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| felt state of deprivation |
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| wants backed by buying power |
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| the set of actual and potential buyers of a product or service |
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| one of five marketing orientations, products are highly affordable, production and distribution efficiency |
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| one of five marketing orientations, best quality, performance, innovative features |
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| one of five marketing orientations |
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| one of five marketing orientations, know needs and wants of target market and focus on them |
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| decisions should consider consumers wants, and long run interests, and society;s long-run interests |
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| firms asking customers what they need and want |
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| firms observing customers in order to discover needs that customers either have not yet realized they have or have a difficulty expressing |
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Definition
1- Reduces cost of acquiring customers
2- reduce the cost of serving customers
3- helps firm identify unprofitable customers
4- facilitates experimentation/learning
5- helps firms measure ROMI
6- Allows the firm to focus marketing dollars |
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Term
| Customer Relationship Groups |
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Definition
| Friends, strangers, butterflies, barnacles, captives |
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| the total combined customer lifetime values of all of the company's customers |
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| 4 steps of Strategic Planning |
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Definition
1- Define company mission
2- setting company objectives and foals
3- designing the business portfolio
4- planning marketing and other functional strategies |
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| Boston Consulting Groups Strategy |
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Definition
Cash cow $, question mark ?, stars, dog
axis= market share, growth rate |
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| Memorize Harvard Marketing Framework |
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Definition
1- Understand value- analysis-5 C's
2- Creat Value- Strategy- STP, then 3- Marketing mix- 4 P's (capture value=Price)
4- Sustain value- CRM- Customer Acquisition, customer retention
5- PROFITS! |
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| Product/Market Expansion grid (4 ways) |
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Definition
Market Penetration- more sales without changing product
Market Development- develop new products
Product Development-offer modified or new products to current market
Diversification- start-up or buy businesses outside of its current products and markets |
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| information collected from specific purpose at hand |
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| information that already exists somewhere, having been collected for another purpose |
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| gathering preliminary information that will help define the problem and suggest hypothesis |
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| gathering information to describe things |
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| gather info to test hypotheses about cause and effect relationships |
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| Primary Research- stuff you casually discover |
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| used to gain insights that can later be used in survey research, also use this for complex questions that are not easily answered in survey format (describes problem) |
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| Primary Research- when asking questions doesn't work |
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| Primary Research- use this when descriptive information is needed |
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| Primary Research- use when it is important to track consumers over time |
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| Primary Research- use this when causal information is needed or to analyze cause and effect relationships |
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Definition
| when experiments don't work they provide insights for cause and effect when paired with data from the real world |
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Term
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Definition
•Form: Charcoal (Brands and varieties)
•Category: Grilling (gas, charcoal, pellet)
•Generic: Cooking (restaurant, stove-top, camp-fire, grill)
•Budget: Food (meat, veggies, snacks, desserts, etc.) |
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•Geographic
•Demographic
•Psychographic
•Behavior |
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Term
| 5 criteria for effective segments |
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Definition
| differentiable- differ from other segments, substantial- money, measurable- do we have data to identify the segments, accessible- can we get to them, actionable- can you put a face on it |
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Definition
| how the product is viewed by customers, what position it holds in their mind |
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| dividing the market into groups that require separate marketing strategies |
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| selecting segments you wish to target |
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| the attributes and features of a product that are unique to the product, meaning they are not found in other products in the category. The value is maximized when it reinforces the core. (credibility) |
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Definition
| standard or expected features(mind) |
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| functionality, a car must drive(heart) |
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Definition
| designing and producing the container or wrapper for a product- holds and protects the product |
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Definition
| labels or packaging enhancement identifies, describes, and promotes the brand and/or product |
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Term
| The Service Profit Chain: |
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Definition
1- Internal Service Quality
2- Satisfied and productive service employees
3- greater service value
4- satisfied and loyal customers
5- healthy service profits and growth |
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Definition
| sum total of all the touch points |
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| Branding=Position=Marketing |
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Term
| 6 attributes of a good brand name |
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Definition
1- suggestive of benefits
2- simple
3- distinct
4- extendability
5- translatable
6- defensible |
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Definition
| Procter and Gamble- lots of distinct brands |
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| Virgin- Virgin Airlines, Virgin Cellphones, Virgin Restaurants |
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| Major steps in the development ing – combining multiple products and selling them as a bundle; this can make the products in the bundle more attractive to a diverse customer population because low perceived value for A is offset by high perceived value for B in on customer and vice versa for anprocess |
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Definition
a.Idea Generation – brainstorming for new ideas
b.Idea Screening – dropping the worst and keeping the best ideas
c.Concept Development – testing ideas with consumers to gauge potential response
d.Marketing Strategy Development – STP and the 4 Ps
e.Business Analysis – Forecasting, cost analysis, profit and loss statement, etc.
