final MKT

brand valuable

"If every asset we own, every building and every piece of equipment were destroyed in a terrible natural disaster, we would be able to borrow all the money to replace it very quickly because of the value of our brand.... The _ is more _ than the totality of all these assets." CEO of mcondalds

create keep levitt

"the purpose of business is to _ and _ a customer Theodore _ HBS ("Marketing and the Corporate Purpose") "Because the purpose of business is to create a customer, the business enterprise has two-and only two-basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs." (Peter Drucker)

objectives budget

-provide expression in writing of policies and plans -provide a basis for evaluating financial performance -provide a tool for monitoring costs

Attention interest desire action

AIDA model Get _ Hold _ Arouse _ Obtain _

differentiation relevance knowledge esteem

Ad agency Young and Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions: _ (what makes the brand stand out), _ (how consumers feel it meets their needs), _, (how much consumers know about the brand), and _ (how highly consumers regard and respect the brand).

direct mail

Advantages- high audience selectivity; flexibility; no ad competition within the same medium; allows personalization Limitations- relatively high cost per exposure; "junk mail" image

Digital, mobile, and social media

Advantages: -High selectivity -Low cost -Immediacy -Engagement capabilities Limitations: -Potentially low impact -High audience control of content and exposure.

2,000 200,000 75 million

Amazon frustration free packaging works with mroe than _ companies such as fisher price mattel unilever micrososft, to create smaller esay to open recyclable packages that use less packaging material offers more than _ such items and to date ahs shopped more than _ _ of them to 175 countries in the process it has eliminated nearly 60 million square feet of cardboard and 25 million bounds of pacakging waste

40,000 120,000 three 300

An average supermarket stocks about _ items the average Walmart supercenter carries _ items. The typical shopper makes _ out of four purchase decisions in stores and passes by some _ item per minute.

product mix product portfolio

An organization with several product lines has a _ _ or _ _ consists of all the product lines and items that a particular seller offers for sale. four important dimensions: width length depth and consistency

product style and design

Another way to add customer value is through distrinctive _ _ _ _design is a larger concept than style. Style simple describes the appearnace of a product. Styles can be eye catching or yawn producing style can be good but does not make product perform better design is more thank skin deep design begins with observing customers understanding their needs and shaping their product use experience

formulated marketing

Approaches to Marketing Strategy _ _ - developing formal marketing strategies and following them closely

intrepreneurial marketing

Approaches to Marketing Strategy _ _ - internal entrepreneurial spirit and refresh marketing strategies and approaches

entrepreneurial marketing

Approaches to Marketing Strategy _ _ - visualizing an opportunity and constructing and implementing flexible strategies

strengths weaknesses reactions

Assessing Competitors Competitor's _ and _ What can our competitors do? Benchmarking Estimating Competitor's _ What will our competitors do?

objectives strategies

Assessing Competitors Competitor's _ profitability market share growth cash flow technological leadership service leadership competitor's _ strategic group offers the strongest competition

competitive environment

Balancing Customer and Competitor Orientations Companies need to continuously adapt strategies to changes in the _ _

customer-centered company

Balancing Customer and Competitor Orientations _-_ _ spends most of its time focusing on customer developments in designing strategies provides a better position than competitor-centered company to identify opportunities and build customer relationships

operational excellence customer intimacy product leadership

Basic Competitive Strategies Michael Treacy and Fred Wiersema suggest companies can gain leadership positions by delivering superior value to their customers in three strategies or "value disciplines:" _ _ _ _ _ _

overall cost leadership differentiation focus middle of the road

Basic Competitive Strategies Michael Porter's four basic competitive positioning strategies _ _ _ _ _ _ _ _ _

focus strategy

Basic Competitive Strategies - Porter _ _ is when a company focuses its effort on serving few market segments well rather than going after the whole market

conformance quality

Beyond quality level high quality also can mean high levels of quality consistency here product quality means _ _ freedom from defects and consistency in delivering a targeted level of performance all companies should strive for high levels

discount allowance free goods specialty advertising

Business Promotion Tools _ _ _ _ _ _

sales contests

Business Promotion Tools _ _ are effective in motivating salespeople or dealers to increase performance over a given period

conventions

Business Promotion Tools _ and trade shows are effective to reach many customers not reached with the regular sales force

40 market leader

Competitive Positions Market leader strategies market follower strategies market challenger strategies market nicher strategies _ percent of the market is in the hands of the _ _, the firm with the largest market share. Another 30 percent is in the hands of _ _, runner‑up firms that are fighting hard to increase their market share. Another 20 percent is in the hands of _ _, other runner‑up firms that want to hold their share without rocking the boat. The remaining 10 percent is in the hands of _ _ , firms that serve small segments not being pursued by other firms.

strategy consumer's persuasive break deliver creative idea creative

Considerations for good advertising Extends from sound marketing _ Takes the _ view _ Finds a unique way to _ through competitive clutter Never promises more than it can _ Prevents the _ _ from overwhelming the strategy Is _

low creative perspective involvement

Consumer Generated Messages Positives _ expense New _ ideas Fresh _ on brand Boost consumer _ YouTube videos Brand sponsored contests Example: Dorito's SuperBowl Challenges have yielded thousands of entries.

coupons

Consumer Promotion Tools _ - are certificates that give buyers a saving when they purchase specified products

samples

Consumer Promotion Tools _ - offer a trial amount of a product

message creative strategy big idea

Creating good advertising The _ is at the heart of advertising _ _ —a statement or concept of what a particular message or campaign will say _ _ — "The flash of insight that synthesizes the purpose of the strategy, joins the product benefit with consumer desire in a fresh, involving way, brings the subject to life, and makes the reader or audience stop, look, and listen." John O'Toole, legendary ad man The message is at the heart of advertising. The particular message and the way it is presented will depend on the advertiser's objective. Is the ad designed to inform, entertain, remind, or persuade? Moreover, in a world characterized by information overload, ads must break through the clutter, grab the audience's attention, and linger in their minds. In his book about Subaru of America, Randall Rothenberg describes the big idea in the following way: "The Big Idea is easier to illustrate than define, and easier to illustrate by what it is not than by what it is. It is not a "position" (although the place a product occupies in the consumer's mind may be a part of it). It is not an "execution" (although the writing or graphic style of an ad certainly contributes to it). It is not a slogan (although a tag line may encapsulate it). The Big Idea is the bridge between an advertising strategy, temporal and worldly, and an image, powerful and lasting. The theory of the Big Idea assumes that average consumers are at best bored and more likely irrational when it comes to deciding what to buy." Ex.: MSN "Life's Better with the Butterfly;" MasterCard "There are some things in life money can't buy"

planned imaginative entertaining rewarding

Creating the Advertising Message Advertisements need to be better _, more _, more _, and more _ to consumers Madison & Vine—the intersection of Madison Avenue and Hollywood—represents the merging of advertising and entertainment

tone words format

Creating the Advertising Message Message execution also includes: _ -Positive or negative Attention-getting _ _ -Illustration -Headline -Copy

message execution creative team rational approach emotional approach moral appeal

Creating the Advertising Message _ _ is when the advertiser turns the big idea into an actual ad execution that will capture the target market's attention and interest. The _ _ must find the best approach, style, tone, words, and format for executing the message. _ _ Relies on logic and speaks to the consumer's intellect _ _ Tugs at the heartstrings, or uses humor _ _ Is directed at the audience's sense of right and proper

attention communicate

Creating the Advertising Message Advertisements need to break through the clutter: Gain _ _ well

message strategy

Creating the Advertising Message _ _ - is the general message that will be communicated to consumers Identifies consumer benefits Characteristics of the appeals include: Meaningful Believable Distinctive

TRUSTe

Designed to help ensure that Web sites adhere to the privacy policies they advertise. Users can complain to them if the Web site breaking its trust seal does not abide by the stated policies

offline promotion value excitement update useful

Designing Effective Web Sites To attract visitors, companies must: Promote an _ _ and online links Create _ and _ Constantly _ the site Make the site _

Seven C's

Designing Effective Web Sites - The _ _ Context Content Community Customization Communication Connection Commerce

competitive information collects validity reliability interprets organizes decision makers competitors

Designing a competitive intelligence system Identifies _ _ and the best sources of this information Continually _ information Checks information for _ and _ _ information _ information Sends key information to relevant _ _ Responds to inquiries about _

advertising strategy

Developing Advertising Strategy _ _ - is the strategy by which the company accomplishes its advertising objectives and consists of: Creating advertising messages Selecting advertising media

quality features style and design

Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered by product attributes such as _, _, and _ _ _

incentive participation promote length evaluation

Developing the Sales Promotion Program Size of the _ Conditions for _ _ and distribute the program _ of the program _ of the program

object and task method

Developing the promotion budget by (1) defining specific objectives, (2) determining the tasks that must be performed to achieve these objectives, and (3) estimating the costs of performing these tasks. The sum of these costs is the proposed promotion budget.

brand image

Enhancing brand equity _ _ - The associations that come to mind contemplating a particular brand Brand association - the particular thoughts and images that a consumer has about a brand

brand awareness

Enhancing brand equity _ _ - Whether a brand name comes to mind when consumers think about a particular product category and the ease with which the name is evoked

sales call expense

Evaluating Salespeople and Sales Force Performance _ reports _ reports _ reports

target market

Evaluating and selecting target market segments A _ _ consists of a set of buyers who share common needs or characteristics and that the company decides to serve segment size and growth segment structural attractiveness company objectives and resources

sales and profit effects

Evaluating the Effectiveness and Return on Advertising Investment _ _ - compare past sales and profits with past expenditures or through experiments

drop

Finally, management may decide to _ the product from ites line the company can sell the product to another firm or simply liquidate it at salvage value

Interactive TV

Forms of Direct Marketing _ _ (ITV) - lets viewers interact with television programming and advertising using their remote controls and provides marketers with an interactive and involving means to reach targeted audiences

catalog direct marketing

Forms of Direct Marketing _ _ _ - involves printed and Web-based catalogs Benefits of Web-based catalogs Lower cost than printed catalogs Unlimited amount of merchandise Real-time merchandising Interactive content Promotional features Challenges of Web-based catalogs Require marketing Difficulties in attracting new customers

Podcasts vodcast

Forms of Direct Marketing _ and _ - involve the downloading of audio and video files via the Internet to a handheld device such as an iPhone or iPod and listening to them at the consumer's convenience

direct-response television

Forms of Direct Marketing _-_ _ (DRTV) - marketing involves 20-60-second + advertisements that describe products or give customers a toll-free number or Web sites to purchase and 30-minute infomercials such as home shopping channels Less expensive than other forms of promotion and easier to track results

Gap analysis

Gauging Satisfaction _ _ - Assess the importance of each feature/ benefit Assess satisfaction with own v. competitor offerings Helps to prioritize product improvement efforts Can use to compare with competitor performance

satisfaction

Gauging Satisfaction _ is a person's feelings of pleasure or disappointment resulting from comparing a product's perceived performance in relation to his or her expectations

same product service dollars

Identifying competitors Competitors can include: All firms making the _ _ or class of products All firms making products that supply the same _ All firms competing for the same consumer _

touch points trends communication spending planning compatible themes performance measures director

Integrating the promotion mix checklist 1. Identify customer _ _ 2. Analyze _ —internal and external 3. Audit the pockets of _ _ throughout the organization 4. Team up in communications _ 5. Create _ _, tones, and quality across all communications media 6. Create _ _ that are shared by all communications elements 7. Appoint a _ responsible for the company's persuasive communications efforts

inform promote brand essence connecting prices

Luxury Retailers and the Internet Many do not sell online but use the Internet to _ and _ Concern that the _ _ cannot be communicated online Smartphone and iPad apps and Facebook communities aim to "create a dialog and get consumers _ with our brand" Try to find _ for new Rolex watches online

public relations tools

Major _ _ _ News Speeches Special events Written materials Audiovisual materials Corporate identity materials Public service activities Buzz marketing Social networking Mobile tour marketing Internet

sales promotion tools

Major _ _ _ samples coupons premiums demonstrations advertising specialties contests cash refunds patronage rewards sweepstakes price packs point-of-purchase displays games

challenge competitors

Market Challenge Strategies _ the leader with an aggressive bid for more market share Play along with _ and not rock the boat

value

Marketing mix planning begins with building an offering that brings _ to target customers

Online Marketing

Marketing via the Internet using company Web sites, online ads and promotions, e-mail, online video, and blogs.

mCommerce

Mobile Advertising and Mobile Commerce _: conducting commercial transactions using cell phones Wi-Fi Cellular data plans via 3G, 4G networks Tablets Mobile ad spending growing faster than other forms: >$100 B 2017 GPS on phones led to location-based advertising

narrowcasting

Narrowcasting Versus Shotgun Approaches _ focuses the message on selected market segments lowers cost targets more effectively engages customers better Tiny billboards attached to shopping carts. Ads on shopping bags. Decals on supermarket floors. Supermarket eggs are stamped with the names of CBS television shows. At the local laundromat, you load your laundry through a clever Pepto-Bismol ad plastered on the front of the washing machine. City trash truck sporting an ad for Glad trash bags. DVD case. Parking-lot tickets. Foreheads of college students for temporary advertising tattoos.

atmospheres

Non-Personal Communication Channels _ - are designed environments that create or reinforce the buyer's leanings toward buying a product

consumer to business

Online Marketing Domains _ _ _ (C2B) involves consumers communicating with companies to send suggestions and questions via company Web sites

business to business

Online Marketing Domains _ _ _ - (B2B) involves selling goods and services, providing information online to businesses, and building customer relationships

Business to consumer

Online Marketing Domains _ _ _ - (B2C) involves selling goods and services online to final consumers

consumer to consumer

Online Marketing Domains _ _ _ - (C2C) occurs on the Web between interested parties over a wide range of products and subjects Blogs, Forums, etc. Offer fresh, original, and inexpensive ways to reach fragmented audiences Difficult to control

outside salespeople

Other Sales Force Strategy and Structure Issues _ _ - call on customers in the field

inside salespeople

Other Sales Force Strategy and Structure Issues _ _ - conduct business from their offices and often provide support for the outside salespeople Technical sales support people Sales assistants

display search-related online classifieds

Placing Ads and Promotions Online Forms of online advertising _ ads _-_ ads _ _ Elf Yourself Contextual Marketing

Content Sponsorships

Placing Ads and Promotions Online _ _ - provide companies with name exposure through the sponsorship of special content such as news or financial information

differentation

Porter's Generic Strategies _ _ clear distinction achieved in high priority customer benefits

cost leadership

Porter's Generic Strategies _ _ emphasis on efficiency and cost reduction to reduce cost and increase market share

focus

Porter's Generic Strategies _ niche strategy emphasizing relationship with customer group

decline adapting

Product life cycle 2 major challenges 1 all products eventually _ a firm must be good at developing new products to replace aging ones 2 a firm must be good at _ its marketing strategies in the face of changing tastes, technologies, and competition as productions pass through stages

consumer products indistrial products

Products and services fall into two broad classes based on the types of consumer who use them _ _ and _ _ broadly defined products also include other marketable entities such as experiences, organizations, persons, places, and ideas

development

Public Relations _ involves public relations with donors or members of nonprofit organizations to gain financial or volunteer support

sales performance recruiting training costs

Recruiting and Selecting Salespeople Careful selection and training increases _ _ Poor selection increases _ and _ _ Lost sales Disrupts customer relationships

California online privacy protection act

Requires that all websites catering to California citizens provide a privacy statement to visitors and a easy-to-find link to it on their web pages. Websites that carry personal data on children less than 18 years of age must permit those children to delete data collected about them. Websites also must inform visitors of the type of Do Not Track mechanisms they support or if they do not support any at all.

