Term
| Ricco's 6 P's of marketing |
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Definition
| People, Product, Price, Promotion, Place, Plantiff, |
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Term
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Definition
| theory that represents exactly how much each customer is worth in monetary terms |
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Term
| Macroenvironment vs Microenvironment |
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Definition
| MACRO-demographic,economic, natural, technological, political, cultural MICRO-suppliers, marketing intermediaries, competitors, publics, customers |
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Term
| Basic Market Preference Patterns |
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Definition
Homogeneous (one big patch)
Diffused (spread randomly)
Clustered (patches) ie fashionistas, |
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Term
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Definition
Broad------>Narrow
mass marketing->segmented marketing->Niche marketing->individual marketing |
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Term
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Definition
| A marketing strategy that is developed by thinking about the business as a whole, its place in the broader economy and society, and in the lives of its customers. |
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Term
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Definition
Balancing what the information users would like to have, against what they need and is feasible to get
A well defined problem is half solved |
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Term
| Factors influencing Consumers Behavior |
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Definition
| Cultural, Social, Personal, Psychological |
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Term
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Definition
| incorporating senses into the product |
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Term
| Levels of Products and Services |
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Definition
| Augmented product, Actual product, Core customer value |
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Term
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Definition
| is the differential effect that the brand name has on customer response to the product and its marketing |
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Term
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Definition
| Identify the maker, offer legal protection, signify quality, secure price premium |
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Term
| Hypothetical Brand Market Structure |
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Definition
10% Market Nichers
20% Market followers
30% Market Challengers
40% Market Leader |
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Term
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Definition
| the 30% extra sales that companies like amazon can sell due to large inventories with few sales of each |
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Term
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Definition
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Term
| Types of consumer products |
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Definition
Convenience product (frequent and immediate)
Shopping Product (customer compares price & quality to other products)
Specialty Product (willing to make a special purchase effort)
Unsought Product (not thought of very often)
Consumer Product (bought by person)
Industrial Product (bought by company) |
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