Complete List of Terms and Definitions for Marketing
| Terms | Definitions |
|---|---|
| external | (adj): out side |
| inflation | (n): lam phat |
| prospect |
(n) toan canh trien vong |
| Extranets | use internet based technologies, permit communication between a company and its suppliers, distributors and other partners |
| Legal Forces | (n) luc luong phap ly |
| Self-actualization | According to Maslows Hierarchy of Needs theory, the need for fulfilment, for realizing one's own potential, and for fully using one's talents and capabilities are examples of __________ needs. |
| supplier | (n): nguoi cung cap, nguoi tiep the |
| The external environment | Marketing managers cannot control ____, but they can at times influence it. |
| Classical conditioning | Providing free samples of perfumes (scent) in magazines is an example of which of the following? |
| Macroenvironment | the larger societal forces that affect the microenvironment |
| Must be continually monitored by marketing managers | The external environment |
| Routine buying | Which of the following consumer buying behaviours requires the LEAST effort? |
| Publics | Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives |
| Socio Cultural Forces | (n) luc luong van hoa xa hoi |
| Fewer people are getting married | With analyzing consumer lifecycles, marketers look at consumers in differing stages of their life. Many models upon which these are based were developed in the 1960s. Since then a lot has changed in 'consumer lifecycles'. Which emerging trends should marketers take into consideration? |
| Disposable Income | the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation |
| Generation Coherts | Baby Boomers 1946 - 1964 Generation X 1965 - 1976 Generation Y 1977 – 1994 |
| Use of an undifferentiated one-size-fits-all marketing strategy | Which of the following is typically NOT a result of recognizing the importance of ethnic groups by marketers? |
| Lower-level needs must be at least partially satisfied before higher needs can affect behaviour | Which of the following is an assumption in Maslow's hierarchy of needs? |
| process | marketing is a _________. |
| Diffusion factors | Relative advantage, compatibility, complexity, trialbility, observability |
| Globalization | the increasing integration of th eworld economy |
| Deceptive pricing | always having a sale, illegal |
| publicity | the unpaid mention of a business |
| Risk Management | strategy to offset business risk |
| tertiary market | the industry segment that includes retail buisness such as stores. |
| Fashion | the pervailing type of clothing that is favored by a large segment of the public at a given time. |
| Cultural pollution | Advertisement on billboard on scenic highways, brings in revenue. |
| Promotion | A television commercial would be an example of the 3rd "P" in the marketing mix. What is the 3rd "P" |
| surplus | when there is more supply than demand |
| garment parts | components of garments, such as the sleeves, cuffs, collars, waistband, etc. |
| Craze | the passing love for a new fashion that is accompanied by a display of emotion or crowd excitement. |
| corporation | a buisness that is characters by the state and legally operates from the owners or owner. |
| garmet parts | components of garments, such as the sleeves, cuffs, collar, waistband, etc. |
| Dynamic pricing | adjusting how much your product sold on demand first one sold cheap, the next go up. |
| marketing concept | satisfying customers needs in order to make a profit |
| trade surplus | a country exports more than they import |
| mass fashion | styles that are produced in volume and widely sold at lower prices |
| Balance of trade | is the relationship between a countrys imports and exports and it affects the economic health of a country |
| Ford | A style or design that is produced at the same time by many different manufactures at many different prices. |
| Target cost pricing | customer will pay a certain price we think they're willing to pay with little mark up. |
| sawa | reasonable |
| Deparment Store | Macys |
| Experimental Settings (2) |
In Field Laboratory |
| Cross- Tabulation | A method of analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions. |
| product/service management | obtaining, developing, maintaining, and improving a product or service. |
| segmentation variables | Characteristics of individuals, groups, or organizations used to divide a market into segments |
| Sales Manager | Organizes, develops, directs, controls, evaluates sales force |
| Discount Store Ware house | Sams club |
| Technology | inventions from applied science of engineering research |
| Logistics functions | Order Processing Warehousing Material handling Transportation Inventory Control |
| selective retention | Remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not |
| person marketing | activities undertaken to create, maintain, or change attitudes or behavior toward particular people |
| Direct marketing | Direct communications with carefully targetd individual consumers to obtain an immediate response. |
| responsiveness | the ability to provide prompt serivice |
| marketing planning | designing activities relating to marketing objectives and the changing marketing environment. |
| product | what business offers to prospective buyers |
| drop shipper | A limited service wholesaler that takes title to goods and negotiates sales but never actually takes possession of products |
