MKT 600 Key Marketing Concepts and Strategies

BRANDS CONVEY INFORMATION ABOUT A PRODUCT

A customer brand role that reflects how brands communicate product details to consumers.

AUCTION PRICING

A pricing strategy that has risen due to the internet, allowing people to sell products to the highest bidder.

Learning

Acquisition of knowledge through experience or study.

Go-to-Market Mistake

Advancing poor product ideas into development.

COMPETITORS BEING ABLE TO DEVELOP MARKETING STRATEGIES TO COUNTER A PRODUCT LAUNCH

a consequence of market testing a new product taking a long time.

RETRENCHMENT

a generic business strategy pursued by a home contractor that builds homes only when owners are under contract after the real estate slowdown.

CONVENIENCE leadership

a source of differentiation that Starbucks is focusing on by placing stores every few blocks all over the city.

PRODUCT

can be defined as anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, even ideas.

PRICE FIXING

could result in overall higher prices for consumers since various competitors are all pricing the same to maximize their profits.

GENDER-BENDING products

products in the fashion apparel and skin care industries that appeal to those who do not fit traditional binary definitions of male and female.

Classical Conditioning

Associating marketing stimuli with purchase decisions.

Customer Willingness to Pay

Balancing features with what customers value.

Operant Conditioning

Behavior modification through rewards, like free samples.

Conveying Information

Brand role in communicating product attributes.

EARNED media

refers to a customer or commercial entity choosing to act as a marketing communication channel for the organization at no cost.

ATTENTION

the AIDA stage where Martina should spend most of her investment in communication to potential customers for her new product.

JOINT VENTURE

the approach to co-branding exemplified by Nickelodeon and Marriott's plan to create a kid-friendly chain of hotels.

BRAND LOYALTY

the benefit of brand equity exemplified by Lawanda, who prefers LaCroix flavored water and does not consider other products.

SHOPPING goods

the category that includes refrigerators, dishwashers, and ovens as examples chosen by Dave and Bryon.

DOG

the classification of the fine wood division under the Boston Consulting Group Growth-Share Matrix due to the drop in demand for building materials.

OFFERING AN EFFECTIVE AND EFFICIENT METHODOLOGY FOR CATEGORIZING PRODUCTS

the company brand role illustrated by LG's use of different brand names for its various product offerings.

CULTURAL factors

the difference in values between Americans who tend to value hard work and achievement and Japanese citizens who tend to value harmony and hierarchy.

BRAND AWARENESS

the dimension of brand equity achieved by ABC Medical Equipment, as radiologists and hospital purchasing agents express interest in their offerings.

BRAND ASSOCIATION

the dimension of brand equity illustrated by Xander's emotional and psychological connections with Farm to Table Ice Cream Shops.

MINIMAL INFORMATION SEARCH

the example of Jess stopping at a local station to fill up without any additional information after noticing the low-fuel light.

CASH DISCOUNT

the example of a countertop store giving customers a 10 percent discount if they pay their bills in full in 20 days.

GROWTH

the generic business strategy used by three brothers who expanded their trailer manufacturing company from one production site and four sales locations to 26 sales and service centers.

REFERENCE group

the group influencing Ji Hun's beliefs, attitudes, and behaviors.

A PUSH STRATEGY

the marketing approach used by Petros, the marketing manager for a pharmaceutical company, relying on personal selling and sales promotions.

EXPLAIN HOW THE PRODUCT CAN FULFILL THAT PARTICULAR CUSTOMER'S NEED AND WANTS

the next step Nalini should take after seeing a customer testing a sophisticated washing machine.

VALUE PRICING

the pricing strategy employed by a car manufacturer that offers a high retail price but very low operating and maintenance costs.

SELECTIVE AWARENESS

the psychological tool Babette employs to focus on relevant messages and eliminate what is not.

DESIRE stage of the AIDA model

the stage where promotional messages are altered so that a customer feels they must have the product.

PENETRATION PRICING

the strategy Abilene utilized when she increased the price of a new dish slowly over a period of 6 months.

segmentation by USAGE PATTERNS

the strategy used in advertisements with messages like 'Orange juice—It's not just for breakfast anymore!'

