HB 375 market

  1. inseperatability
    a major characteristic of services- they are produced and consumed at the same time and cannot be separated from their providers
  2. intangibility
    a major characteristic of services; they can not be seen, tasted, felt, heard, or smelled before they are bought
  3. interactive marketing
    marketing by a service firm that recognizes perceived service quality depends heavily on the quality of the buyer-seller interaction
  4. internal marketing
    marketing by a service firm to train effectively and motivate its customer-contact employees and all the supporting service people to work as a team to provide customer satisfaction
  5. organization image
    the way a person or group views an organization
  6. perishability
    a major characteristic of services; they cannot be stored for a later date
  7. physical evidence
    tangible clues such as promotional material, employees of the firm, and the physical environment of the firm. Physical evidence is used by a service firm to make its product more tangible to customers.
  8. Revenue management
    a pricing method using price as a means of matching demand with capacity
  9. service culture
    a system of values and beliefs in an organization that reinforces the idea that providing the customer with quality service is the principal concern of the business.
  10. service profit chain
    a model that shows the relationships between employee satisfaction, customer satisfaction, customer retention, value creation, and profitability
  11. variability
    a major characteristic of service; their quality may vary greatly, depending on who provides them and when, where, and how they are provided.
  12. ansoff product-market expansion grid
    a matrix developed by cell, plotting new products and existing products with new products and existing products. The grid provides strategic insights into growth opportunities.
  13. backward integration
    a growth strategy by which companies acquire business supplying them with products or services (e.e. a restaurant chain purchasing a bakery)
  14. concentric diversification strategy
    a growth strategy whereby a company seeks new product that have technological or marketing synergies with existing product lines.
  15. conglomerate diversification strategy
    a product growth strategy in which a company seeks new business that have no relationship to the company's current product line or market
  16. corporate mission statement
    a guide to provide all the publics of a company with a shared sense of purpose, direction, and opportunity, yet collectively, toward the organization's goals.
  17. forward integration
    a growth strategy by which companies acquire businesses that are closer to the ultimate consumer, such as a hotel acquiring a chain of travel agents
  18. horizontal diversification strategy
    a product growth strategy whereby a company looks for new products that could appeal to current customers, which are technologically unrelated to its current line
  19. horizontal integration
    a growth strategy by which a companies acquire competitors.
  20. Macro environmental forces
    demographic, economic, technological, political, legal, social, and cultural factors.
  21. Market development strategy
    finding and developing new markets for your current product
  22. market segmentation
    the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior and who might require separate products of marketing programs.
  23. marketing opportunity
    an area of need in which a company can perform profitably
  24. Marketing strategy
    the marketing logic by which the company hopes to create this customer value and achieve these profitable relationships.
  25. Micro environmental forces
    customers, competitors, distribution channels, and suppliers
  26. product development
    offering modified or new products to current markets
  27. return on marketing investment (or marketing ROI)
    the net return from a marketing investment divided by the costs of the marketing investment. It measures the profits generated by investments in marketing activities.
  28. strategic alliances
    relationships between independent parties that agree to cooperate but still retain separate identities.
  29. strategic business units (SBUs)
    a singel business or collection of related businesses that can be planned separately from the rest of the company
  30. strategic planning
    the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
  31. SWOT analysis
    evaluates the company's overall strengths, weaknesses, opportunities, and threats
Card Set
HB 375 market
introduction to marketing