Marketing Chapter 8,9,10

market
group of people seeking products in a specific product category
need/desire, ability, willing, authority
what are the four aspects that make a person seek a product in a market?
target marketing
identifying market segments, selecting one or more of them, and developing tailored products/programs
market segmentation
what part of target marketing involves identifying a bases for segmenting the market and developing profiles of resulting segments?
market targeting
what part of target marketing involves developing measures of segment attractiveness and selecting the target segments
market positioning
what part of target marketing involves developing positioning for each target segment and developing marketing mix for each target segment
market segmentation
the process of dividing the total market into groups or segments that have relatively similar product needs.
market segment
consists of individuals, groups, or organizations with one or more similar characteristics that cause them to have relatively similar product needs.
geographic, demographic, psychographic, behavioral
what are the four segmentation variables?
geographic segmentation
Dividing the market into different geographic units, such as nations, states, regions, counties, cities, or neighborhoods.
gender, income
what two ways is demographic segmentation separated into?
middle income consumer
the largest segment for the hospitality industry-but can be difficult to attract and retain.
lifestyle, personality,
psychographic segmentation is made up of what two aspects?
sincerity, excitement, competence, sophistication, ruggedness
what are the five brand personality traits?
occasion, benefits sought,user status, usage rate,loyalty status
behavioral segmentation is made up of what five aspects?
heavy user group
often a small percentage of the market but account for a high percentage of total buying.
brand extension
what is helpful in increasing customer loyalty and in promoting repeat buying?
product position
the place the product occupies in consumers’ minds relative to competing products
product differentiation
The process of creating and designing products so that customers perceive them as different from competing products.
location, physical attributes, level of service, crm, service personnel, brand image, customization, social responsibility
what are the eight bases of product differentiation for service companies?
important, distinctive, superior, visible, preemptive, affordable, profitable
what are the seven aspects of meaningful differentiation?
product
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It includes physical objects, services, places, organizations, and ideas
core product
the most basic level-core benefit
facilitating products
services or goods which must be present for the guest to use the core product
supporting products
extra products offered to add value to the core product and differentiate it from the competition.
augmented product
includes atmosphere, customer participation, interaction with service organization and with each other
visual dimension
color, brightness, size and shape
aural dimension
volume and pitch
olfactory dimension
scent and freshness
tactile dimension
softness, smoothness, temperature
attention, message, effect, mood creating mediums
in what four ways does atmosphere affect purchase behaviors?
joining stage
phase in service delivery in which the customer makes the initial inquiry contact
consumption stage
phase in service delivery in which the service is consumed?
detachment phase
phase in service delivery in which the customer is through using the product and departs
increase capacity, increase control, reduce costs, provide customization, improve satisfaction
what are benefits to customer participation?
idea generation, idea screening, concept development/testing, marketing strategy, business analysis, product development, test marketing, commercialization
what are the steps to developing a new product?
buy a company/license, research and development
what are ways in which one can obtain new products?
internal sources, customers, competitors, distributions/suppliers, crowdsourcing
what are sources for idea generation in developing a new product?
when, where, whom, how
what are four decisions related to commercialization for launching a new product?
introduction, growth, maturity, decline
what are the four parts of the product life cycle?
brand name
the part of a brand that can be spoken.
brand mark
the part of a brand not made up of words.
trademark
A legal designation of exclusive use of a brand
brand equity
The added value endowed on products and services (the financial value of the brand).
brand
is a name, term, sign, symbol, design, or a combination of these elements intended to identify the goods or services of a seller and differentiate them from competitors.
differentiation, relevance, knowledge, esteem
what are the four dimensions of brand equity?
brand promise
the marketer’s vision of what the brand must be and do for consumers. Deliver your promise!
individual branding
A policy of naming each product differently. Examples: Starwood, IHG…
family branding
branding all of a firm’s products with the same name. Promotion of one item also promotes all other products.
Examples: Best Western, Best Western Plus, Best Western Premier
brand extension
using an existing brand name for new product in a different product category.
Examples: Disney (theme park and cruise line), Hard Rock (hotel and restaurant), Virgin Group (hotel, airline, music, mobile…)
co-branding
Using multiple brands for a single product or service
cost savings, increase brand awareness, halo of affection, increase revenue
what are benefits to co-branding?
easy to say, easy to spell, easy to recall, communicates product benefits, suggest uses, distinctive
what are the six effective brand name characteristics?
moment of truth
when employee and customer have contact.
internal marketing process
process that to enable employees to deliver satisfying services and products to the guest.
organizational culture
the pattern of shared values & beliefs that gives members of an organization meaning, and provides them with rules for behavior in the organization.
upside down
when a company has a service culture, the organizational chart is turned______________.
emotional labor
necessary involvement of the provider’s emotions in the delivery of the service.
self service technologies
a rapidly growing means for increasing customer coproduction in hospitality service experiences