Salespeople

Sales Force Size _ - are one of the company's most productive and expensive assets. Increases in sales force size can increase sales and costs

workload approach

Sales Force Size _ _ - to sales forces size refers to grouping accounts into different classes to determine the number of salespeople needed

fixed variable expenses fringe benefits

Salesperson Compensation Based on: _ amounts, _ amounts, _, and _ _

seasonality pattern continuity pulsing

Selecting Advertising Media When deciding on media timing, the planner must consider: _ _ of the advertising _ —scheduling within a given period _ —scheduling unevenly within a given period

reach frequency impact vehicles timing

Selecting Advertising Media Major steps include: Deciding on _-_-_ Selecting media _ Deciding on media _

impact effectiveness cost quality engagement editorial

Selecting Advertising Media Selecting media vehicles involves decisions presenting the media effectively and efficiently to the target customer and must consider the message's: _ _ _ When selecting specific media vehicles, the planner must consider the cost of the media as compared to its effectiveness by evaluating: Audience _ Audience _ _ quality

impact

Selecting Advertising Media _ - is the qualitative value of a message exposure through a given medium

service differentiation service quality service productivity

Service companies face three marketing tasks they want to increase their _ _, _ _ , and _ _

advertising objective

Setting Advertising Objectives An _ _ is a specific communication task to be accomplished with a specific target audience during a specific time Objectives are classified by primary purpose Inform Compare Persuade Remind

market share

Setting the Advertising Budget _ _- Building or taking market share requires larger budgets Markets with heavy competition or high advertising clutter require larger budgets Undifferentiated brands require larger budgets

marketing web site

Setting up an Online Presence _ _ _ - is designed to engage consumers in interaction that will move them closer to a direct purchase or other marketing outcome

advertising

Shaping the Overall Promotion Mix: The Nature of Each Promotion Tool _ reaches masses of geographically dispersed buyers at a low cost per exposure, and it enables the seller to repeat a message many times It is impersonal, cannot be directly persuasive as personal selling, and can be expensive.

closing

Steps in the Personal Selling Process _ - is the process where salespeople should recognize signals from the buyer—including physical actions, comments, and questions—to close the sale

opening lines

Steps in the Personal Selling Process _ _ should be positive, build goodwill, and be followed by key questions to learn about the customer's needs or showing a display or sample to attract the buyer's attention and curiosity The most important attribute is for the salesperson to listen

follow-up

Steps in the Personal Selling Process _-_ - is the last step in which the salesperson follows up after the sale to ensure customer satisfaction and repeat business

organizational climate sales quotas positive incentives organizational climate

Supervising and Motivating Salespeople Sales morale and performance can be increase through: -_ _ -_ _ -_ _ This link is to the Mary Kay Web site. This page lists the rewards that are available to Mary Kay salespeople including a pink Cadillac for the highest seller. _ _ describes the feeling that salespeople have about their opportunities, value, and rewards for good performance.

people's view of society

The Company's Macroenvironment: The Cultural Environment _ _ _ _ patriots defend it reformers want to change it malcontents want to leave it

people's view of nature

The Company's Macroenvironment: The Cultural Environment _ _ _ _ some feel ruled by it some feel in harmony with it some seek to master it

people's view of the universe

The Company's Macroenvironment: The Cultural Environment _ _ _ _ _ renewed interest in spirituality

First Wave

The Internet Revolution According to Steve Case - AOL Cofounder _ _: mid 1980s companies like Cisco & Xilinx created core technologies(routers) that were the "on ramps" to the Internet

Second Wave

The Internet Revolution According to Steve Case - AOL Cofounder _ _: 2000-2014; focus shifted to building on top of the Internet: search engines, encryption & security, social media

personal selling

The Role of the Sales Force _ _ - is the interpersonal part of the promotion mix and can include: Face-to-face communication Telephone communication Video or Web conferencing

supervision motivation

The goal of _ is to help salespeople work smart by doing the right things in the right ways The goal of _ is to encourage salespeople to work hard and energetically toward sales force goals

customer relationships sales company product information effectively efficiently

The promise and challenges of online marketing Online marketing will remain an important approach in the marketing mix to: Build _ _ Improve _ Communicate _ and _ _ Deliver products and services more _ and _

uniform delivered

The shipper charges one rate, no matter where the buyer is located.

Buyer-readiness stages

The stages consumers normally pass through on their way to a purchase: awareness, knowledge, liking, preference, conviction, and, finally, the actual purchase. awareness - knowledge - liking - preference - conviction - purchase

selling process

The steps that salespeople follow when selling, which include prospecting and qualifying, preapproach, approach, presentation and demonstration, handling objections, closing, and follow-up.

beliefs and values

The strongest brands go beyond attribute or benefit positioning. They are positioned on strong _ _ _, engaging customers on a deep emotional level. ex. whirlpool deeper meaning to coustomers campigan every day, care warm emotions of taking care of the people you love with whirlpool appliances

purpose

Thus, the distinction between a consumer product and an industrial product is based on the _ for which the product is purchased. If a consumer buyers a lawn mower for use around home, it is a consumer product. if the same consuer buys the same lawn mower for use in a landscaping business the lawn mower is an industrial product three groups of industrial products and services are materials and parts, capital items, and supplies and services

Email spam permission-based

Using _ Marketers are developing enriched messages that include animation, interactivity, and personal messages with streaming audio and video to compete with the cluttered e-mail environment _ is unsolicited, unwanted commercial e-mail messages _-_ marketing allows users to opt in or opt out of e-mail marketing

digital and social media marketing

Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs that engage consumers anywhere, anytime via their digital devices

60 2/3

_ % of all new consumer packaged products introduced by established companies fail _ of new product concepts are never even launcehed company may overestimate the market size actual product poorly designed might be incorrectly positioned launched at the wrong time priced too high poorly advertised high-level exectutive might push a favorite idea despite poor marketing research findings cost of product development higher than expected competitors fight back harder than expected

achieved

_ - social class membership based on personal accomplishments

trucks

_ 40% of total cargo flexible routing time schedules faster than railroads

pattern advertising

_ _ A middle ground between 100% standardization and 100% adaptation A basic pan-regional or global communication concept for which copy, artwork, or other elements can be adapted as required for individual countries

internal databases

_ _ are electronic collections of consumer and market information obtained from data sources within the company network

reference groups

_ _ groups that form a comparison on reference in forming attitudes or behavior

economic environment

_ _ income distribution savings, debt, and credit availability outsourcing and free trade

product concept

_ _ a detailed version of the new product idea stated in meaningful consumer terms

market development

_ _ is a growth strategy that identifies and develops new market segments for current products

product image

_ _ is the way consumers perceive an actual or potential product

service variability

_ _ means that the quality of services depends on who provides them as well as when, where and how they are provided. ex. marriott reputation better services than others but one employee could be cheery while another grumpy a few feet away

internal marketing

_ _ means the service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction, must get everyone in the organization to be customer centered this must precede external marketing

marketing control

_ _ measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved

market pioneer

_ _ must choose a launch strategy that is consistent with the intended product positioning

price policy

_ _ must fit the target market and positioning, product and service assortment, and competition High markup on lower volume Low markup on higher volume

horizontal conflict

_ _ occurs among firms at teh same level of the channel

psychological pricing

_ _ pricing that consider the psychology of prices and not simply the economics the price is used to say something about the product

market segmentation

_ _ refers to dividing the markets into segments of customers

target marketing

_ _ refers to which segments to go after

partners inside

_ _ the company - every functional area interacting with customers electronically cross-functional teams

partners outside

_ _ the company - how marketers connect with their suppliers, channel partners, and competitors by developing partnerships supply chain is a channel that stretches from raw materials to components to final products to final buyers supply management strategic partners strategic alliances

big data

_ _ the huge and complex data sets generated by today's sophisticated information generation collection storage and analysis technologies

marketing strategy

_ _ the marketing logic by which teh company hopes to create customer value and achieve profitable customer relationships

full service

_ _ the retailer helps the customer every phase main line department stores fall into this specialized sales people who meet with customer get to know their tastes teh kind of products they are going to wnat clothing record record sizes personal shopper put together assortment for you sales products are very knowledgeable

service differentation

_ _ the solution to price competition is to develop a differentiated offer delivery and image

test marketing

_ _ the stage of new product development in which the product and its proposed marketing program are tested in realistic market settings gives the marketer experience with marketing the product before going into full introduction lets company test the product the price can be high and testkign takes time that may allow market opportunities to slip by or competitors to gain advantages company may do little or no test marketing when the costs of developing and introducing .a new product are low or when management is already confident about the new product

alternative evaluation

_ _ the stage of the buyer decision process in which the consumer uses information to evaluate alternative brands in the choice set

total costs

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

behavioral targeting

_ _ using online consumer tracking data to target advertisements and marketing offers to specific consumers

style

_ a basic and distinctive mode of expression goes up and dips mostly steady

fashion

_ a currently accepted or popular style in a given field goes up slowly plataus then declines

motive

_ a need that is sufficiently pressing to direct the person to seek satisfaction of the need

lifestyle

_ a person's pattern of living as expressed in his or activities and opinions

discount

_ a straight reduction in price on purchases during a slated period of time or of larger quantities

markets

_ are the set of actual and potential buyers of a product

ideas

_ can also be marketed. In one sense, all marketing is the marketing of this whether it is the general idea of brushing your teeth or the specific idea that crest toothpastes create healthy and beautiful smiles

internet

_ carries digital products from producer to customer via satellite cable phone wire or wireless signal

multibrands

_ companies often market many different rbands in a given product category ex. pepsico markets at least eight rbands of soft drinks sierra mist pepsi mountain dew etc three brands of sport energy drinks four brands of bottled teas and coffees nine brands of fruit drinks combined brands reap a much greater overall market share than any single brand ever could drawback - each brand might obtain only a small market share none may be very profitable spreading resources too thin

microenvironment

_ consists of the actors close to the company that affect its ability to serve its customers the company, suppliers, marketing intermediaries, customer markets, competitors, and publics

showrooming

_ consumers armed with smartphones now routinely viist stores to see an item compare prices online while in the store and then request price matches or simply buy the item online at a lower price consumers use retailers store as de factor of these for online resellers

airtruck

_ describes the use of air and trucks

piggyback

_ describes the use of rail and trucks

trainship

_ describes the use of water and rail

fishyback

_ describes the use of water and trucks

commerciialization

_ introducing a new product into the market will face high costs

crowdsourcing

_ inviting broad communities of people customers employees independent scientists and researchers and even the public at large into the new product innovation process do this rather than relying on their r&d labs can produce a flood of innovative ideas can overwhelm the company

perception

_ is the process by which people select, organize, and interpret information to form a meaningful picture of the world from three perceptual processes selective attention selective distortion selective retention

ascribed

_ social class membership by birth

group

_ two or more people who interact to accomplish individual or mutual goals

customers

_ value and satisfaction

licensing

_ you can borrow and pay for other names or symbols previsouyl created by other manufacturers, name of well know celebrities, or characters from popular movies and books for a fee any of these can provide an instant and proven brand name

customer-segmented pricing

_-_ _ different customers pay different prices for the same product or service

captive-product pricing

_-_ _ pricing products that must be used with the main product

advertising agency

a marketing services firm that assists companies in planning, preparing, implementing, and evaluating all or portions of their advertising programs

marketing development

a marketing strategy that entails attracting new customers to existing products

market challengers

a runner-up firm that is fighting hard to increase its market share in an industry

customer value analysis

an analysis conducted to determine what benefits target customers value and how they rate the relative value of various competitors' offers

service recovery

as hard as they try even the best companeis will have an occasional late delivery burned steak or grumpy employee however good _ _ cna turn angry customers into loyal ones in fact this can win more customer purchasing and loyalty than if things had gone well in the first place

characteristics of a good MIS

assessing marketing information needs _ _ _ _ _ balancing what the information users would like to have against what they need and what is feasible to offer down - MIS offerings up - user's needs

Actual product

at the second level, product planners must turn the core benefit into an _ _They need to develop a product and service features brand name, features, quality level, packaging, design

selective distribution

between intensive and exclusive distribution is _ _ the use of more than one but fewer than all of the intermediaries who are willing to carry a company's products most consumer electronics furniture and home appliance brands are distributed in this manner

lovemarks

brands should strive to become _, products or services that "inspire loyalty beyond reason" ex. disney, apple, nike, coca-cola this brands pack an emotional wallop don't just like these brands have strong emotional connections with and love them unconditionally

opinion leaders

choosing media _ _ - are people within a reference group who, because of their special skills, knowledge, personality, or other characteristics; exerts social influence on others

buzz marketing

choosing media _ _ - involves cultivating opinion leaders and getting them to spread information about a product or service to others in their communities

response

communication process _ _ is the reaction of the receiver after being exposed to the message

media

communication process _ is the communications channels through which the message moves from sender to receiver

Event Marketing

creating a brand-marketing event or serving as a sole or participating sponsor of events created by others

Omni-channel Marketing

creating a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping

message strategy creative concept message execution

creating the advertising message _ _ -> _ _ -> _ _

content marketing

creating, inspiring, and sharing brand messages and conversations with and among consumers across a fluid mix of paid, owned, earned, and shared channels

qualitative methods surveys experiments

defining the problem and research objectives _ _ - exploratory research _ - descriptive research _ - casual research

age

demographic segmentation _ :ageism - stereotypes about older consumers

family

demographic segmentation _: some products are marketed to consumers with special family considerations family life cycle (bachelor, marriage, married with children, retired) ex. big suv car

direct and digital marketing

engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships

distributor suppliers

external idea sources _ and _ can contribute ideas they are close to the market and can pass along information about consumer problems nad new product possibilities while the other one can tell the company about new concepts techniques and materials that can be used to develop new products

competitors

external idea sources _ are another important source companies watch their ads to get cles about how they work, analyze their sales, and decide whether they should bring out a new product of their own other idea sources include trade magazines, shows, websites, and seminars, governemnt agencies advertising agencies marketing research firms university and commerical laboratories and inventors

customer

external source ideas _ themselves the company can analyze their quesitons and complaints to find new products that better solve consumer problems or it can invite customer to share suggestions and ideas

price fixing

federal legislation on _ _ states that sellers must set prices witout talking to competitors otherwise price collusion is suspected it is illegal

price reduction factory comparable value

federal trade commission's guides against deceptive pricing warn sellers not to advertise 1 - a _ _ unless it is a savings from the usual retail price 2 - "_" or "wholesale" prices unelss such prices are what they are claimed to be and 3- _ _ prices on imperfect goods

dissonance- reducing buying behavior

four types of buying behavior high involvement and few differences between brands - _-_ _ _

habitual buying behavior

four types of buying behavior low involvement and few differences between brands _ _ _

awareness loyalty

high brand equity provides a comapny with many competitive advantages. they enjoy a high level of consumer brand _ and _. consumers expect stores to carry the particular brand the comapny has more leverage in bargaining with resellers brand name carries high credibility the company can more easily launch line and brand extensions it also offers the company some defense against fierce price competition and other competitors marketing actions forms the basis for building strong and profitable customer engagement adn relationships

elastic

if demand changes greatly with a small change in price we say the demand is _

inelastic

if demand hardly changes with a small change in price we say _

pure monopoly

in a _ _ the market is dominated by one seller this seller mayy be a government monopoly u.s. postal service

interact

in a service business the customer and the front-line service employee _ to co-create the service. effective interaction in turn depends on the skills of front-line service employees and on the support processes backing these employees. Thus successful service companies focus their attention on both their customers and their employees

service productivity

increase _ _ by train current employees better or hire new ones that will work harder or more skillfully they can increase the quantity of their service by giving up some quality a service provider can harness the power of technology make service workers more productive

growth

increasing profit will most likely occur at this PLC stage

social media

independent and commercial online social networks where people congregate to socialize and share messages, opinions, pictures, videos, and other content

informed communication less technology

integrated marketing communications consumers are better _ more _ _ mass marketing changing communications _ Although television, magazines, and other mass media remain very important, their dominance is declining. Advertisers are now adding a broad selection of more-specialized and highly targeted media to reach smaller customer segments with more-personalized, interactive messages. The new media range from specialty magazines, cable television channels, and video on demand (VOD) to Internet catalogs, e-mail, podcasts, cell phones, and online social networks. In all, companies are doing less broadcasting and more narrowcasting. Ask students how they have changed as consumers in the past year and how that might affect marketer's.