BEHAVIORAL DATA

the type of data a marketing manager would use to conduct descriptive research on customer purchasing habits.

Select Media

Choosing channels for promotional messages.

Brand Loyalty

Commitment to repurchase from a preferred brand.

Marketing Intelligence

Continuous data collection from the macro environment.

Communication (Packaging)

Conveying product information through packaging design.

Enhanced Product

Core product plus additional features and innovations.

Develop the Message

Creating content for promotional communication.

Positioning Strategy

Creating value connections between products and customer needs.

Positioning

Creating value offerings for target markets.

Price

Critical factor in assessing product value.

Brand Associations

Customer connections to a brand based on experiences.

Value Perception

Customer's view of worth influencing purchases.

External Information Sources

Data from independent groups and personal experiences.

CRM System

Database for managing customer relationships and profitability.

High Involvement Learning

Deep engagement in understanding diverse viewpoints.

Human Resources

Department responsible for employee brand communication.

Online Brand Communities

Digital spaces for customer interaction with brands.

Underpositioning

Failure to clearly differentiate a product in the market.

Competition

Focus on rival businesses in the same market.

Concentrated Target Marketing

Focusing marketing efforts on a specific market segment.

Basics of Promotion

Fundamental knowledge required for marketing managers.

Social Network

Group connected through technology and relationships.

Star (BCG Matrix)

High growth, high market share product category.

Star

High-growth product with significant market share.

Discounts

Immediate price reductions for purchasers.

Personal Circumstances

Individual factors influencing shopping behavior.

Observational Data

Information collected by observing customer behavior.

Behavioral Data

Information on consumer actions and preferences.

Exploratory Research

Initial investigation to understand market issues.

Brand Assets

Intangible benefits contributing to brand value.

Strengths (SWOT)

Internal advantages enhancing market position.

Market Segmentation Challenges

Issues in reaching and managing target segments.

Family Life Cycle

Life stages affecting consumer buying behavior.

Cost Reduction

Lowering prices to increase sales volume.

Just Noticeable Difference (JND)

Minimum price change affecting customer demand.

Price Lining

Offering products at various price levels.

Differentiated Target Marketing

Offering unique products for different market segments.

Co-Branding

Partnership between brands to enhance value.

Market Opportunities

Potential sales lost by offering too few products.

Service

Quality of customer experience influencing purchase decisions.

Adoption Process

Rate of new product acceptance in the market.

Return on Investment (ROI)

Recouping initial costs from product success.

Descriptive Research

Research aimed at understanding customer demographics and lifestyles.

Geographic Segmentation

Segmenting based on location and population density.

Predatory Pricing

Selling below cost to eliminate competition.

Price Bundling

Selling multiple products together at a reduced price.

Price Skimming

Setting high prices initially, then lowering them.

Research Design

Stage of planning market research methodology.

Everyday Low Pricing

Strategy to minimize promotion costs and pricing.

Repositioning

Targeting new markets with existing products.

Doubtful Positioning

Uncredible claims affecting consumer perception.

Market Development

Expanding into new geographic markets.

Natural World

External factors influencing market decisions.

Market Segmentation

Dividing market into smaller, meaningful groups.

Variable Pricing

Encouraging negotiation on product prices.

External Threats (SWOT)

Environmental risks impacting business operations.

Setting Goals

Establishing objectives post-analysis phases.

Secondary Data

Existing data used for market analysis.

Competitor Based Pricing

Pricing strategy based on competitor analysis.

Introduction Phase

Product life cycle stage with no profits.

Durability

Product's ability to withstand use without failure.

Cash Cows

Products with high market share but low growth.

LINE extension

an example of International Delight coffee creamers frequently adding new flavors to its product offerings.

TO BE LEADER IN ONE'S FIELD

an example of a goal rather than an objective.

EXTENSIVE INFORMATION SEARCH

an example of the process Gaby went through before buying a camera, including reviewing magazines, soliciting opinions, conducting online searches, and testing out different cameras.