Exam2.txt

dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate 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 superior customer value

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

dividing the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality

dividing a market into different groups based on gender

dividing a market into different income groups

dividing a market into groups based on social class, lifestyle, or personality characteristics

dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product

dividing a market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item

dividing the market into groups according to the different benefits that consumers seek from the product

forming segments of consumers who have similar needs and buying behavior even though they are located in different countries

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 separate 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 the needs and wants of specific individuals and local customer groups - includes local marketing and individual marketing

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

tailoring products and marketing programs to the needs and preferences of individual customers -- also labeled "customized marketing"

the way a 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 greater 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

a statement that summarizes company or brand positioning -- it takes this form: To (target segment and need) our (brand) is (concept) that (point of difference).

any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything

product bought by final consumer for personal consumption

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

consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price, and style

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

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

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, symbol, or 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 groupes, are marketed through the same types of outlets, or fall within given price ranges

the set of all product lines and itemsa that a particular seller offers for sale

the positive differential effect that knowing the brand name has on customer response to the product or service

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

extending an existing brand name to new product categories

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

a major characteristic of swervices -- they are produced and consumed at the same time and cannot be separated from their providers

a major characteristic of services -- their quality may vary greatly, depending on who procides them and when, where, and how

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

the chain that links service firm profits with employee and customer satisfaction

orienting and motivating customer-contact employees and the supporting service people at work as a team to provide customer satisfaction

training service employees in the fine art of interacting with customers to satisfy their needs

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

formal research and development, employee ideas, etc that contribute to new product ideas

distributors, suppliers, competitors, consumers, etc that contribute to 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 pruduct 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

new product development that focuses on finding new ways to solve customer problems and create customer-satisfying experiences

• the course of a product's sales and profit over its lifetime
• includes:
• 1. product development
• 2. introduction
• 3. growth
• 4. maturity
• 5. decline

the amount of money charged for a product or service

setting price based on a buyer's perceptions of value rather than on the seller's cost

• offering just the right combination of quality and good service at a fair price
• i.e. mcdonalds' $1 menu

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

costs that do not vary with production or sales level

costs that bary directly with the level of production

pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met

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 the sensitivity of demand to changes in price

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

setting the price steps between products in a product line based on cost differences and customer perceptions of the value

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

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

a straight reduction in price on purchases under stated conditions or during a stated period of time

promotional money paid by manufacturers to retailers in return for an agreement to reature the manufacturers products in some way

combining several products and offering the bundle at a reduced price

selling a product or service at two or more prices, where the difference in prices is not based on differences in cost

a pricing approach that considers the psychology of prices and not simply the economics; the price is used to say something aobut 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

setting price based on the buyer's geographic location

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

the netowrk made up of the company, suppliers, distributors, and ultimately customers who "partner" with each other to improce the performance of the entire system in delivering customer value

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

a channel containing one or more intermediary levels

disagreement among marketing channel members on goals and roles -- 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 contractual vms in which a channel member, called a franchiser, links several stages in the production-distribution process

a vms that coordinates successive stages of production and distribution, not through common ownership or contractual ties, but through the size and power of one of the parties

a channel arangement in which two or more companies at one level join together to follow a new marketing opportunity

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

designing effective marketing channels by analyzing consumer needs, setting channel objectives, identifying major channel alternatives, and evaluating them

stocking the product in as many outlets as possible

giving a limited number of dealers the exclusive right to distribute the company's products in their territories

the use of more than one, but fewer than all, of the intermediaries who are willing to carry the company's products

selecting, managing, and motivating individual channel members and evaluating their performance over time

a large, highly automated warehouse designed to receive goods from various plants and suppliers, take orders, fill them efficiently, and deliver goods to customers as quickly as possible

combining two or more modes of transportation

the logistics concept that emphasizes teamwork, both inside the company and among all the marketing channel organizations to maximize the performance of the entire distribution system

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