Marketing 309 Final

Direct marketing channel

Producer and the ultimate consumer deal directly with eachother

4 P's of Marketing

Product, price, place, promotion

Vertical marketing system

Professionally managed and centrally coordinated marketing channels designed to achieve channel economies and max marketing impact

Direct to consumer marketing channel

allow consumers to buy products by interacting with various print or electronic media without a face-to-face meeting with a salesperson

Mixed branding strategy

Firm markets products under its own name and that of a reseller is different from its own market

Postitioning

Placing a product that occupies in consumer's minds based on important attributes relative to competitive products

Marketing program

Plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

Perceptual maps

2D map displaying the location of products or brands in the minds of consumers

Extended Problem Solving

Each of 5 stages of consumer purchase is used and considerable time spent on it

SWOT analysis

Acronym describing an organization's appraisal of its internal strengths, weaknesses, opportunities, threats

Marketing

Activity of creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stockholders, and society at large

Brand Equity

Added value a brand name gives to a product beyond the functional benefits provided

Wholesaler

An intermediary who sells to the intermediaries, usually to retailers

Middleman

Any intermediary between the manufacturer and end-user markets

Retailer

Any intermediary who sells to customers

Agent/broker

Any intermediary with legal authority to act on behalf of the manufacturer

Straight rebuy

Buyer or purchasing manager reorders an existing product or service from list of acceptable suppliers, probably without checking with users or influencers from other departments

Modified rebuy

Buying situation where the users, influencers, or deciders in the buying center want to change the product specifications, price, delivery schedule or supplier

Repositioning

Changes the place a product occupies in a consumer's mind

Re-positioning

Changing the place a product occupies in a consumer's mind relative to competitive products

Corporate

Combination of successive stages of production and distribution under a single ownership

Private branding strategy

Company that manufactures products but sells them under the brand name of a retailer or wholesaler

Multiproduct branding strategy

Company using one name for all its products in a product class

Product mix

Consists of all the product lines offered by an organization

Routine problem solving

Consumers recognize a problem, decide, and spend little effort seeking external information and evaluating alternatives

Limited problem solving

Consumers seeking some information or rely on friend to help them evaluate alternatives

Gatekeepers

Control the flow of information in the buying center

Dog

Doesn't make much money, and doesn't have much demadn

Product differentation

Firm using different marketing mix actions, such as product features and advertising

Selective market coverage

Firms select few retailers in a specific geographic are to carry its products

Industrial markets

Firms that process a product or service they buy before selling it again to the next body

Intensive market coverage

Firms try to place its products and services in as many outlets as possible

Customer contact audit

Flowchart of the points of interaction between consumers and the service provider, and often serve as the basis for developing relationships with customers

Buyers

Formal authority and responsibility to select the supplier and negotiate the terms of the contract

Deciders

Formal or informal power to select or approve the supplier that receives the contract

Market-product grids

Framework to relate the market segments of potential buyers to products offered or potential marketing actions

Core values

Fundamental, passionate, and enduring principles that guide its conduct over time

Product

Good, service, or idea to satisfy the consumer's needs

Product line

Group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets or fall within a given price range

Influencers

Help define specifications for what is bought

Economic forces

Income, expenditures, and resources that affect the cost of running a business and household

Contractual

Independent production and distribution firms integrate their efforts on a contractual basis to obtain greater functional economies and marketing impact than they would alone

Indirect marketing channel

Intermediaries are inserted between the producer and consumers and perform numerous channel functions

Product life cycle

Introduction, growth, maturity, decline

Market segmentation

Involves aggregating prospective buyers into groups, or segments that have common needs, will respond similarly to a marketing action

Product modification

Involves altering one or more product's characteristics, such as quality, performance, or appearance, to increase product value to customers and increase sales

Multibranding strategy

Involves giving each product a distinct name

Shopping product

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

Unsought products

Items that the consumer does not know about or knows about does not initially want

Specialty product

Items that the consumer makes a special effort to search out and buy

Convenience product

Items that the consumer purchases frequently, conveniently and with minimum shopping effort

Organizations

Legal entity that consists of people who share a common mission

Question mark

May be good investment opportunity which could replace star

Star

Makes money and high demand

Cash cow

Makes money and is still profitable, but with decreased demand

Green marketing

Marketing efforts to produce, promote, and reclaim environmentally sensitive products

Diversification

Marketing strategy of developing new products and selling them in new markets

Product development

Marketing strategy of selling new products to current markets

Market penetration

Marketing strategy to increase sales of current products in current markets

Market development

Marketing strategy to sell current products to new markets

Promotion

Means of communication between the seller and buyer

Place

Means of getting the product to the consumer

Psychological influences on purchase decisions

Motivation and personality, perception, learning, values, beliefs, attitudes and lifestyle

Customer want

Need that is shaped by a person's knowledge, culture, and personality

Customer needs

Occurs when a person feels deprived of necessities such as food, clothing, and shelter

Exclusive market coverage

Only one retailer in a specific geographic area carries the firm's products

New buy

Organization is first time buyer of the product or service

Branding

Organization using a name, phrase, design, symbols, or combination or to identify its products and distinguish them from competitors

Strategy defined Organization

Organization's long-term course of action designed to deliver a unique customer experience while achieving its goals

Competencies

Organizational skills, technologies, and resources that distinguish it from other organizations and provide customer value

Competitive forces

Refers to the alternative firms that could provide a product to satisfy a specific market's needs

Regulatory forces

Restrictions state and federal laws place on business with regard to the conduct of its activities

Business product

Results from derived demand; frequently result from sale of consumer products

Sustainable marketing

Seeks to meet today's economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs

Internal marketing

Service organization must focus on its employees, before successful programs can be directed at customers

Environmental forces

Social, economic, technological, competitive, regulatory forces

Product items

Specific product that has a unique brand, size or price

Positioning statements

Statement derived from company's customer value proposition which directs the company's overall marketing strategy

Mission

Statement of the organization's function in society that often identifies its customers, markets, products, and technologies

Goals

Statements of an accomplishment of a task to be achieved, often by a specific time

Diversification analysis

Technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products

Multi-channel marketing

The blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online

Customer Value

Unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price

Distributor

Usually used to describe intermediaries who perform a variety of distribution functions, including selling, maintaining inventories, extending credit

Organizational culture

Values, ideas, attitudes, and norms of behavior that are learned and shared among the members of an organization

Marketing dashboard

Visual display of the essential information related to achieving a marketing objective

Price

What is exchanged for the product

Idle production capacity

When the service provider is available but there is no demand for the service

Marketing metric

a measure of the quantitative value or trend of a marketing action or result

Global environmental scan

cultural diversity, economic infrastructure, political climate

Social forces

demographic characteristics of the population and its culture

Technological forces

inventions or innovations from applied science or engineering research

Digital marketing channel

make products and services available for consumption or use by consumers or organizational buyers

Classifying services

people or equipment, people based, nonprofits, government sponsored

Sociocultural influences on purchase decisions

personal influence, reference groups, social class, family, culture and subculture

Steps in consumer decision process

problem recognition, information search, alternative evaluation, purchase decision, post purchase behavior

Three concepts of social responsibility

societal, stakeholder, profit

Functions of intermediaries

transactional, logistical, facilitating