Marketing- Business 001

marketing
organizational function and a set of processes for creating, communicating, and delivering value to customers, and for managing customer relationships in ways that benefit the organization and its stakeholders
value
relative comparison of a product’s benefits versus its costs
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 having nonphysical features, such as information, expertise, or an activity that can be purchased
relationship marketing
marketing strategy that emphasizes building lasting relationships with customers and suppliers
CRM
customer relationship management- organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed
substitute product
product that is dissimilar from those of competitors but that can fulfill the same need
brand competition
competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies
international competition
competitive marketing of domestic products against foreign products
marketing manager
manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer
marketing plan
detailed strategy for focusing marketing efforts on consumers’ needs and wants
marketing mix
combination of product, pricing, promotion, and place (distribution) strategies used to market products
product
good, service, or idea that is marketed to fill consumers’ needs and wants
product differentiation
creation of a product feature or product image that differs enough from existing products to attract customers
pricing
determining the best price at which to sell a product
place
distribution; part of the marketing mix concerned with getting products from producers to consumers
promotion
aspect of the marketing mix concerned with the most effective techniques for communicating information about products
integrated marketing strategy
strategy that bends together the Four Ps of marketing to ensure their compatibility with one another and with the company’s non-marketing activities as well
target market
group of people who have similar wants and needs and can be expected to show interest in the same products
market segmentation
process of diving a market into categories of customer types, or “segments”
product positioning
process of fixing, adapting, and communicating the nature of a product
geographic variables
geographic units that may be considered in developing a segmentation strategy
demographic variables
characteristics of populations that may be considered in developing a segmentation strategy
geo-demographic traits
combination of geographic and demographic traits used in developing a segmentation strategy
psychographic variables
consumer characteristics such as lifestyles, opinions, interests, and attitudes that may be considered in developing a segmentation strategy
behavioral variables
behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy
consumer behavior
study of the decision process by which people buy and consume products
brand loyalty
pattern of regular consumer purchasing based on satisfaction with a product’s performance
evoked set
group of products consumers will consider buying as a result of information set
rational motives
reasons for purchasing a product that are based on a logical evaluation of product attributes
emotional motives
reasons for purchasing a product that are based on nonobjective factors
industrial market
organizational market consisting of firms that buy goods 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 such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations
product features
tangible and intangible qualities that a company builds into its products
value package
product marketed as a bundle of value-adding attributes, including reasonable cost
convenience good/service
inexpensive good or service purchased and consumed rapidly and regularly
shopping good/service
moderately expensive, infrequently purchased good or service
specialty good/service
expensive, rarely purchased good or service
production item
industrial product purchased and used directly in the production process that creates other goods or services
expense item
industrial product purchased and consumed within a year by firms producing other products
capital item
expensive, long-lasting, infrequently purchased industrial product such as a building, or industrial service, such as a long-term agreement for data warehousing services
product mix
group of products that a firm sells
product line
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 customer or market changes
PLC
product life cycle; series of stages in a product’s commercial life
branding
the process of using symbols to communicate the qualities of a product made by a particular producer
brand awareness
extent to which a brand name comes to mind when a consumer considers a particular product category
product placement
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
buzz marketing
promotional method that relies on word of mouth to create buzz about products and ideas
viral marketing
type of buzz marketing that relies on the Internet to spread information about products and ideas
corporate blogs
comments and opinions published on the web by or for an organization to promote its activities
national brand
brand-name product produced by, widely distributed by, and carrying the name of a manufacturer
brand extension
a company’s use of a national brand on several additional related products
licensed brand
brand-name product for whose name the seller has purchased the right from an organization or individual
private brand/label
brand name or product that a wholesaler or retailer has commissioned from a manufacturer
packaging
physical container in which a product is sold, advertised, or protected