BA1090 - Midterm Review (Ch. 1 to 7)

Marketing

The process of moving goods, services, and ideas from concept to customer.

Need vs. Want

A need is feeling deprived of basics; a want is a need shaped by culture and personality.

Customer Value Proposition

A unique combination of benefits received by targeted buyers that satisfy their needs.

Target Market

A specific group of existing and potential consumers to which marketers direct their efforts.

Marketing Mix (4Ps)

Product, price, place, and promotion managed to appeal to a target market.

Exchange

The trade of things of value between buyers and sellers so that each benefits.

Product Components

Encompasses tangible goods, intangible services, and concepts or ideas.

Market

Potential consumers who have both the willingness and ability to buy a product.

Customer Relationship Management (CRM)

A relationship marketing tool focused on building long-term customer connections.

Digital Marketing

Using digital technology to reach consumers through computers and mobile devices.

Environmental Scan

The process of continually acquiring information on outside events to identify external trends, opportunities, or threats.

SWOT Analysis

The assessment of an organization's strengths, weaknesses, opportunities, and threats.

Demographics

Statistical data on a population according to characteristics like age, gender, ethnicity, income, and education.

Macroeconomic Forces

The state of a country's economy as a whole, including GDP, inflation, unemployment, and consumer confidence.

Microeconomic Forces

Supply and demand of goods and services impacted by individual, household, and company purchasing decisions.

Technological Forces

Inventions or innovations from scientific or engineering research that can replace existing products and shape marketing.

Internet of Things (IoT)

A network of products embedded with connectivity-enabled electronics that can predict consumer preferences and behaviour.

Competitive Forces

Present and potential competitors that a company must monitor when designing its marketing strategy.

Regulatory Forces

Restrictions placed on businesses, products, or services by the government or industry associations.

CASL

Canada's anti-spam legislation protecting consumers and businesses from unwanted commercial electronic messages.

Problem Recognition

Perceiving a need when there is a difference between current and desired states.

Information Search

Clarifying the problem through internal memory scans or external sources.

Evoked Set

The group of brands that a customer would consider acceptable during evaluation.

Cognitive Dissonance

Post-purchase psychological tension or anxiety a buyer may experience.

Extended Problem Solving

A decision-making process involving time and consideration across all five stages.

Situational Influences

Factors like purchase task, surroundings, temporal effects, and antecedent states.

Motivation

An energizing force that stimulates behavior to satisfy a need.

Selective Perception

A filtering process where customers select, organize, and interpret only some information.

Brand Loyalty

A favorable attitude toward and consistent purchase of a single brand over time.

Reference Group

A group of people who significantly influence a person's attitudes, values, and behaviors.

Marketing Research

The process of defining a marketing problem/opportunity, collecting and analyzing information, and recommending actions to reduce decision risk.

Five-Step Marketing Research Approach

A systematic process consisting of defining the problem, developing the plan, collecting info, developing findings, and taking actions.

Step 1 of Market Research

Define the problem by setting specific research objectives and identifying possible marketing actions.

Sampling

The process of gathering data from a subset of the total population rather than a complete census.

Secondary Data

Facts and figures that have already been recorded prior to the project at hand.

Primary Data

Facts and figures that are newly collected specifically for the project at hand.

Observational Data

Facts and figures obtained by watching how people actually behave, using mechanical, personal, or neuromarketing methods.

Data Mining

The processing of large amounts of data using sophisticated software to find insightful correlations and patterns.

RFM Analytics

An analytical approach measuring Recency, Frequency, and Monetary value of customer transactions.

Sales Forecast

The total number of a product that a firm expects to sell during a specified time period under specified conditions.

Business Marketing

Marketing products to firms, governments, or nonprofit organizations.

Industrial Markets

Firms that reprocess a product or service before selling it again.

Reseller Markets

Wholesalers and retailers that buy physical products and sell them without reprocessing.

NAICS

Provides common industry definitions to facilitate the measurement of economic activity.

Content Marketing

Keeps potential customers engaged by ensuring relevant, valuable content is available at touch points.

Derived Demand

Demand for industrial products and services that is driven by consumer demand.

Organizational Buying Criteria

Detailed specifications like price, quality, delivery schedules, and past performance.

Supply Partnership

Mutually beneficial buyer-supplier objectives to lower costs or increase value.

Buy Classes

The three types of buying situations: straight rebuy, modified rebuy, and new buy.

E-Marketplaces

Online trading communities that bring together buyer and supplier organizations.

Market Segmentation

Aggregating prospective buyers into groups with common needs that respond similarly.

Consumer vs. Business Market

Consumer markets are for personal use; business markets are for business operations or components.

Product Differentiation

Positioning a product to appear distinct from competitive offerings.

Four Forms of Market Segmentation

Mass marketing, segment marketing, niche marketing, and individualized marketing.

Target Market

A specific group of existing and potential consumers directed by marketing efforts.

Four Segmentation Variables

Geographics, demographics, psychographics, and behaviouristics.

Marketing Personas

Fictional character descriptions representing a brand's typical customer.

Market Segmentation Steps

A six-step process from identifying needs to monitoring program success.

Product Positioning

The impression of a product in consumers' minds relative to competition.

Repositioning

Shifting a brand's image to reflect changing consumer attitudes and lifestyles.

Product

A good, service, or idea consisting of a bundle of tangible and intangible attributes.

Non-durable good

An item that does not last and is consumed only once.

Durable good

A product that lasts for an extended period of time.

Virtual services

Services that exist only online without physical person-to-person interaction or tangible components.

Total Product Concept

The view that marketers see products as having three layers: core, actual, and augmented.

Product Mix

All the product lines marketed by a company.

Consumer Products

Products purchased for personal use by the ultimate consumer.

Brand

A name, phrase, symbol, or design given by a company to distinguish its product from competition.

Brand Equity

The value and consumer loyalty resulting from positive experiences and marketing support over time.

Brand Personality

A set of human characteristics associated with a specific brand.