Marketing Test 2

  1. Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require seperate marketing strategies or mixes
    Market segmentation
  2. The process of evaluating each market segment's attractiveness and selecting one or more segments to enter
    Market targeting
  3. Actually differentiating the market offering to create superioir customer value
  4. Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
  5. Dividing a market into different geographical units such as nations, states, regions, countries, cities, or neighborhoods
    Geographic segmentation
  6. 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
    Demographic segmentation
  7. Diving a market into different age and life-cycle groups
    Age and life-cycle segmentation
  8. Dividing a market into differnt segments based on gender
    Gender segmentation
  9. Diving a market into differnt income segments
    Income segmentation
  10. Diving a market into differnt segments basoned on social class, lifestyle, or personality characteristics
    Psychographic segmentation
  11. Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product
    Behavioral segmentation
  12. Diving the market into segments according to occasions when buyers get the idea to buy, actually make theit purchase, or use the purchased item
    Occasion segmentation
  13. Dividing the market into segments according to the differnt benefits that consumers seek from the product
    Benefit segmentation
  14. A set of buyers sharing common needs or characteristics that the company decides to serve
    Target market
  15. A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
    Undifferentiated (mass) marketing
  16. A market-coverage strategy in which a firm decides to target several market segments and designs seperate offers for each
    Differentiated (segmented) marketing
  17. A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
    Concentrated (niche) marketing
  18. 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
  19. Tailoring brands and promotions to the needs and wants of local customer segments- cities, neighborhoods, and even specific stores
    Local marketing
  20. 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."
    Individual marketing
  21. The way the product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products
    Product position
  22. An advantage over competitors gained by offering great customer value, either through lower prices or by providing more benefits that justify higher prices
    Competitive advantage
  23. The full positioning of a brand- the full mix of benefits upon which it is positioned
    Value proposition
  24. Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
  25. An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
  26. A product bought by final consumers for personal consumption
    Consumer product
  27. A consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort
    Convenience product
  28. A consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style.
    Shopping product
  29. A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
    Speciality product
  30. A consumer product that the consumer either does not know about or knows about but does not normally think of buying
    Unsought product
  31. A product bought by individuals and organizations for further processing or for use in conducting a business
    Industrial product
  32. The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
    Product quality
  33. 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
  34. The activities of designing and producing the container or wrapper for a product
  35. 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
    Product line
  36. The set of all product lines and items that a particular seller offers for sale
    Product mix (or product portfolio)
  37. A major characteristic of services- they cannot be seen, tasted, felt, heard, or smelled before they are bought
    Service intangibility
  38. A major characteristic of services - their quality may vary greatly, depending on who provides them and when, where, and how.
    Service variability
  39. A major characteristic of services - they cannot be stored for later sale or use
    Service perishability
  40. The differential effect that knowing the brand name has on a customer response to the product or its marketing
    Brand equity
  41. A brand created and owned by a reseller of a product or service
    Store brand (or private brand)
  42. Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category
    Line extension
  43. The development of original products, product improvements, product modifications, and new brands through the firm's own product-development efforts
    New-product development
  44. The systematic search for new-product ideas
    Idea generation
  45. Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible
    Idea screening
  46. A detailed version of the new-product idea stated in meaningful consumer terms
    Product concept
  47. Testing new-product concepts with a group of target consumers to find out if the concepts have strong consumer appeal
    Concept testing
  48. Designing an initial marketing strategy for a new product based on the product concept
    Marketing strategy development
  49. A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives
    Business analysis
  50. Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering
    Product development
  51. The stage of new product development in which the product and marketing program are tested in realistic market settings
    Test marketing
  52. Introducing a new product into the market
  53. The course of a product's sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline
    Product life cycle
  54. Begins when the company finds and develops a new product idea. During product development, sales are zero and the company's investment cost mount
    Product development
  55. 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
  56. Is a period of rapid market acceptance and increasing profits
  57. 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
  58. is the period when sales fall off and profits drop
  59. The product life-cycle stage in which the new product is first distributed and made available for purchase
    Introduction stage
