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Marketing

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the buisness process management uses to plan an execute the concept, pricing, promotion and distribution of its products- goods, services, brands or ideas.

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Utility

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the products ability to satisfy both functional needs and symbolic (phsycological) wants.

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Exchange

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Any transaction in which one person or organization trades somehting of value with somone else.

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Current Customers

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Somone that has already bought somehting from a business; in fact, they may buy it regularly.

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Prospective Customers

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People about to make an exchange or considering it.

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Centers of Influence

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Those customers, prospective customers, or opinion leaders whose ideas and actions others respect.

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Market

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Group of current customers, prospective customers, and non customers who share a common interest, need, or desire; who have the money to spend to satisfy needs or solve problems; and who have the authority to make expenditure decisions.

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Consumer Market

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Comprises of people who buy goods and services for their own use.

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Business Markets

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Composed of organizations that buy services, natural resources, and component products that they resell, use to conduct their business, or use to manufacture another product.

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Reseller Markets

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Buy products to resell them.

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Industrial MArkets

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Include more than 19.5 million firms that buy products used to produce other goods and services.

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Government Markets

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Buy products for municipal, state, federal, and other government activities.

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Transnational (or global) Markets

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Includes any of the other three markets lacated in foreign countries.

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Marketers

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Includes every person or organization that has products, services, or ideas to sell.

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Consumer Behavior

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The mental and emotional processes and the physical activities of people who purchase and use goods and services to satisfy particular needs and wants.

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Organizational Buyers

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The behavior of the people who purchase products and services for use in business and government.

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Consumer Decision Process

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The moment a medium delivers an advertising message to us, our mental computer runs a rapid evaluation.

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Personal Process

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Governs the way we discern raw data (stimuli) and translate them into feelings, thoughts, beliefs, and actions. Perception, the learning and persuasion, and the motivation processes.

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Interpersonal Influences

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Includes our family, society, and culture.

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NonPersonal Influences

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Factors often outsie the consumer's control; include time, place, and enviroment.

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Evaluation of Alternatives

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Which we choose brands, sizes, styles, and colors.

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Postpurchase Evaluation

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Decide to buy; dramatically affect all our subsequent purchases.

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Perception

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Refer to the personalized way we sense, interpret, and comprehend various stimuli.

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Stimulus

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Physical information we receive through our senses.

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Perceptual Screens

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The subconscious filters that shield us from unwanted messages.

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Physiological Screens

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Comprise the five senses: sight, hearing, touch, taste, and smell. They detect the incoming data and measure the dimension and intensity of the physical stimuli.

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Psychological Screens

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To evaluate, filter, and personalize information according to subjective emotional standards.

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Self-Concept

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The image we have of who we are and who we want to be.

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Selective Perception

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Focus on some things and ignore others.

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Cognition

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Comprehending the stimulus.

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Mental (perceptual) Files

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The stored memories in our minds

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Learning

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Relatively permanent change in thought process or behavior that occurs as a result of reinforced experience.

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Cognitive Theory

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Views learning as a mental process of memory, thinking, and the rational application of knowledge to practical problems.

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Conditioning Theory (Stimulus-response Theory)

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Treats learning as a trial-and-error process.

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Persuasion

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Occurs when the change in belief, attitude, or behavioral intention is caused by promotion communication (such as advertising or personal selling).

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Central Route to Persuasion

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Consumers have a higher level of involvement with the product or the message, so they are motivated to pay attention to the central, product-related information, such as product attributes and benefits or demonstrations of positive functional or psychological consequences.

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Peripheral Route to Persuasion

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occurs when people are influenced by incidental cues, such as a speaker's attractiveness

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Attitude

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Our acquired mental position regarding some idea or object.

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Brand Interest

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An individuals openness or curiosity about a brand.

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Habit

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The acquired behavior pattern that becomes nearly or completely involuntary- is the natural extension of learning.

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Brand Loyalty

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The consumer's conscious or unconscious decision, expressed through intention or behavior, to repurchase a brand continually.

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Needs

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The basic, often instinctive, human forces that motivate us to do something.