sales force management

managing the sales force _ _ _ - is the analysis, planning, implementation, and control of sales force activities

co-brand

manufacturer 1/4 sponsorship options finally two companies can join forces and _-_ a product

private brand

manufacturer 1/4 sponsorship options manufacturer may sell to reseullers who give the product a _ _ (also called a store brand).

national brand

manufacturer 1/4 sponsorship options _ or manufacturer's brand as when Samsung and Kellogg sell their output under their own brand names

blogs

online forums where people and companies post their thoughts and other content, usually related to narrowly defined topics

disadvantages

online research approaches _ restricted internet access not sure who is answering

online marketing research internet surveys online panels click stream data online experiments online focus groups

online research approaches _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

advantages

online research approaches _ low cost speed higher response rates good for hard research groups

nonprice

other comapneis deemphasize price and use other marketing mix tools to create _ positions often the best strategy is not to charge the lowerst price but rather to differntaite the marketing offer to make it worth a higher price

factory outlets

outlet stores owned by manufacturers

poorly designed overpackaging

packaging issues _ _ packages hard to open packages send thousands of people to the hospital each year with lacerations and puncture wounds. Another issue is _ as when a tiny USB flash drive in an oversize dcardboard and plastic display package is deliveryed in a giant ocrrugated shipping carton creates an incredible amount of waste

advertising personal selling public relations sales promotion direct marketing

parts of promotion mix _, _ _ , _ _, _ _, _ _ consistent clear and compelling company and brand messages

person marketing

people can also be thought of as products _ _ consists of activities undertaken to create, maintain or change attitudes or behavior toward particular people. people ranging from presidents, entertainers and sports figures to professionals such as doctors and lawyers use this to build their reputations and businesses charities and other orgs use well known personalities to help sell their products or causes

lifestyle

personal factors _ is a person's pattern of living expressed in his or her psychographics measures a consumer's AIOs (activities, interests, opinions) to capture information about a person's pattern of acting and interacting in the environment

personality

personal factors _ refers to the unique psychological characteristics that lead to consistent and lasting responses to the consumer's environment

worldwide population growth population age mix ethnic markets educational groups household patterns geographic shifts in population

population and demographics _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

revenue

price is the only thing that in the marketing mix, produces revenue.

product development

product life cycle stage 1 _ _ begins when the company finds and develops a new product idea. sales are zero and teh company's investment costs mount

introduction

product life cycle stage 2 _ is a period of slow sales growth as the product is introduced int eh market the PLC stage in which a new product is first distributed and made available for purchase

growth

product life cycle stage 3 _ is a period of rapid market acceptance and increasing profits the plc stage in which a product's slaes start climbing quickly

two way relationships

relating more deeply and interactively by incorporating more interactive _ _ _ through blogs, websites, online communities and social networks

selective relationship management

relating with more carefully selected customers uses _ _ _ to target fewer more profitable customers

measurable accessible substantial differentiable actionable

requirements for effective segmentation to be useful market segments must be: _ _ _ _ _

children's online privacy protection act

requires online services to obtain parental consent before collecting any information from children 12 years old and younger.

delivery

service companies can differentiate their service _ by having more able and reliable customer contact people developing a superior physical environment in which the service product is delivered or designing a superior delivery process grocery chains offer online shopping

satisfied and productive service employees

service profit chain _ _ _ _ _ more satisfied loyal and hardworking employees which results in

healthy service profits and growth

service profit chain _ _ _ _ _ - superior service firm performance

greater service value

service profit chain _ _ _ more effective and efficient customer value creation, engagement, and service delivery which results in ....

satisfied and loyal customers

service profit chain _ _ _ satisfied customers who remain loyal, make repeat purchases and refer other customers which results in...

internal service quality

service profit chain _ _ _ superior employee selection and training a quality work environment and strong support for those dealing with customers, which results in...

affordable method

setting the promotion budget at the level management thinks the company can afford

exclusive distribution

some producers purposely limit the number of intermediaries handling their products the extreme form of this practice is _ _ in which the producer gives only a limited number of deals the exclusive right to distribute its products in their territories

fad

something that is very popular for a short time, then forgotten

buyer decision

stages in the _ _ making process need recognition -> information search -> evaluation of alternatives -> purchase decision -> postpurchase behavior

localization argument

standardization vs. adaptation _ _ "We have been in Sweden for 60 years and in China for only 4 or 5 so our feeling is that retailing is local. It is important to take advantage of local humor, and the things on people's minds." Nils Larsson, IKEA "I can think of very few truly global ads that work. Brands are often at different stages around the world, and that means there are different advertising jobs to do." Michael Conrad, Chief Creative Officer, Leo Burnett Worldwide

globalization argument

standardization vs. adaptation _ _ "Why should three artists in three different countries sit drawing the same electric iron and three copywriters write about what, after all, is largely the same copy for the same iron?" Eric Elinder, Swedish ad agency exec in the 1960s

publics

the company's microenvironment _ - any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives financial publics media publics government publics citizen-action publics local publics general public internal publics

competitors

the company's microenvironment _ - firms must gain strategic advantage by positioning their offerings against competitors' offerings

suppliers

the company's microenvironment the _ provide the resources to produce goods and service treated as partners provide customer value

augmented product

third level is an _ _ around the core benefit and actual product by offering additional consumer services and benefits. delivery and credit, after-sale service, product support, and warranty

corporate contractual administered

three major types of vertical marketing systems are _ _ and _

feelings connections

thus positive brand equity derives from consumer _ about and _ with a brand. A brand with high brand equity is a very valuable asset

signals

to reduce uncertainty, buyers look for _ of service quality they draw conclusions about quality from the place people price equipment and communications that they can see

return on quality

today companies are taking a _ _ _ approach viewing quality as an investment and holding equality efforts accountable for bottom-line results

pure competition

under _ _ the market consists of many buyers and sellers trading in a uniform commodity such as wheat copper or financial securities

marketing process

understand the marketplace and customer needs and wants -> design a customer-driven marketing strategy -> construct an integrated marketing program that delivers superior value -> build profitable relationships and create customer delight -> capture value from customers to create profits and customer equality

spam

unsolicited, unwanted commercial email messages

monopolistic competition

using _ _ the market consists of many buyers and sellers trading over a range of prices rather tahn a single market price range of prices occurs because sellers can differentiate their offers to buyres

oligopolistic competitioin

using _ _ the market consits of only a few large sellers

real win worth doing

what does R-W-W stand for

Franchises

what we are getting are those analyitics Jump on that Location is really important Is that a good location Enough traffic on right side of the road

types number responsibilities

when the company has defined its channel objectives, it should next identify its major channel alternatives in terms of the _ of intermediaries the _ of intermediaries and the _ of each channel member

brand extension

A _ _ extends a current brand name to new or modified products in a new category ex. nest - maker of stylish connected learning thermostats extended its line with a nest protect home smoke and carbon monoxide alarm can create immediate new product familiarity and accepatnace at lower development costs a good brand extension should fit the parent brand and the parent brand should give the extension competiive advantage in new category

shopping center

A _ _ is a group of retail businesses planned, developed, owned, and managed as a unit

product's position

A _ _ is the way the product perceived by consumers-the place the product occupies in consumers' minds relative to competing products

brand

A _ is a name, term, sign, symbol, or design or a combination of these that identifies the maker or seller of a product or service. it is an important part of the product and it can add value to a consumer's purchase they develop brand relationships brand names help consumers identify products that might benefits them they also say something about product quality and consistency buyers who alwyas buy the same brand know they will get the same features benefits and quality each time they buy seller's brand name and trademark provide legal protection for unique product features that could be copied helps the seller to segment markets brand name is basis on which a a whole story cn be built about a prduct's special qualities building and managing brands are the marketer's most important tasks

market-oriented

A _-_ mission statement defines the business in terms of satisfying basic customer needs

vertical marketing system

A 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.

tangible goods services pure tangible good pure services

A comapny's market offering often includes both _ _ and _. At one extreme the market offer may consist of a _ _ _ such as soap, toothpaste or salt no services accompany the product. At the other extreme are _ _ for which the market offer conssits primarily of a service. Ex. doctor's exam financial services

market-centered companies

Balancing Customer and Competitor Orientations Best of both worlds: _-_ _ - spend most of their time focusing on both competitor and customer developments in designing strategies

competitor-centered company fighter reactive

Balancing Customer and Competitor Orientations _-_ _ - spends most of its time tracking competitor's moves and market shares and trying to find ways to counter them Advantage is that the company is a _ Disadvantage is that the company is _

clear superior succeed middle of the road

Basic Competitive Strategies Porter believed that a company that pursued a _ strategy would achieve _performance and that companies without a clear strategy would not _ Porter considered no clear strategy (or a strategy that tries to do everything) to be "_ _ _ _"

product leadership

Basic Competitive Strategies _ _ - provide superior value by offering a continuous stream of leading-edge products or services. Product leaders are open to new ideas and solutions and bring them quickly to the market.

customer intimacy

Basic Competitive Strategies _ _ - provide superior value by segmenting markets and tailoring products or services to match the needs of the targeted customers

operational excellence

Basic Competitive Strategies _ _- provide value by leading its industry in price and convenience by reducing costs and creating a lean and efficient value delivery system

differentiation strategy

Basic Competitive Strategies - Porter _ _- is when a company concentrates on creating a highly differentiated product line and marketing program so it comes across as an industry class leader

overall cost leadership strategy

Basic Competitive Strategies - Porter _ _ _ _ is when a company achieves the lowest production and distribution costs and allows it to lower its prices and gain market share

personal communication channels

Channels through which two or more people communicate directly with each other, including face to face, on the phone, via mail or e-mail, or even through an internet "chat"

premiums

Consumer Promotion Tools _ - are goods offered either for free or at low price

cash refunds

Consumer Promotion Tools _ _ - are similar to coupons except that the price reduction occurs after the purchase

advertising specialties

Consumer Promotion Tools _ _ - are useful articles imprinted with the advertiser's name, logo, or message that are given as gifts to consumers

price packs

Consumer Promotion Tools _ _ - offer consumers savings off the regular price of a product

Contests sweepstakes games

Consumer Promotion Tools _, _, and _ give consumers the chance to win something—such as cash, trips, or goods—by luck or through extra effort Contests require an entry by a consumer Sweepstakes require consumers to submit their names for a drawing Games present consumers with something that may or may not help them win a prize Event marketing

point of purchase promotions

Consumer Promotion Tools _-_ _ include displays and demonstrations that take place at the point of sales

creative concept

Creating the Advertising Message _ _- is the idea that will bring the message strategy to life and guide specific appeals to be used in an advertising campaign Characteristics of the appeals include: Meaningful Believable Distinctive

Customer Database

Customer Databases and Direct Marketing _ _ - is an organized collection of comprehensive data about individual customers or prospects, including geographic, demographic, psychographic, and behavioral data

provider-customer interaction

Customer coproduction makes _-_ _ a special feature of services marketing both the provider and the customer affect the service outcome

emotional appeal

Designing a Message _ _ - is an attempt to stir up positive or negative emotions to motivate a purchase

moral appeal

Designing a Message _ _ - is directed at the audience's sense of right and proper

rational appeal

Designing a Message _ _ - relates to the audience's self-interest

communication effects

Evaluating the Effectiveness and Return on Advertising Investment _ _ - indicate whether the ad and media are communicating the ad message well and should be tested before or after the ad runs

sales competition differentiation efficiency deal-oriented

Factors in the Growth of Sales Promotions Product managers are under pressure to increase current _ Companies face more _ Competing brands offer less _ Advertising _ has declined due to rising costs, clutter, and legal constraints Consumers have become more _-_

images

Finally service companeis also can work on differentiating their _ through symbols and branding. Aflac adopte dthe duck as its advertising symbol. today teh duck is immortalized through stuffed animals golf club covers and free ringtones and screen savers makes them memorable and approachable ex. geico gecko progressive insurance's flo mcdonald's golden arches

kisok digital direct marketing technologies

Forms of Direct Marketing _ marketing - At first students might be unsure as to what this involves. It involves placing information and ordering machines in stores, airports, trade shows, and other locations. Students might have used this—ask them if they have used the in-store machines from Kodak or Fuji for making prints in stores. iPhone Kiosk lets users experience the phone's interface _ _ _ _ Mobile marketing Podcasts Vodcasts Interactive TV Marketers are expecting to see growth in this area over the next few years. This Web link is for an interesting site called Mobile Marketing Watch. By linking to the site you can see some of the major events within the industry. Mobile is exciting to marketers because they can delivered personalized messages to the user while they are out and about—perhaps even in the store.

telephone direct marketing

Forms of Direct Marketing _ _ _ - involves using the telephone to sell directly to consumers and business customers Outbound telephone marketing sells directly to consumers and businesses Inbound telephone marketing uses toll-free numbers to receive orders from television and print ads, direct mail, and catalogs

quality

Gauging Satisfaction _ is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs

global products

Globalization and Product Cultures Products such as coffee and beer have emerged as true _ _ Irish pubs in the U.S. German-style beer halls in Japan Starbucks and the coffee culture

Benefits to Sellers

Growth and Benefits of Direct Marketing _ _ _ Tool to build customer relationships Low-cost, efficient, fast alternative to reach markets Flexible Access to buyers not reachable through other channels

Benefits to Buyers

Growth and Benefits of Direct Marketing _ _ _ Convenience Ready access to many products Access to comparative information about companies, products, and competitors Interactive and immediate

mail order television phone online mobile

Growth of non-store retailing includes: _ _ _ _ _ _

The Long Tail

_ _ _ Use of efficient economics of online retail to aggregate slow-selling products: eBay, Amazon.com., Netflix, iTunes "...The Long Tail is really about the economics of abundance...what happens when the bottlenecks that stand between supply and demand in our culture start to disappear and everything becomes available to everyone......These millions of fringe sales are an efficient, cost-effective business...hits and niches are on equal footing." Chris Anderson, Author and Editor of Wired

the promotion mix

_ _ _ is the specific blend of advertising, public relations, personal selling, and direct-marketing tools that the company uses to persuasively communicate customer value and build customer relationships ex. GM use of social media to manage customers and reputation

companywide strategic planning

_ _ _ defining the company mission -> setting company objectives and goals -> designing the business portfolio -> business unit product and market level planning marketing and other functional strategies

marketing management orientations

_ _ _ production concept -> product concept -> selling concept -> marketing concept -> societal marketing concept

marketing information system MIS provides

_ _ _ consists of people and procedures for: assessing the information needs developing needed information helping decision makers use the information for customer _ _ information to the company's marketing and other managers and external partners such as suppliers, resellers, and marketing service agencies

changing marketing landscape

_ _ _ major developments digital age rapid globalization ethics and social responsibility not for profit marketing

maslow's hierarchy of needs

_ _ _ pyramid bottom physiological needs - hunger thirst safety needs - security protection social needs - sense of belonging, love esteem needs - self-esteem, recognition, status self-actualization needs - self-development and realization

designing a message

_ _ _ - Marketers seek a purchase response that results from a consumer decision-making process that includes the stages of buyer readiness AIDA Model Get Attention Hold Interest Arouse Desire Obtain Action

the warc 100

_ _ _ - an annual ranking of the world's best marketing campaigns and companies based on their performance in effectiveness and strategy competitions

secondary beliefs and values

_ _ _ - are more open to change and include people's views of themselves, others, organization, society, nature, and the universe

online social networks

_ _ _ - are online communities where people socialize or exchange information and opinions include blogs, social networking sites (facebook) virtual worlds (second life)

the marketing environment

_ _ _ - includes the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with customers

integrated marketing program

_ _ _ - is a comprehensive plan that communicates and delivers the intended value to chosen customers.

