Studied by 3 people
Marketing
organization function and a set of process for creating, communicating and delivering value to customers and for managing customer relationships
marketing concept
idea that the whole firm is directed towards serving present and potential customers at a profit
relationship marketing
strategy that emphasizes building lasting relationships with customers and suppliers
customer relationship management (CRM
Organized methods that a firm uses to build better information connections with clients so that stronger company-client relationships are developed
data warehousing
compiling and storing customer's data to gather information that lets them find new clients
data mining
automates the massive analysis of data by using computers to find what customers are looking for and how they can be influenced
marketing plan
detailed strategy for focusing marketing efforts on consumers' needs and wants
develop marketing plan
identify objective
plan for what will happen and when it will happen
evaluate resource requirements
adjust plans as needed
improve from experience
marketing objectives
goals marketing intends to accomplish in its marketing plan
marketing strategy
all the marketing programs and activities that will be used to achieve the marketing goals
marketing managers
people responsible for planning, organizing, leading and controlling toward supporting and accomplishing the organization's overall mission
marketing mix
combination of product, pricing, promotion and place strategies used to market products
product
good, service or idea that is marketed to fill consumer's needs and wants
product differentiation
creation of a product feature or image that differs enough from existing products to attract customers
pricing
process of determining the best price at which to sell a product
place
part of the marketing mix concerned with getting products from producers to consumers
promotion
concerned with the most effective techniques for communicating information about products
market segmentation
process of dividing a market into categories of customer types
target markets
group of people who have similar wants and needs and can be expected to show interest in the same products
product positioning
process of fixing, adapting and communicating the nature of a product to appeal to the selected target markets
identifying market segments
members of a market segment share common traits that influence purchasing decisions
demographic segmentation
characteristics of populations that may be considered in developing a segmentation strategy
geographic segmentation
geographic units that may be considered in developing a segmentation strategy
geo-demographic segmentation
combination of geographic and demographic traits used in developing a segmentation strategy
psychographic segmentation
consumer characteristics that may be considered in developing a segmentation strategy; lifestyles, opinions, interests and attitudes
behavioural segmentation
dividing a market into groups based on consumer knowledge, use or response to a product
marketing research
study of what customers need and want and how best to meet those needs and wants
consumer behaviour
study of the decision process by which people buy and consume products
psychological influences
individual's motivations, perceptions, ability to learn and attitudes
personal influences
lifestyle, personality and economic status
social influences
family, opinion leaders, reference group and professional associates
cultural influences
culture, subculture and social class
consumer buying process
need recognition
information seeking
evaluation of alternatives
purchase decision
post-purchase evaluation
rational motives
one motivation of a purchase decision; logical evaluation of product attributes: cost, quality and usefulness
emotional motives
one motivation of a product decision; non-objective factors: sociability, imitation of others and aesthetics
industrial market
organizational market consisting of firms that buy foods that are either converted into products or used during production
reseller market
organizational market consisting of intermediaries that buy and resell finished goods
institutional market
organizational market consisting of nongovernmental buyers of goods and services
B2B buying behaviour
long term buyer-seller relationships; decisions are based on rational motives
value package
bundle of attributes received from a product
product features
tangible and intangible qualities that a company builds into its products
convenience goods and services
inexpensive good or service purchased and consumed rapidly and regularly
shopping goods and services
moderately expensive, infrequently purchased good or service
specialty goods and services
expensive, rarely purchased good or service
production items
organizational product used directly in the production process
expense items
organization products that are consumed within a year by firms producing other goods or supplying other services
capital items
organizational products that are a permanent good or service, purchased infrequently by the firm
product mix
group of products that a firm makes available for sale
product line
group of products that are closely related due to functioning in a similar manner or being sold to the same customer group who will use them in similar ways
seven step development process
product ideas
screening
concept testing
business analysis
prototype development
product testing
commercialization
product ideas
comes from a variety of places; consumers, sales force, R&D, engineering
screening
eliminates all product ideas that do not mesh with the firm's abilities, expertise or objectives
concept testing
companies use market research to solicit consumers' input
business analysis
comparison of costs and benefits for the product
prototype development
produce preliminary version of the product to identify potential production problems
product testing
company begins limited production of the item to see how it performs and the customer response
commercialization
company begins full-scale production and marketing
stages in the product life cycle
introduction
growth
maturity
decline
introduction
product reachers marketplace; marketers must make consumers aware of the product
growth
when the new product attracts customers it begins to show a profit
maturity
sales growth begins to slow, increased competition begins to affect business
decline
sales and profits continues to fall; firm ends advertisements
product extension
existing product is marketed globally
product adaptation
product is modified for greater appeal in different countries
reintroduction
products that are becoming obsolete in older markets become revived in new markets
branding products
process of using symbols to communicate the qualities of a product made by a particular producer
adding value through brand equity
added value a brand name provides to a product beyond its basic functional benefits
product placement
promotional tactic for brand exposure in which characters in media use a real product with its brand visible
buzz marketing
marketing that relies on word of mouth to spead "buzz" about a product or idea
viral marketing
buzz that relies on social networking on the internet to spread information from person to person
national brands
products distributed by and carrying a name associated with the manufacturer
licensed brands
company with a well-known brand sells another company the right to place that brand on its products
private brands
products promoted by and carrying a name associated with the retailer or wholesaler, not the manufacturer
generic brands
no-frills products sold under the general category name rather than a specific company name
packaging products
physical container in which a product is sold, advertised or protected
labelling products
part of a product's packaging that identifies the product's name and contents and sometimes its benefits
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