Marketing Midterm Review: Chapters 6, 9, 14, 15, and 16

Comprehensive vocabulary flashcards covering key concepts from Marketing Chapters 6, 9, 14, 15, and 16, including market segmentation, product management, integrated marketing communications, advertising models, and digital marketing frameworks.

Mission

The people an organization serves and the values and promises it delivers to its customers.

Segmentation Bases

The criteria used to divide a large target audience or customer base into distinct groups based on shared characteristics.

Geographic Segmentation

Dividing a market based on where consumers live, accounting for regional customs, preferences, and cultural tastes.

Psychographic Segmentation

Segmenting consumers based on their values, preferences, lifestyle choices, and personal interests.

Demographic Segmentation

The most commonly used segmentation method, categorizing individuals based on objective characteristics such as age, ethnicity, and gender.

Geodemographic Segmentation

A segmentation approach that combines geographic data with demographic and lifestyle attributes, classifying consumers by where they live and who they are.

PRIZM

A geodemographic segmentation system that classifies Canadian consumers into 67 distinct lifestyle types based on demographic traits and residential location.

Behavioral Segmentation

Dividing a market based on customer behaviors, usage patterns, occasions, and brand loyalty to tailor analytics and enhance customer experiences.

Segment Attractiveness

A criterion for evaluating segment attractiveness requiring a firm to identify clearly who is in the market and where they are located.

identifiable

reachable

responsive

profitable and substansive

Reachable (Segment Attractiveness)

A criterion for evaluating segment attractiveness requiring that a market segment can be accessed quickly and effectively through persuasive communications and distribution.

Responsive (Segment Attractiveness)

A criterion for evaluating segment attractiveness where customers in the segment react positively and provide favorable engagement to the firm's offering.

Substantive and Profitable (Segment Attractiveness)

A criterion for evaluating segment attractiveness requiring that the segment size and purchasing power are large enough to generate profits with manageable competition.

Undifferentiated Targeting Strategy

A marketing approach where a firm offers the same basic product and marketing mix to the entire market because consumers seek identical benefits.

Differentiated Targeting Strategy

A strategy in which a firm targets several distinct market segments with a tailored marketing mix for each, offsetting weak performance in one segment with success in others.

Concentrated (Niche) Targeting Strategy

A strategy focusing all marketing resources on a single, clearly defined primary target segment, which provides deep customer insight but carries higher risk if that segment declines.

Value

The relationship between price and quality, reflecting whether the benefits received from an offering are worth the financial cost.

Symbolism

Branding elements, logos, and product cues that convey brand meaning, emphasize consumer benefits, and evoke subconscious perceptions about the user.

Actual Product

The physical attributes and core tangible features of an offering, including design, brand name, and packaging.

Associated Services

The non-physical augmented aspects of a product, such as warranties, customer financing, and installation services, that enhance overall product value.

Specialty Products

Products or services toward which customers express a strong preference and are willing to expend substantial effort and time to acquire (e.g., medical specialists).

Shopping Products

Products for which consumers spend considerable time comparing alternatives based on criteria like price, quality, and style (e.g., apparel).

Convenience Products

Frequently purchased goods and services that consumers buy regularly with minimal shopping effort and evaluation (e.g., soft drinks).

Unsought Products

Products or services that consumers either do not normally think of buying or are unaware of until a specific need arises (e.g., life insurance or funeral arrangements).

Product Mix

The complete set of all product lines and individual offerings provided by a single firm.

Product Line

A group of associated items within a product mix that consumers use together, view as related, or that fall under a specific category.

Product Mix Breadth

The count of the number of distinct product lines offered by a company across its complete portfolio.

Product Line Depth

The total number of individual products or product categories contained within a single product line.

Brand Equity

The added reputation, commercial value, and perceived asset value that a recognizable brand name gives to an offering beyond functional utility.

Brand Awareness

A measure of how many consumers in a market recognize a brand and are familiar with its name, even without formed preferences.

