Complete List of Terms and Definitions for Marketing 4
| Terms | Definitions |
|---|---|
| 34189 | Silver |
| 4 Consumer Characteristics: |
Cultural Psychological Pesonal Social |
| Pushing | using normal promotion effort‑‑personal selling, advertising, and sales promotion‑‑to help sell the whole marketing mix to possible channel members. |
| 3 benefits of packaging |
-communication -functional -perceptual |
| relationship marketing | Establishing long-term, mutually satisfying buyer-seller relationships |
| moa | market opportunity analysis: includes both demand and supply analyses, for segmenting and targeting |
| integrative growth strategies | backward integrationhorizonatal integrationforward integrationmanufacturer--wholesaler--retailer |
| Promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's products in some way. | Allowance |
| Department store | A large retail organization characterized by a wide product mix and organized into separate departmetsn to facilitate marketing efforts and internal management |
| Marketplace | The location where the buying/selling exchange can take place can be a store, mall, or online. |
| Coupons | Certificates that entitle customers to cash discounts on goods or services. |
| e-commerce | online transactions: selling good and services on the internet |
| co-branding | 2 companies brand something together (F-150 Harley Davidson) |
| Downsizing | Reducing the business portfolio by eliminating products or business units that are not profitable or that no longer fith the company's overall strategy. |
| Multichannel Marketing | Blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers. |
| What is management | current situation---> plan implement control ex. ads discounts, free samples---> desired situation |
| gathering, storing, and dispersing of products | logistical function |
| Catalog showroom | "A warehouse showroom in which consumers use catalogs to place orders for products, which are then filled directly in the warehouse area and picked up by buyers in the showroom" |
| _________ is the result of analysis given to decision makers. | Output |
| Subculture | group of people with shared value systems based on common life experiences (baby boomers, asian-american, hispanic |
| Services | Are acts or efforts exchanged without ownerships rights |
| Disintermediation | channel conflict that arises when a channel member bypasses another member and sells or buys products direct |
| Consumer Behavior | The process involved when individuals or groups select, purchase, use and dispose of goods & services to satisfy their needs |
| production concept | available and affordable (used today in early life cycle stage, shortage of necessitates, high cost, volatile fads) oldest concept |
| customer insights | Fresh understanding of customers and the marketplace derived from marketing information that become the basis for creating customer value and relationships. |
| Idea Generation | Seeking product ideas to achieve organizational objectives |
| posttesting | recall adn attitude tests adn inquiry evaluations to assess the effectiveness of an ad campaign. |
| diversification growth | developing growth by acquiring other businesses not directly related to exisiting operations |
| Recoding | Using a computer to convert original codes to codes that are more suitable for analysis |
| direct marketing | direct communication between a seller and an individual customer using a promotion method other than face-to-face personal selling, most are designed to generate a direct response from consumers |
| Advertising for an organization rather than for its products | institutional advertising |
| brand form | sim. products satisfy indentical needs suv v suv |
| Syndicated Service |
-used when some projects are too expensive to perform in-house -a marketing research supplier that provides standardized information for many clients in return for a fee. -can provide expensive info economically to numerous clients. -standardized info, measure media audiences, wholesale and retail distribution data. -Example: JD Power sells research about customers' ratings of cars quality and reasons for satisfaction. |
| Postitioning | makes it easier for the consumer to buy |
| Marketing Channel | Individuals and firms involved in the proces of making product or service available for use or consumption by consumers or industrial users. |
| Key U.S. demographic trends |
1.Changing AGE structure 2. Canging FAMILY structure 3. Geographic Structure 4. Change in EDUCATION level 5. Change in ethnic and racial diversity |
| Affordable Method | Setting the promotion budget at the level management thinks the company can afford. |
| virtual offices | networks of workers connected by the lastest technology |
| personality | A set of internal traits and distinct behavioral tendencies that result in consistent patterns of behavior |
| Threats | Threats are any aspect of the external environment which cause problems and which may prevent achievement of objectives. Almost by definition, what presents a threat to one business offers an opportunity to other businesses. |
| marketing strategy development | designing an initial market strategy for a new product based on the product concept |
| Marketing Objectives | generally stated in a firms marketing planachieved through overall marketing planquantifiable such as sales, market share, ROITo be acomplished in a given period of timeMust be realistic and attainable to be effective |
| Contractual VMS | A vertical marketing system in which indepedent firms at different levels of production and distribution join together through contracts to obtain more economies or sales impact than they could acheive alone. |
| Primary Data | Percent change in the number of demanded relative to the percent change in price. |
| Product Development | Determining if producing a product is technically feasible and cost effective. |
| cash cow | a business that generates more cash than it needs to maintain a market share |
| Personal Selling | Planned presenation to one of more prospective buyers for the purpose of making a sale. |