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Wants

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"Needs" that we learn during our lifetime.

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Hierarchy of Needs

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Maslow maintained that the lower physiological and safety needs dominate human behavior and must be satisfied before the higher, socially asquired needs (or wants) become meaningful.

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Negatively Originated Motives

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Most common energizers of consumer behavior, such as problem removal or problem avoidance.

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Marketing Plan

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A document that serves as a guide for the present and future marketing activities of an organization.

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Situation Analysis

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A detailed description of the brands current marketing situation.

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SWOT

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The SWOT analysis uses the facts contained in the situation analysis to point out strengths, weaknesses, opportunities, and threats for the brand.

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Marketing Objectives

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Third part of the marketing plan, are clear, quantifiable, realistic marketing goals that are to be accomplished within a defined time period. (Sales-target objectives, Communication objectives)

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Sales-target Objectives

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Include goals related to increasing or maintaining sales volume, sales volume by product line, gross profits by product line, sales volume by distribution point, and market share.

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Communication Objectives

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Outcomes that can reasonably by associated with promotional activities, such as increases in brand recognition or awareness, increased comprehension of a brands attributes or benefits, more positive attitudes about a brand or a more favorable image of the brand or its typical user, and stronger intentions to try or buy a brand.

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DAGMAR

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System emphasizes communication objectives because Cooley believed that the proper way to evaluate a compaign is to determine.

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Marketing Strategy

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Describes how the company plans to meet its marketing objectives.

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Positioning

answer

Refers to the place a brand occupies competitively in the minds of consumers.

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Tactics

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Determine the specific short-term actions to be taken, internally and externally, by whom, and when.

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Bottom-Up Marketing

answer

Small company, everybody is both player adn coach, and the day-to-day details seem to come first, leaving little or no time for formal planning.

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Relationship Marketing

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Creating, maintaining, and enhancing long-term relationships with customers and other stakeholders that result in exchanges of infromation and other things of mutual value.

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Value

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The ratio of perceived benefits to the costs, including price, of the product.

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Stakeholders

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Employees, centers of influence, stock holders, the financial community, and press.

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Endcap Promotion

answer

A mountain Dew grocer runs a..alone. A special display at the end of the aisle, it might generate a 10 percent increase in volume.

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Integrated Marketing Communications

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The process of building and reinforcing mutually profitbale relationships with employees, customers, other stakeholders, and the general public by developing and coordinating a strategic communications program that enables them to have a constructive encounter with the company/brand through a variety of media or other contacts.

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Advertising Plan

answer

A natural outgrowth of the marketing plan and is prepared in much the same way.

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Advertising Strategy

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Blends elements of the creative mix

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Creative Mix

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Target audience, product concept, communications media, and advertising message.

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Target Audience

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The specific people the advertising will reach, is typically larger than the target market.

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Product Concept

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The "bundle of values" the advertisers presents to the consumer.

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Communications Media

answer

As an element of creative strategy..all the vehicles that might transmit the advertisers message.

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Advertising Message

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What the company plans to say in its ads and how it plans to say it, both verbally and non verbally.

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Percentage of Sales Method

answer

One of the most popular techniques for setting advertising budgets.

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Share of Market/ Share of Voice Method

answer

An attempt to link advertising dollars with sales objectives.

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Objective/ Task Method

answer

Known as teh budget buildup method, is used by many large national advertisers in the U.S.A. It considers advertising to be a marketing tool to help generate sales.

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Empirical Research Method

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A company runs a series of tests in different markets with different budgets to determine the best level of advertising expenditure.

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Negatively Originated Motives

answer

The most common energizers of consumer behavior are..such as problem removal or problem avoidance.

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Informational Motives

answer

The consumer actively seeks information to reduce the mental state.

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Positively Originated Motives

answer

A positive bonus is promised rather than the removal or reduction of some negative situation.

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Transformational Motives

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The three positively originated motives- sensory gratification, intellectual stimulation, and social approval- are also called..because the consumer expects to be transformed in a sensory, intellectual, or social sense.

