Term
|
Definition
Anything of value to the customer offered through a voluntary marketing exchange.
i.e. goods, services, places, ideas, organizations, people, or communities |
|
|
Term
|
Definition
The non-physical aspects of the product such as product warranties, financing, product support, and after-sale service. |
|
|
Term
|
Definition
- Consumer Products/Services
- Specialty Products/Services
- Shopping Products/Services
- Convenience Products/Services
- Unsought Products/Services
|
|
|
Term
|
Definition
Products and services used by people for their personal use. |
|
|
Term
|
Definition
Products toward which customers show such a strong preference that they will expend considerable effort to search for the best suppliers. |
|
|
Term
|
Definition
Products for which consumers will spend a considerable amount of time comparing alternatives such as furniture, apparel, fragrances, appliances, and travel alternatives. |
|
|
Term
|
Definition
Products for which consumers will not spend time or effort to get. |
|
|
Term
|
Definition
Products consumers do not normally think of buying or do not know about. |
|
|
Term
|
Definition
The complete set of all products offered by a firm. |
|
|
Term
|
Definition
Groups of associated items that consumers tend to use together or think of as part of a group of similar products. |
|
|
Term
|
Definition
Set of assets and liabilities linked to a brand that add or subtract from the value provided by the product or service. |
|
|
Term
|
Definition
Relationship between the product's or service's benefits and its costs. |
|
|
Term
|
Definition
- Manfacturer Brands/National Brands
- Private-Label Brands/Store Brands/House Brands/Own Brands
- Premium Brands
- Generic Brands
- Copycat Brands
- Exclusive Co-brands
|
|
|
Term
|
Definition
Occurs when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold. |
|
|
Term
Brand Repositioning or Rebranding |
|
Definition
Refers to a strategy in which marketers change a brand's focus to target new markets or realign the brand's core emphasis with changing market preferences. |
|
|
Term
|
Definition
The one the consumer uses, such as the toothpaste tube. |
|
|
Term
|
Definition
The wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners. |
|
|
Term
|
Definition
The process by which the use of innovation-whether a product, a service, or a process- spreads throughout a market group, over time and across various categories or adopters. |
|
|
Term
Diffusion of Innovation Curve
Exhibit 11.1 |
|
Definition
|
|
Term
Product Development/Product Design |
|
Definition
Entails a process of balancing various engineering, manufacturing, marketing, and economic considerations to develop a product's form and features or a service's features. |
|
|
Term
|
Definition
A method of determining the success potential of a new product that introduces the offering to a limited geographical area (usually a few cities) prior to a national launch. |
|
|
Term
|
Definition
The area between customers' expectations regarding their desired service and the minimum level of acceptable service-- that is, the difference between what the customer really wnats and what he or she will accept before going elsewhere. |
|
|
Term
|
Definition
Allowing employees to make decisions about how service gets provided to customers. |
|
|
Term
|
Definition
The overall sacrifice a consumer is willing to make to acquire a specific product or service. |
|
|
Term
|
Definition
Shows how many units of a product or service consumers will demand during a specific period of time at different prices. |
|
|
Term
Price Elasticity of Demand |
|
Definition
Measures how changes in the price affect quantity of the product demanded.
Price Elasticity of Demand=
% change in Qd
% change in price |
|
|
Term
Cost-Based Pricing Methods |
|
Definition
Determine the final price to charge by starting with the cost. |
|
|
Term
Competitor-Based Pricing Method |
|
Definition
A company may set their prices to reflect the way they want consumers to interpret their own prices relative to the competitor's offerings. |
|
|
Term
Value-Based Pricing Methods |
|
Definition
Include approaches to setting prices that focus on the overall value of the product offerings as perceived by the consumer. |
|
|
Term
|
Definition
|
|
Term
Core Differences between Services and Goods |
|
Definition
|
|
Term
Gaps Model for Improving Service |
|
Definition
|
|
Term
Company Objectives and Pricing Strategy Implications |
|
Definition
|
|
Term
|
Definition
Consumer may be willing to pay more for a particular product, over its entire lifetime, if it will eventually cost less to own than a cheaper alternative. |
|
|
Term
|
Definition
- Everyday Low Pricing (EDLP)
- High/Low Pricing
- Price Lining
- Market Penetration
- Price Skimming
|
|
|
Term
|
Definition
With this strategy companies stress the continuity of their retail prices at a level somewhere between the regular, nonsale price and the deep-discount sales prices their competitors may offer. |
|
|
Term
|
Definition
An alternative to EDLP that relies on the promotion of sales, during which prices are temporarily reduced to encourage purchases. |
|
|
Term
|
Definition
When marketers establish a price floor and a price ceiling for an entire line of similar products and then set a few other price points in between to represent distinct differences in quality. |
|
|
Term
Market Penetration Strategy |
|
Definition
Sets the price low for the initial introduction of the new product or service. |
|
|
Term
|
Definition
Appeals to the segments of customers who are willing to pay a premium price to have the innovation first. |
|
|
Term
|
Definition
- Markdowns
- Size Discounts
- Seasonal Discounts
- Coupons
- Rebates
- Leasing
- Price Bundling
- Leader Pricing
|
|
|
Term
Deceptive or Illegal Price Advertising |
|
Definition
- Deceptive Reference Prices
- Loss Leader Pricing
- Bait-And-Switch
|
|
|
Term
|
Definition
A firm sets a very low price for one or more of its products with the intent to drive its competition out of business. |
|
|
Term
|
Definition
When a firm sells the same product to different retailers at different prices. |
|
|
Term
|
Definition
The practice of colluding with other firms to control prices.
- Horizontal-same level.
