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business class
| Term | Definition |
|---|---|
| Marketing Concept | business must satisfy needs and wants of their customer to compete |
| Customer | person who buys the product |
| Consumer | person who uses the product |
| Pricing | determines prices for products in order to maximize profit |
| Promotion` | applying promotional techniques to potential customers |
| Product/Service Management | developing, improving and maintaining a product mix |
| Financing | obtaining the money necessary for business operations |
| Selling | providing consumers with the products and services they desire |
| Marketing Information Management | managing market information to maximize business decisions |
| Distribution | using channels to get products to consumers ` |
| Disaggregate | reduce the marketing focus to product-market areas where companies are more likely to have a competitive advantage |
| Segmentation | aggregating process which clusters people with similar needs into market segments |
| Market Segments | similar group of consumers responding to the same marketing mix |
| Baby Boom Generation | babies born between 1946-1964; aging population; are of interest to companies promoting products related to aging populations |
| Generation X | babies born between 1965-1977; children of dual-careered parental homes and rising divorce rates; media savvy; big spenders in cosmetics, electronics, clothing and entertainment; reached through sharp images music and humor |
| Generation Y | babies born between 1977-1997; children growing up in computer-dense environment; comfortable with computers; are attractive to marketers for building lasting consumer loyalty |
| Disposable Income | money left after taxes are taken out of paychecks |
| Discretionary Income | money left after basic living expenses have been paid |
| Trends | changes in households, the economy, politics and workplace; changes in personal attitudes about health, time, fun and general living |
| Metropolitan Statistical Areas (MSAs) | created by the government to help distribute federal aid; used by marketers to target consumers and launch promotional campaigns |
| Target Marketing | applies to a fairly homogeneous group of consumers |
| Mass Marketing | applies to a more heterogeneous group of consumers |
| Parity Products | products seen as little-interest and little-involvement products; hard for marketers to distinguish these products from others; example light bulbs and toilet paper |
| Negative Driven Products | products purchased due to the consumer’s negative view of other comparable products such as bottled water |
| Unsought Products | items customers do not yet know they want or need to buy; promotion is the only way for marketers to raise awareness of the product |
| New Unsought Products | completely new products people do not know about |
| Regular Unsought | products remain unsought but not forever such as gravestones and encyclopedias |
| Convenience Products | items of necessity consumers usually do not want to spend a lot of time or money buying |
| Staples | products bought often, routinely and without a lot of thought |
| Impulse Items | products the customer had not planned to buy but were at the right place at the right time; sales may be lost if customers do not see these items at the right place and right time |
| Emergency Products | products especially sought out by consumers usually for emergency reasons; no time to shop around |
| Specialty Products | items especially sought items by consumers; less comparison shopping than other types of products |
| Mark-up | increase in cost |
| Channels of Distribution | series of companies who participate in the flow of products from producer to the final customer |
| Personal Selling | involves direct spoken communication between sellers and consumers |
| Mass Selling | involves communicating with large numbers of consumers at one time |
| Sales Promotions | involves promotional activities other than advertising, publicity and personal selling raising interest, trial or purchase by customers other channel members |
Created by:
am0325070
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