the marketing mix

_ _ _ - is the set of tools (four Ps) the firm uses to implement its marketing strategy. The four Ps are: product, price, place and promotion

customer lifetime value

_ _ _ - is the value of the entire stream of purchases that the customer would make over a lifetime of patronage

customer perceived value

_ _ _ - the difference between total customer value and total customer cost

customer relationship management

_ _ _ - the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

a value delivery network

_ _ _ . is made up of the company, suppliers, distributors, and ultimately customer who partner with each other to improve performance of the entire system

product/market expansion grid

_ _ _ _ a portfolio planning tool for identifying company growth opportunities through market penetration market development product development or diversification

forms of direct marketing

_ _ _ _ Personal selling direct marketing Direct-mail direct marketing Catalog direct marketing Telephone Marketing Direct-response television marketing Klosk marketing Digital direct marketing online marketing

core beliefs and values

_ _ _ _ - are persistent and are passed on from parents to children and are reinforced by schools, churches, businesses, and government

modifying the marketing mix

_ _ _ _ - improving sales by changing one or more marketing mix elements the company can offer new or improved services to buyers

return on marketing investment

_ _ _ _ - marketing roi is the net return from a marketing investment divided by the costs of the marketing investment. Marketing ROI provides a measurement of the profits generated by investments in marketing activities

every day low pricing

_ _ _ _ EDLP invovles charging a constant everyday low price with few or no temporary price discounts the ALDI supermarket chain practices this with a good temporary price discounts

nutritional labeling and educational act of 1990

_ _ _ _ _ _ _ requires sellers to provide detailed nutritional information on food products and recent sweeping actions by the food and drug administration regulate the use of health related terms such as low fat, light high fiber and organic

federal trade commission act of 1914

_ _ _ _ _ _ held that false misleading or deceptive labels or packages constitute unfair competitions lables can mislead customers, fail to describe important ingredits or fail to include needed safety warnings

fair packaging and labeling act of 1966

_ _ _ _ _ _ which set mandatory lableing requirements encouraged voluntary industry pacakging standarda dn allowed federal agencies to set packaging regulations in specific industries

new product development process

_ _ _ _ _ idea generation -> idea screening -> concept development adn testing -> marketing strategy development -> business analysis -> product development -> test marketing -> commercialization

age and life cycle stage segmentation

_ _ _ _ _ is the process of offering different products or using different marketing approaches for different age and life-cycle groups

customer-centered new product development

_ _ _ _ _ new product development that focuses on finding new ways to solve customer problems and create more customer satisfying experiences most successful new products are ones that are differentiated, solve major customer problems, and offer a compelling customer value proposition

manufacturers sales branches and offices

_ _ _ _ _is a form of wholesaling by sellers or buyers themselves rather than through independent wholesalers

third party logistics provider

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

battle of the brands

_ _ _ _ between national and private brands retailers have many advantages control what products they stock where they go on shelf what prices they charge adn which ones they will feature in local promotions price store brands lower than comparable national brands and feature the price differences in side by side comparisons

vendor managed inventory systems

_ _ _ _ vmi the customer shares real time data on sales and current inventory levesl with the supplier supplier takes full responsibility for amnaging inventories and deliveries

conventional distribution channel

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

multichannel distribution system

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

indirect marketing channel

_ _ _ a marketing channel containing one or more intermediary levels

direct marketing channel

_ _ _ a marketing channel that has no intermediary levels

value delivery network

_ _ _ a network composed of the company, suppliers, distributors and ultimately customers who partner with each other to improve the performance of the entire system in delivering the customer value

growth share matrix

_ _ _ a portfolio planning method that evaluates a comapny's sbus in terms of market growth rate and relative market share

central business districts

_ _ _ are located in cities and include department and specialty stores, banks, and movie theaters

trade in allowances

_ _ _ are price reductions given for turning in an old item when buying a new one

core customer value

_ _ _ at the most basic value level is this, which addresses the question: What is the buyer really buying? When designing products marketers must fire define the core problem solving benefits or services that consumers seek ex. people who buy apple ipad are buying more than tablet computer, buying entertainment, self-expression, prductivitiy, and connectivity

marketing channel management

_ _ _ calls for selecting managing and motivating individual channel members and evaluating their performance over time

modifying the product

_ _ _ changing characteristics such as quality features style packaging or technology platforms to retain current users or attract new ones

consumer relationship management

_ _ _ consists of sophisticated software and analytical tools that integrate customer information from all sources, analyze it in depth, and apply the results to build stronger customer relationship CRM "Touchpoints" customer purchases sales force contacts service and support calls web site visits satisfaction surveys credit and payment interactions research studies

marketing strategy statement

_ _ _ consists of three parts 1 - describes the target market the planned value proposition and the sales market-share and profit goals for the first few years 2 - outlines the product's planned price, distribution snd marketing budget for the first year 3 - describes the planned long-run sales profit goals and marketing mix strategy

marketing strategy development

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

marketing channel design

_ _ _ designing effective marketing channels by analyzing customer needs setting channel objectives identifying major channel alternatives and evaluating those alternatives

product form pricing

_ _ _ different versions of the product are priced differently but not according to differences in their costs

brokers and agents

_ _ _ do not take title, perform a few functions, and specialize by product line or customer type Brokers bring buyers and sellers together and assist in negotiations Agents represent buyers or sellers

electronic data interchange

_ _ _ edi the digital exchange of data between organizations which primarily is transmitted via the internet

supplies and services

_ _ _ final group of industrial products. include operating supplies (lubricants, coal, paper, pencils) and repair and maintenance items (paint, nails, brooms). They are the convenience products of the industrial field because they are usually purchased with a minimum of effort or comparison business services include maintenance and repair services (window cleaning, computer repair) and business advisory services (legal, management consulting, advertising) usually under contract

special event pricing

_ _ _ in certain season to draw more customers promotional prices in november and december for holidays

materials and parts

_ _ _ include raw materials as well as manufactured materials and parts. Raw materials consist of farm products (wheat cotton, livestock frutis veggie) and natural products (fish, lumber crude petroleum, iron ore) and component parts (small motors tires castings) most manufactured materials and parts are sold directly to industrial users price and service are the major marketing factors brand and advertising tend to be less important

word of mouth buzz

_ _ _ influence and _ marketing opinion leaders are people within a reference group who exert social influence on others also called influential or early adopters marketers identify them to use s brand ambassadors

high low pricing

_ _ _ involves charging higher prices on an everyday basis nut running frequent promotions to lower prices temporarily on selected items

selling and promoting

_ _ _ involves the wholesaler's sales force helping the manufacturer reach many smaller customers at lower cost

partner relationship management

_ _ _ involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers

product line filling

_ _ _ invovles adding more items within the present range of the line there are several reasons for this reaching for extra profits, plugging holes to keep out competitors however it is overdone if its results in cannibalization eating up sales of the company's own existing products and customer confusion

total quality management

_ _ _ is an approach in which all of the company's people are invovled in constantly improving the quality of products, services and business processes. for top companies customer driven equality has become a way of doing business

integrated marketing communications

_ _ _ is the integration by the company of its communication channels to deliver a clear, consistent, and compelling message about the organization and its brands calls for recognizing all contact points where the customer may encounter the company and its brands. These contact points are called brand contact. is becoming more popular because of the challenges of communicating across national borders "We have an integrated marketing model that involves all elements of the marketing mix from digital to sports marketing, from event marketing to advertising to entertainment, all sitting at the table driving ideas." Trevor Edwards, President, Nike Brand

share of customer

_ _ _ is the portion of the customer's purchasing that a company gets in its product categories

supply chain management

_ _ _ managing upstream and downstream value-added flows of material final goods and related information among suppliers the company resellers and final consumers

controlled test markets

_ _ _ new products and tactics are tested among controlled panels of shoppers and stores

product line stretching

_ _ _ occurs when a company lengthens its product line beyond its curent range. The comapny can stretch its line downward upward or both ways companies located at upper end of market can stretch their lines downward ex. mercedes stretched downward with CLA to draw in first time buyers plug market hole may add low end products faster growth also stretch line upward to add prestige to their current products or to reap higher margins

retail price maintenance

_ _ _ or resale a manufacturer cannot require dealers to charge a specified retail price for its product. the seller can propose a manufacturer's suggested retail price to dealers it cannot refuse to sell to a dealer that takes independent pricing action nor can it punish teh dealer by shipping late or denying advertising allowances

focus group interviewing

_ _ _ personal interviewing that involves inviting small groups of people to gather for a few hours with a trained interviewer to talk about a product service or organization the interviewer focuses the group discussion on important issues

product bundle pricing

_ _ _ pricing bundles of products sold together combining several products and offering the bundle at a reduced price

freight absorption pricing

_ _ _ pricing in which the seller absorbs all or part of the freight charges in order to get the desired business

basing point pricing

_ _ _ pricing in which the seller designates some city as a basing point and charges all customers the freight cost from that city to the customer

full line forcing

_ _ _ producers of a strong brand sometimes sell it to dealers only if the dealers will take some or all of the rest of its line

product mix consistency

_ _ _ refers to how closely related the various product lines are in end use, production requirements distribution channels or some other way colgate's product lines consititent they are consumer products that go thgough the same distribution channels the lines are less consistent as they perform different functions for buyers

consumer buyer behavior

_ _ _ refers to the buying behavior of final consumers - individuals and households who buys goods and services for personal consumption consumer market refers to all of the personal consumption of final consumers

product mix width

_ _ _ refers to the number of different product lines the company carries

product line depth

_ _ _ refers to the number of versions offered of each product in the line ex. colgate toothpastes colgate total, colgate optic white, golgate tartar protection etc colgate total in regular, clean mint, advanced whitening, deep clean

product mix length

_ _ _ refers to the total number of items a company carries within its product lines

simulated test markets

_ _ _ researchers measure consumer responses to new products and marketing tactics in laboratory stores or simulated online shopping environments reduce the costs of test marketing and speed up the process

fixed price policy

_ _ _ setting one price for all buyers

product line pricing

_ _ _ setting prices across an entire product line setting the prices steps between various products in a product line based on cost differences between the products customer evaluation of different features and competitors prices

sequential product development

_ _ _ some organize their new product developemnt into the orderly sequnce of steps one company department works individually to complete its stage of the process before passing the new product along to the enxt department adn stage help control complex and risky projects

limited time offers

_ _ _ such as online flash sales can create buying urgency and make buyers feel lucky to have gotten in ont he deal

modifying the market

_ _ _ the company tries to increase consumption by finding new user and new market segments for its brands

product life cycle

_ _ _ the course of a product's sales and profits over its lifetimes five distinct stages product development introduction growth maturity decline

new product development

_ _ _ the development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts important to customers and the marketers who serve them bring new solutions and variety to customers lives key source of growth for companies

innovation management system

_ _ _ to collect review evaluate and manage new product ideas should be holistic and systematci yeidls two favorable outcomes helps create an innvoation oriented company culture shows that top management supports enocurages and rewards inovation second yield a larger number of new product ideas among which will be found some especailly good ones

service profit chain

_ _ _ which links service firm profits with employee and customer satisfaction. This chain consists of five links internal service quality satisfied and productive service employees greater service value satisfied and loyal customers healthy service profits and growth

noncompensatory decision rules

_ _ _: choice shortcuts where a product with a low standing on one attribute cannot compensate by being better on another attribute

compensatory decision rules

_ _ _: give a product a chance to make up for its shortcomings

evaluation of alternatives

_ _ _: how the consumer processes information to arrive at brand choices

vertical marketing system

_ _ _a channel structure in which producers wholesalers and retailer act as a unified system one channel member owns the others has contracts with them or has so much power that they all cooperate

integrated logistics management

_ _ _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

horizontal marketing system

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

economic criteria

_ _ a company compares the likely sales costs and profitability of different channel alternatives should also consider control issues

new brands

_ _ a company might believe that hte power of its existing brand name is waning so a new brand name is needed or it may create a new brand name when it enters a new product category for which none of its current brand names is appropriate also can result in company spreading resources too thin

franchise organization

_ _ a contractual vertical marketing system in which a channel member called a franchiser links several stages in the production-distribution process

demand curve

_ _ a curve that shows the number of units the market will buy in a given time period at different prices that might be changed demand and price are inversely related the higher the price the lower the demand

new product

_ _ a good, service, or idea that is perceived by some potential customers as new

distribution center

_ _ 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

channel level

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

price elasticity

_ _ a measure of the sensitivity of demand to changes in price

opinion leader

_ _ a person within a reference group who because of special skills, knowledge, personality, or other characteristics, exerts social influence on others

cash discount

_ _ a price reduction to buyers who pay their bills promptly

product features

_ _ a product can be offered with varying features, a stripped down model one without any extras is startign point create higher level models by adding more features they are a competive tool for differentiating the company's product from competitors' products how to identify new features to add should survey buyers who have used the product how do you like the product which features do you like what features could we add to improve the product then assess each feature's value to customers versus its cost to the company

business analysis

_ _ a review of the sales, costs, and profit projections of a new product to find out whether these factors satisfy the company's objectives if they do product can move to the product development stage estimate sales by looking at sales history

contractual vms

_ _ a vertical marketing system in which independent firms at different levels of production and distribution join together through contracts

corporate vms

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

administered vms

_ _ a vertical marketing system that coordinates successive stages of production and distribution through the size and power of one of the parties

dynamic pricing

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

internal factors

_ _ affecting pricing include the company's overall marketing strategy, objectives, and marketing mix as well as other organizational considerations

external factors

_ _ affecting pricing include the nature of the market and demand and other environmental factors

undifferentiated marketing

_ _ an organization develops one strategy appropriate for all members of the total market

differentiated marketing

_ _ an organization targets multiple market segments and develops segment specific marketing mixes

