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