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Interpersonal Influences

answer

Affect-sometimes even dominate-these processes. They also serve as guidelines for consumer behavior. These influences can best be categorized as the famiy, the society, and the cultural enviroment of the consumer.

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Social Classes

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Sociologists traditionally divided societies into..upper, upper-middle, lower-middle, and so on. They believed that people in the same social class tended toward similar attitudes, status symbols, and spending patterns.

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Reference Groups

answer

People we try to emulate or whose approval concerns us.

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Opinion Leader

answer

Some person or organization whose beliefs or attitudes are respected by people who share an interest in some specific activity.

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Culture

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Refers to the whole set of meanings, beliefs, attitudes, and ways of doing things that are shared by some homogeneous social group and are typically handed down from generation to generation.

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Subculture

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A segment within a culture that shares a set of meanings, values, or activities that differ in certain respects from those of the overall culture.

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Non personal Influences

answer

Time, place, and enviroment are typically beyond the consumers control, but not necessarily beyond the advertisers.

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Enviroments

answer

Ecological, social, political, technical, economic, household, and point-of-sale location, to mention a few-can affect the purchase decision.

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Evaluate Criteria

answer

The standards they use to judge teh features and benefits of alternative products.

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Evoked Set

answer

Consumers evaluate selection alternatives.

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Post purchase Evaluation

answer

Negative reactions to the purchase. Key feature os cognitive dissonance.

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Theory of Cognitive Dissonance (Post purchase Dissonance)

answer

Holds that people strive to justify their behavior by reducing the dissonance, or inconsistency, between their cognitions (their perceptionsd or beliefs) and reality.

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Market Segmentation

answer

Actually a two-step strategy of identifying groups of people (or organizations) with certain shared needs adn characteristics within the broad markets for consumer or business products and aggregating (combining) these groups into larger market segments according to their mutual interest in the products utility.

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Behavioristic Segmentation

answer

Group consumers by purcahase behavior..determined by many variables, but the most important are user status, usage rate, purchase occasion, and benefits sought.

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Volume Segmentation (usage rates)

answer

Define concumers as light, medium, or heavy users of products.

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Purchase Occasion

answer

Buyers can also be distinguished by when they buy or use a product or service. The purchase occasion might be affected by frequency of need (regualr or occasional), a fad (candy, computer games), or seasons (water skis, raincoats).

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Benefits

answer

Consumers seek various..in the products tehy buy-high quality, low price, status, sex appeal, good taste, health consciousness.

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Benefit Segmentation

answer

The prime objective of many consumer attitude studies and the basis for many successful ad campaigns.

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Geographic Segmentation

answer

People in one region of the country (or the world) have needs, wants, and purchasing habits that differ from those in other regions.

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Demographic Segmentation

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Way to define population groups by their statistical characteristics: sex, age, ethnicity, education, occupation, income, and other quantifiable factors.

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Geodemographic Segmentation

answer

Sometimes combined with geographic segmentation t oselect target markets for advertising.

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Psychographic Segmentation

answer

To define consumer markets.

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Psychographics

answer

Marketers group people by their values, attitudes, personality, and lifestyle. Enables Marketers to view people as indivuals with feelings and inclinations.

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Primary Motivation

answer

Ideals (or basic principles), achievement (tangible markers of success or accomplishment), or self-expression (a desire for experiences or to take risks).

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Business (or industrial) Markets

answer

Include manufacturers, government agencies, wholesalers, retailers, banks, and institutions that buy goods services to help them operate. Products may include raw materials, electronic components, mechanical parts, office equipment, vehicles or services used in conducting the business.

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Resellers

answer

Many business marketers sell to..retail business that resell to consumers. Some brands are produced, merchandised, and resold under their own names.

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Target Marketing Process

answer

Once market segmentation process is complete, a company can proceed to the.. Determines the content, look, and feel of its advertising.

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Target Market

answer

Company designates one or more segments as a.. that group of segments the company wishes to appeal to design products for, and tailor its marketing activities toward.