SWOT analysis

_ _ an overall evaluation of the company's strengths S, weaknesses W, opportunities O, and threats T

product assortment service

_ _ and _ decisions - putting assortment together that is going to work for the target

scanner fraud

_ _ and price confusion ex of deceptive pricing issues the widespread use of scanner based computer checkouts has led to increasing complaints of retailers overcharging their customers most of these come from poor management such as a failure to enter current or sale prices into the system other were intentional

social roles

_ _ and status are the groups, family, clubs, and organizations that a person belongs to that can define role and social status royal bank of canada stages youth younger than 18 getting started: 18-35 builders: 35-50 accumulators: 50-60 preservers: over 60

franchise organizations

_ _ are based on some unique product or service; on a method of doing business; or on the trade name, good will, or patent that the franchisor has developed formule that is followed open a franchse follow the standard Brand them participate in good will that it is chil cil a Standardization with some variability Mcdonalds varies considerably international - walk in korea lay out and vibe similar but the menu would be totally different

convenience product

_ _ are consumer products and services that customers ususally buy frequently, immediately, and with minimal comparison and buying effort ex. laundry detergent, candy, magazines, and fast food are usually low priced and marketers place them in many locations to make them readily available when customers need or want them

speciality products

_ _ are consumer products and services with inuqe characteristics or brand identifications for which a significatn group of buyres is willing to make a special pruchase effort. Ex. specific brands of cars, high-priced photography equipment, designer cloths, gourmet foods, and the services of medical or legal specialists buyers do not normally compare them, strong brand preference and loyalty, special purchase effort low price senstitivity high price exclusive distribution in only one or a few outlets per market area carefully targeted promotion luxury goods such as rollex watches

unsought products

_ _ are consumer products that a consumer either does not know about or knows about but does not normally consider buying. most major new innovations are unsought until consumers become area of them through marketing ex. known but unsought life insurance, preplanned funeral services and blood donations require lots of promoting, personal selling and other marketing efforts

capital items

_ _ are industrial products that aid in the buyer's production or operations including installations and accessory equipment. Installations consist of major purchases such as buildings (factories offices) and fixed equipment (generators, drill presses, large computer systems, elevators). Acessory equipment includes portable factory equipment and tools (hands tools, lift trucks) and office equipment includes (computers, fax machines and desks). These types of equipment have shorter lives than do installations and simply aid in the production process

shopping product

_ _ are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price and style. when buying these consumers spend much time and effort in gathering information and making comparisons ex. furniture, clothing major appliances and hotel services higher price

cash cows

_ _ are low growth high share businesses or products these established and successful sbus need less investment to hold their market share. thus they produce a lot of the cash that the company uses to pay its bills and support other sbus that need investment

question marks

_ _ are low share business units in high growth markets they require a lot of cash to hold their share let alone increase it. Management has to think hard about which of these it should try to build into stars and which should be phased out

promotional allowances

_ _ are payments or price reductions that reward dealers for participating in advertising and sales-support programs

consumer products

_ _ are products and services bought by final consumers for personal consumption they include convenience products, shopping products, specialty products, and unsought products

social class

_ _ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors measured by a combination of occupation, income, education, wealth, and other variables

market offerings

_ _ are some combination of products services information or experiences offered to a market to satisfy a need or want

industrial products

_ _ are those products purchased for further processing or for use in conducting a business

corporate chains

_ _ are two or more outlets that are commonly owned and controlled Size allows them to buy in large quantities at lower prices and gain promotional economies Sears CVS are where the outlets are commonly owned and controlled Sears cvs Go into bloomingdales similar to every single

multiple segmentation

_ _ bases are typically used to identify smaller better-defined target groups

exclusive dealing

_ _ both parties can benefit from exclusive arrangements the seller obtains more loyal and dependable outlets and the dealers obtain a steady source of supply and stronger seller support exclude other producers from selling to those dealers under clayton act legal as long as they don't substantially lessen competition or tend to create a monopoly voluntarily agreement

business objectives

_ _ build profitable customer relationships invest in research improve profits

cognitive dissonance

_ _ buyer discomfort caused by post purchase conflict

services mix

_ _ can also help set one retailer apart from another some retailer invite customers to ask questions or consult service representatives in person or via phone or tablet home depot offers a diverse mix of services to do it yourself from how to classes and do it herlse fand kid workshops

sex appeals

_ _ can boomerang if the appeal does not fit the product

adaptability criteria

_ _ channels often involve long term commitments yet the company wants to keep the channel flexible so that it can adapt to environmental changes

multimodal transportation

_ _ combining two or more modes of transportation

vertical conflict

_ _ conflict between different levels of the same channel is even more common mcdonalds faces conflicts with the owners of their franchises

organization marketing

_ _ consists of activities undertaken to create, maintain, ro change the attitudes and behavior of target consumers toward an organization both profit and not for profit organizations practice this

primary data

_ _ consists of information gathered for the special research plan syndicated data: an example of secondary data

secondary data

_ _ consists of information that already exists somewhere having been collected for another purpose

cultural environment

_ _ consists of institutions and other forces that affect a society's basic values, perceptions and behaviors

supply chain

_ _ consists of upstream and downstream partners upstream is the set of firms that supply the raw materials components parts information finances and expertise needed to create a product or service downstream marketing channels that look toward the customer wholesalers retailers

variable costs

_ _ costs that vary directly with the level of production

environment sustainability

_ _ developing strategies and practices that create a world economy that the planet can support indefinitely

product development

_ _ developing the product concept into a physical product to ensure that the product idea can be turned into a workable market offering calls for huge jump in investment developing successful proptype can take days to years

channel conflict

_ _ disagreements among marketing channel members on goals, roles, and rewards who should do what and for what rewards

marketing channel

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

psychographic segmentation

_ _ divides buyers into different groups based on social class, lifestyle, or personality traits

gender segmentation

_ _ divides the market based on sex (male or female)

income segmentation

_ _ divides the market into affluent or low-income consumers

geographic segmentation

_ _ divides the market into different geographical units such as nations, regions, states, counties, or cities

demographic segmentation

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

occasion segmentation

_ _ dividing the market into segments according to occasions when buyers get the idea to buy actually make their purchase or use their purchases or use the purchased item

desirable qualities

_ _ for a brand name 1. it should suggest something about the product's benefits and qualities: Beautyrest, Slimfast, Snapchat, pinterest 2. It should be easy to pronounce, recognize, and remember: iPad, Tide, Jelly Belly, Twitter, JetBlue 3. The brnad name should be distrinctive: Panera, Swiffer, Zappos, Nest 4. It should be extendable - Amazon.com began as as online bookseller but chose a name that would allow expansion into other categories 5. The name should translate easily into foreign languages. The official name of Microsoft's Bing search engine in China is by ying, which literally means "very certain to respond" in Chinese 6. It should be capable of registration and legal protection. cannot infringe on existing brand names

customer wants

_ _ form that needs take as they are shaped by culture and individual personality

intermarket segmentation

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

customer insights

_ _ fresh marketing information based understandings of customers and the marketplace that become the basis for creating customer value, engagement and relationships

avoidance groups

_ _ groups an individual wishes to avoid being associated with

aspirational groups

_ _ groups an individual wishes to belong to

internal sources

_ _ idea source that comes from within the company the company can find new ideas thorugh formal R&D ex. chic fil a set up large innovation center called hatch where its people's jobs to come up with new ideas and bring them to life also pick brains of own people executives to salespeople to scientists engineers and manufacturing staff

public relations

_ _ involves building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events It is used to promote product, people, ideas, and activities

public relations

_ _ involves building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events Press releases Sponsorships Special events Web pages ex. McDonald's Web page for press releases. Community engagement - not just focused on customers. You can see press releases which talk about finances, marketing strategies, and organizational issues.

observational research

_ _ involves gathering primary data by observing relevant people actions, and situations

ethnographic research

_ _ involves sending trained observers to watch and interact with consumers in their natural environment

local marketing

_ _ involves tailoring brands and promotion to the needs and wants of local customer groups cities neighborhoods stores

individual marketing

_ _ involves tailoring products and marketing programs to the needs and preferences of individual customers aka one to one marketing mass customization markets of one marketing

risk bearing

_ _ involves the wholesaler absorbing risk by taking title and bearing the cost of theft, damage, spoilage, and obsolescence

market information

_ _ involves the wholesaler providing information to suppliers and customers about competitors, new products, and price developments

market segment

_ _ is a group of consumers who respond in a similar way to a given set of marketing efforts

product line

_ _ is 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 ex. nike products several lines of athletci shoes and apparel

product development

_ _ is a growth strategy that offers new or modified products to existing market segments

customer satisfaction

_ _ is a key to building profitable relationships with consumers - to keeping and growing consumers and reaping their customer lifetime value 1 in 4 unhappy customers switch, but only 1 in 27 unhappy customers complain an unhappy customer tells 20 people, but a happy customer only tells 4 people

portfolio analysis

_ _ is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company

quantity discount

_ _ is a price reduction to buyers who buy large volumes

seasonal discount

_ _ is a price reduction to buyers who buy merchandise or services out of season

value chain

_ _ is a series of value-creating activities to design, produce, market, deliver and support a firm's products it creates more customer value because every firm is a synthesis of primary and support activities performed to design, produce, market, deliver and support its products

competitive advantage

_ _ is an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices

geodemographic segmentation

_ _ is an example of multivariable segmentation that divides groups into consumer lifestyle patterns

product idea

_ _ is an idea for a possible product that the company can see itself offering to the market

customer service

_ _ is another element of product strategy a company's offer usually includes some support services which can be a minor part or a major part of the total offering keeping customers happy after the sale is the key to building lasting relationships delight the customer and continue to delight the customer you have customer for life

store atmosphere

_ _ is another important element in the reseller's product arsenal retailers want to create a unique store experience on that suits the target market and moves customers to buy many retailers practice experiential retailing ex. l l bean turned its flagship freeport store adn campus into a full fledged outdoor adventure center customer can hike bike golf kayak go seal washing selling outdoor apparel and gear how we design the physical environment to create an experience for the user So we pump in music pump in fast music at the resident people eat faster turn tables faster Want people to linger softer lighting and

experimental research

_ _ is best for gathering casual information - cause and effect relationships

marketing myopia

_ _ is focusing only on existing products and losing sight of underlying consumer needs

product quality

_ _ is one of the marketer's major positioning tools. this affects product or service performance thus it closely linked to customer value marketers go beyond this narrow definition. they define quality in terms of creating customer value and satisfaction. american society for quality defines it as the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs

Personal Selling order taker order getters creative selling relationship building

_ _ is one of the oldest professions in the world. The people who do the selling go by many names: Salespeople Sales representatives District managers Account executives Sales engineers Agents Account development reps At one extreme, a salesperson might be an _ _, such as the department store salesperson standing behind the counter. At the other extreme are _ _, whose positions demand _ _ and _ _ for products and services ranging from appliances to industrial equipment.

market positioning

_ _ is the arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer

marketing management

_ _ is the art and science of choosing target markets and building profitable relationships with them what customers will we serve? how can we best serve these customers?

business portfolio

_ _ is the collection of businesses and products that make up the company

marketing segmentaiton

_ _ is the division of a market into distinct groups of buyers who have distinct needs characteristics or behavior and who might require separate products or marketing mixes

value proposition

_ _ is the full mix of benefits upon which a brand is positioned

marketing concept

_ _ is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do

production concept

_ _ is the idea that consumers will favor products that are available or highly affordable

product concept

_ _ is the idea that consumers will favor products that offer the most quality, performance and features. Organization should therefore devote its energy to making continuous product improvements

selling concept

_ _ is the idea that consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort

merchant wholesalers

_ _ is the largest group of wholesalers and include: Full-service wholesalers who provide a full set of services Limited service wholesalers who provide few services and specialized functions

adoption process

_ _ is the mental process an individual goes through from first learning about an innovation to final regular use stages in the process include: awareness -> interest -> evaluation -> trial -> adoption

survey research

_ _ is the most widely used method and is best for descriptive information - knowledge, attitudes, preferences, and buying behavior flexible people can be unable or unwilling to answer privacy concerns

mission statement

_ _ is the organization's purpose what it wants to accomplish in the larger environment

personal selling

_ _ is the personal presentation by the firm's sales force for the purpose of making sales and building customer relationships Sales presentations Trade shows Incentive programs Person-to-person communication in which a seller informs and educates prospective customers and attempts to influence their purchase choices

strategic planning

_ _ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

market targeting

_ _ is the process of evaluating each market segment's attractiveness and selecting on or more segments to enter

competitor analysis

_ _ is the process of identifying, assessing, and selecting key competitors

market segmentation

_ _ is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs

mass customization

_ _ is the process through which firms interact one to one with masses of customers to design products and services tailor-made to meet individual needs. Has made relationships with customers important in the new economy "one-to-one marketing. Mass customization is the ability of a company to meet each customer's requirements referred to as segments of one or customized marketing)

marketing mix

_ _ is the set of controllable tactical marketing tools - product, price, place and promotion that the firm blends to produce the response it wants in the target market

marketing intelligence

_ _ is the systematic collection and analysis of publicly available information about consumers competitors and developments in the marketplace

marketing research

_ _ is the systematic design, collection analysis, and reporting of data relevant to a specific marketing situation facing an organization

selective distortion

_ _ is the tendency for people to interpret information in a way that will support what they already believe

selective attention

_ _ is the tendency for people to screen out most of the information to which they are exposed

selective retention

_ _ is the tendency to remember good points made about a brand they favor and forget good points about competing brands

customer equity

_ _ is the total combined customer lifetime values of all the company's customers across all product categories

brand value

_ _ is the total financial value of a brand. Measuring such value is difficult apple has highest brand value

political environment

_ _ laws government agencies and pressure groups that influence and limit various organizations and individuals in a given society

price cuts

_ _ many situations why one might cut price excess capacity falling demand in teh face of strong price competition or a weakened economy in a drive to dominate the market through lower costs either the company starts with lower costs than its competitors or its cuts prices in the hope of gaining market share that will further cut costs through larger volume

descriptive research

_ _ marketing research to better describe marketing problems situations r markets such as the market potential for a product or the demographics and attitudes of consumers

exploratory research

_ _ marketing research to gather preliminary information that will help define problems and suggest hypotheses

casual research

_ _ marketing research to test hypotheses about cause adn effect relationships

price escalation

_ _ may result form differences in selling strategies or market conditions simply a result of the higher costs of selling in another country the additional costs of operation product modifications shipping, shipping and insurance exchange rate fluctuations and physical distribution

interactive marketing

_ _ means that service quality depends heavily on the buyer-seller interaction during the service encounter, training service employees in the fine art of interacting with customers to satisfy their needs in services marketing service quality depends on both the service deliverer and the quality of delivery service marketers have to master these skills

service intangibility

_ _ means that services cannot be seen, tasted, felt, heard, or smelled before they are bought ex. cosmetic surgery can't see result before purchase

service inseparability

_ _ means that services cannot be separated frmo their providers, whether the providers are people or machines. If a service employee provides the service then the employee becomes a part of the service customers play an active role in its delivery

service perishability

_ _ means that services cannot be stored for later sale or use. Some doctors charge patients for missed appointments because the service value existed only at that point and disappeared when the patient did not show up. this is not a problem when demand is steady. when demand fluctuates service firms often have difficult problems for ex. rush hour demand public transport companies have to own much more equipment than they would if demand were even throughout the day

limited service

_ _ more shopping assistance shopping goods mroe expensive products that are customers will want to spend more time comparing and shopping around people want info and detail on the products department stores like sears

inbound logistics

_ _ moving products and materials from suppliers to the factory

outbound logistics

_ _ moving products from the factory to resellers and ultimately to customers

brand positioning product attributes

_ _ need to position brands clearly in target customers minds position at any three levels at the lowest level they can position the brand on _ _ ex. whirlpool can position its major home appliance products on attributes such as quality selection style these are the least desirable level for brand positioning

warehouse clubs

_ _ no frill store places like sams club or costco no slaes people to help you out cement floor LED lighting cheap in return getting ultra low prices they are also relying on volume typically selling us stuff in larger quantities

line extensions

_ _ occur when a company extends existing brand names to new forms, colors, sizes ingredients, or flavors of an existing product category ex. KFA extended it chicken lineup beyond original recipe might introduce them at low cost low risk meet consumer desires for variety overextended brand name might cause consumer confusion or lose some of its specific meaning

deceptive pricing

_ _ occurs when a seller states prices or price savings that mislead consumers or are not actually available to consumers

need recognition

_ _ occurs when the buyer recognizes a problem or need triggered by: internal stimuli external stimuli

factory outlets

_ _ origin goods that had less than perfect aspect shoe maker line of shoes line of colors leather has to meet that standard to sell at full price rejected not good enough to be sold at retail store so it goes to this store still function just a small flaw

discount stores

_ _ paying the typical wholesale price selling standard merchandise that you might find in other stores selling that merchandise at small price point willing to accept smaller price point ecause they are expecting more volume aim is to accept a smaller margin not in most high priced physical locations

generation z

_ _ people born after 2000 though many analysts include people born after 1995 who make up the kids tweens and teens markets

information search

_ _ personal sources - family and friends commercial sources - advertising, internet public sources - mass media, consumer organizations experiential sources - handling, examining using the product

