Marketing Key Terms – Flashcards
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The total combined customer lifetime values of all of the company's customers.
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Customer Equity
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The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
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Customer Lifetime Value
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The customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
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Customer Perceived Value
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
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Customer Relationship Management
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The extent to which a product's perceived performance matches a buyer's expectation.
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Customer Satisfaction
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The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
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Marketing
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The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better then competitors do.
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Marketing Concept
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The art and science of choosing target markets and building profitable relationships with them.
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Marketing Management
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States of felt deprivation.
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Needs
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Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
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Partner Relationship Management
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The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements.
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Product Concept
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The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
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Production Concept
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The idea that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort.
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Selling Concept
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The portion of the customer's purchasing that a company gets in its product categories.
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Share of Customer
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The idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
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Societal Marketing Concept
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Are the form human needs take as they are shaped by culture and individual personality.
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Wants
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Human wants that are backed by buying power
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Demands
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Actually differentiating the market offering to create superior customer value.
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Differentiation
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A group of consumers who respond in a similar way to a given set of marketing efforts
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Market Segment
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Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
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Market Segmentation
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The set of controllable tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market.
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Marketing Mix
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The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships
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Marketing Strategy
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The process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
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Market Targeting
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Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
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Positioning
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The mental process through which an individual passes from first hearing about an innovation to final adoption.
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Adoption Process
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A person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward and object or idea.
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Attitude
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A descriptive thought that a person holds about something.
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Belief
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Buyer discomfort caused by post-purchase conflict.
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Cognitive Dissonance
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The set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
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Culture
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Guided by respect - They are opinion leaders in their communities and adopt new ideas early but carefully.
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Early Adopters
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Two or more people who interact to accomplish individual or mutual growth.
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Groups
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Venturesome - they try new ideas at some risk.
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Innovators
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Tradition bound - they are suspicious of changes and adopt the innovation only when it has become something of a tradition itself.
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Laggards
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A person's pattern of living as expressed in his or her activities, interests, and opinions.
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Lifestyle
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A need that is sufficiently pressing to direct the person to seek satisfaction of the need.
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Motive (Drive)
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deliberate - although they rarely are leaders, they adopt new ideas before the average person.
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Early Majority Adopters
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Skeptical - they adopt an innovation only after a majority of people have tried it.
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Late Majority Adopters
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Dividing a market into different age and life-cycle groups.
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Age/Life-cycle Segmentation
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Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product.
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Behavioral Segmentation
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Dividing the market into segments according to the different benefits that consumers seek from the product
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Benefit Segmentation
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An advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices.
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Competitive Advantage
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A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches.
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Concentrated (niche) Marketing
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Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
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Demographic Segmentation
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A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
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Differentiated (Segmented) Marketing
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Dividing a market into different segments based on gender.
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Gender Segmentation
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Dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods.
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Geographic Segmentation
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Dividing a market into different income segments
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Income Segmentation
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Tailoring products and marketing programs to the needs and preferences of individual customers - also labeled "one-to-one marketing," "customized marketing," and "markets-of-one marketing"
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Individual Marketing
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Arranging for a market offering to occupy a clear distinctive, and desirable place relative to competing products in the minds of target consumers.
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Market Positioning
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Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
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Market Segmentation
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The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments-includes local marketing and individual marketing.
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Micro-marketing
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Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
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Occasion Segmentation
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A statement that summarizes company or brand positioning - it takes this form: To (target segment and need) our (brand) is (concept) that (point-of-difference).
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Positioning Statement
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The way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products.
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Product Position
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Dividing a market into different segments based on social class, lifestyle, or personality characteristics.
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Psycho-graphic Segmentation
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A set of buyers sharing common needs or characteristics that the company decides to serve.
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Target Market
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A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
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Undifferentiated (mass) Marketing
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The full positioning of a brand - the full mix of benefits upon which it is positioned.
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Value Proposition
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A name, term, sign, symbol, design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
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Brand
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The differential effect that knowing the brand name has on customer response to the product or its marketing.
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Brand Equity
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Extending an existing brand name to new product categories.
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Brand Extension
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The practice of using the established brand names of two different companies on the same product
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Co-Branding
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A product bought by final consumer for personal consumption
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Consumer Product
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A consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort
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Convenience Product
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A product bought by individuals and organizations for further processing or for use in conducting a business.
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Industrial Product
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extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
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Line Extension
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The activities of designing and producing the container or wrapper for a product.
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Packaging
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A brand created and owned by a reseller of a product or service
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Private (store) brand
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Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
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Product
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The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
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Product Quality
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A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
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Product/Line
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The set of all product lines and items that a particular seller offers for sale.
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Product Mix
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An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
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Service
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A consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style.
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Shopping Product
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The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.
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Social Marketing
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A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
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Specialty Product
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A brand created an owned by a reseller of a product or service
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Store Brand
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A consumer product that the consumer either does not know about or knows about but does not normally think of buying.
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Unsought Product