| support personnel | Sales staff members who facilitate selling but usually are not involved solely with making sales |
| What intermediary is used in both consumer and business goods? | agents |
| Form Utility | The benefits created by transforming the raw materials into the finished products (created by engineering and manufacturing) |
| Pulling | using promotion to get consumers to ask intermediaries for the product. |
| Ethnographic Study | A detailed report based on observations of people in their own homes or communities, and how they use the product or product category in question. Researchers live with the subjects- ex. attending monster truck shows to observe. |
| quality | a product's ability to satisfy a customer's needs or requirements. |
|
Market Orientation |
satisfy customers needs and wants while meeting the companies objectives |
| White Spaces | Marketing niches without products to meet needs, GM coined the term |
| information collected for the specific purpose at hand | primary data |
| Product | Everything, good and bad, that is gained in an exchage |
| Custom Marketing Strategy | approach that tailors specific products and the messages about them to individual customers |
| tying arrangement | whereby a seller requires the purchaser of one product to also buy another item in the line-these contracts may be illegal when the seller has such economic power in the tying product that the seller can restrain trade in the tied product |
| sales quota | specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated period |
| Useful articles imprinted with an advertiser's name, given as gifts to consumers | Advertising Specialties |
| What is price? | Overall sacrifice a consumer is willing to make, money, time, energy to acquire a specific product or service. |
| Mission Statement | a formal statement in an organizations strategic plan that describes overall purpose of the organization and what it intends to achieve in terms of customers products and resources |
| Laddering Down | providing a reason to believe a benefit in order to enhance competitive based positioningex: Lexus shows quality steel frame to enhance benefit that it is high quality |
| establishing marketing communications objectives(the second step of a promotions opportunity analysis) | Communication objectives help account executives and advertising creatives design effective messages.communication objectives:-develop brand awareness-increase category demand-change customer beliefs or attitudes-enhance purchase actions-encourage purchase actions-build customer traffic-enhance firm image-increase market share-increase sales-reinforce purchase decisionsMarketing objectives address:-sales volume-market share-profits-return on investments |
| Producer Factors | The producer itself can influence the distribution channel for a particular product. Example: producers with large financial, managerial, and marketing resources are better able to support direct channels. Smaller firms rely on intermediaries. |
| production life cycle | introduction- to inform, growth- to persuade, maturity- to remind |
| Metro-sexual:a new segmentation buzzword | sensitiveeducated in touch with feminine side |
|
Magnuson-Moss Act of 1975 |
producers must provide a clearly written warranty if they choose to offer any warranty - does not have to be strong , but as the Federal Trade Commission (FTC) guidelines try to ensure warranties should be clear and definite and not deceptive and unfair |
| marketing program | a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers |
| An independent logistics provider that performs any or all of the functions required to get its clients product to market. | Third-party logistics (3PL) provider |
| Geographic Segmentation | Is the division of groups of consumers into segments based on where those consumers live |
| Benefits of Franchisees | 1. expand business and revenues2. Maintain consistency3. Gain knowledge of local market4. Share financial risk |
| idea marketing | marketing activities that seek to gain market share for a concept, philosophy, belief, or issue by using elements of the marketing mix to create or change a target markets attitude or behavior |
| horizontal vs. vertical arrangements | vertical arrangements (between firms at different levels) are legal, horizontal arrangements (between firms at same level) are illegal |
| Sample frame | a master list of the entire population |
| customer value | value goods and services that are expected and sold at prices willing to pay |
| Contribution Pricing | The setting of prices based on the principle that as long as an item is sold for more than the variable cost, it is making a contrabution towards the overheads of a business |
| Test markets provide the following information (4) |
estimate market share volume cannibalization rate (effects on current products) characteristics of consumers/refine marketing behaviour of competitors |
| product form pricing | different versions of the product are priced pdifferntly but not according to difference in their costs. water costs a certain price at the supermarket, but at a concert its a tottaly different price. |
| Team Selling | Using teams of people to form sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts. |
| random error | An error that occurs when the selected sample is an imperfect representation of the overall population. |
| Quota sampling | A sampling method in which the final choice of respondents is left to the interviewers, who base their choices on two or three variables (such as age, sex and education). |