marketing logistics

_ _ physical distribution involves planning implementing and controlling the physical flow of material final goods and related information from points of origin to points of consumption to meet customer requirements at a profit it involves getting the right product to the right customer in the right place at the right time

reference prices

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

zone pricing

_ _ pricing in which the company sets up two or more zones all customers within a zone pay the same total price the more distant the zone the higher the price

target costing

_ _ pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met reverses the usual process of first designing a new product, determing its cost, adn tehn asking "can we sell it for that?" instead it starts with an ideal selling price based on customer value considerations and then targets costs that will ensure that the price is met

reverse logistics

_ _ reusing recycling refurbishing or disposing of broke unwanted or excess products returned by consumers or resellers

idea screening

_ _ screening new product ideas to spot good ones and drop poor ones as soon as possible write up describes the product or the service the proposed customer value proposition the target market and the competition rough estimates of market seize product price development time and costs manufacturing costs and rate of return

segmented pricing

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

predatory pricing

_ _ selling below cost with the intention of punishing a competitor or gaining higher long run profits by putting competitors out of business protects small selelrs form larger ones that might sell items blow cost temporarily or in a specific locale to drive them out of business

geographical pricing

_ _ setting prices for customers located in different parts of the country or world

socially responsible

_ _ target marketing benefits customers with specific needs concern for vulnerable segments children alcohol cigarettes internet abuses ex. pink juul

concentrated marketing

_ _ targets a small share of a large market limited company resources knowledge of the market more effective and efficient

differentiated marketing

_ _ targets several different market segments and designs separate offers for each goal is to achieve higher sales and stronger position more expensive than undifferentiated marketing

undifferentiated marketing

_ _ targets the whole market with one offer mass marketing focuses on common needs rather than whats different

promotional pricing

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

concept testing

_ _ testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal test with consumers before attempting to turn them into actual new products a word or picture descrption might be sufficient

generation x

_ _ the 49 million people born between 1965 and 1976 in the birth dearth following the baby boom

baby boomers

_ _ the 78 million people born during the years following ww2 and lasting until 1964

marketing analytics

_ _ the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance

idea generation

_ _ the systematic search for new product ideas company typically generates hundreds even thousands of ideas to find a few good ones major sources are internal sources and external sources such as customers competitors distributors and suppliers and others

cash rebates

_ _ to consumers who buy the product from dealers within a specified time the manufacturer sends the rebate directly to the customer are popular with automakers and producers of mobile phones and small applicances some manufacturers offer low interest financing longer warranties or free maintenance to reduce the consumers price

air carriers

_ _ transport less than 1 % of the cargo ton miles of the nations goods perishables flowers fish high value low bulk items jewelry technical instruments

customer demands

_ _ wants backed by buying power

segmentation targeting differentiation positioning

_ _, _, and _ involves the definition and profile of the market so the other retail marketing decisions can be made store differentiation and positioning

Streaming Video

_ _- Global penetration of broadband Internet service has fueled the growing popularity of global digital video services such as YouTube, Facebook, Instagram, Twitter, Netflix, Meerkat

marketing mix

_ _- figuring out what value proposition should look like at this level location is important

reminder advertising

_ _- is important with mature products to help maintain customer relationships and keep customers thinking about the product Little girl "Godfather" ad is from 1999. Comparative advertising: Pepsi has long taken direct aim at rival Coca-Cola with comparative ads. "There are few things that grab our fans' attention as much as seeing our beloved blue and that red next to each other," says a Pepsi marketer. In developing an advertising program, the first step is to set advertising objectives. These objectives should be based on past decisions about the target market, positioning, and the marketing mix, which define the job that advertising must do in the total marketing program. The overall advertising objective is to help build customer relationships by communicating customer value. Advertising objectives can be classified by their primary purpose—to inform, persuade, or remind. Table 15.1 lists examples of each of these specific objectives.

customer value-based pricing

_ _-_ _ setting price based on buyers' perceptions of value rather than on the seller's cost means that marketer cannot design a a product and marketing program adn then set hte price price is considered along with all other marketing mix vaariables before the marketing program is set pricing begins with analyzing consumer needs and value perceptions and the price is set to match perceived value

private not-for-profit organizations

_ _-_-_ _ offer services through museums, charities, churches, colleges, foundations, and hospitals

place marketing

_ _involves activities undertakne to create, maintain, or change attitudes or behavior toward particular places. Cities, states, regions and even entire nations compete to attract tourists, new residents, conventions, and company offices and factories

bulk breaking

_ _involves the wholesaler buying in larger quantity and breaking into smaller lots for its customers

retailer cooperatives

_ _is a group of independent retailers that band together to set up a joint-owned, central wholesale operation and conduct joint merchandising and promotion efforts Ace Hardware Associated Grocers independent retailers often promotes local ownership Retailers get together set up joint owned wholesale operation and do conduct joint merchandising and promotion efforts You won ace hardware store can't afford nationwide advertising but ace hardware the brand can Can convert store over or liquidating buying back some of your inventory Branding or promoting that store Local guy feel disadvantaged joing ace hardware

concentrated marketing

_ _when an organization concentrates its marketing efforts on smaller segment of larger market

choosing

_ a target market depends on: company resources product variability product life-cycle stage market variability competitor's marketing strategies

fad

_ a temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity goes up quickly declines quickly

pipelines

_ account for 17% of the cargo ton miles specialized means of shipping petroleum and natural gas and chemicals from sources to markets

railroads

_ account for 26% of the total cargo ton miles moved cost effective modes for shipping large amounts of bulk products caol sand mineral sfamr and forest prodcuts

differentation

_ actually differentiating the market offering to create superior customer value

labels logos

_ and _ range from simple tags attached to products to complex graphics that are part of the packaging. perform several functions at the very least the label identifies the product or brand the lable might also describe several thigns about hte product who made it, where it was made, when it was made its contents, how it is to be used, and how to use it safely label might help to promote the brand and engage customers can support the brand's positioning and add personality to the brand customer become strongly attached to logos

public

_ any group that has an actual or potential interest in or impact on an organizaiton's ability to achieve its objectives

service

_ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. Ex. banking, hotel, airline, travel, retail wireless communication, and home repair services

subcultures

_ are groups of people within a culture with shared value systems based on common life experiences and situations for ex. hispanic african american asian mature consumers

stars

_ are high growth high share businesses or products they often need heavy investments to finance their rapid growth eventually their growth will slow down and they will turn into cash cows

dogs

_ are low growth low share businesses and products they may generate enough cash to maintain themselves but do not promise to be large sources of cash

positioning

_ arranging for a product to occupy a clear distinctive and desirable place relative to competing products in the minds of target consumers

positioning

_ arranging for market offering to occupy a clear distinctive desirable place relative to competing products in the minds of target consumers

product

_ as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need ex. cars, clothing, mobile phones, services, events, persons, places, organizations, and ideas or a mixture of these

assortment

_ building involves the selection of items and building of assortments needed by their customers, saving the customers work

acquisition

_ by buying a whole company, a patent or a license to produce someone else's product

retailers

_ have to consider: Megaretailers Retail technology Global expansion Retail stores as communities - The "third place" Retail convergence Non-store retailing

retailing

_ includes all the activities in selling products or services directly to final consumers for their personal, non-business use are businesses whose sales come primarily from retailing

packaging

_ involves designing and producing the container or wrapper for a product. traditionally primary function of the package was to hold and protect the product. In recent times it has become an important marketing tools must perform many sales tasks from attracting buyers to communicating brand positioning to closing the sale it is prime marketing space

warehousing

_ involves the wholesaler holding inventory, reducing its customers' inventory cost and risk

financing

_ involves the wholesaler providing credit and financing suppliers by ordering earlier and paying on time

transportation

_ involves the wholesaler providing quick delivery due to its proximity to the buyer

belief

_ is a descriptive thought that a person has about something based on: knowledge opinion faith attitudes describe a person's relatively consistent evaluations feelings, and tendencies toward an object or idea

diversification

_ is a growth strategy through starting us or acquiring businesses outside the company's current products and markets

motive

_ is a need that is sufficiently pressing to direct the person to seek satisfaction

marketing

_ is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return

sample

_ is a segment of the population selected for marketing research to represent the population as a whole who is to be surveyed? how many people should be surveyed? how should the people be chosen?

advertising

_ is any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor

advertising

_ is any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor Broadcast Print Internet Outdoor Non-personal communication that is paid for by an identified sponsor and involves either mass communication and other media or direct-to consumer communication via direct mail

demarketing

_ is marketing to reduce demand temporarily or permanently the aim is not to destroy demand but to reduce or shift it

exchange

_ is the act of obtaining a desired object from someone by offering something in return

learning

_ is the change in an individual's behavior arising from experience and occurs through experience

controlling

_ is the measurement and evaluation of results and the taking of corrective action as needed operating control strategic control

family

_ is the most important consumer-buying organization in society

micromarketing

_ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations local marketing individual marketing

implementing

_ is the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives successful implementation depends on how well the company blends its people, organizational structure, decision and reward system, and company culture into a cohesive action plan that supports its strategies

downsizing

_ is the reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company's overall strategy

want

_ is the specific way that a consumer satisfies a need

segmentation differentation

_ issue and _ issue Trader joe's - unique assortment of products appealed very specifically to one type of customer Those customers promoted the brand

maintain

_ management may decide to _ its brand repositioning or reinvigorating it in hopes of moving it back into the growth stage of the product life cycle

government

_ offer services through courts, employment services, hospitals, military services, police and fire departments, the postal service, and schools

millennials

_ or gen y the 83 million children of the baby boomers born between 1977 and 2000

allowances

_ promotional money paid by manufacturers to retailers in return for a agreement to feature the manufacturer's products in some way

culture

_ refers to the learned values, perceptions wants and behavior from family and other important institutions it is like society's personality consumption choices cannot be understood without cultural context a consumer's culture determines the priorities the consumer attaches to activities and products

marketers

_ set the right level of expectations not too high or low

price

_ the amount of money charged for a product or service or the sum of the values that customers exchange for the benefits of having or using the product or service sum of all the values that customer give up to gain the benefits of having or using a product or service been major factor affecting buyer choice only element in the marketing mix that produces revenue can have a direct impact on a firms bottom line

disintermediation

_ the cutting out of marketing channel intermediaries by product or service producers or the displacement of traditional resellers by radical new types of intermediaries occurs when a product or service cuts out intermediaries and go directly to final buyers or when radically new types of channel intermediaries displace traditional ones

macroenvironment

_ the larger societal forces that affect microenvironment demographic economic natural technological political and cultural forces

developing

_ the research plan outlines sources of existing data spells out the specific research approaches, contact methods, sampling plans, and instruments to gather data

implementing

_ the research plan collecting the information processing the information analyzing the information interpret findings draw conclusions report to management

demography

_ the study of human populations in terms of size density, location age gender race occupation and other statistics

personality

_ the unique psychological characteristics that distinguish a person or group

loyalty

_ to brands rewarding consumers wit frequent flyer miles is an effective way to reinforce them and build brand loyalty

standardization adaptation

_ vs _ "As the potency of traditional media declines on a daily basis, brand building locally becomes more costly and international brand building becomes more cost effective. The challenge for advertisers and agencies is finding ads that work in different countries and cultures. At the same time as this global tendency, there is a growing local tendency. It's becoming increasingly important to understand the requirements of both." Nick Brien, CEO, Interpublic Group's McCann Worldwide global ad agency

political-legal environment

_-_ _ increase in business legislation growth of special interest groups

market-skimming pricing

_-_ _ (price skimming) 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 only makes sense under certain conditions 1 - the product's quality and image must support its higher price and enough buyers must want the product at that price 2 - the costs of producing a smaller volume cannot be so high that they cancel the advantage of charging more 3 - competitors should not be able to enter the market easily and undercut the high price

break-even pricing

_-_ _ (target return pricing) setting price to break even on the costs of making and marketing a product or setting price to make a target return

team-based new product development

_-_ _ _ _ new product developmetn in whihc various company departments work closely together overlapping the steps in the product development process to save time and increase effectiveness

location-based pricing

_-_ _ a company charges different prices for different locations even though the cost of offering each location is the same

value-based pricing

_-_ _ assess customer needs and value perceptions -> set target price to match customer perceived value -> determine costs that can be incurred -> design product to delivery desired value at target price

value-added pricing

_-_ _ attaching value-added features and services to differentiate a company's offers and changing higher prices

cost-based pricing

_-_ _ design a good product -> determine product costs -> set price based on cost -> convince buyers of product's value

FOB-origin pricing

_-_ _ free on board pricing in which goods are placed free on board a carrier the customer pays teh freight from teh factory to the destination

value-added resellers

_-_ _ independent distributors and dealers that develop computer systems and applications tailored to the special needs of small and medium sized business customers

non-personal communications

_-_ _ involve media that carry messages without personal contact or feedback, including major media, atmospheres, and events that affect the buyer directly

cost based pricing

_-_ _ involves setting prices based on the costs of producing distributing and selling the product plus a fair rate of return for the company's effort and risk

good-value pricing

_-_ _ offering just the right combination of quality and good service at a fair price

cost-plus pricing

_-_ _ or markup pricing adding a standard markup to the cost of the product

uniform-delivered pricing

_-_ _ pricing in which the company charges the same price plus freigh to all customers regardless of their location

by-product pricing

_-_ _ pricing low value by products to get rid of or make money on them setting a price for by-products to help offset the costs of disposing of them and help make the main product's price more competitive

off-price retailers

_-_ _ retailers who are buying at less tahn the regular whole sale price customers are paying less willing to accept price lower than tehy typcially charge retialrs for those goods last season's version too much quantity so they discount it lower price

market-penetration pricing

_-_ _ setting a low price for a new product in order to attract a large number of buyers and a large market share under certain conditions 1 - the market must be highly price sensitive so that a low price produces more market growth 2 - production and distribution costs must decrease as sales volume increases 3- the low price must help keep out the competition and the penetration pricer must maintain its low price position

competition-based pricing

_-_ _ setting prices based on competitors' strategies prices costs and market offerings three questions first how does the company's market offering compare with competitors' offerings in terms of customer value? next, how strong are current competitors and what are their current pricing strategies? third the goal is not to match or beat competitors prices the goal is to set prices according to the relative vlaue created versus comeptitors

optional-product pricing

_-_ _ the pricing optional or accessory products sold with the 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 video game console

break-even volume

_-_ _ where the total revenue and total cost curves cross that is for total revenue to cover total cost

post-purchase decision

_-_ _: the satisfaction or dissatisfaction that the consumer feels about the purchase relationship between: consumer's expectations product's perceived performance the larger the gap between expectation and performance the greater the consumer's dissatisfaction cognitive dissonance is the discomfort caused by this conflict

time-based pricing

_-_ a firm varies its price by the season month the day and even the hour

self-service

_-_ person is doing pretty much everything themselves locating comparing and selecting the products find it do your own comparisons large supermarkets places like walmart costco very few sales poeple on the floor the people who give out samples at costco don't work for costco work for individual comapny selling that product

co-branding

_-_ the practice of using the established brand names of two different companies on the same product offers many advantages combined brands create broader consumer appeal and greater brand equity ex. doritos locos taco taco bell and doritos benjamin moore nad pottery barn allows company to expand its existing brand into a category it might otherwise have difficulty entering alone limitations complex legal contracts and licenses carefully coordinate their advertising sales promotion and other marketing efforts

purchase

_: the act by the consumer to buy the most preferred brand

benefit

a brand can be better positioned by associating its name with a desirable_ thus whirlpool can go beyond technical prodcut attributes adn talk about benefits such as taking the hassle out of cooking and cleaning better energy savings or more stylish kitchens

horizontal marketing system

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

line filling line stretching

a company can expand its product line in two ways: by _ _ or _ _

pricing structure

a company does not set a single price but rather a _ _ that covers different items in its line change over time as products move through their life cycles

line extension brand extension multibrands newbrands

a company has four choices when it comes to developing brands it can introduce _ _, _ _, _, or _ _

introduction timing

a company launching a new product must first decide on _ _ if the new product will eat into the sales of other company products introduction may be delayed if product can be improved further or if the economy is down the company may wait until . the following year to launch it

streamline

a company may also have to _ its product mix to pare out marginally performing lines and to regain its focus

