MKTG 2700: Principles of Marketing B - Midterm Review (Chapters 1-6)

Comprehensive vocabulary flashcards covering key definitions, concepts, models, and examples from MKTG 2700: Principles of Marketing B Chapters 1 through 6.

Product

An offering that can include both tangible goods and intangible services.

Scope of Marketing

The promotion of people, experiences, and ideas in addition to physical goods, extending beyond advertising and selling alone.

Market Segment

A group of customers who share similar needs or characteristics.

Consumer Involvement

The degree of personal importance and effort a buyer invests in a purchase decision, which is generally higher for major purchases (such as a car) than for inexpensive convenience items (such as a pack of gum).

SWOT Analysis (Opportunities and Threats)

External environmental factors outside of a company's direct control, such as a competitor launching a similar product.

Physiological Needs (Maslow's Hierarchy)

Fundamental physical survival requirements, represented by essential consumption products such as bottled water brands (e.g., Dasani, Aquafina, Evian).

Safety Needs (Maslow's Hierarchy)

Protection, security, and stability needs, exemplified by home security brands such as ADT, SimpliSafe, or Ring.

Love and Belonging Needs (Maslow's Hierarchy)

Social connection, friendship, and interpersonal relationship needs, exemplified by dating app brands such as Bumble, Hinge, or Match.

Esteem Needs (Maslow's Hierarchy)

Needs related to status, prestige, recognition, and self-worth, exemplified by luxury watch brands such as Rolex, Cartier, or TAG Heuer.

Market Segmentation

Dividing a large market into smaller groups of customers with similar needs or characteristics in order to serve them better.

Market Targeting

Choosing which specific customer groups a company will serve, such as developing a product tailored to college students seeking affordable, healthy meals that can be prepared quickly.

Target Segment Selection Criteria

The two primary factors a firm should evaluate when choosing a target segment: segment attractiveness and the firm's ability to serve it.

Business-to-Business (B2B) Purchase

A transaction in which a business purchases goods or services for organizational use, such as an office buying copy paper.

Demographic Segmentation

An approach to grouping customers based on measurable population variables such as age, income, and education.

Place (Marketing Mix)

The element of the four Ps focused on product distribution channels and market access, such as a company expanding distribution by selling on Amazon in addition to its own website.

Good-and-Service Combination Product

A hybrid market offering that integrates a tangible physical good with an intangible service, such as a hotel stay that includes a welcome gift and concierge service.

Customer Satisfaction

The outcome experienced by a customer when a product's performance meets or exceeds expectations, such as finding a product works better than expected.

Positioning

Shaping how customers think about a brand relative to competing brands.

Positioning Statement

A strategic statement that clearly identifies the brand's intended target market and its competitive advantage.

Classical Conditioning

A form of associative learning famously demonstrated in Ivan Pavlov's research with dogs.

Routine Purchase

A habitual, low-involvement buying behavior in which a consumer repeatedly purchases the same brand (such as toothpaste) without spending much time considering alternatives.

Perceptual Map

A visual marketing tool used to display how customers perceive competing brands in the market.

Product Depth

The number of brands, sizes, and variations offered within a specific product line; reducing depth (such as Schnucks reducing ketchup and mustard varieties) improves inventory and SKU management efficiency.

Customer Needs and Wants

The foundational and most critical starting point for all marketing strategies and actions.

Promotion (Marketing Mix)

The component of the marketing mix dedicated to communicating value through advertising, sales promotions, and related activities.

Product Mix

The complete assortment of product lines and items that a company offers for sale.

Product Breadth

The variety of different product categories or lines offered by a firm, expanded when a company adds a new category (e.g., a golf-ball company beginning to sell golf clubs).

Straight Rebuy

A routine business-to-business purchasing situation where an organization reorders the same items from the same supplier without altering specifications or terms.