COM5022 Prelims.pptx (copy)

Marketing

The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

The purchasers of organizations' products; the focal point of all marketing activities.

Customers

A specific group of customers on whom an organization focuses its marketing efforts.

Target market

Four marketing activities—product, price, distribution, and promotion—that a firm can control to meet the needs of customers within its target market.

Marketing mix

Product

A good, a service, or an idea.

Price

The decisions and actions associated with pricing objectives and policies and actual product prices.

Distribution

The process of making products available at the right time and in appropriate locations.

Promotion

Activities used to inform and persuade to create a desired response.1. Target Market:The specific group of consumers that a product or service is intended for.

A customer's subjective assessment of the benefits they receive relative to the costs they incur when purchasing a product.

Value

Anything a buyer receives in an exchange, such as convenience or availability.

Customer Benefits

Customer Costs

Anything a buyer must give up to obtain the benefits of a product, including cost, time, effort, and risk.

Exchanges

The provision or transfer of goods, services, or ideas in return for something of value.

Stakeholders

Constituents who have a "stake" or claim in some aspect of a company's products, operations, markets, industry, and outcomes.

Marketing Environment

The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix.

Marketing Concept

A managerial philosophy that emphasizes satisfying customers' needs through a coordinated set of activities while also achieving the organization's goals.

Production Orientation

A period in the evolution of marketing where the focus was on improving speed and efficiency in production.

Sales Orientation

A period in the evolution of marketing where the focus was on selling products to many buyers and increasing profits through sales activities.1. Market orientation:An organization-wide commitment to researching and responding to customer needs.

New product innovation

Developing a strategic focus to explore and develop new products to serve target markets.

Value-creating capabilities

Specific types of capabilities that enhance organizational performance.

Information system

A system used to discover customers' real needs and create satisfying products.

Coordination

The need for a company to coordinate all of its activities to satisfy customers' objectives.

Marketing concept

A management philosophy guiding an organization's overall activities.

Customer relationship management

Using information about customers to create marketing strategies that develop and sustain desirable customer relationships.

Relationship marketing

Establishing long-term, mutually satisfying buyer-seller relationships.

Marketing research

The use of research and data analytics to build long-term customer relationships.

StockX

A website and app that functions as the "stock market for things" and utilizes relationship marketing in its unique business model.

Marketing costs

The portion of a buyer's dollar that goes toward marketing expenses.

Nonprofit organizations

Organizations that employ marketing activities to benefit particular segments of society.

Economic growth

Marketing's role in stimulating economic growth through advancements in technology and global trade.1. Marketing:The process of promoting and selling products or services, including activities such as advertising, market research, and customer interaction.

Consumer Awareness

Understanding the importance of marketing to customers, organizations, and the economy.

Technology

Tools and techniques used by marketers to understand and satisfy more customers, including the internet and disruptive technology.

Socially Responsible Marketing

Promoting the welfare of customers and stakeholders through ethical conduct and strategic planning.

Green Marketing

A strategic process that involves assessing stakeholders to create long-term relationships with customers while supporting and enhancing the natural environment.

Marketing Career Prospects

Various interesting and challenging career opportunities in the marketing field, such as product development, personal selling, social media management, and advertising.

Product

A good, service, or idea received in an exchange, which can be tangible or intangible and includes functional, social, and psychological utilities or benefits.

Core Product

The fundamental utility or main benefit of a product, usually fulfilling a consumer's fundamental need.

Supplemental Features

Added value or attributes that are in addition to the core utility or benefit of a product, helping to differentiate the product brand and increase customer loyalty.

Symbolic or Experiential Benefits

Benefits received by customers based on their experiences with a product, giving symbolic meaning to the product and influencing buyer behavior.

Consumer Products

Products purchased to satisfy personal and family needs, categorized based on how buyers generally behave when purchasing.

Business Products

Products bought for use in an organization's operations, to resell, or to make other products, classified based on their characteristics and intended uses in an organization.1. Convenience products:Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort. Examples:Bread, soft drinks, chewing gum, gasoline, newspapers.

Shopping products

Items for which buyers are willing to expend considerable effort in planning and making purchases. Examples:Appliances, bicycles, furniture, stereos, cameras, shoes.

Specialty products

Items with unique characteristics that buyers are willing to expend considerable effort to obtain. Examples:Fine jewelry, limited-edition collector's items.

Unsought products

Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think about buying. Examples:Emergency medical services, automobile repairs.

Installations

Facilities and nonportable major equipment. Examples:Buildings, factories, warehouses, production lines, very large machines.