Family Brand

A branding practice where an organization sells multiple different product lines under a single overarching corporate brand name.

Brand Extension

The use of an established, well-known brand name to enter a new product category, lowering marketing costs and leveraging existing brand equity.

Brand Dilution

The erosion of brand equity and core perception that occurs when a brand extends into too many incompatible categories or products and fails.

Co-branding

A marketing practice where two or more independent brand names collaborate to market a single product or service.

Integrated Marketing Communications (IMC)

The promotion component of the marketing mix that coordinates direct, personal, public relations, and digital channels to deliver a clear and consistent communication impact.

Sender (Communication Process)

The originator of a message in the communication chain who identifies an objective and initiates the promotional campaign.

Encoding (Communication Process)

The process of transforming the sender's marketing message and ideas into symbols, verbal copy, visuals, or advertisements.

Decoding (Communication Process)

The process by which an individual receiver interprets the symbols and content in an advertisement based on their own personal background and experiences.

Pull Strategy

A promotional strategy designed to generate consumer demand directly, motivating shoppers to request the product and pull it through distribution channels.

Push Strategy

A promotional strategy aimed at channel members and wholesalers to incentivize them to stock, merchandise, and push products toward end customers.

Promotional Strategy Cycle

The interconnected promotional considerations comprising Pull strategy, Push strategy, Nature of the market, Nature of the product, and Stage in the product life cycle.

Unique Selling Proposition (USP)

A distinct attribute or specific value proposition of a product that is highlighted to differentiate it from competitors and serve as an enduring advertising theme.

Rational Appeal

An advertising method that relies on factual information, functional features, and logical arguments to persuade consumers to buy.

Emotional Appeal

An advertising approach designed to trigger consumer feelings and emotional states to build an attachment and stimulate purchase need.

Media Mix

The specific combination of communication media selected and the frequency with which advertising is delivered across each medium.

Flighting

An advertising schedule characterized by alternating periods of heavy advertising runs followed by complete periods of zero advertising.

Pulsing

An advertising schedule that maintains a continuous, low-level baseline of advertising interspersed with periodic surges of high advertising intensity.

Personal Selling

A direct, two-way interpersonal promotional method where a salesperson interacts with a prospective buyer, often used for complex or high-involvement goods.

AIDA Model

A classic marketing communication model detailing the progressive consumer decision journey: Attention (think), Interest (feel), Desire (feel), and Action (do).

Informative Advertising

Promotion designed primarily to educate target customers about the existence, features, benefits, and usage of a product.

Persuasive Advertising

Promotion that seeks to motivate consumer brand choice and drive purchase by influencing emotions, perceptions, and attitudes.

Product Placement

A promotional technique in which a company pays to feature its branded goods, logos, or services within entertainment content such as films or television shows.

Public Service Announcement (PSA)

A non-commercial advertisement often sponsored by non-governmental organizations or civic bodies to promote public welfare and drive positive behavioral change regarding social issues.

Puffery

The legal, subjective exaggeration of praise and promotional boasting (e.g., 'the world's most comfortable chair') that cannot be objectively verified.

Trade Promotions

B2B promotional incentives and allowances targeted at distributors, wholesalers, and retailers to encourage product display, support, and shelf visibility.

4E Framework

A digital marketing framework outlining four core objectives: Excitement, Education, Experience, and Engagement.

Search Engine Marketing (SEM)

A digital paid-advertising strategy where businesses purchase visibility so their websites appear at the top of search engine results for specific keywords.

Information Effect

The transmission and dissemination of relevant content through digital channels and algorithms that influences consumer opinions and actions.

Connected Effect

An outcome in digital marketing that satisfies people's inherent desire for social interaction by fostering community and emotional connection on social platforms.

Network Effect

The exponential amplification and spread of digital content as individual users reshare, repost, and broadcast messages across their own networks.

Social Media Engagement Process

A three-step strategic framework consisting of Listen (monitoring customer sentiment online), Analyze (evaluating digital trends and data), and Do (executing targeted marketing tactics).