Term
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Definition
| buyers will favour producst that are widely available and highly affordable |
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Term
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Definition
| form of human needs that take shape by culture & individual society |
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Term
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Definition
| wants backed by buying power |
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Term
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Definition
| idea that the market will not buy enough of the firm's products unless it undertakes a large-scale selling effort |
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Term
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Definition
| idea that buyers will favour products that offer the most in qulity, performance, and innovative features |
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Term
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Definition
| achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do |
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Term
| Societal Marketing Concept |
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Definition
| marketing strategy should deliver value to the organizations's customers in a way that maintains or improves well-being of society |
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Term
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Definition
| process of developing and maintaning a strategic fit between the organization's goals and capabilities and its changing market opportunities |
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Term
| Strategic Business Unit (SBU) |
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Definition
| unit of the company that has its own mission and objectives and that can be planned independently from other company businesses |
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Term
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Definition
| chain that links service firm profits with employee and customer satisfaction |
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Term
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Definition
| marketing by a service firm to a train and effectively motivate its customer-contact employees and all the supporting service people to do work as a team to provide customer satisfaction |
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Term
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Definition
| marketing by a service firm that recognizes that perceived service quality depends heavily on the quality of buyer-seller interaction |
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Term
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Definition
| lifespan of a new product, from its development to its eventual decline |
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Term
| 5 Stages of Product Life Cycle |
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Definition
1. Development
2. Introduction
3. Growth
4. Maturity
5. Decline |
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Term
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Definition
| organized movement of concerned citizens, businesses, and government agencies working to protect and improve the natural environment |
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Term
| Environmental Sustainability |
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Definition
| management approach that involves developing strategies that both sustain the environment and produce profits for the company |
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Term
| Marketing Skimming Pricing |
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Definition
| setting a high price for a new product to skim max revenues layer by later form the segments willing to pay the price |
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Term
| Market Penetration Pricing |
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Definition
| strategy that sets a low price for a new prodcut to attract a segment of buyers, then raises the price |
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Term
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Definition
| product that offers the buyer prestige in exchange for a high price |
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Term
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Definition
| offering to sell an optional or accessory product along with their main product |
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Term
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Definition
| setting a price for products that must be purchased along with a main product |
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Term
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Definition
| company seeks a market for byproducts to help offset the costs of disposing of them and to help make the price of the main product more competitive |
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Term
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Definition
| when marketers group more than one prodcut together and charge a price for the set |
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Term
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Definition
| organized movement of citizens and government agencies to improve the right and power of buyers in relation to sellers |
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Term
| Traditional Sellers Rights |
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Definition
-right to introduce any product in any size and style
-right to charge any price for the product
-right to spend any amount to promote the product
-right to use any product message
-right to use any buying incentive schemes |
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Term
| Fundamental Consumer Rights |
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Definition
-right to safety
-right to be informed
-right to choose
-right to be heard
-right to redress against damage
-right to consumer education |
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Term
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Definition
| all the actors and forces outside the marketing department that affect marketing management's ability to perform its functions |
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Term
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Definition
| actors and forces close to the company that affect its ability to serve customers |
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Term
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Definition
| actors and forces in society and the world that affect the microenvironment |
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Term
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Definition
| third party companies that help the company promote, sell, and distribute its goods to consumers |
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Term
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Definition
| company that sells the product to the retailer who sells the product to the consumer |
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Term
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Definition
| all activities involved in selling goods or services directly to final consumers for their personal use |
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Term
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Definition
| systematic collection and analysis of publicly available information about competitors and developments in the marketing environment |
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Term
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Definition
| systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization |
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Term
| Steps of Marketing Reseach Process |
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Definition
1. Define the problem
2. Develop research plan
3. Implement research plan
4. Interpret and report findings |
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Term
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Definition
| info collected for the specific purpose at hand |
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Term
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Definition
| info that already exists somewhere, having been collected for another purpose |
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Term
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Definition
| gathering of primary data by observing relevant people, actions, and situations |
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Term
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Definition
| research to gather preliminary ingo that will help define problems and suggest hypotheses |
