Is the relative comparison of a products benefits versus its cost.
Value = Benefits / Cost
is the ability of a product to satisfy a human want or need
4 Types of Utility
Marketing has a voice in designing products with features that customers want
Marketing creates a utility by providing products when customers will want them.
Marketing creates a place utility by providing products where customers will want them
Marketing creates a possession utility by transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents
Physical products purchased by consumers for personal use
Physical products purchased by companies to produce other products
Products having nonphysical features, such as information, expertise, or an activity that can be purchased.
Marketing strategy that emphasizes building lasting relationships with customers and suppliers
Customer Relation Management (CRM)
Organized methods that a firm use to build better information connections with clients, so that stronger company-client relationships are developed
3 Types of Competitive Environments
Product that is dissimilar from those of competitors but that can fulfill same need
Competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies.
Competitive marketing of domestic products against foreign products
Managers who plans and implements the marketing activities that result in the transfer
Detailed strategy for focusing marketing efforts on consumer’s needs and wants
Combination of product pricing, promotion, and place (distribution) strategies used to market products
Good, service, or idea that is marketed to fill consumers’ needs and wants
Creation of a product feature or product image that differs enough from existing products to attract customers
Process of determining the best price at which to sell a product
Part of the marketing mix concerned with getting products from producers to consumers
Aspect of the marketing mix concerned with the most effective techniques for communicating information about products
Integrated Marketing Strategy
Strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company’s non-marketing activities as well
4 Ps of Marketing
Segment or group of people who have similar wants and needs and can be expected to show interest in the same products
Process of dividing a market into categories of customer types
Process of fixing, adapting, and communication the nature of a product
Geographic units that may be considered in developing segmentation strategy
Characteristics of populations that may be considered in developing a segmentation strategy
Family Life Cycle
Geo-Demographic Variable S
combination of geographic and demographic traits used in developing a segmentation strategy
Consumer characteristics, such as lifestyles, opinions, interests, and attitudes that may be considered in developing a segmentation strategy.
Study of the decision process by which people buy and consume products
Pattern of regular consumer purchasing based on satisfaction with a product performance
Behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy
This process begins when the consumer recognizes a problem or need.
occurs when you have a chance to change your buying habits.
Having recognized a need consumers often seek information.
Group of products consumers will consider buying as a result of information searched
Evaluation of Alternatives
Alternatives to your product that meet same needs.
Decisions are based on rational motives, emotional motives or both
Reasons for purchasing a product that are based on logical evaluation of product attributes
Reasons for purchasing a product that are based on nonobjective factors
Post purchase Evaluation
Marketing does not stop with the sale of a product. Marketers want to customers to be happy after purchasing products.
Organizational market consisting of firms that buy goods that are either converted into products or used during production
Organizational market consisting of intermediaries that buy and resell finished goods.
Organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations
Tangible and intangible qualities that a company builds into its products
Product marketed as a bundle of value-adding attributes, including reasonable cost
Easy access to understandable information
Assurance of speedy delivery
Easy access to technical support
Inexpensive good or service purchased and consumed rapidly and regularly
Moderately expensive infrequently purchased good or service
Expensive rarely purchased good or service
Industrial products purchased and used directly in the production process that creates other goods or services
Industrial product purchased and consumed within a year by firms producing other products
Expensive long lasting infrequently purchased industrial product, such as a building, or industrial service, such as a long-term agreement for data warehousing services
Group of products that a firm makes available for sale
Group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways
Speed to Market
Strategy of introducing new products to respond quickly to consumer or market changes
Product Life Cycle (PLC)
Series of stages in a product’s commercial life
Stages of PLD
Process of using symbols to communicate the qualities of a product made by a particular producer
Extent to which a brand name comes to mind when a consumer considers a particular product category
A promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use a real product with its brand visible to viewers.
Promotional method that relies on word of mouth to create buzz about product and ideas
Type of buzz marketing that relies on the Internet to spread information like a “virus” from person to person about products and ideas
Comments and opinions published on the web by or for an organization to promote its activities
Brand-name product produced by, widely distributed by, and carrying the name of a manufacturer
A company’s use of a national brand on several additional related products
Brand-name product for whose name the seller has purchased the right from an organization or individual
Private Brand (Private Label)
Brand-name product that a wholesaler or retailer has commissioned from a manufacturer
Physical container in which a product is sole, advertised, or protected