f.Product Development – prototyping to determine feasibility and to discover and resolve potential problems
g.Market Testing – selling the product is select markets to gauge consumer response
h.Commercialization – full launch, full production, full advertising, etc. |
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Definition
a.Stage 1: Many, low-cost prototypes to inspire new ideas and to generate insights
b.Stage 2: Some medium-cost prototypes to evolve ideas and test complex concepts
c.Stage 3: Few high-cost prototypes to validate the final ideas and test with consumers and decision makers |
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Definition
| ethnographic techniques for observing potential users of a product; used by IDEO |
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Definition
| Deep dive, following a person throughout a short period of their life |
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Definition
| Deep dive, observing a space for a period of time |
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Definition
| Deep dive, observing the product through a period of its life |
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Definition
| a log of video entries created by a consumer; helpful when direct observation by the researcher is difficult |
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| Deep dive, telling stories, helpful in observing events that have already taken place |
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Definition
| Deep dive, group interview where group members are each an expert in some area related to the product of interest. |
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| used for problems with infinite possible solutions. |
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| Early adopters don't trust early majority |
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| new technology; focus on innovation and the “wow” factor |
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Definition
| new solution; focus on functionality and performance |
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| practical solution; focus on customer service and ease of use |
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| cheap solution; focus on supply chain |
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| don't chase; you can't provide a reason to buy; they buy when they are forced to. |
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Definition
| charging high prices to sell only to the least price sensitive customers, then reducing price to sell to the next level of price sensitivity, and so on. |
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Definition
| charging low prices in order to penetrate the market and gain large market share quickly |
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Definition
| setting multiple price points for a product by creating variants of the product to form a product line (e.g., iPod shuffle, iPod Nano, iPod Classic) |
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| Optional-product pricing – |
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Definition
| pricing options along with the main product to bring in more profit through limited customization (e.g., option packages sold with cars) |
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Term
| Captive-product pricing – |
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Definition
| setting a high price for proprietary complements to a main product (e.g., ink for printers, blades for razors, etc.) |
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Term
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Definition
| finding a market for by-products to offset the costs of disposing of them, thus allowing lower prices for the main product (e.g., ZooDoo: zoos selling sculptures made from the feces of the animals in the zoo after having altered there composition so that the feces are no longer harmful or soft). |
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Term
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Definition
| combining multiple products and selling them as a bundle; this can make the products in the bundle more attractive to a diverse customer population because low perceived value for A is offset by high perceived value for B in on customer and vice versa for another customer. |
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Term
| three ways channel members add value |
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Definition
| transactional value, logistical value, facilitating value |
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Term
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Definition
Vertical conflict- members of the channel at different levels
Horizontal conflict- between members of the channel at the same level |
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Definition
enabling exchange,
- negotiation, financing, risk taking, contact |
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Term
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Definition
| delivering products to the right place at the right time in the right quanity |
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Definition
making offerings attractive
- market research, communications, matching/customizing, service, relationship management, product assembly |
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Term
| Intermediaries in a channel |
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Definition
•Intensive – the manufacturer tries to sell the product through anyone and everyone who will carry it.
•Selective – The manufacturer choose a subset of distributors who are most consistent with the brand image they wish to portray for the product.
•Exclusive – only one retailer may sell the product in a given area (even if that area is small, like with StarBucks coffee). |
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Term
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Definition
-Advertising = 1st person; one-way communication
-Public Relations / Publicity = 3rd person; one-way communication
-Sales Promotion = short term incentives to purchase
-Direct Marketing = Two-way communication with delay
-Personal Selling = Two-way communication with immediate response |
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Term
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Definition
Market- to whom the communication is addressed
Mission- what is the objective of the intervention
Message- what are the specific points to be communicated
Media- Which vehicles will be used to execute on the goals
Money- How much will be spent in the effort
Measurement- how will impact be assessed after the campaign
(first 3 strategy, second 3 implementation) |
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Term
| AIDA- attention interest desire action |
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Definition
| Cognitive stage, Affective stage, Behavioral Stage (e.g., think, feel, do) |
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Definition
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Term
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Definition
| So much off per case, discounts for something in return |
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Term
| What can marketing managers do to get other talking about the brand? |
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Definition
| Product Placement, Event marketing, naming rights |
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Term
| Integrated Marketing Communications |
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Definition
| carefully integrating and coordinating the company's many communications channels to deliver clear, consistent, and compelling messages about the organization and its products |
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Term
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Definition
Advertising = 1st person; one-way communication
Public Relations / Publicity = 3rd person; one-way communication
Sales Promotion = short term incentives to purchase
Direct Marketing = Two-way communication with delay
Personal Selling = Two-way communication with immediate response |
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Term
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Definition
| any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor |
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Definition
| presentation by the firms sales force for the purpose of making sales and builing customer relationships |
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Term
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Definition
| gaining a good relationship with the public by obtaining positive publicity |
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Term
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Definition
| short-term incentives to encourage the purchase or sale of a product or service. |
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Term
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Definition
| Direct connections with carefully targeted individuals consumers to both obtain an immediate response and cultivate lasting CR |
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Term
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Definition
| all entities who participate in the flow of products from the manufacturer tot he final customer |
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Term
| Vertical Marketing Systems (3types) |
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Definition
Corporate
Contractual
Administered |
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Term
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Definition
| a vertical marketing system in which independent firms at different levels of production and distribution join together through contracts to obtain more economies or sales impact than they could achieve alone |
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Term
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Definition
| a vertical marketing system that combines successive stages of production and distribution under single ownership channel leadership is established through common ownership |
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Term
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Definition
| a vertical marketing system that coordinates successive stages of production and distribution, not through common ownership or contractual ties, but through the size and power of one of the parties |
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Term
| 6 steps of the segmenting process |
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Definition
1. basis for segmentation
2. develop profiles
3. measure attractiveness
4. choose target
5. differentiate offering
6. choose position |
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Term
| Criteria for effective segments (5) |
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Definition
Differentiable
Substantial
Measurable
Accessible
Actionable |
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Term
| Segmenting: Differentiable |
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Definition
| does segment behavior differ? |
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Term
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Definition
| what are segment profit potentials? |
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Term
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Definition
| is there data to identify segments? |
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Definition
| are there databases to access segments? |
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Definition
| can we put a "face" on the segment? |
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Term
| Choosing a target depends on what 2 things |
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Definition
1. Strategic fit with firm
2. Profitability Potential |
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