Customer-centered company

a company that focuses on customer developments in designing its marketing strategies and delivering superior value to its target customers

Market-centered company

a company that pays balanced attention to both customers and competitors in designing its marketing strategies

Competitor-centered company

a company whose moves are mainly based on competitors' actions and reactions

market nicher

a firm that serves small segments that the other firms in an industry overlook or ignore

varies

a good value proposition _ according to the target market "one man's meat is another man's poison"

strategic group

a group of firms in an industry following the same or a similar strategy

businesses organizations

a large number of _ _ offer services airlines, banks, hotels insurance companies consulting firms, medical, and legal practices, entertainment and telecommunications companies, real estate firms, retailers and others

cost inflation

a major factor in price increases is _ _ another factor is over demand ration products to customers

value delivery network

a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value

market follower

a runner-up firm that wants to hold its share in an industry without rocking the boat

customer sales force

a sales force organization in which salespeople specialize in selling only to certain customers or industries

territorial sales force structure

a sales force organization that assigns each salesperson to an exclusive geographic territory in which that salesperson sells the company's full line

functional discount

a seller offers a _ _ also called a trade discount to trade channel members who perform certain functions such as selling storing and record keeping

higher quality

a service can differentiate itself by delivering consistently _ _ than its competitors provide. Like manufacturers before them most service industries have now joined the customer drive quality movement harder to define harder to agree on quality of haircut vs. quality of hairdryer

sales quota

a standard that states the amount a salesperson should sell and how sales should be divided among the company's products

Madison & Vine

a term that has come to represent the merging of advertising and entertainment in an effort to break through the clutter and create new avenues for reaching customers with more engaging messages

brand community website

a website that presents brand content that engages consumers and creates customer community around a brand

management problem research objectives information needed how budget

a written research plan includes _ _ -> _ _ -> _ _ -> _ the results will help management decisions -> budget

competitive advantage

an advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

corporate image marketing

business firms sponsor public relations or _ _ _ campiagns to market themselves and polish their images. for ex. GE-'s long running imagination at work campaign markets the industrial giant whose imaginative products and tech are making a difference in world

market offering

Products are a key element in the overall _ _

cam spam

Public Policy Issues in Direct Marketing _ _ - A voluntary compliance guide for business

irritation unfairness deception internet fraud

Public Policy Issues in Direct Marketing _ includes annoying and offending customers _ includes taking unfair advantage of impulsive or less-sophisticated buyers _ includes "heat merchants" who design mailers and write copy designed to mislead consumers _ _ includes identity theft and financial scams

press relations agency publicity public affairs lobbying relations development

Public Relations Public relations department functions include: _ _ or press _ Product _ _ _ _ Investor _ _

lobbying

Public Relations _ - involves building and maintaining relations with legislators and government officials to influence legislation and regulation

public affairs

Public Relations _ _ - involves building and maintaining national or local community

investor relations

Public Relations _ _ - involves maintaining relationships with shareholders and others in the financial community

product publicity

Public Relations _ _ - publicizing specific products

press relations press agency

Public Relations _ _ or _ _ - involves the creation and placing of newsworthy information to attract attention to a person, product, or service

frequency

Selecting Advertising Media _ is a measure of how many times the average person in the target market is exposed to the message

reach

Selecting Advertising Media _ - is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time

blue ocean

Selecting Competitors to Attack and Avoid Finding uncontested market spaces "_ _" strategy where there are no direct competitors

product life cycle stage

Setting the Advertising Budget _ _-_ _ New products require larger budgets Mature brands require lower budgets

affordable budget method

Setting the Total Promotion Budget and Mix _ _ _ - sets the budget at an affordable level Ignores the effects of promotion on sales

percentage of sales method

Setting the Total Promotion Budget and Mix _ _ _ _ - sets the budget at a certain percentage of current or forecasted sales or unit sales price Easy to use and helps management think about the relationship between promotion, selling price, and profit per unit Wrongly views sales as the cause rather than the result of promotion

competitive-parity method

Setting the Total Promotion Budget and Mix _-_ _ sets the budget to match competitor outlays Represents industry standards Avoids promotion wars

objective-and-task method

Setting the Total Promotion Budget and Mix _-_-_ _ - sets the budget based on what the firm wants to accomplish with promotion and includes: Defining promotion objectives Determining tasks to achieve the objectives Estimating costs this method forces management to spell out its assumption about the relationship between outlays and results but is difficult to use.

Online Presence corporate marketing

Setting up an _ _ Creating a Web site requires designing an attractive site and developing ways to get consumers to visit the site, remain on the site, and return to the site Types of sites _ Web site _ Web Site

Corporate Web Site

Setting up an online presence _ _ _ - is designed to build customer goodwill and to supplement other channels, rather than to sell the company's products directly to: Provide information Create excitement Build relationships

sales promotion

Shaping the Overall Promotion Mix: The Nature of Each Promotion Tool _ _ - includes coupons, contests, cents-off deals, and premiums that attract consumer attention and offer strong incentives to purchase, and can be used to dramatize product offers and to boost sagging sales

public relations

Shaping the Overall Promotion Mix: The Nature of Each Promotion Tool _ _ - is a very believable form of promotion that includes news stories, features, sponsorships, and events

personal selling

Shaping the Overall Promotion Mix: The Nature of Each Promotion Tool _ _ is the most effective method at certain stages of the buying process, particularly in building buyers' preferences, convictions, actions, and developing customer relationships

direct marketing

Shaping the Overall Promotion Mix: The Nature of Each Promotion Tool _ _- is a non-public, immediate, customized, and interactive promotional tool that includes direct mail, catalogs, telemarketing, and online marketing

target audience communication message media source

Steps in developing effective marketing communication identify the _ _ determine the _ objectives design the _ choose the _ select the message _ For a message to be effective, the sender's encoding must mesh with the receiver's decoding process. Best messages consist of words and other symbols that are familiar to the receiver. Marketers may not share their consumer's field of experience but must understand the consumer's field of experience.

handling objections

Steps in the Personal Selling Process _ _ - is the process where salespeople resolve problems that are logical, psychological, or unspoken

need-satisfaction approach

Steps in the Personal Selling Process _-_ _ - Buyers want solutions and salespeople should listen and respond with the right products and services to solve customer problems

qualifying

Steps in the personal selling process _ - is identifying good customers and screening out poor ones by looking at: Financial ability Volume of business Needs Location Growth potential

Third Wave

The Internet Revolution According to Steve Case - AOL Cofounder _ _: A future when the Internet is seamlessly integrated into everyday life; e.g., Lyft & Uber. An era of reinvention & disruption in key economic sectors

salespeople

The Nature of Personal Selling _ are an effective link between the company and its customers to produce customer value and company profit by: Representing the company to customers Representing customers to the company Working closely with marketing

Direct Marketing

The New Direct Marketing Model _ _ is: A marketing channel without intermediaries An element of the promotion mix Fastest-growing form of marketing This Web link is for the DMA association—of particular interest is the "marketing news" and the "advocacy" areas that can be viewed right on the homepage.

cost public awareness credibility self-interested third-part

The Role and Impact of Public Relations Lower _ than advertising Stronger impact on _ _ than advertising Enhanced _ Advertising = _-_ messaging Public Relations = _-_ messaging

big idea

The _ _ is easier to illustrate than define, and easier to illustrate by what it is not than by what it is. It is not a "position"...It is not an "execution"... It is not a slogan. The Big Idea is the bridge between an advertising strategy, temporal and worldly, and an image, powerful and lasting." Randall Rothenberg, author

personal selling

The _ _ Process The goal of the personal selling process is to get new customers and obtain orders from them prospecting and qualifying -> preapproach -> approach -> presentation and demonstration -> handling objections -> closing -> follow-up building and maintaining profitable customer relationships

product mix

consists of all of the product lines offered by an organization

message content message structure message format

designing a message _ _ - is an appeal or theme that will produce the desired response Rational appeal Emotional appeal Moral appeal Message Format & Media Other factors to include are _ _ Does the advertiser draw a conclusion or leave it to the audience. Do they present the strongest arguments first or last? Is the message one sided (strengths only) or two-sided? _ _ is also important to consider. What will be the color, the text, the copy, the images?

internal data marketing intelligence marketing research

developing marketing information marketers obtain information from _ _ _ _ _ _

identifying

differentiation and positioning choosing a differentiation and positioning strategy _ a set of possible competitve advantages to build a position by providing superior value form: product differentiation service differentiation channel differentiation people differentiation image differentiation

catalog marketing

direct marketing through print, video, or digital catalogs that are mailed to select customers, made available in stores, or presented online

DRTV marketing

direct marketing via television, including direct-response television advertising and interactive television advertising

television

direct selling - _ Involves the personal explanation and demonstration of products and services to consumers in their homes or at their offices

complex buying behavior

four types of buying behavior significant differences between brands and high involvement = _ _ _

variety seeking buying behavior

four types of buying behavior significant differences between brands low involvement = _-_ _ _

Labeling

has been affected by the need to include open dating and nutritional information

risk taking

help to fulfill the completed transactions _ _ assuming the risks of carrying out the channel work

physical distribution

help to fulfill the completed transactions _ _ transporting and storing goods

financing

help to fulfill the completed transactions _ acquiring and using funds to cover the costs of the channel work

total market strategy

integrating ethnic themes and cross cultural perspectives within a brand's mainstream marketing appealing to consumer similarities across subcultural segments rather than differences

intrapreneurial programs

internal social networks and _ _ that encourage employees to develop new product ideas

strategic business unit

is a unit of the company that has a separate mission and objectives that can be planned separately from other company businesses company division product line within a division single product or brand

shopping products

items for which the consumer compares several alternatives on criteria such as price, quality, or style

decisions

major brand strategy decisions involve brand positioning, name selection sponsorship and development

training sales meeting presentations servicing accounts

major tools to support salespoeple _, _ _, live sales _, _ _

social marketing

maketing of social ideas this area has been called _ _ and consists of using traditional business marketing concepts and tools to encourage behavior that will create individual and societal well being. wide range of issues it invovles much more than just advertising involves a broad range of marketing strategies and marketing mix tools designed to bring about beneficial social change

harvest

management may decide to _ the product which means reducing various costs hoping that sales hold up if successful this will increase the company's profits in the short run

threats

managing the marketing effort external negative _ current and emerging external factors that amy challenge the company's performance

opportuntities

managing the marketing effort external positive _ external factors that the company may be able to exploit to its advantage

weaknesses

managing the marketing effort internal negative _ internal limitations that may interfere with a company's ability to achieve its objectives

strengths

managing the marketing effort internal positive _ internal capabilities that may help a company reach its objectives

product quality and safety

manufacturing must comply with laws over:

total demand current market market share

market leader strategies expand _ _ protect their _ _ expand _ _

focus groups

market research approaches _ _ six to 10 people with a trained moderator challenges difficult to generalize from small group consumers not always open and honest expensive

people meters

market research instruments _ _: used to measure the viewing habits of television audiences (Nielsen) checkout scanners neuro-psychology methods eye tracking - "heat" map - red = more time spent scanning EEG fMRI etc.

difficult

marketing information and customer insights fresh and deep insights into customers needs and wants _ to obtain not obvious customer's unsure of their behavior not derived from more information but better information adn more effective use of existing information

customer insight teams

marketing information and customer insights customers are forming _ _ _ include all company functional areas use insights to create more value for their customers customer control could be a problem

societal marketing concept society consumers company

marketing management orientations big triangle diagram middle of triangle _ _ _ top of triangle _ (human welfare left of triangle bottom _ (want satisfaction) right of triangle bottom _ (profits)

mobile marketing

marketing messages, promotions, and other content delivered to on-the-go consumers through mobile phones, smartphones, tablets, and other mobile devices

advantages

marketing research _ cost speed could not get data otherwise

disadvantages

marketing research _ current relevant accuracy impartial marketing research planning primary data research approaches contact methods sampling plan research instruments

questionaires

marketing research instruments _ most common administered in person, by phone, or online flexible research must be careful with wording and ordering of questions question types close end questions include all possible answers, and subjects make choices among them provide answers that are easier to interpret and tabulate open-end questions allow respondents to answer in their own words useful in exploratory research

Direct-mail marketing

marketing that occurs by sending an offer, announcement, reminder, or other item directly to a person at a particular address

Nonpersonal communication channels

media that carry messages without personal contact or feedback, including major media, atmospheres, and events

promotion

members of marketing channel help complete transactions _ developing and spreading persuasive communications about an offer

contact

members of marketing channel help complete transactions _ finding and engaging customers and prospective buyers

information

members of marketing channel help complete transactions _ gathering and distributing information about consumers producers and other actors and forces in the marketing environment needed for planning and aiding exchange

negotiation

members of marketing channel help complete transactions _ reaching an agreement on price and other terms so that ownership or possession can be transferred other

matching

members of marketing channel help complete transactions _ shaping offers to meet the buyer's needs including activities such as manufacturing grading assembling and packaging

85 86 84 87

millennial data points _ % likely to switch to brand linked to a good cause _ % consider a company's social commitments before making recommendations _% consider a company's social commitments before deciding where to shop _% consider a company's social commitments when deciding where to work

value for the money

no matter what price they charge low or high companies need to offer great _ _ _ _

intensive distribution

producers of convenience products and common raw materials typically seek _ _ a strategy in which they are stocking the product in as many outlets as possible

intermediaries

producers use _ because they create greater efficiency in making goods available to target markets offer the firm more than it can achieve on its own

maturity

product life cycle stage 4 _ is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers profits level off or decline because of increased marketing outlays to defend the product against competition the plc stage in whicha product's sales growth slows or levels off

decline

product life cycle stage 5 _ is the period when sales fall off and profits drop the PLC stage in which a product's sales fade away

level consistency quality level

product quality has two dimensions _ and _ in developing a product the marketer must first choose a _ _ that will support the product's positioning. Here product quality means _ _ -the product's ability to perform its functions

true friends

projected loyalty long term and potential profitability high = _ _

barnacles

projected loyalty long term and potential profitability long term = _

butterflies

projected loyalty short term and potential profitability high = _

strangers

projected loyalty short term and potential profitability low = _

push strategy

promotion mix strategies _ _ involves pushing the product to the consumers by inducing channel members to carry the product and promote it to final consumers.

pull strategy

promotion mix strategies _ _ is when the producer directs its marketing activities toward final consumers to induce them to buy the product and create demand from channel members.