| A retail store that carries a narrow product line with a deep assortment within that line. | specialty store |
| "DISRUPTIVE COMPETITORS" | BREAK THE RULES, TRY TO BUY SHARE RATHER THAN EARN IT, TAKE LARGE RISKS, & SHAKE UP THE INDUSTRY. |
| All of the consumers who will purchase a particular product or service comprise a(n)_______. | economic market. |
| tariff | tax levied n a good imported to a country (duty) |
| societal marketing orientation | satisfy customers but enhance ind. and society's best interest |
| Above The Line Promotion | Promotion is the advertising of a product/service through consumer media e.g. T.V radio |
| Manufacturers' Sales Branches | Warehouses that producers set up at a separate location away from their factories. |
| superregional shopping center | A type of shopping center with the largest department stores, the widest product mix, and the deepest product lines of all shopping centers |
| channel power, control, and leader | power-power to influence behavior of another channel membercontrol-actually influencingleader-person who actually does the influencing |
| It is a set of actual and potential buyers of a product or a service. | Marketing managment? |
| nature and nautral resouces 2 ares | weather and limate natural resources |
| Product Assortment or Product Mix | the complete set of all products offered by a firm |
| alternative forms of competition | four basic forms of competition form a continuum from pure competition to monopolistic competition to oligopoly to pure monopoly |
| a key part of any strategy is to | determine customer expectations. from a retailers perspective, it is important to know from which manufacturers want to buy. manufacturers in contrast need to know where their target market customers expect to find their products and those of their competitors. |
| FOB (free on board) pricing | The seller pays to have the product loaded on a transportation vehicle at which time the title is transferred to the buyer, who pays shipping and is responsible for the product at that point. |
| 3 most common message appeals in an ad |
1. fear appeal 2. sex appeal 3. humorous appeal |
| finis | end |
| What is SWOT? |
Strengths Weaknesses Opportunities Risks |
| market segment |
individuals, groups, organizations share one or more similar characteristics, therefor having similiar product needs |
| Describing the competitive environmentForecasting the future competitive environmentChallenging the underlying assumptionsIdentifying and compensating for exposed weaknessesAdjusting strategy to the changing environmentDetermining when strategy is no long | OSINT |
| Implementation | Putting marketing plans into operation. |
| Commercialization | not guaranteedLaunch the product-full scale production -Distribution -advertising -Sales promotion-and more |
| 4 stages of a product | IntroductoryGrowthMaturityDecline |
| sherman anti-trust act | breaks up monopolies |
| Megacarrier | A freight transportation firm that provides several modes of shipment |
| Segmenting | Clustering people with similar needs into a "market segment." |
| Salesperson | An individual representing a company to customers by performing or or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building |
| demand analysis | includes market segmentation analyses to describe and evaluate potential profitability, sustainability, accessibility, and size of various and potential segments |
| Cultural Sanction | performing not gratifying or culturally inconsistent behavior |
| Product Manger | Develops goals, objectives, plans, strategies, marketing mixes for product line or brand |
| Door-in-the-face | Asking participant for something too large so that the next request seems reasonable |
| seniors | make america's fastest growing group more likely to complain need special attention and take time browsing before making a purchasing decision |
| 3 Economic Factors |
1. consumer's income 2. inflation 3. recession |
| prestige sensitive | Drawn to products that signify prominence and status |
| sales promotion | An activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it |
| Experimental Research | gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for difference in group response (best for cause and effect relationships |
| Technological Trends |
1. Rapidly changing 2. creates new mkt. opps 3. renders existing products/ technologies obsolete |
| Types of Independent intermediaries | Merchant Wholesalers Merchant Agents/BrokersManufacturer-Owned Intermediaries |
| Learning | Knowledge or skill acquirred as a result of experience |
| mass customization | the internet's unique ability to customize marketing mixes electronically and automatically to the individual level |
| Competitive Environment |
the competitive environment refers to all firms that market similar or substitutable products ex. product competition, brand competition |
| Brand Loyalty | A customer's favorable attitude toward a specific brand |
| Discount | A straight reduction in price on purchases during a stated period of time. |
| timing | *planning must occur well in advance of the activity*if put off until last minute = negative side effects |
| segmenting markets by age, gender, income, ethnic background, and family life cycle. | demographic segmentation |
| LFM: truck wholesaler | They specialize in delivering productsâat a cost--that they stock in their own trucks |
