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MGI 301: Final Exam
Marketing
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Is the activity for creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large
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Market
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Consists of people with both the desire and the ability to buy a specific offering
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Target Market
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consists of one or more specific groups of potential consumers toward which an organization directs its marketing program
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Marketing mix
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Consists of the marketing manager's controllable factors- products, price, promotion, and place- can be used to solve a marketing problem
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Market segments
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are the relatively homogenous groups of prospective buyers that (1) have common needs and (2) will respond similarity to a marketing action
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Market share
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is the ratio of sales revenue of the firm to the total sales revenue of all firms in the industry, including the firm itself
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Marketing plan
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Is a road map for the marketing actions of an organization for a specified future time period, such as one year or five years.
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Business Plan
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Is a road map for the entire organization for a specified future period of time, such as one year or five years
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Business portfolio analysis
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Is a technique that managers use to quantify performance measures and growth targets to analyze their firms' strategic business units (SBU's) as though they were a collection of separate investments
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SWOT analysis
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Acronym describing an organization's appraisal of its internal Strengths Weaknesses and its external Opportunities and Threats
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Points of difference
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Are those characteristics of a product that make it superior to competitive substitutes
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Demographics
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describes a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
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Gross Income
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Is the total amount of money made in one year by a person, household, or family unit (A.K.A money income)
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Disposable Income
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Is the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation
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Discretionary Income
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Is the money that remains after paying for taxes and necessities
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Consumer Behavior
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consists of the actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions
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Purchase Decision Process
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Consists of the five stages a buyer passes through in making choices about which products and services to buy: (1) Problem recognition (2) information search (3) alternative evaluation (4) purchase decision (5) Postpurchase behavior
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Cognitive dissonance
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Is the feeling of postpurchase psychological tension or anxiety consumers may experience when faced with two or more highly attractive alternatives
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Brand loyalty
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Is a favorable attitude toward and consistent purchase of a single brand over time
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Family life cycle
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Consists of the distinct phases that a family progresses through from formation to retirement, each phase bringing with it identifiable purchasing behaviors
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Marketing research
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Is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions
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Secondary data
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Are the facts and figures that have already been recorded prior to the project at hand
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Primary data
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Are the facts and figures that are newly collected for the project
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Sales forecast
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consists of the total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts
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80/20 Rule
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Is a concept that suggests 80 present of a firm's sales are obtained from 20 percent of its customers
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Product positioning
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Is the place a product occupies in consumers' minds based on important attributes relative to competitive products
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Perceptual map
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is a means of displaying in two dimensions the location of products or brands in the minds of consumers to enable a manager to see how they perceive competing products or brands, as we as the firm's own product or brand
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Product life cycle
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describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline
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Branding
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Is a marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors
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Brand Name
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Is any word, device(design, shape, sound, or color), or combination of these used to distinguish a seller's products or services
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Trade Name
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is a commercial, legal name under which a company does business
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Trademark
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identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it
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Brand personality
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is a set of human characteristics associated with a brand name
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Brand equity
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Is the added value a brand name gives to a product beyond the functional benefits provided
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Private Branding
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Is a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer.
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Product
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is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value
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Services
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are the intangible activities or benefits that an organization provides to satisfy consumers' needs in exchange money or something else of value
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Consumer products
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Are products purchased by the ultimate consumer
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Business products
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Are products organizations buy that assist in providing other products for resale. Also called B2B products or industrial products
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Marketing testing
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is the stage of the new-product process that exposes actual products to prospective consumers under realistic purchase conditions to see if they will buy
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Skimming Pricing
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Involves setting the highest initial price that customer who really desire the product are willing to pay when introducing a new or innovative product
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Penetration pricing
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Involves setting a low initial price on a new product to appeal immediately to the mass market
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Prestige pricing
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Involves setting a high price so that quality- or status- conscious consumers will be attracted to the product and buy it
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Price Lining
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involves setting the price of a line of products at a number of different specific pricing points
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Loss-leader pricing
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involves deliberately selling a product below its customary price, not to increase sales, but to attract customers' attention in hopes that they will buy other products with large markups as well.
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Promotional allowances
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Are cash payments or extra amount of "free goods" awarded sellers in the channel of distribution for undertaking certain advertising or selling activities to promote a product
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Everyday low pricing (EDLP)
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is the practice of replacing promotional allowances with lower manufacturer list prices
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Predatory pricing
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Is the practice of charging a very low price for a product with the intent of driving competitors out of business
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Marketing channel
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Consists of individuals and firms involved in the process of making a product or service available for use or consumption by consumers or industrial users
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Multichannel marketing
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Involves 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
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Channel conflict
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Arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals
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Logistics
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consists of those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost
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Supply chain
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consists of a sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users
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Customer service
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Is the ability of logistics management to satisfy users in terms of time dependability, communication, and convenience.
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Retailing
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consists of all activities involved in selling, renting, and providing products and services to ultimate consumers for personal family, or household use
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Retail positioning matrix
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Is a matrix that positions retail outlets on two dimensions: breadth of product line and value added, such as location, product reliability, or prestige
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Retailing mix
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consists of the activities related to managing the store and the merchandise in the store, which includes retail pricing, store location, retail communication, and merchandise
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Shopper marketing
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is the use of displays, coupons, product samples, and other brand communications to influence shopping behavior in a store
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Category management
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is an approach managing the assortment of merchandise in which a manager is assigned the responsibility for selecting all products that consumers in a market segment might view as substitutes for each other, with the objective of maximizing sales and profits in the category
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Wheel of retailing
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is a concept that describes how new forms of retail outlets enter the market
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Retail life cycle
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is the process of growth and decline that retail outlets, like products experience, consisting of the early growth, accelerated development, maturity, and decline stages
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Multichannel retailers
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are retailers that utilize and integrate a combination of traditional store formats and non store formats such as catalogs, television home shopping, and online retailing
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Advertising
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is any paid form of non-personal communication about an organization, product, service, or idea by an identified sponsor
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Product advertisements
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are advertisements that focus on selling a product or service and which take three forms: (1) pioneering (or informational) (2) competitive (or persuasive) (3) reminder
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Institutional advertisements
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are advertisements designed to build goodwill or an image for an organization rather than promote a specific product or service
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Rating
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is the percentage of households in a market that are tuned to a particular TV show or radio station
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Gross rating points (GRP'S)
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is a reference number used by advertisers that is obtained by multiplying reach (expressed as a percentage of the total market) by frequency
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Cost per thousand (CPM)
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is the cost of reaching 1,000 individuals or households with the advertising message in a given medium (M is the Roman numeral for 1,000)
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Infomercials
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are program-length advertisements that take an educational approach to communication with potential customers
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Pretests
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are tests conducted before an advertisement is placed in any medium to determine whether it communicates the intended message or to select among alternative versions of the advertisement
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Protests
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are tests conducted after an advertisement has been shown to the target audience to determine whether it accomplished its intended purpose
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Consumer-oriented sales promotion
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consists of sales tools used to support a company's advertising and personal selling directed to ultimate consumers (A.K.A Consumer promotions)
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Trade-oriented sales promotions
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are sales tools used to support a company's advertising and personal selling directed to wholesalers, distributors, or retailers
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Cooperative advertising
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consists of advertising programs by which a manufacturer pays a percentage of the retailers local advertising expense for advertising the manufacturer's products
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Publicity tools
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are methods of obtaining non-personal presentations of an organization, product, or service without direct cost, such as news releases, news conferences, and public service announcements
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