RWW

real win worth doing new product screening framwork that asks three questions first is it real? second can we win? offer a sustainable competitive advantage finally is it worth doing does the product fit the companys overall growth stratgy does it offer sufficeint profit potential

proactive

responding to the marketing environment _ aggressive actions to affect forces in the environment

uncontrollable

responding to the marketing environment _ react and adapt to forces in the environment

reactive

responding to the marketing environment _ watching and reacting to forces in the environment

complex sales force

sales force structure _ _ _ structure - where a wide variety of products is sold to many types of customers over a broad geographic area and combines several types of sales force structures

product sales force

sales force structure _ _ _ - each salesperson sells along product lines Improves product knowledge Can lead to territorial conflicts

consumer promotions

sales promotion tools used to boost short-term customer buying and engagement or enhance long-term customer relationships

business promotions

sales promotion tools used to generate business leads, stimulate purchases, reward customers, and motivate salespeople

trade promotions

sales promotion tools used to persuade resellers to carry a brand, give it shelf space, and promote it in advertising

inside sales force

salespeople who conduct business from their offices via telephone, online and social media interactions, or visits from prospective buyers

outside sales force

salespeople who travel to call on customers in the field

Handing Objections

salesperson seeks out, clarifies, and overcomes customer objections to buying

behavioral segmentation

segmenting consumer markets _ _ divides buyers into groups based on their knowledge, attitudes, uses, or responses . to a product occasions benefits sought user status usage rate loyalty status

message's

selecting the message source The _ impact on the target audience is affected by how the audience views the communicator Celebrities Athletes Entertainers Professionals Health care providers

email marketing

sending highly targeted, highly personalized, relationship-building marketing messages via email

cost-based pricing

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

competitive parity method

setting the promotion budget to match competitors' outlays

consumers world view

social cultural environment _ _ _ themselves others organizations society nature the universe

people's view of themselves

social cultural environment _ _ _ _ - yankelovich monitor: do it yourselfers-recent movers adventurers

low-cost producers

some companeis such as walmart or spirit airlines work to become the _-_ _ in their indusrties companies with lower costs can set lower prices that result in smaller margins but greater sales and profits

product stewards

some companies are now appointing _ _ whose job is to protect consumer from harm and the company from liability by proactively ferreting out potential product problems

what how when where who

steps in developing effective communication _ will be said _ it will be said _ it will be said _ it will be said _ will say it

marketing research

steps in the _ _ process defining the problem and research objectives -> developing the research plan for collecting information -> implementing the research plan-collecting and analyzing the data -> interpreting and reporting the findings

bad traits good traits

steps in the personal selling process _ _: pushy late deceitful disorganized unprepared _ _ : good listeners empathetic honest dependable thorough follow-up types

competitive marketing strategies

strategies that strongly position the company against competitors and give it the greatest possible competitive advantage

Robinson Patman

the _ _ act seeks to prevent unfair price discrimination by ensuring that sellers offer the same price terms to customers at a given level of trade

value proposition

the _ _ is the set of benefits or values a company promises to deliver to customers to satisfy their needs

offer

the _ can include innovative features that set one company's offer apart from competitors' offers ex. some retailer diffentiate themselves with offerings that you well beyond products they stock apple genius bar with tech support

execution style

the approach, style, tone, words, and format used for executing an advertising message

demographic economic natural social-cultural technological political-legal

the company's macroenvironment _ _ _ _-_ _ _-_

economy

the company's macroenvironment the _ changes in income value marketing involves ways to offer financially cautious buyers greater value - the right combination of quality and service at a fair price

engel's law

the company's macroenvironment ernst engel - _ _ as income rises: the percentage spent on food declines the percentage spent on housing remains constant the percentage spent on savings increases

diverse

the company's macroenvironment increasing demographic diversity markets are becoming more _ international national includes: ethnicity gay and lesbian disabled

economic environment

the company's macroenvironment: economics _ _ consists of factors that affect consumer purchasing power and spending patterns industrial economies are richer markets industrializing economies raw-material exporting economies subsistence economies consume most of their own agriculture and industrial output

top management finance R&D Purchasing Operations Accounting

the company's microenvironment the company _ _ _ _ _ _ _ _

reselles physical distribution firms marketing services agencies financial intermediaries

the company's microenvironment types of marketing intermediaries _ _ _ _ _ _ _ _ _

Disintermediation

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

viral marketing

the digital version of word-of-mouth marketing: videos, ads, and other marketing content that is so infectious that customers will seek it out or pass it along to friends

advertising budget

the dollars and other resources allocated to a product or a company advertising program

market leader

the firm in an industry with the largest market share

survey customers perodically

the first step in designing support services is to _ _ _ to assess the value of current services and obtain ideas for new ones. once the company has assessed the quality of various support services to customers it can take steps to fix problems and add new services that will both delight customers and yield profits to company

customer equity

the fundamental asset underlying brand equity is _ _ the value of customer relationships that the brand creates. what is really important is a profitable set of loyal customers

Word-of-mouth influence

the impact of the personal words and recommendations of trusted friends, associates, and other consumers on buying behavior

product line length

the major product line decision invovles _ _ _ the number of items in the product line.the line is too short if the manager can increase profits by adding items the line is too long if the manager can increase profits by dropping items managers need to analyze thier product lines periodically to assess each item's sales and profits and understand how each item contributes ot the line's overall performance

Sherman Clayton Robinson-Patman

the most important pieces of legislation affecting prices are the _ Act the _ Act, and teh _-_ Act initally adopted to curb the formation of monopolies and regulate business practices that might unfairly restrain trade

Return on advertising investment

the net return on advertising investment divided by the costs of the advertising investment

length

the number of intermediary levels indicate the _ of a channel

product class product form brand

the product life cycle can describe a _ _ (gasoline powered autombiles) a _ _ (SUVS) or a _ (the ford escape)

reduce

the purpose of idea generation is to create a large number of ideas the purpose of the succeeding stages is to _ that number

product assortment

the retailer's _ _ should differentiate it while matching target shoppers expectations offer highly targeted product assortment

follow up

the sales step in which a salesperson follows up after the sale to ensure customer satisfaction and repeat business

preapproach

the sales step in which a salesperson learns as much as possible about a prospective customer before making a sales call Gather information Make an immediate sale Approaches - Personal visit Phone call Letter

approach

the sales step in which a salesperson meets the customer for the first time

prospecting

the sales step in which a salesperson or company identifies qualified potential customers

presentation

the sales step in which a salesperson tells the "value story" to the buyer, showing how the company's offer solves the customer's problems

advertising media

the vehicles through which advertising messages are delivered to their intended audiences

franchises

there are three types of _ manufacturer-sponsored retailer franchise system - ford and its network of independent franchised dealers manufacturer-sponsored wholesaler franchise system - cocoa cola licenses bottlers wholesalers in various world markets that buy cocoa cola syrup concentrate adn then bottle and sell the finished product to retailers locally service-firm sponsored retialer franchise system - bruger king and its more than 12,000 franchisee operated restaurants around the world

social selling

using online, mobile, and social media to engage customers, build stronger customer relationships, and augment sales performance

team selling

using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts

telemarketing

using the telephone to sell directly to customers

sales promotion

_ _ - refers to the short-term incentives to encourage purchases or sales of a product or service: Consumer promotions Trade promotions Sales force promotions

customer satisfaction

_ _ - the extent to which a product's perceived performance matches a buyer's expectations

brand equity

A powerful brand has high _ _ is the differnetial effect that knowing the brand name has on customer response to the product and its marketing. It's a measure of the brand's ability to capture consumer preference and loyalty. A brand has this when consumers react more favorably to it than to a generic or unbranded version of the same product. It has negative version if consumers react less favorable than to an unbranded version

second mover advantage

Market Follower Strategies _ _ _ - occurs when a market follower observes what has made the leader successful and improves on it Challenges firms its own size or smaller Kindle Phone?

users uses usage

Market Leader Strategies - Expanding Total Demand Expand total demand by developing: New _ New _ More _ of its product

weaknesses consistent prices customer relationships innovation

Market Leader Strategies - Protecting Market Share Protect current market by: Fixing or preventing _ that provide opportunities to competitors Maintain _ _ that provide value Keep strong _ _ Continuous _

profitability high-quality good service close

Market Leader Strategies Expanding Market Share Expand Market Share by: Increasing _ with increasing market share in served markets Producing _-_ products Creating _ _ experiences Building _ relationships

ideal market niche

Market Nicher Strategies _ _ _ is big enough to be profitable with high growth potential and has little interest from competitors Key to market niching is specialization Market Customer Product Marketing mix

internet

Marketing and the Internet The _ is a vast public Web of computer networks that connects users of all types around the world to each other and to a large information repository

events

Non-Personal Communication Channels _ - are staged occurrences that communicate messages to target audiences Press conferences Grand openings Exhibits Public tours

major media

Non-Personal Communication Channels _ _- include print, broadcast, display, and online media

brand association

_ _ - the particular thoughts and images that a consumer has about a brand

water carriers

_ _ 7% of the cargo ton miles large amounts of goods affected by weather shipping bulky low value nonperishable products such as coal grain oil sand metallic ores

classical conditioning

_ _ : a stimulus that elicits a response is paired with another stimulus that initially does not elicit a response on its own.

business to consumer business to business consumer to consumer consumer to business

Online Marketing Domains _ _ _ (B2C) _ _ _ (B2B) _ _ _ (C2C) _ _ _ (C2B)

organizing international

Other Advertising Considerations _ for advertising Agency vs. in-house _ advertising decisions Standardization This Web link brings you to the homepage for Advertising Age. Depending on the amount of time the instructor has during this class, it might be interesting to explore the site with the students. At the minimum, students should write down this url, especially if they have an interest in advertising. For international advertising decisions the most basic issue concerns the degree to which global advertising should be adapted to the unique characteristics of various country markets. Some large advertisers have attempted to support their global brands with highly standardized worldwide advertising, with campaigns that work as well in Bangkok as they do in Baltimore.

small nonprofit

Other marketing information considerations Marketing research in _ businesses and _ organizations international market research public policy and ethics customer privacy misuse of research findings

layout left brand photos localized

Pattern Advertising Similar: _ Dominant visuals on _ _ signature and slogan Contrasting: _ Body copy is _, not simply translated Layouts are similar. Dominant visual elements are on the left side. The Better Bt brand name is printed in reverse against a dark background. The trapezoid-shaped brand signature and the slogan "Technology That Yields" also are common elements. By contrast, the visuals themselves are different and the subheads and body copy have been localized, not simply translated.

Alliances affiliate programs

Placing Ads and Promotions Online _ and _ _ - are relationships where online companies promote each other

Banners interstitials pop-ups rich media

Placing Ads and Promotions Online _ are banner-shaped ads found on a web site _ are ads that appear between screen changes _-_ are ads that suddenly appear in a new window in front of the window being viewed _ _ads are incorporate animation, video, sound and interactivity

content sponsorships alliances affiliate programs viral advertising

Placing Ads and Promotions online Other forms of online promotions include: _ _ _ _ _ _ _

search-related ads

Placing Ads and promotions online _-_ _ - are ads in which text-based ads and links appear alongside search engine results on sites such as Google and Yahoo! and are effective in linking consumers to other forms of online promotion

cultural considerations

_ _ In Asia, Pepsi's "Come Alive" was interpreted as asking to bring ancestors back from the dead In China, Citicorp's "Citi Never Sleeps" was taken to mean that Citi had a sleeping disorder, like insomnia McDonald's does not use multiple 4's in advertising prices in China; "four" sounds like the word "death" Images of male/female intimacy are in bad taste in Japan; illegal in Saudi Arabia Wedding rings are worn on the right hand in Spain, Denmark, Netherlands, Germany Translating copy has been the subject of great debate in advertising circles. Advertising slogans often present the most difficult translation problems. The challenge of encoding and decoding slogans and tag lines in different national and cultural contexts can lead to unintentional errors. For example, the Asian version of Pepsi's "Come alive" copy line was rendered as a call to bring ancestors back from the grave. Advertising executives may elect to prepare new copy for a foreign market in the language of the target country or to translate the original copy into the target language. A third option is to leave some (or all) copy elements in the original (home-country) language. In choosing from these alternatives, the advertiser must consider whether a translated message can be received and comprehended by the intended foreign audience. Anyone with knowledge of two or more languages realizes that the ability to think in another language facilitates accurate communication. To be confident that a message will be understood correctly after it is received, one must understand the connotations of words, phrases, and sentence structures, as well as their translated meaning.

Voluntary chains

_ _ are wholesale-sponsored groups of independent retailers that engage in group buying and common merchandising IGA Western Auto not the same amount of control over the store itself common merchandising

membership groups

_ _ groups with direct influence and to which a person belongs

marketing intermediaries

_ _ help the company to promote, sell and distribute its products to final buyers

marketing objectives

_ _ increase market share create local partnerships increase promotion

technological environment

_ _ pace of change opportunities for innovation varying R&D budgets increased regulation of change

natural environment

_ _ shortage of raw materials increased energy costs anti-pollution pressures governmental protections

customer needs

_ _ states of deprivation physical - food, clothing, warmth, safety social - belonging and affection individual - knowledge and self-expression

instrument conditioning

_ _ (also operant conditioning): the individual learns to perform behaviors that produce positive outcomes and to avoid those that yield negative outcomes

store brands private brands

_ _ (or _ _ ) a brand created and owned by a reseller of a product or service recent tighter economictimes have created a boom of this generic no name brands shed image of cheap knockoff of national brands

fixed costs

_ _ (overhead) costs that do not vary with production or sales elvel

experience curve

_ _ (the learning curve) the drop in the average per unit production cost that comes with accumulated production experience

societal marketing

_ _ - concept is the idea that a company should make good marketing decisions by considering consumers' wants, the company's requirements, consumers' long-term interests, and society's long-run interests

comparative advertising

_ _ - directly or indirectly compares the brand with one or more other brands

market penetration

_ _ - is a growth strategy increasing sales to current market segments without changing the product

persuasive advertising

_ _ - is important with increased competition to build selective demand

informative advertising

_ _ - is used when introducing a new product category; the objective is to build primary demand

direct marketing

_ _ - makes direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships Catalog Telemarketing Kiosks

sales promotion

_ _ All the marketing activities that attempt to promote immediate sales of a product

outdoor

advantages: - flexibility - high repeat exposure - low cost - low message competition - good positional selectivity limitations: - little audience selectivity - creative limitations

newspapers

advantages: - flexibility - timeliness - good local market coverage - broad acceptability and high believability limitations: - short life - poor reproduction quality - small pass-along audience

magazines

advantages: - high geographic and demographic selectivity - credibility and prestige - high-quality reproduction - long life and good pass-along readership limitations: - long ad purchase lead time - high cost - no guarantee of position

native advertising

advertising or other brand-produced online content that looks in form and function like the other natural content surrounding it on a web or social media platform

online advertising

advertising that appears while consumers are browsing online, including display ads, search-related ads, online classifieds, and other forms

Retailing

all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use

two-part pricing

captive product pricing is called _ _ _ the price of the service is broke into a fixed fee plus a variable usage rate.

Integrated Marketing Communications

carefully integrating and coordinating the company's many communications channels to deliver a clear, consistent, and compelling message about the organization and its products

differentiation positioning

choosing a _ and _ strategy identifiying a set of possible competitive advantages to build a position choosing the right competitive advantages selecting an overall positioning strategy developing a positioning strategy

personal communication

choosing media _ _ involves two or more people communicating directly with each other Face to face Phone Mail E-mail Internet chat This link is to Lands End—a leading clothing retailer with catalog, online, and sales through Sears stores. On the homepage (often at the bottom) you can see that they have online live chat available to customers with questions. This is a good way to provide personal communication at a reduced cost to the retailer.

feedback

communication process _ is the part of the receiver's response communicated back to the sender

receiver

communication process _ is the party receiving the message sent y another party

decoding

communication process _ is the process by which the receiver assigns meaning to the symbols

encoding

communication process _ is the process of putting thought into symbolic form.

message

communication process _ is the set of symbols the sender transmits

noise

communication process _ is the unplanned static or distortion during the communication process, which results in the receiver's getting a different message than the one the sender sent

sender

communication process _ - is the party sending the message to another party

customer experience

companies moving to new level of creating value for their customers. To differentiate their offers, beyond simply making products and delivering services, they are creating and managing _ _ with their brands or companies

new product lines

company can increase its business in four ways. It can add _ _ _, widening its product mix. its new lines build on the company's reputation in its other lines. A company can lengthen its existing product lines to become a more full-line company add more versions of each product and deepen its product mix finallya company can purse more product line consistency or less depending on whether it wants to have a strong reputation in a single field or in several fields

Benchmarking

comparing the company's products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance