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Test 5: Ch 13-16
| Term | Definition |
|---|---|
| Advertising | Paid, nonpersonal communication through various media by organizations and individuals who are in some way identified in the advertising message. |
| Brand Awareness | How quickly or easily a given brand name comes to mind when a product category is mentioned. |
| Brand loyalty | The degree to which customers are satisfied, like the brand, and are committed to further purchases. |
| Brand name | A word, letter, or group of words or letters that differentiates one seller’s goods and services from those of competitors. |
| Break-even analysis | The process used to determine profitability at various levels of sales. |
| Competition-based price | A pricing strategy based on what all the other competitors are doing. |
| **Bonus Q: Consumer goods classifications (describe four categories and give examples) | Convenience goods & services: candy, snacks, gas, milk. Shopping good & services: compare value, quality, price and style. Specialty goods & services: fine watches, expensive wine, and designer clothes. Unsought goods & services: car-towing and insurance. |
| Convenience goods | Products that the consumer wants to purchase frequently and with a minimum of effort. |
| Corporate distribution system | A distribution system in which all of the organizations in a channel of distribution are owned by one firm. |
| Customer relationship management | Learning as much as possible about customers and doing everything you can to satisfy or exceed their expectations. |
| Difference between retailers and wholesalers | Wholesaler — A marketing intermediary that sells to other organizations. Retailer — An organization that sells to ultimate consumers. |
| Exclusive distribution | Sends products to only one retail outlet in a given geographic area. |
| Form utility | Producers provide form utility by changing raw materials into useful products. |
| High-low pricing | Setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors. |
| Intensive distribution | Puts products into as many retail outlets as possible. |
| *Essay Q: Logistics (types of issues related to) | The marketing activity that involves planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumption to meet customer requirements at a profit. Lack of planning... |
| Market | A place where parties can gather to facilitate the exchange of good and services |
| Market segmentation | Dividing the total market into groups whose members have similar characteristics. |
| Marketing | The activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings with value for customers, clients, partners, and society at large. |
| Marketing intermediary | Organizations that assist in moving goods and services from producers to businesses (B2B) and from businesses to consumers (B2C). |
| Marketing mix | The ingredients that go into a marketing program; also known as the four Ps: 1. Product, 2. Price, 3. Place, 4. Promotion |
| Marketing research | The analysis of markets to determine opportunities and challenges, and to find the information needed to make good decisions. |
| *Essay Q: Mass marketing vs. relationship marketing | Mass marketing — Developing products and promotions to please large groups of people. Relationship marketing — Keeping individual customers over time by offering them products that exactly meet their requirements. |
| Packaging | refers to enclosing or protecting a product using a container. |
| Personal selling | The face-to-face presentation and promotion of goods and services. |
| Primary data | Data that you gather yourself (not from secondary sources). |
| Product | Any physical good, service, or idea that satisfies a want or need plus anything that would enhance the product in the eyes of consumers. |
| Product differentiation | The creation of real or perceived product differences. |
| Product life cycle (definition, stages) | A theoretical model of what happens to sales and profits for a product class over time. Product Life Cycle Stages: • Introduction • Growth • Maturity • Decline |
| Product line | A group of products that are physically similar or intended for a similar market. |
| Product mix | The combination of product lines offered by a manufacturer. |
| Product placement | Putting products into TV shows, movies, and video games where they will be seen. |
| Promotion | All the techniques sellers use to inform people about and motivate them to buy their products or services. |
| Promotion mix | The combination of promotional tools an organization uses. |
| Public relations | The management function that evaluates public attitudes, changes policies and procedures in response to the public’s requests, and executes a program of action and information to earn public understanding and acceptance. |
| *Essay Q: Publicity (vs advertising) | Any information about an individual, product, or organization that’s distributed to the public through the media and that’s not paid for or controlled by the seller. Advertising is paid for, Publicity is free. |
| Pull strategy | Heavy advertising and sales promotion efforts are directed towards consumers so that they'll request the products from retailers |
| Push strategy | The producer uses advertising, personal selling, sales promotion, and all other promotional tools to convince the wholesalers and retailers to stock and sell merchandise. |
| Rack jobbers | Furnish racks or shelves full of merchandise to retailers, display products, and sell on consignment. |
| Secondary data | Information that has already been compiled by others and published in journals and books or made available online. |
| Selective distribution | Sends products only to a preferred group of retailers in an area. |
| Shopping goods | Those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers. |
| Specialty goods | Consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them. |
| Steps in the selling process | 1. Prospect and qualify. 2. Preapproach. 3. Approach. 4. Make a presentation. 5. Answer objections. 6. Close the sale. 7. Follow up. |
| Target market | Marketing directed toward those groups an organization decides it can serve profitably. |
| Total product offer | Everything that consumers evaluate when deciding whether to buy something. |
| Trademark | A brand that has exclusive legal protection for both its brand name and its design. |
| Unsought goods | Products that consumers are unaware of, haven’t necessarily thought of buying, or find that they need to solve an unexpected problem. |
| *Essay Q: Publicity (advantages and disadvantages | Ad: Free, reaches people who would not look at an ad, more believable than advertising. Dis: No control over whether the media will use a story or when they may release it, can be good or bad, and once a story has been run, it is not likely to run again. |
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