Accessory equipment

Equipment that does not become part of the final physical product but is used in production or office activities. Examples:File cabinets, fractional-horsepower motors, calculators, tools.

Raw materials

Basic natural materials that become part of a physical product. Examples:Minerals, chemicals, agricultural products, materials from forests and oceans.

Component parts

Items that become part of the physical product and are either finished items ready for assembly or products that need little processing before assembly. Examples:Spark plugs, brakes, tires, headlights.

Process materials

Materials that are used directly in the production of other products but are not readily identifiable. Example:An ingredient in salad dressing.

MRO supplies

Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product. Examples:Paper, pencils, cleaning supplies, paints.

Business services

The intangible products that many organizations use in their operations. Examples:Financial services, legal services, marketing research services, information technology services, janitorial services.

Product item

A specific version of a product that can be designated as a distinct offering among a firm's products.

Product line

A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations.

Product mix

The total group of products that an organization makes available to customers. Width of product mix refers to the number of product lines a company offers, while depth of product mix refers to the average number of different product items offered in each product line.

Product life cycle

The progression of a product through four stages:introduction, growth, maturity, and decline.

Introduction stage

The initial stage of a product's life cycle—its first appearance in the marketplace—when sales start at zero and profits are negative.1. Growth stage:The stage of a product's life cycle when sales rise rapidly and profits reach a peak and then start to decline.

Marketing strategy

A plan of action designed to promote and sell a product or service.

Market share

The percentage of total sales in a market that is captured by a particular brand or company.

Brand loyalty

The tendency of consumers to consistently choose and purchase products from a specific brand.

Maturity stage

The stage of a product's life cycle when the sales curve peaks and starts to decline as profits continue to fall.

Global markets

Markets outside of a company's domestic market, typically in other countries.

Decline stage

The stage of a product's life cycle when sales fall rapidly.

Repositioning

Changing the way a product is perceived by consumers in order to extend its life in the market.

Product substitutes

Alternative products that can be used in place of another product.

Product adoption process

The stages buyers go through in accepting a product, including awareness, interest, evaluation, trial, and adoption.

Innovators

The first adopters of new products.

Early adopters

Careful choosers of new products.

Early majority

Those adopting new products just before the average person.

Late majority

Skeptics who adopt new products when they feel it is necessary.

Laggards

The last adopters, who distrust new products.

Branding

The process of creating a unique name, design, or symbol that identifies and differentiates a product or company.1. Brand:A name, term, design, symbol, or any other feature that identifies one marketer’s product as distinct from those of other marketers.

Brand name

The part of a brand that can be spoken.

Brand mark

The part of a brand not made up of words.

Trademark

A legal designation of exclusive use of a brand.

Trade name

The full legal name of an organization.

Branding

The process of creating and promoting a brand.

Brand loyalty

A customer’s favorable attitude toward a specific brand.

Brand equity

The marketing and financial value associated with a brand’s strength in a market.

Brand recognition

A customer’s awareness that the brand exists and is an alternative purchase.

Brand preference

The degree of brand loyalty in which a customer prefers one brand over competitive offerings.

Brand insistence

The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute.

Manufacturer brands

Brands initiated by producers.

Private distributor brands

Brands initiated and owned by resellers.

Generic brands

Brands indicating only the product category.

Selecting a Brand Name

Factors to consider when selecting a brand name, such as ease of pronunciation, indication of product benefits, and distinctiveness.

Protecting a Brand

Designing a brand that can be easily protected through registration.1. Branding:The process of creating a unique name and image for a product or company.

Infringement

The act of violating someone else's rights, such as using a brand name that is already registered.

Generic term

A common term used to refer to a general product class, which cannot be protected as an exclusive brand name.

Brand extension

Using an existing brand to brand a new product in a different product category.

Individual branding

A branding strategy where each product is named differently.

Family branding

A branding strategy where all of a firm's products are branded with the same name.

Co-branding

Using two or more brands on one product.

Brand licensing

An agreement where a company permits another organization to use its brand on other products for a licensing fee.

Packaging

The development of a container to hold a product.

Package design

The visual elements of a package, including color, design, shape, and texture.1. Packaging:The physical container or wrapping of a product.

Marketing strategy

A plan of action designed to promote and sell a product or service.

Market recognition

The level of awareness and familiarity that consumers have with a particular product or brand.

Package changes

Modifications or alterations made to the design or materials of a product's packaging.

Altering the package

Making changes to the packaging of a product for various reasons.

Competitive products

Other products in the market that are similar or comparable to a particular product.

Packaging materials

The materials used to create the packaging of a product.