Studied by 0 people
Chapter 4-9
Marketing Mix
The unique combination of product, place, promotion, and price strategies controlled by a firm to appeal to a specific target market.
Target Market
A group of people or organizations for which an organization designs and maintains a marketing mix to meet their needs.
Environmental Scanning
A process of continually collecting and evaluating environmental information to identify future market opportunities and threats.
Demography
The study of people's vital statistics, such as age, race, gender, and location, which impact consumer behavior.
Pop Culture
Products and forms of expression characteristic of a society at a given time, influencing marketing strategies.
Consumer's Incomes
The average annual household income, which affects purchasing power and consumer behavior.
Inflation
A measure of the decrease in the value of money, expressed as a percentage reduction in value since the previous year.
Recession
A period of negative economic growth that reduces demand for goods and services.
Purchasing Power
The comparison of income versus the cost of living, affecting discretionary income available for nonessential items.
Consumer Behavior
The processes consumers use to make purchase decisions, influenced by various factors.
Value
A personal assessment of the net worth obtained from a purchase, influencing consumer decisions.
Perceived Value
The value a consumer expects to obtain from a purchase.
Utilitarian Value
The value derived from a product or service that helps solve problems or accomplish tasks.
Hedonic Value
The pleasure or enjoyment derived from an experience, product, or activity.
Involvement
The amount of time and effort a buyer invests in the decision-making process.
Consumer Decision-Making Process
A five-step process consumers use when buying goods or services.
Cognitive Dissonance
Inner tension experienced by a consumer after recognizing an inconsistency between behavior and values.
Market
A group of people or organizations with needs or wants and the ability and willingness to buy.
Market Segmentation
The process of dividing a market into meaningful, identifiable segments based on shared characteristics.
Substantiality
A criterion for successful segmentation, indicating that a segment must be large enough to warrant a special marketing mix.
Identifiability and Measurability
The ability to obtain data about a population within a segment to measure its size.
Accessibility
The ability of a firm to reach members of targeted segments with customized marketing mixes.
Responsiveness
The degree to which a market segment responds differently to a marketing mix compared to others.
Demographic Segmentation
Segmenting markets based on age, gender, income, and other demographic factors.
Geographic Segmentation
Segmenting markets based on region, market size, density, or climate.
Psychographic Segmentation
Segmenting markets based on personality, motives, lifestyles, and geodemographics.
Positioning
The place a brand occupies in the minds of customers, distinguishing it from competitors.
Targeting
The selection of specific media channels to reach chosen market segments.
Undifferentiated Marketing
A strategy that targets the entire market with a single marketing mix.
Concentrated Marketing
A strategy that focuses resources on a narrowly defined market segment.
Multi-segment Marketing
A strategy that targets multiple market segments with different marketing mixes.
Market Research
The process of planning, collecting, and analyzing data relevant to a marketing decision.
Secondary Data
Data previously collected for purposes other than the current research.
Primary Data
Information collected for the first time to solve a specific problem.
Big Data
The exponential growth in the volume, variety, and velocity of information, requiring complex analysis tools.
Product
Everything received in an exchange, including tangible goods and intangible services.
Business Product
A product used to manufacture other goods or facilitate operations.
Consumer Product
A product bought to satisfy personal wants or needs.
Convenience Product
An inexpensive item that requires little shopping effort and is usually bought without much planning.
Shopping Product
A product that requires comparison shopping due to its higher price and limited availability.
Specialty Product
An item for which consumers search extensively and are reluctant to accept substitutes.
Unsought Product
A product unknown to potential buyers or not actively sought by them.
Product Modification
Changing one or more characteristics of a product.
Quality Modification
A change in a product's dependability or durability.
Functional Modification
A change in a product's versatility, effectiveness, or safety.
Style Modification
A change in the appearance of a product.
Planned Obsolescence
Modifying products so that they become obsolete before they need replacement.
Product Line Extension
Adding additional products to an existing product line to compete more broadly.
New Product
A product that is new to the world, the market, the producer, the seller, or some combination of these
