PBAM Unit 7 Pt 1

Value-relative comparison

The process of comparing the benefits and costs of a product.

Utility

The ability of a product to satisfy a human want or need.

Consumer Goods

Physical products purchased by consumers for personal use.

Industrial Goods

Physical products purchased by companies to produce other products.

Services

Products that have nonphysical features, such as information, expertise, or an activity that can be purchased.

Relationship Marketing

A marketing strategy that focuses on building lasting relationships with customers and suppliers.

Customer Relationship Management (CRM)

Organized methods used by a firm to build better information connections with clients, leading to stronger company-client relationships.

Data Warehousing

The collection, storage, and retrieval of data in electronic files.

Political Legal Environment

The relationship between business and government, often involving government regulation of business.

Sociocultural Environment

The customs, mores, values, and demographic characteristics of the society in which an organization operates.

Technological Environment

All the ways in which firms create value for their constituents through technology.

Economic Environment

The relevant conditions that exist in the economic system in which a company operates.

Competitive Environment

The competitive system in which businesses compete.

Substitute Product

A product that is different from competitors' products but can fulfill the same need.

Brand Competition

Competitive marketing that appeals to consumer perceptions of the benefits of products offered by specific companies.

International Competition

Competitive marketing of domestic products against foreign products.

Geographic segmentation

geographic units, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy

geo-demographic Variables

combination of geographic and demographic traits used in developing a segmentation strategy

Geo-demographic segmentation

using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy

Psychographic Variables

consumer characteristics, such as lifestyles, opinions, interests, and attitudes that may be considered in developing a segmentation strategy

Psychographic segmentation

a segmentation strategy that uses psychographic characteristics to identify different market segments

Behavioral variables

behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy

Competitive utility

satisfaction or benefit that individuals derive from outperforming others in a competitive setting. It motivates individuals to strive for success and gain a sense of accomplishment by comparing their performance to others.

4 P’s of marketing

Price, Place, Promotion, products

form utility

the value added to a product or service through the process of transforming raw materials or components into a finished product.