| Product line pricing, optional-product pricing, captive-product pricing, by-product pricing, and product bundle pricing. | Product Mix Pricing Strategies |
| Catalog marketing | "A type of marketing in which an organization provides a catalog from which customers make selections and place orders by mail, telephone or the internet" |
| Buzz Marketing | relying on customers to talk to family and friends about experience |
| Optional product pricing | The pricing of optional or accessory products along with a main product.Ie. Cars: can have more features (GPS, leather intererior ect.) |
| Reminder Institutional advertisments | bring company's name to the attention of the target market again |
| consumer buying decison process | A five-stage purchase decision process that includes problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation |
| why study marketing? | plays an important role in society, important to buisness, carrer opp, affect everyday life. |
| What is an ANOVA analysis? | Analysis involving the investigation of the side effects of 1 treatment variable on an interval-sealed dependent variable; a hypothesis-testing technique to determine whether statistically significant differences on means occur among 3 or more groups. |
| Trial | The initial purchase of a product by a consumer. |
| pure competition | in which every company has a similar product-companies that deal in commodities common to agribusiness(ex:wheat,rice,and grain) often are in a pure competition position in which distribution(shipping products) is important but other elements of marketing have little impact |
| advertising strengths & weaknesses |
STRENGTH = efficient for reaching large numbers WEAKNESS = high costs, difficult to receive good feedback |
| Wal-Mart strategy in economic downturn: |
Win/Play/Draw win- low prices on hot products play- feature hot sellers draw- keep stock of one-stop-shopping essentials |
| Companies target segments because | It enables companies to more closely meet needs and the desires of potential customersIt increases sales & profits |
| Target Return-on-Sales Pricing | setting a price to achieve a profit that is a specified percentage of the sales volume |
| Millennials (Generation Y) | The 83 million children of the baby boomers born between 1977 and 2000. |
| Width vs. Depth | Depth is the number of product items in a product line. While width is the number of product lines carried by the company. |
| If buyers have the same tastes, buy a product in the same amounts, and react the same way to marketing efforts, undifferentiated marketing is appropriate. | Market Homogeneity |
| boutique / specialized / limited service agency | limited in product, market, function (ex. for women, creative but not media placement or vice versa) |
| Gross National Product (GNP) | The value of all goods and services produces by a countries citizens or organizations, whether located within the country's borders or not. |
| What are the three types of organizations? | for profit firms, nonprofit organizations, government agencies |
| what is a trade deficit? | when a country imports more goods than it exports |
| what are the components that come together to form the ultimate value proposition? | customer value, company value and collaborator value |
| How do marketers introduce ethics in the implementing phase? | a firms target market can lead to charges of unethical behavior. groups may be responsive to the firms efforts and still not represent an appropriate target market, thus the firm can serve this market but should not. ex P and G serving with limited too. souring decisions also pose a problem. who is responsible for ensuring safe work enviroment? once a strategy is implemented controls must be in place |
| 33779 | Purple |
| Warehousing | provides time utility |
| Business Districts | Traditional downtown area |
| implementation | when assignments become exectuted |
| segmentation variables |
characteristics of individuals, groups, organizations used to divide market into segments location age gender etc... |
| customer equity | equals SUM(customer lifetime value) |
| Coffins and Root Canals | Unsought Goods |
| price deals that mislead consumers | deceptive pricing |
| Manufacturers agent | An independent intermediary that represents two or more sellers and ussually offers customers complete prodct lines |
| Marketing Mix | includes four basic marketing strategies called the four P’s. These are tools marketing professions or businesses use in order to influence potential customers. |
| Scrambled Merchandising | offering several unrelated product lines in a single store |
| indirect relationships | basic relationships througha) brand nameb) basic customer servicec) website or online community |
| Influencing Factors on Pricing | Customer FactorsIndustry/Competitive FactorsChannel of Distribution FactorsCompany FactorsSocial/Legal Factors |
| marketing implementation | process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives |
| empowerment | Delegation of authority to solve customers' problems quickly - usally the first person that the customer notifies regarding a problem |
| newness from the consumers perspective? |
continuous innovation dynamically continuous innovation discountinuous innovation |
| Approach | The manner in which a salesperson contacts a potential customer |
| Promotion | Businesses use this element of the marketing mix to provide information and assistance. |
| financing | the necessar cash and credit to produce, transport, store, promote, sell, and buy products |
| Psychological Pricing | Pricing that considers the psychology of prices not simply the ecnomics the price says something about the product. perfume |
| Retailer | adds and subtracts value from the offer through:-their image,other products,service,location,other policy belong to the distribution channel |
| telephone survey | A research method in which respondents' answers to a questionnaire are recorded by interviewers on the phone |
| Portfolio Analysis | Tool by which management identifies and evaluates the various businesses that make up the company. BCG Matrix, and GE Matrix. |
