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FOB Chpt. 14

Chapter 14: Marketing

TermDefinition
Marketing a set of processes for creating, communicating, and delivering value to customers and for improving customer relationships
Market segmentation aggregating prospective buyers into groups with common needs and who respond similarly to a marketing action
Demographic segmentation dividing the market into groups based on age, marital status, gender, ethnic background, income, occupation, and education
Geographic segmentation dividing the market into groups climate, region, and population density (urban, small-town, or rural)
Behavior segmentation dividing the market into groups based on attitude toward the product, user status, or usage rate
Psychographic segmentation dividing the market into groups based on people’s interests, activities, attitudes, and values
Niche Market precisely meeting consumer goals, especially narrow market
Brand Equity Feelings toward a company, positive experience
Brand Loyalty willing to spend money on a company, consumers frequent over time
Generic Branding the maker attaches no info to a product except a description of contents (corn flakes, drugs, MREs)
Private Branding a company makes a product and sells it to a retailer who sells it under its own name (Great Value from Walmart, Simply Nature)
Manufacturer Branding a company sells a product its own brand name (Kellogg's Corn Flakes, Lay's Chips)
Multi-branding the company has multiple brand names (Nestle - KitKat and Nespresso)
Retailer selling products directly to customers at retail prices
Wholesaler selling products in larger quantities to businesses at lower prices
Multi product branding when a company uses one brand name for all of its products within a class (Fedex, KIND bars, ice cream, breakfast)
Created by: naddotey
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