  60. The product life-cycle stage in which a product's sales start climbing quickly
    Growth stage
  61. The product life-cycle stage in which sales growth slows or levels off
    Maturity stage
  62. The product life-cycle stage in which a product's sales decline
    Decline stage
  63. 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
  64. Setting price based on buyers' perceptions of value rather than on the seller's cost
    Customer value-based pricing
  65. Offering just the right combination of quality and good service at a fair price
    Good value pricing
  66. Attaching value-added features and services to differentiate a company's offers and charging higher prices
    Value-added pricing
  67. Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk
    Cost-based pricing
  68. Costs that do not vary with production or sales level
    Fixed costs (overhead)
  69. Costs that vary directly with the level of production
    Variable costs
  70. The sum of the fixed and variable costs for any given level of production
    Total costs
  71. Adding a standard markup to the cost of the product
    Cost-plus pricing (markup pricing)
  72. Setting price to break even on the costs of making and marketing a product, or setting price to make a target return
    Break-even pricing (target return pricing)
  73. A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged
    Demand curve
  74. A measure of sensitivity of demand to changes in price
    Price elasticity
  75. 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
    Market-skimming pricing
  76. Setting a low price for a new product in order to attract a large number of buyers and large market share
    Market-penetration pricing
  77. 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
    Product line pricing
  78. The pricing of optional or accessory products along with a main product
    Optional-product pricing
  79. 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
    Captive-product pricing
  80. Setting a price for by-products in order to make the main product's price more competitive
    By-product pricing
  81. Combining several products and offering the bundle at a reduced price
    Product bundle pricing
  82. A straight reduction in price on purchases during stated period of time or of larger quantities
  83. Promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's products in some way
  84. Selling a product or service at two or more prices, where the differences in prices is not based on differences in costs
    Segmented pricing
  85. Pricing that considers the psychology of prices and not simply the economics; the price is used to say something about the product
    Psychological pricing
  86. Prices that buyers carry in their minds and refer to when they look at a given product
    Reference prices
  87. Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales
    Promotional pricing
  88. Adjusting prices continually to meet the characteristics and needs of individual customers and situations
    Dynamic pricing
  89. A set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user
    Marketing channel (or distribution channel)
  90. A layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer
    Channel level
  91. A marketing channel that has no intermediary levels
    Direct marketing channel
  92. Channel containing one or more intermediary levels
    Indirect marketing channel
  93. Disagreement among marketing channel members on goals, roles, and rewards-who should do what and for what rewards
    Channel conflict
  94. 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
    Conventional distribution channel
  95. 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
    Vertical marketing system (VMS)
  96. A vertical marketing system that combines successive stages of production and distribution under single ownership-channel leadership is established through common ownership
    Corporate VMS
  97. 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
    Contractual VMS
  98. A distribution system in which a single firm sets up two or more marketing channels to reach one or more customer segments
    Multichannel distribution system
  99. The cutting out of marketing channel intermediaries by product or service producers, or the displacement of traditional resellers by radical new types of intermediaries
  100. 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
    Marketing logistics (or physical distribution)
  101. Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers
    Supply chain management
  102. Combining two or more modes of transportation
    Intermodal transportation
  103. An independent logistics provider that performs any or all of the functions required to get its client's product to market
    Third-party logistics (3PL) provider
  104. Useful for planning differentiation & positioning strategies. Can help define a brand's position relative to competitors using two key dimensions
    Perceptual positioning maps
  105. 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
    Overall cost leadership strategy
  106. 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
    Differentiation strategy
  107. Concentrate on specific market, product line, or group buyers. Can use overall cost leadership or differentiation strategy within target market
    Focus Strategy
  108. is the consumable product, which can be viewed as the main good,service or idea the customer is buying.
    actual product
  109. a product enhanced by the addition of related services and benefits, e.g. installation, warranty, maintenance and repair services, etc
    Augmented product
  110. "what is the buyer buying"
    Core customer value
  111. A business arrangement in which one company gives another company permission to manufacture its product for a specified payment
  112. FOBi-origin pricing, uniform-delivered pricing, zone pricing, freight-absorption pricing are all examples of
    Geographical pricing
  113. 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
    Yield management
  114. Charging constant everyday low price with few (or no) temporary price discounts
    Everyday low pricing (EDLP)
  115. 75+%
  116. 4%
  117. Water carriers
  118. 3%
    Air carriers
  119. 2%
  120. 13%
    Intermodal transportation
Card Set
Marketing Test 2
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