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Marketing Mix

answer

The blending of four marketing elements: product, price, distribution,and communication. These different elements creates the compnays marketing strategy.

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Product Concept

answer

Marketers and advertisers generally try to shape their basic product into a total.. the consumers perception of a product as a bundle of utilitarian and symbolic values that satisfy functional, social, psychological, and other wants and needs.

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Four P's

answer

Product, Price, Place, Promotion

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Product Elements

answer

Major activities typically include the way the product is designed and classified, positioned, branded, and packaged. Each of these affects the way the product is advertised.

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Product Life Cycle

answer

A products position in the life cycle influences the target market selected and the kind of advertising used. The product life cycle has four major stages: introduction, growth, maturity, and decline.

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Early Adopters

answer

Willing to try new things and begin promoting the new category directly to them.

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Primary Demand

answer

Consumer demand for the whole product category, not just the companys own brand.

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Introductory (pioneering) Phase

answer

Any new product category, the company incurs considerable costs for educating customers, building widespread dealer distribution, and encouraging demand. Spends significant advertisng sums at this stage to establish a position as a market leader adn to gain a large share of market before the growth stage begins.

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Pull Strategy

answer

Create enough consumer demand to pull the product throguh the channels of distribution.

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Sales Promotion (push strategy)

answer

Encouraged distributors and dealers to stock, display, and advertise the new products.

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Growth Stage

answer

When sales volume begins to rise rapidly, the product enters the..

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Maturity Stage

answer

The market place becomesw saturated with competing products adn the number of new customers dwindles, so industry sales reach a plateau.

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Selective Demand

answer

Companies increase their promotional efforts but emphasize..impress customers with the subtle advantages of their particular brand

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Decline Stage

answer

If not revitalized , products will finally enter..b/c of obsolence, new technology, or changing consumer tastes.

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Service

answer

Bundle of intangible benefits that satisfy some need or want, are temporary in nature, and usually derive from completion of a task.

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People-Based Service

answer

Relies on the creative talents and marketing skills of indivuals. (Law firm or bank)

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Equipment-based Service

answer

Railroad relies on the use of specialized equipment vehicles able to pull huge loads over a unique track.

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Perceptible Differences

answer

Differences between products that are readily to the consumer.

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Hiiden Differences

answer

Can enhance a products desirability, advertising is usually needed to let consumers know about them.

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Induced Differences

answer

Many product classes, such as aspirin, salt, gasoline, packaged foods, liqour, and financial services.

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Brand

answer

Fundamental differntiating device for all products..that combination of name,words, symbols, or design that identifies the product and its source and distinguishes it from competing products.

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Family Brand

answer

Company for manufacturers to market..market different products under the same umbrella name.

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Private Labels

answer

Typically sold at lower prices in large retail chain stores, include such familiar names as Craftsman, Kroger, Party Pide, etc.

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Licensed Brands

answer

Sunkist, Coca-Cola clothing, Porsche sunglasses, and Mickey Mouse watches.

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Brand Equity

answer

The totality of what consumers, distributors, dealers- even competitors- feel and think about the brand over an extendded of period of time.

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Price Element

answer

The marketing mix influences consumer perceptions of the brand dramatically.

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Distribution Element

answer

Before first ad can be created..place, must be decided.

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Direct Distribution

answer

Companies sell directly to end users or consumers.

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Network Marketing (multilevel marketing)

answer

Fastest growing methods of direct distribution today.. which individuals act as independent distributors for a manufacturer or private-label marketer.

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Reseller (middle man)

answer

Business firm that operates between the producer and teh consumer or industrial purchaser.

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Distribution Channel

answer

Comprises all the firms and individuals that take title, or assist in taking title, to the product as it moves from the producer to the consumer.

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Selective Distribution

answer

Limiting the number of outlets..manufacturers can cut their ditribution and promotion costs.

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Cooperative Advertising

answer

The manufacturer may share part of the retailers advertising costs.

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Exclusive Agreement

answer

Under an..agreement, selected wholesalers or retailers are granted exclusive rights to distribute a particular product.

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