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Value

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Is the relative comparison of a products benefits versus its cost. Value = Benefits / Cost

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Utility

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is the ability of a product to satisfy a human want or need

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4 Types of Utility

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Form Utility Time Utility Place Utility Possession Utility

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Form Utility

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Marketing has a voice in designing products with features that customers want

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Time Utility

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Marketing creates a utility by providing products when customers will want them.

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Place Utility

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Marketing creates a place utility by providing products where customers will want them

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Possession Utility

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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

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Consumer Goods

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Physical products purchased by consumers for personal use

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Industrial Goods

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Physical products purchased by companies to produce other products

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Services

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

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Relationship Marketing

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Marketing strategy that emphasizes building lasting relationships with customers and suppliers

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Customer Relation Management (CRM)

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Organized methods that a firm use to build better information connections with clients, so that stronger company-client relationships are developed

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Marketing Environment

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Political-Legal Environment Sociocultural Environment Technological Environment Economic Environment Competitive Environment

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3 Types of Competitive Environments

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Substitute Products Brand Competition International Competition

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Substitute Product

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Product that is dissimilar from those of competitors but that can fulfill same need

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Brand Competition

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

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International Competition

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Competitive marketing of domestic products against foreign products

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Marketing Managers

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Managers who plans and implements the marketing activities that result in the transfer

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Marketing Plan

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Detailed strategy for focusing marketing efforts on consumer's needs and wants

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Marketing Mix

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Combination of product pricing, promotion, and place (distribution) strategies used to market products

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Product

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Good, service, or idea that is marketed to fill consumers' needs and wants

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Product Differentiation

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Creation of a product feature or product image that differs enough from existing products to attract customers

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Pricing

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Process of determining the best price at which to sell a product

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Place (Distribution)

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Part of the marketing mix concerned with getting products from producers to consumers

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Promotion

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Aspect of the marketing mix concerned with the most effective techniques for communicating information about products

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Integrated Marketing Strategy

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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

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4 Ps of Marketing

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Product Differentiation Pricing Place (Distribution) Promotion

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Target Market

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Segment or group of people who have similar wants and needs and can be expected to show interest in the same products

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Market Segmentation

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Process of dividing a market into categories of customer types

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Product Positioning

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Process of fixing, adapting, and communication the nature of a product

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Geographic Variables

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Geographic units that may be considered in developing segmentation strategy

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Demographic Variables

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Characteristics of populations that may be considered in developing a segmentation strategy Age Education Family Life Cycle Family Size Income Nationality Race Religion Sex

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Geo-Demographic Variable S

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

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Psychographic Variables

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

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Consumer Behavior

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Study of the decision process by which people buy and consume products Psychological Personal Influences Social Influences Cultural Influences

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Brand Loyalty

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Pattern of regular consumer purchasing based on satisfaction with a product performance

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Behavioral Variables

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

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Problem Recognition

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This process begins when the consumer recognizes a problem or need.

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Need Recognition

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occurs when you have a chance to change your buying habits.

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Information Seeking

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Having recognized a need consumers often seek information.

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Evoked Set or Consideration Set

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Group of products consumers will consider buying as a result of information searched

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Evaluation of Alternatives

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Alternatives to your product that meet same needs.

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Purchase Decision

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Decisions are based on rational motives, emotional motives or both

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Rational Motives

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Reasons for purchasing a product that are based on logical evaluation of product attributes

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Emotional Motives

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Reasons for purchasing a product that are based on nonobjective factors

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Post purchase Evaluation

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Marketing does not stop with the sale of a product. Marketers want to customers to be happy after purchasing products.

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Industrial Market

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Organizational market consisting of firms that buy goods that are either converted into products or used during production

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Reseller Market

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Organizational market consisting of intermediaries that buy and resell finished goods.

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Institutional Market

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Organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations

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Product Features

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Tangible and intangible qualities that a company builds into its products

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Value Package

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Product marketed as a bundle of value-adding attributes, including reasonable cost Easy access to understandable information Features Attractive Useful Software Pricing Simple Ordering Secure Ordering Assurance of speedy delivery Warranties Easy access to technical support

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Convenience Good or Convenience Service

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Inexpensive good or service purchased and consumed rapidly and regularly

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Shopping good or Shopping Services

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Moderately expensive infrequently purchased good or service

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Specialty Good or Specialty Service

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Expensive rarely purchased good or service

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Production Item

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Industrial products purchased and used directly in the production process that creates other goods or services

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Expense Item

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Industrial product purchased and consumed within a year by firms producing other products

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Capital Item

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Expensive long lasting infrequently purchased industrial product, such as a building, or industrial service, such as a long-term agreement for data warehousing services

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Product Mix

answer

Group of products that a firm makes available for sale

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Product Line

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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

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Speed to Market

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Strategy of introducing new products to respond quickly to consumer or market changes

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Product Life Cycle (PLC)

answer

Series of stages in a product's commercial life

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Stages of PLD

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Introduction Growth Maturity Decline

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Branding

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Process of using symbols to communicate the qualities of a product made by a particular producer

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Brand Awareness

answer

Extent to which a brand name comes to mind when a consumer considers a particular product category

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Product Placement

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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.

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Buzz Marketing

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Promotional method that relies on word of mouth to create buzz about product and ideas

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Viral Marketing

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Type of buzz marketing that relies on the Internet to spread information like a "virus" from person to person about products and ideas

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Corporate Blogs

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Comments and opinions published on the web by or for an organization to promote its activities

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National Brand

answer

Brand-name product produced by, widely distributed by, and carrying the name of a manufacturer

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Brand Extension

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A company's use of a national brand on several additional related products

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Licensed Brand

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Brand-name product for whose name the seller has purchased the right from an organization or individual

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Private Brand (Private Label)

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Brand-name product that a wholesaler or retailer has commissioned from a manufacturer

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Packaging

answer

Physical container in which a product is sole, advertised, or protected

BUS 121 — Marketing Process and Consumer Behavior – Flashcards

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