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Ch. 11 Marketing
Ch. 11: Marketing Processes and Consumer Behavior
| Term | Definition |
|---|---|
| Marketing | activities, a set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have values for customers, clients, partners, and society at large |
| Value | relative comparison of a product's benefits versus its costs |
| Possession Utility | transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents |
| Consumer Goods | physical products purchased by consumers for personal use |
| Industrial Goods | physical products purchased by companies to produce other products |
| Relationship Marketing | marketing strategy that emphasizes building lasting relationships with customers and suppliers |
| Data Warehousing | the compiling and storage of customers' data |
| Data Mining | the application of electronic technologies for searching, sifting, and reorganizing pools of data to uncover useful information |
| Substitute Product | product that is dissimilar from those of competitors, but that can fulfill the same need |
| Brand Competition | based on users' perceptions of the benefits offered by each product |
| International Competition | competitive marketing of domestic products against foreign products |
| Marketing Plan | detailed strategy for focusing marketing efforts on consumers' needs and wants |
| Marketing Objectives | the things marketing intends to accomplish in its marketing plan |
| Marketing Strategy | all the marketing programs and activities that will be used to achieve the marketing goals |
| Marketing Manager | the people responsible for planning, organizing, leading, and controlling the organization's marketing resources toward supporting and accomplishing the organization's overall mission |
| Marketing Mix | combination of product, pricing, promotion, and place (distribution) strategies used to market products |
| Product Differentiation | creation of a product feature or product image that differs enough from existing products to attract customers |
| Pricing | process of determining the best price at which to sell a product |
| Place (distribution) | refers to where and how customers get access to the products they buy |
| Promotion | aspect of the marketing mix concerned with the most effective techniques for communicating information about products |
| Advertising | any form of paid non-personal communication used by an identified sponsor to persuade or inform potential buyers about a product |
| Personal Selling | person-to-person sales |
| Sales Promotion | direct inducements such as premiums, coupons, package inserts to tempt consumers to buy products |
| Public Relations | communication efforts directed at building goodwill and favorable attitudes in the minds of the public toward the organization and its products |
| Integrated Marketing Strategy | strategy that blends together the Four Ps of marketing to ensure their compatibility with one another and with the company's nonmarketing activities as well |
| Target Market | the particular group of people or organizations on which a firm's marketing efforts are focused |
| Market Segmentation | process of dividing a market into categories of customer types, or "segments," having similar wants and needs and who can be expected to show interest in the same products |
| Product Positioning | process of fixing, adapting, and communicating the nature of a product |
| Geographic Variables | geographic units that may be considered in developing a segmentation strategy |
| Geographic Segmentation | geographic units, from countries to neighborhoods, that may be considered in identifying different market segments in a segmentation strategy |
| Demographic Variables | describe populations by identifying traits, such as age, income, gender, ethnic background, marital status, race, religion, and social class |
| Geo-Demographic Segmentation | using a combination of geographic and demographic traits for identifying different market segments in a segmentation strategy |
| Geo-Demographic Variables | combination of geographic and demographic traits used in developing a segmentation strategy |
| Psychographic Segmentation | segmentation strategy that uses psychographic characteristics to identify different market segmentations |
| Psychographic Variables | consumer characteristics, such as lifestyles, opinions, interests, and attitudes, that may be considered in developing a segmentation strategy |
| Behavioral Segmentation | a segmentation strategy that uses behavioral variables to identify different market segments |
| Behavioral Variables | behavioral patterns displayed by groups of consumers and that are used in developing a segmentation strategy |
| Marketing Research | the study of what customers need and want and how best to meet those need and wants |
| Observation | research method that obtains data by watching and recording consumer behavior |
| Survey | research method of collecting consumer data using questionnaires, telephone calls, and face-to-face interviews |
| Focus Group | research method using a group of people from a target population who are asked their attitudes, opinions, and beliefs about a product in an open discussion |
| Experimentation | research method using a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products |
| Consumer Behavior | study of the decision process by which people buy and consume products |
| Psychological influences | include an individual's motivations, perceptions, ability to learn, and attitudes that marketers use to study buying behavior |
| Personal Influences | include lifestyle, personality, and economic status that marketers use to study buying behavior |
| Social Influences | include family, opinion leaders (people whose opinions are sought by others), and such reference groups as friends, coworkers, and professional associates that marketers use to study buying behavior |
| Cultural Influences | include culture, subculture, and social class influences that marketers use to study buying behavior |
| Brand Loyalty | pattern of repeated consumer purchasing based on satisfaction with a product's performance |
| Evoked Set (or consideration set) | group of products consumers will consider buying as a result of information search |
| Rational Motives | reasons for purchasing a product that are based on a logical evaluation of product attributes |
| Emotional Motives | reasons for purchasing a product that are based on nonobjective factors |
| Service Companies Market | firms engaged in the business of providing services to the purchasing public |
| Industrial Market | organizational market consisting of firms that buy goods that are either converted into products or used during production |
| Reseller Market | organizational market consisting of intermediaries that buy and resell finished goods |
| Institutional Market | organizational market consisting of such nongovernmental buyers of goods and services as hospitals, churches, museums, and charitable organizations |
| Viral Marketing | type of marketing that relies on the internet to spread information like a "virus," from person to person about products and ideas |
| Corporate Blogs | comments and opinions published on the Web by or for an organization to promote its activities |
Created by:
hwinkler59