Marketing Test 2

Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require seperate marketing strategies or mixes

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter

Actually differentiating the market offering to create superioir customer value

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Dividing a market into different geographical units such as nations, states, regions, countries, cities, or neighborhoods

Dividing the market into segments based on variables such as agem gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality

Diving a market into different age and life-cycle groups

Dividing a market into differnt segments based on gender

Diving a market into differnt income segments

Diving a market into differnt segments basoned on social class, lifestyle, or personality characteristics

Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product

Diving the market into segments according to occasions when buyers get the idea to buy, actually make theit purchase, or use the purchased item

Dividing the market into segments according to the differnt benefits that consumers seek from the product

A set of buyers sharing common needs or characteristics that the company decides to serve

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

A market-coverage strategy in which a firm decides to target several market segments and designs seperate offers for each

A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches

The practice of tailoring products and marketing programs to needs and wants of specific individuals and local customer segments - includes local marketing and individual marketing

Tailoring brands and promotions to the needs and wants of local customer segments- cities, neighborhoods, and even specific stores

Tailoring products and marketing programs to the needs and prederences of individual customers- also labeled "one-to-one marketing," "customized marketing," and "markets-of-one marketing."

The way the product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products

An advantage over competitors gained by offering great customer value, either through lower prices or by providing more benefits that justify higher prices

The full positioning of a brand- the full mix of benefits upon which it is positioned

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

A product bought by final consumers for personal consumption

A consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort

A consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style.

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

A consumer product that the consumer either does not know about or knows about but does not normally think of buying

A product bought by individuals and organizations for further processing or for use in conducting a business

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs

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

The activities of designing and producing the container or wrapper for a product

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

The set of all product lines and items that a particular seller offers for sale

A major characteristic of services- they cannot be seen, tasted, felt, heard, or smelled before they are bought

A major characteristic of services - their quality may vary greatly, depending on who provides them and when, where, and how.

A major characteristic of services - they cannot be stored for later sale or use

The differential effect that knowing the brand name has on a customer response to the product or its marketing

A brand created and owned by a reseller of a product or service

Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category

The development of original products, product improvements, product modifications, and new brands through the firm's own product-development efforts

The systematic search for new-product ideas

Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible

A detailed version of the new-product idea stated in meaningful consumer terms

Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal

Designing an initial marketing strategy for a new product based on the product concept

A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives

Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering

The stage of new product development in which the product and marketing program are tested in realistic market settings

Introducing a new product into the market

The course of a product's sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline

Begins when the company finds and develops a new product idea. During product development, sales are zero and the company's investment cost mount

is a period of slow sales growth as the product is introduced in the market. Profits are nonexistent in this stage because of the heavy expenses of product introduction

Is a period of rapid market acceptance and increasing profits

is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profit level off or decline because of increased marketing outlays to defend the product against competition

is the period when sales fall off and profits drop

The product life-cycle stage in which the new product is first distributed and made available for purchase

The product life-cycle stage in which a product's sales start climbing quickly

The product life-cycle stage in which sales growth slows or levels off

The product life-cycle stage in which a product's sales decline

The amount of money charged for a product or service, or the sum of values that customers exchange for the benefits of having or using the product or service

Setting price based on buyers' perceptions of value rather than on the seller's cost

Offering just the right combination of quality and good service at a fair price

Attaching value-added features and services to differentiate a company's offers and charging higher prices

Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk

Costs that do not vary with production or sales level

Costs that vary directly with the level of production

The sum of the fixed and variable costs for any given level of production

Adding a standard markup to the cost of the product

Setting price to break even on the costs of making and marketing a product, or setting price to make a target return

A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged

A measure of sensitivity of demand to changes in price

Setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales

Setting a low price for a new product in order to attract a large number of buyers and large market share

Setting the price steps between various products in a product line based on a cost differences between the products, customer evaluations of different features, and competitors' prices

The pricing of optional or accessory products along with a main product

Setting a price for products that must be used along with a main product, such as blades for a razor and games for a videogame console

Setting a price for by-products in order to make the main product's price more competitive

Combining several products and offering the bundle at a reduced price

A straight reduction in price on purchases during stated period of time or of larger quantities

Promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's products in some way

Selling a product or service at two or more prices, where the differences in prices is not based on differences in costs

Pricing that considers the psychology of prices and not simply the economics; the price is used to say something about the product

Prices that buyers carry in their minds and refer to when they look at a given product

Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales

Adjusting prices continually to meet the characteristics and needs of individual customers and situations

A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user

A layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer

A marketing channel that has no intermediary levels

Channel containing one or more intermediary levels

Disagreement among marketing channel members on goals, roles, and rewards-who should do what and for what rewards

A channel consisting of one or more independent producers, wholesalers, and retailers, each a separate business seeking to maximize its own profits, even at the expense of profits for the system as a whole

A distribution channel structure in which producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate

A vertical marketing system that combines successive stages of production and distribution under single ownership-channel leadership is established through common ownership

A vertical marketing system in which independent firms at different levels of production and distribution join together through contracts to obtain more economies or sales impact than they could achieve alone

A distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments

The cutting out of marketing channel intermediaries by product or service producers, or the displacement of traditional resellers by radical new types of intermediaries

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

Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers

Combining two or more modes of transportation

An independent logistics provider that performs any or all of the functions required to get its client's product to market

Useful for planning differentiation & positioning strategies. Can help define a brand's position relative to competitors using two key dimensions

Firm gains competitive advantage by reducing costs below those of competing firms. Lowest production and distribution costs enable firm to sell at low prices and still make a substantial profit

Firm distinguishes itself from competitors through quality of its products and services. Firm charges more because customers are willing to pay extra value they perceive

Concentrate on specific market, product line, or group buyers. Can use overall cost leadership or differentiation strategy within target market

is the consumable product, which can be viewed as the main good,service or idea the customer is buying.

a product enhanced by the addition of related services and benefits, e.g. installation, warranty, maintenance and repair services, etc

"what is the buyer buying"

A business arrangement in which one company gives another company permission to manufacture its product for a specified payment

FOBi-origin pricing, uniform-delivered pricing, zone pricing, freight-absorption pricing are all examples of

Controlling customer demand through use of variable pricing and capacity management to enhance profitability. Particularly relevant when product is perishable. Exampls are off-peak pricing discounts for segments, and penalties and deposits

Charging constant everyday low price with few (or no) temporary price discounts

75+%

4%

Water carriers

3%

2%

13%