Marketing Essentials

Product concept

a detailed version of a product idea stated in meaningful consumer terms

Survey research

a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Diversification

a strategy for company growth through starting up or acquiring businesses outside the company's current products and market.

quality of customer insights it provides

demonstrates the real value of company's marketing research and information system.

Market segmentation

dividing a market into several sections of customers is known as

Millennials

technology is the way of life for this largest generational group.

Exchange

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

Need recognition

the first stage of the buyer decision process.

product, price, place & promotion

the major marketing mix tools are classified into four broad groups called the four P's of marketing

Hispanic Americans

the most affluent and brand conscious demographic segment in the United States.

the family

the most important consumer buying organization in society.

Customer equity

the total combined consumer lifetime values of all of the company's current and potential customers.

Baby boomers

the wealthiest generation in U.S. history.

income

type of market segmentation that is generally used by marketers who sell luxury products targeted to the affluent segments of a population.

Sustainable

type of marketing that calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet the consumer needs.

spam

unsolicited unwanted commercial email

Fads

unusually high sales and rapid decline.

Demands

when backed by buying power, wants become ________

Big data

when most marketing managers are overloaded with information and overwhelmed by it.

Equity

Brands vary on the amount of power and value they hold hold in the marketplace. Iconic brands like Apple, Google, and Harley Davidson have achieved substantial brand _________

Brand

A name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.

Licensing

Berry, a fruit juice company, uses a well-known cartoon character to promote the company's line of children's products and pays the creator of the cartoon character a fee this is called ________.

Product mix

Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's _________.

Product differentiation

Eastline, a manufacturer of outdoor patio furniture, positions its products as superior in weatherproofing and durability. This is an example of ____________

A company's customer value delivery network does not include members external to the organization.

FALSE

Internal databases usually are more expensive to use than other market information sources.

FALSE

Products include only tangible objects

FALSE

Market segment

Ferrari sells only 2,200 of its very high-performance cars in North America each year at very high prices. The company is appealing to a specific __________

Live the brand

Imaginative web sites, smartphone apps, and social media allow marketers to deliver messages that are direct and personal to consumers can ________

Sales promotion

In a marketing communications mix, refers to any short-term incentive that encourages the purchase sale of a product or service.

Internal

Susa Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of _____________ Databases.

Advertising can reach masses of geographically dispersed buyers at a low cost per exposure

TRUE

Deceptive packaging includes exaggerating package contents through subtle design and misleading labels

TRUE

In the marketing mix, product includes the goods and services the company offers to the target market, while promotion includes advertising.

TRUE

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

TRUE

Once the research problems and objectives have been defined, researchers must determine the exact information needed.

TRUE

Subcultures are groups of people with shared value systems based on common life experience and situations.

TRUE

While designing a customer-driven marketing strategy, marketers are likely to divide the market into smaller segments.

TRUE

the questionnaire is the most common research instrument.

TRUE

Proactivism

an organized movement of citizens and government agencies to improve the rights and power of buyers in relation to sellers.

Advertising

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

Occasion segmentation

bakeries and coffee bistros that offer pumpkin-flavored items only during the autumn season target their consumers primarily through

Societal Marketing

concept holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer's and society's well being.

Market targeting

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

Direct and digital

fastest growing from of marketing

Generation Z

generational group consists of the kid, teen, and tween markets.

Opinion leader

has the most powerful impact on consumer buying behavior.

Wants

human needs as shaped by individual personality and culture.

Opportunities

in a SWOT analysis this refers to favorable factors or trends in the external environment that a company may be able to exploit to its advantage.

Positioning statement

includes the target segment of a product, the category to which the product belongs, and the products's point of difference from other members in the category.

Mission Statement

is purposeful, specifying what an organization wants to accomplish in the larger environment.

Market

is the set of actual and potential buyers of a product.

Mobile

marketing features marketing messages,promotions, and other content delivered to on-the-go consumers through their portable electronic devices.

Mass marketing

marketing the same product to a huge customer base without any customization is referred to as

Co-branding

occurs when two established brand names of different companies are used on the same product.

Public relations

performs the function of building a good rapport with entities outside the company, building up a good corporate image, and handling unfavorable rumors and events.

In a straight rebuy, a buyer

records something without any modifications.

Services

refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.

Marketing myopia

refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs.

Exploratory

research that gathers preliminary information that will help define the problem and suggest hypotheses.

market segmentation, market targeting, differentiation, and positioning

right order of the steps that companies generally follow in designing a customer-driven marketing strategy.