Marketing 131 Definitions – Flashcards
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Market
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The set of actual and potential buyers of a product.
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Need
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State of felt deprivation including physical, social, and individual needs.
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Wants
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Specific form of a need that is shaped by culture and personality. The manner in which an individual chooses to fulfill their needs.
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Demand
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A "want" backed by buying power.
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Market Offering
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Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
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Marketing Myopia
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A short-sighted inward looking approach to marketing. Focus on wants and lose sight on needs. The mistake of paying too much attention to products and not customers.
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Target Market
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A group of similar characteristics likely to be affected by a market offering.
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Segmentation
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Dividing a market into groups characterized by relevant characteristics.
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Value Proposition
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The value of percieved benefits a marketer promises.
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Product Concept Selling Concept Marketing Concept Societal Marketing Concept
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Marketing Management Philosophies:
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Touchpoint
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Any aspect of the integrated marketing mix that reaches the customer.
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Loyalty Program
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A type of marketing program that bestows benefits on members.
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Marketing Channel
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A channel of distribution that connects marketers to customers. The set of interdependent organizations that help make a product available.
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Supply Chain
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The chain of processes from raw materials to sales.
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Customer Equity
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Total combined lifetime value of all customers.
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Strategic Planning
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Managing and maintaining a strategic fit between goals and capabilities.
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Mission Statement
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A statement of the organization's purpose - what it aims to accomplish.
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Positioning
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A marketing strategy to differentiate itself and create a strong, positive mental image. Developing a percieved space in consumer's minds.
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Customer Solution Customer Cost Convenience Communication
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4 C's of Marketing:
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Exploratory Research
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Initial research to define problems and suggest hypotheses.
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Descriptive Research
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Research to better describe problems/situations/markets such as market potential.
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Casual Research
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Market research to test hypotheses about cause-and-effect relationships.
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Observational Data
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Gathering primary data by observing relevant people, actions, and situations.
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Ethnographic Data
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Studying consumers as they interact with products and services.
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Survey Research Data
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Gathering data by askings questions about knowledge, attitudes, etc.
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Experiemental Data
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Giving similar groups different experiments and observing the difference.
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Focus Group
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A small, moderated group discussion during the product development stages.
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Neuromarketing
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Measuring brain activity to learn how consumers feel about/respond to marketing activities.
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Consumer Behaviour
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The buying behaviour of individuals who buy for their own consumption.
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Consumer Market
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All individuals within a geographic area who have money and the power to spend it.
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Culture
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The set of basic values, perceptions, wants and behaviours learned by society.
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Subculture
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A group of people with shared value systems based on experiences/situations
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Social Class
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A segment of society based on income, education, occupation and standing.
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Opinion Leader
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A person who has the ability to influence consumer choices.
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Social Network
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A virtual online community created by social media.
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Geographic Demographic Psychographic Usage Behaviour
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Segmentation Types:
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Product
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Anything that can be offered to a market for attention, acquisition, use or consumptions.
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Service
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Any intangible activity or benefit that one party can do for another.
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Product Line
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A group of products with similar use, price range or target market.
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Product Mix
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The set of all product lines that a particular seller offers.
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Brand
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A name, term, symbol, or any other feature that distinguishes two goods.
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Brand Equity
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The dollar amount attributed to the value of the brand, based on intangible qualities.
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Development Introduction Growth Maturity Decline
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Product Life Cycle:
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Styles
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A basic and distinctive mode of expression.
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Fashions
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A currently accepted or popular style in a given field.
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Fads
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A fashion that enters quickly with great zeal, peaks fast and declines early.
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Price
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The amount of money a customer pays to receive a product/service.
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Breakeven Pricing
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Setting a price such that revenues will equal costs.
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Price Elasticity
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A measure of the sensitivity of demand to changes in price.
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Price Skimming
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Setting a high price for a new product to skim maximum revenues layer by layer as price drops.
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Penetration Pricing
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Setting a low price to attract customers, then slowly raising it.
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Prestige Pricing
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Offering a high level of prestige for a high price.
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Psychological Pricing
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Adjusting prices for psychological effect.
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Promotional Pricing
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Temporarily reducing prices to increase short-run sales.
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Geographic Pricing
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Adjusting prices to account for the geographic location of customers.
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Dynamic Pricing
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Continually adjusting prices to meet needs of different situations.
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Direct Marketing Channel
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A marketing channel that has no intermediary levels.
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Indirect Marketing Channel
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A marketing channel that has at least one intermediary level.
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Specialty Department Supermarket Convenience Category Killer Service Retailer
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Types of Retailers:
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Vertical Marketing System
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A distribution channel structure in which producers, wholesalers and retailers act as a unified system.
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Intensive Exclusive Selective
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Distribution Strategies:
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Advertising Sales Promotion Personal Selling Direct Response Marketing Public Relations
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Marketing Communications Mix:
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Advertising
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Any paid form of non-personal presentation and promotion of an idea, product, or service.
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Sales Promotion
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Short-term incentives designed to encourage immediate purchase.
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Personal Selling
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Personal presentation from the firm's sales representatives.
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Direct Response Marketing
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Direct communications with carefully chosen customers to obtain immediate response.
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Public Relations
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Building a good relationship with the public, a strong corporate image, handling rumours and bad press, etc.
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Integrated Marketing Communications
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Coordinating all marketing efforts to ensure messages are clear and consistent.
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Push Strategy
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Using the sales force and trade promotion to push product through channels.
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Pull Strategy
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Using advertising and customer promotion to build customer demand.
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Slice of Life Lifestyle Fantasy Image Personality Symbol Tecnical Expertise Scientific Evidence Testimonial
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Types of Ads:
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Reach
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The percentage of people in the target market exposed to an advertisement.
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Frequency
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How many times the average person in a target market sees an advertisement.
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Impact
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The qualititative value of an advertising message's exposure.
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Cost Per Thousand Impressions
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CPM
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Trade Promotion
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Sales promotions which provide retailers/channel partners with incentives.
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