting representative units from a total population
|
|
Warehousing
|
Wholesalers hold inventories, thereby reducing the inventory costs and risks of suppliers and customers
|
|
Promotion
|
Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response.
|
|
Demographics
|
description of a population according to characteristics such as age, gender, ethnicity, income, and occupation
|
|
Direct Marketing
|
non-personal media to introduce products that are bought via non-personal media
**ex: infomercials
QVC
|
|
lifestyles
|
An individuals's pattern of living expressed through activities, interests, and opinions
|
|
Geographic Demographics
|
Basic identifiable characteristics of towns, cities, states, regions, and countries.
|
|
reseller markets
|
Wholesaler and retailers resell products without reprocessing the productwholesalersretailers (medium number of organizations)
|
|
service mark
|
a trademark for a service
|
|
Product Planning
|
Developing and sustaining products, product assortments, product images, brands, packaging, and optional features; deleting faltering products.
|
|
channels of distribution
|
middlemen retailers walmart, saks
|
|
materials handling
|
"Physical handling of tangible goods, supplies, and resources."
|
|
franchising
|
An arrangement in which a supplier (franchiser) grants a dealer (franchisee) the right to sell products in exchange for some type of consideration
|
|
general merchandise wholesalers
|
a.k.a. "full-line" wholesalers, carry a broad assortment of merchandise and perform all channel functions
|
|
Place Utility
|
The benefits provided by making products available in the marketplace where the consumer can easily get them (created by distribution chain)
|
|
Innovators
|
the first group to adopt new products.
|
|
Causal Research
|
A technique that attempts to understand if independent (predictor) variables (e.g price, time of day or gender) affect a dependent (outcome) variable (sales)
|
|
brand rejection
|
potential customers won't buy it unless its image is changed.
|
|
customer value
|
the realationship between benefits and the sacrafice necessary to obtain those benefits.
|
|
product line
|
a group of closely related products
|
|
consists of electronic databases and non-electronic information and records of consumer and market information obtained from within the company
|
internal data
|
|
brand
|
a name, term, symbol, design, or combonation thereof that identifies a seller's products and differentiates them from competitors' products.
|
|
reliability
|
the ability to perform a service dependably, accurately, and consistently
|
|
baby boomers
|
-the generation of children born between 1946 and 1964-account for 56-58% of purchases in most consumer product and service categories-interests in concern for children and grandchildren, their own health, and their retirement-receptive to anything that makes them feel younger
|
|
share points
|
percentage of points of market share
|
|
Advertising used to keep consumers thinking about a product
|
Reminder advertising
|
|
What is perishability?
|
characteristic of a service that cannot be stored for future use.
|
|
boycott
|
A labor tactic that attempts to keep people from purchasing the products of a company.
|
|
Beneration X
|
Generation born directy after the baby boom. '65-77.
|
|
Channel Leader (Captain)
|
Channel management aspect where a member of marketing channel exercises authority and power over the activities of other channel members.
|
|
Viral Marketing
|
strategy to get Internet users to share ads and promotions with their friends
|
|
database marketing
|
The creation of a large computerized file of customers' and potential customers' profiles and purchase patterns.
|
|
Business Product Classes:
Professional Services
|
are specialized services that support a firm's operations
- usually expense items
- managers compare the cost of buying professional services outside the firm to the cost of having company people do them
|
|
complex buying behavior
|
Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands.
|
|
Costs that vary directly with the level of production.
|
Variable costs
|
|
Situation Segmentation
|
Is segmentation of markets based on purchase situation or occasion
|
|
Electronic Channels
|
All forms of service provision through electronic means (ATMs)
|
|
Body of the report
|
includes purpose, method, findings, conclusions, and limitations
|
|
In home personal interviews
|
adv- high quality informationdisadv- expensive (travel time and mileage costs)
|
|
What is Psychographic Segmentation?
|
Psychographic segmentation divides a population into groups that have similar psychological characteristics, values, and lifestyles.
|
|
market oriented focuses on
|
customer value, satisfaction and building relationships
|
|
Market orientation
|
The extent to which a firm's strategic thinking stems from looking outwards to consumer taste and needs
|
|
Homogenous Product
|
products that are the same or similar; easily substituted
|
|
Benefits from organizing a product line
|
Advertising economies, Package uniformity, Standardized components, Efficient sales and distribution, and Equivalent quality.
|
|
The wheel-of-retailing hypothesis
|
new stores offer lower prices to compete over time they improve and increase prices.
|
|
concentrated targeting strategy
|
A strategy in which an organization targets a single market segment using one marketing mix
|
|
Primary research data
|
Primary market data is data collected specifically for the market research project and obtained directly from the relevant source
|
|
A set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user.
|
Marketing channel (distribution channel)-
|
|
PERFORMANCE QUALITY
|
THE LEVEL AT WHICH A PRODUCT PERFORMS ITS FUNCTIONS
|
|
Decline stage
|
The stage of a product’s life cycle when sales fall rapidly.
|
|
A market that is divided into two major market segments.
|
Bifurcated Market
|
|
Identify audience, select objectives, design message, select content, select structure, message format, select media, select source, select feedback.
|
Steps in designing effective communications
|
|
Production orientation
|
is a term used by many writers to indicate an old-fashioned business that ignores customer tastes and needs
|
|
Strategic Channel Alliances
|
One firms marketing channel is used to sell another firms products
|
|
community shopping center
|
A shopping center with one or two department stores, some specialty stores, and convenience stores
|
|
persuasive labeling
|
Tries to promote a theme or logo, and doesn't provide useful info.
|
|
role of pricing
|
only P devoted to capturing the value of offerings (price decisions affect number of sales and how much money is earned)
|
|
A sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company's full line
|
Territorial based sales force structure
|
|
The service Encounter: Social Elements
|
includes employees as well as other customers-managing productivity-appropriate hiring/firing focus on training and using technology to your advantage.
|
|
environmental forces
|
social-demographic shifts -cultural changeseconomic-macroeconomic conditions -consumer incometechnological-changing technology -technology's impact on customer value -electronic business technologiescompetitive-alternative forms of competition -small businessregulatory-laws protecting competition -laws affecting marketing mix actions -self-regulation
|
|
How can marketers use the variable nature of services to their advantage?
|
By using a micromarketing strategy, ie: the geek squad. it is expensive to deliver though. Some service providers replace people with machines, which are good for simple transactions like getting cash.
|
|
environmental scan of today's marketplace shows the many important trends that influence marketing-economic
|
-shift to a global economy and the growing importance of China and India-baby boomers begin turning sixty and spending retirement funds-virtual online communities developing their own economies
|
|
what is needed to do implementation of a marketing plan
|
obtain resources and (human and financial) design the marketing organization (organizational structure)
develop schedules (time goals or milestones)
execute the marketing plan (go from strategy to tactical decision making
|