- Vertical-up and down supply chain.
|
|
|
Term
|
Definition
Refers to a set of approaches or techniques firms employ to efficiently and effectively integrate their suplliers, manufacturers, warehouses, stores, and transportation intermediaries into a seamless operation in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, as well as to minimize systemwide costs while satisfying the service levels their customers require. |
|
|
Term
|
Definition
The set of institutions that transfer the ownership of and move goods from the point of production to the point of consumption; as such, it consists of all the institutions and marketing activities in the marketing process. |
|
|
Term
|
Definition
A supply chain in which orders for merchandise are generated at the store level on the basis of sales data captured by POS terminals. |
|
|
Term
|
Definition
Merchandise is allocated to stores on the basis of forecasted demand. |
|
|
Term
Just-In-Time/Quick Response Inventory Systems |
|
Definition
Inventory management systems designed to deliver less merchandise on a more frequent basis than traditional inventory systems. |
|
|
Term
Vertical and Horizontal Supply Chain Conflict |
|
Definition
When supply chain members are not in agreement about their goals, roles, or rewards up and down the supply chain or at the same level. |
|
|
Term
Strategic/Partnering Relationship |
|
Definition
Supply chain members are committed to maintaining the relationship over the long term and investing in opportunities that are mutually beneficial. |
|
|
Term
|
Definition
The set of business activities that add value to products and services sold to consumers for their personal or family use. |
|
|
Term
|
Definition
Involves selling in more than one channel (e.g. store, catalog, and Internet). |
|
|
Term
Factors for Establishing a Relationship with Retailers |
|
Definition
|
|
Term
|
Definition
The number of channel members to use at each level of the marketing channel. |
|
|
Term
|
Definition
|
|
Term
|
Definition
The percentage of the customer's purchases made from that particular retailer. |
|
|
Term
|
Definition
- Browsing
- Touching and Feeling Products
- Personal Service
- Cash and Credit Payment
- Entertainment and Social Experience
- Immediate Gratification
- Risk Reduction
|
|
|
Term
|
Definition
- Deeper and Broader Selection
- Personalization
- Gain Insights into Consumer Shopping Behavior
- Increase Customer Satisfaction and Loyalty
- Expand Market Presence
|
|
|
Term
Integrated Marketing Communications (IMC) |
|
Definition
Represents the Promotion P of the four P's and incompases a variety of communication disciplines-advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media- in combination to provide clarity, consistency, and maximum communicative impact. |
|
|
Term
The Communication Process |
|
Definition
- Sender
- Transmitter
- Encoding
- The Communication Channel
- The Receiver
- Noise
- Feedback Loop
|
|
|
Term
How Consumers Perceive Communication |
|
Definition
- Receivers Decode Messages Differently
- Senders Adjust Messages According to the Medium and Receivers' Traits
|
|
|
Term
|
Definition
Awareness leads to Interest, which leads to Desire, which leads to Action. |
|
|
Term
Elements of the IMC Strategy |
|
Definition
- Advertising
- Public Relations (PR)
- Sales Promotions
- Personal Selling
- Direct Marketing and Mobil Marketing
- Online Marketing
|
|
|
Term
Elements of an IMC Strategy |
|
Definition
|
|
Term
|
Definition
The number of times a user clicks on an ad divided by the number of impressions. |
|
|
Term
|
Definition
How useful and ad message is to the consumer doing the search. |
|
|
Term
Return On Investment (ROI) |
|
Definition
ROI=
Sales revenue-Advertising cost
Advertising cost |
|
|
Term
Steps in Planning and Executing an Ad Campaign |
|
Definition
|
|
Term
|
Definition
A subsection of the firm's overall marketing plan that explicitly analyzes the marketing and advertising situation, identifies the objectives of the advertising campaign, clarifies a specific strategy for accomplishing those objectives, and indicates how the firm can determine whether the campaign was successfull. |
|
|
Term
|
Definition
A communication used to create and build brand awareness, with the ultimate goal of moving the consumer through the buying cycle to a purchase. |
|
|
Term
|
Definition
A communication used to motivate customers to take action. |
|
|
Term
|
Definition
A communication used to remind or prompt repurchases, especially for products that have gained market acceptance and are in the maturity stage of their lifecycle. |
|
|
Term
Public Service Advertising (PSA) |
|
Definition
Institutional advertising that focuses on public welfare and generally is sponsored by nonprofits, civic groups, religious organizations, trade associations, or political groups. |
|
|
Term
Unique Selling Proposition (USP) |
|
Definition
Communicates the unique attributes of the product and thereby becomes a snapshot of the entire campaign. |
|
|
Term
|
Definition
- Informational Appeals
- Emotional Appeal
|
|
|
Term
|
Definition
The process of evaluating and selecting the media mix that will deliver a clear, consistent, compelling message to the intended audience. |
|
|
Term
|
Definition
The combination of media used and the frequency of advertising in each medium. |
|
|
Term
|
Definition
The actual purchase of airtime or print pages, which is generally the largest expense in the advertising budget. |
|
|
Term
|
Definition
Specifies the timing and duration of advertising.
- Continuous
- Flighting
- Pulsing
|
|
|
Term
|
Definition
Involves managing communications and relationships to acheive various objectives, such as building and maintaining a positive image of the firm, handling or heading off unfavorable stories or events, and maintaining positive relationships with the media. |
|
|
Term
|
Definition
Special incentives or excitement-building programs that encourage consumers to purchase a particular product or service, typically used in conjunction with other advertising or personal selling programs. |
|
|
Term
|
Definition
The two-way flow of communication between buyer and seller that is designed to influence the buyer's purchase decision. |
|
|