| Promotion Mix | A combination of promotional methods used to promote a specific product |
| Micromarkets | Are very small market segments such as zip code areas or even neighborhoods |
| Consumerism | organized efforts on the part of consumer groups or governments to improve rights and power of buyers. |
| Customer Service | Ability of logistics managements to satisfy users in terms of time, dependability, communication and convenience. |
| The difference between total customer value and total customer cost (eg)fed ex/dhl VS canada post. | Customer Satisifaction |
| Environmental Trends | shortages of raw materials, increased pollution, increased government intervention |
| problem child | phone/palm rapid growth poor profit high growth low dominance |
| distribution | the process by which you get your product to that place |
| advertising appropriation | The advertising budget for a specific time period |
| Selling agents | Represent a single producer and are responsible for the entire marketing function of that producer |
| Pershability | cannot store a service for later use -capacity management- s company adjust their service to match supply and demand ex. hotel off-season discounts |
| Benefits of Supply Chain Management | Lower inventory, transportation, warehousing, and packaging costs; greater chain flexibility, inproved customer service, and higher revenues. |
| (4) Making the Presentation |
*attract & hold prospect's attention *stimulate interest -talk AND listen - determine needs! |
| Augmented Product | Consists of the actual product plus other supporting features, such as warranty,credit,delivery,installation,and repair service after the sale |
| Sales forecast | The sales forecast is the expected level of company sales based on a chosen marketing plan and an assumed marketing environment. |
| product-form pricing | different versions of the product are priced differently but not accoring to differences in their costs |
| DEPARTMENT STORE | A RETAIL ORGANIZATION THAT CARRIES A WIDE VARIETY OF PRODUCT LINES |
| value chain | series of departments that carry out value-creating activities to design, produce, market, deliver and support a firm's products |
| Media mix deciders | Cost per contact, reach, frequency, audience selectivity |
| nonprobability sampling | use arbitraty judgments to select the sample so the chance of selecting particular element may be unknown or 0 |
| Giving buyers a too narrow picture of the company. | Over-positioning |
| Loyalty Marketing Program | A promotional program designed to build long term mutually beneficial relationships between a company and key customers |
| 3 Recession Marketing Strategies: |
1. improve existing products and introduce new ones 2. maintain and expand customer services 3. emphasize top-of-the-line products and promote product value |
| advertising platform | Basic issues or selling points to be included in an advertising campaign |
| Advantages of manufacturers agent |
- Possess technical and market information -Established set of customers -Serve as substitute for a sales force |
| Specialty Store | A retail store that carries a narrow product line with a deep assortment within that line |
| Art director | the person responsible for how the ad will look |
| 6 Stages of Adoption | Awareness- providing the customer with info. Interest- the customer want to know more Evaluation-the customer weighs the cost and benefits Trial-trying the product on a small scale adoption-customer buys the product Confirmation-customer determines satisfactions |
| Requirements for marketing exchange |
requires two or more parties each party must have something of value to exchange with the other each party must be able to give up its thing of value OR be free to reject the offer- voluntary the ability to communicat |
| When a researcher uses a table of random numbers to select a sample, this is called ______ sampling. | simple random |
| What step of the market research process?: Obtain secondary data, obtain primary data, use information technology and data mining. | Collect relevant information |
| consumer confidence index | higher the index, the more favorable are consumer expectations |
| 5 criteria for a good brand name |
-describes product benefits -memorable, distinctive and positive -fit the product and company image -no legal restrictions -simple, appeal to emotions |
| major channels for direct marketing | direct mail (Letters, ads, brochures, samples, CDs, DVDs, Faxes, emails, voicemails, texts, automated), telemarketing; catalog marketing (specialized; many web-based); TV marketing (Infomercials and Home Shopping Networks Mass Media) |
| dealer loader | A gift, often part of a display, given to a retailer that purchases a specified quantity of merchandise |
| Effects of the future of Retailing | Virtual vs. traditional channels Continued evolution Total entertainment experienced |
| experience curve (learning curve) | the drop in the average per-unit production cost that comes with accumulated production experience |
| Brand Name | A word, letter, or a group of words or letters that differentiates one seller’s goods from a competitor’s. |
| generic business strategy | can be adopted by any firm, regardless of the product or industry involved, to achieve a competitive advantage |
| what is the diversification strategy? | firm introduces a new product or service to a market segment it does not currently serve. ex: related or unrelated. |
| Foreign Corrupt Practices act | passed in 1977 prohibits US firms from paying bribes to foreign officials. |
| How much was spent on sales promotions in 2007? Was this greater or less than amount spent on advertising? |
-$307 billion -greater than advertising |
| Who has been slow to adopt the marketing concept? | Producers of Industrial Commodities (steel, coal, paper) and service industries (airlines, power companies, banks) |
| Setting price to break even on the costs of making and marketing a product; or setting price to make a target profit. | Breakeven Pricing (target profit pricing) |
| What is the most important of the 5 c's of price? | consumers; consumers want value, and price is half of the value of the equation. |