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Term
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Definition
| research to better descrive marketing problems, situation, or markets |
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Term
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Definition
| research to test hypotheses about cause-and-effect relationships |
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Term
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Definition
| buying behaviour of consumers |
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Term
| Factors Influencing Consumer Behaviour |
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Definition
- cultural
- social
- personal
- psychological |
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Term
| Maslow's Hierarchy of Needs |
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Definition
Self-Actualization Needs
Esteem Needs
Social Needs
Safety Needs
Physiological Needs |
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Term
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Definition
| dividing the market into distinct groups with distinct needs, characteristics, or behaviour |
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Term
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Definition
| group of potential customers who respond in a similar way to a given set of marketing efforts |
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Term
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Definition
| process of evaluating each market segment's attractiveness and selecting the most appropriate ones to enter |
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Term
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Definition
| arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the mind of the buyer |
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Term
| Requirements for Effective Segmentation |
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Definition
- measurable
- accessible
- differentiable
- actionable |
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Term
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Definition
| market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each |
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Term
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Definition
- product
- services
- people
- image
- channels |
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Term
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Definition
| product bouoght by individuals for personal consumption |
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Term
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Definition
| consumer products that individual buys frequently, immediately, and with minimum comparison and buying effort |
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Term
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Definition
| consumer products that people compare on bases such as suitability, quality, price, and style |
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Term
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Definition
| consumer products with unique characteristics or brand identification |
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Term
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Definition
| consumer product that consumer does not know about or does not normally think of buying |
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Term
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Definition
| product bought by individuals and organizations for further processing or for use in conducting a business |
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Term
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Definition
| group of products that are closely related |
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Term
| 4 Service Characteristics |
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Definition
Intangibility
Inseperability
Perishability
Variability |
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Term
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Definition
product
price
place
promotion
process
physical environment
people |
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Term
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Definition
product
price
place
promotion |
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Term
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Definition
| usually positive but sometimes negative differential effect that knowing the brand name has on a customer response to the product |
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Term
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Definition
| detailed version of the new product idea that can be shown to potential customers |
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Term
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Definition
way of measuring how sensitive the market is to price changes
= % change in demand
% change in price |
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Term
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Definition
| disagreements among marketing channel members about who should do what and for what rewards |
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Term
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Definition
| conflict among firms at the same level of the channel |
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Term
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Definition
| conflict between different channels of the same level |
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Term
| 5 Major Promotional Tools |
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Definition
- advertising
- sales promotion
- personal selling
- direct response marketing
- public relations |
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Term
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Definition
| promotion strategy that calls for using the sales force and trade promotion to push the product through the channels |
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Term
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Definition
| promotion strategy that calls for using advertising and consumer promotion to build consumer demand |
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Term
| 4 Broad Expressions of Value |
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Definition
- value is low price
- value is whatever I want in a product
- value is the quality I get for the price I pay
- value is what I get for what I give |
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Term
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Definition
| difference between the price consumer pay and the amount they would have been willing to pay |
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Term
| 5 Basic Ways to Manage Demand |
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Definition
1. Take no action and leave demand to find its own levels
2. Reduce demand in peak periods
3. Increase demand in low periods
4. Inventory demand using a queuing system (asking customers to wait in line) 5. Inventory demand using a reservations system |
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Term
| 5 Dimensions of Service Quality |
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Definition
1. Tangibles
2. Reliability
3. Responsiveness
4. Assurance
5. Empathy |
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Term
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Definition
| product characteristics that consumers can readily evaluate prior to service |
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Term
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Definition
| product performance features that customers can only evaluate during service delivery |
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Term
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Definition
| product characteristics that consumers may not be able to evaluate even after purchase and consumption |
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Term
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Definition
| aspects of service operations and delivery that are visible and otherwise apparent to customer |
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Term
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Definition
| aspects of service operation that are hidden from customers |
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Term
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Definition
| actually determine buyers choices between competing alternatives |
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Term
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Definition
| loss of existing customer accountr and need to replace them with new ones |
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