| branding | organization's use of a name, phrase, design, symbol or combination of these to identify and distinguish its products |
| 3 pillars of marketing | customer orientation integrated marketing customer satisfaction |
| What is benchmarking? | Process of comparing your product against the competitors |
| Position Sentence 1 | For (target consumer),who (state the need or the opportunity),(your product) is a (fill in the product category)that (state your key benefit, or the compelling reason customers will buy it) |
| Time utility | Availability of good or service when people want them |
| Share of customer | The portion of the customer's purchasing that a company gets in its product categories |
| Personal Selling | A company rep. interacts directly with a prospective customer -personal touch -selling/sales management jobs-great for college grads. offers a lot of mobility |
| SWOT Analysis | An overall evaluation of the company's strengths, weaknesses, opportunities, and threats. |
| probing method | sales reps initally attempt to obtain commitment by another method, if unsuccessful, the salesperson uses a series of questions designed to discover the reason for hesitation |
| Penetration strategy | A marketing strategy based on low prices and extensive advertising to increase a product's market share. For penetration strategy to be effective the market will have to be large enough for the seller to be able to sustain low profit margins. |
| Grameen Bank | Bank in Bangladesh that specialized in micro-finance and micro-loans. Worked on a system of trust as collateral. if one person in a community defaulted on a loan the whole community was cut off. Community would pull together to make payments |
| The product life-cycle stage in which the new product is first distributed and made available for purchase. | introduction stage |
| subculture | a group of people with shared value systems based on common life experiences and situations |
| Unsought Products | Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying. |
| dog | business w low growth potential and a small market share. |
| Utility | a. Time b. Place c. Form d. Posession |
| cost competitive advantage | being lowest cost competitor while maintaining satisfactory profit margins... WALMART |
| press conference | A meeting used to announce major news events |
| Separation in Values | Producers value goods and services in terms of of costs and competitive prices while consumers value utility and ability to pay. |
| contractual channel systems | the channel members agree by contract to cooperate with each other. |
| reach | is the total number of people who see an ad. |
| win-win not yet | buying team achieves its goals while the selling team doesn't. sellers expect to achieve their goals in the near future |
| niche competitive advantage | seeks to tarket and effectively serve a single segment of the market |
| What are the social influences? | 1. Culture2. Subculture3. Social class4. Group memberships |
| Challenges of Franchisees | 1. Difficult to maintain and motivate franchisees2. Highly publicized disputes and conflicts3. Customer relationship controlled by intermediary |
| 1. Distance metric2.joining rule3.permanent joining 4.small data sets | What are characteristics of K-means cluster analysis? |
| promotion decision process (3 steps) |
1. developing (initial planning) 2. executing (implementation) 3. evaluating (posttest and changes made, control) |
| A measure of the sensitivity of demand to changes in price. The percentage change in units sold divided by the percentage change in price. | Price Elasticity |
| A powerfull brand gives a company power to build a strong foundation and gives the company what? | Brand Loyalty (Loyal Customers) |
| Leagile Supply Chain Strategy | SCM strategy that combines the best elements of lean and agiels strategies for a particulr product/market combination. |
| sustainable competitive advantage | one that cannot be copied by the competition |
| Customer Experience Management | The process of man- aging the entire customer experience within the firm |
| What is the Marketing Company Era? | Integrates consumer research and analysis into all efforts. Research is always consulted before making decisions on products. |
| is an item consumed in one or a few uses, such as fuel or food | nondurable goods |
| Assumptive or minor-points close | acts as if the purchase is inevitable with only a few small details to be settled |
| 6 Questions about Ethics and Marketing |
1. Products: are they safe, manufactured from sustainable materials, and produced under responsible conditions of employment? 2. Advertising: is it honest, accurate, and culturally acceptable? Is the wording on packaging honest and accurate? 3. Pricing: does it offer value for money as well as generate profits? 4. Selling: is it free from misleading and high-pressure tactics? 5. Distribution: does it ensure fair access to products and services 6. Customer Service: does it meet customer requirements and makes it easy to resolve disputes. |
| What are 5 government actions that can be taken? | Quota, boycott, exchange control, trade agreement, tariff |
| What are the 4 elements of SWOT Analysis? | Strength, Weakness, Opportunity and Threat |
| response rates for different forms of direct marketing | email- most usage & least response by far; direct mail- 2nd most usage & greater response (less than catalogs); catalog highest response but not high usage (& same w/ telemarketing w/ a little less for both) |
