Sunday, July 31, 2005

Understanding marketing processes and consumer behavior -- terms

business essentials -- part 10 -- terms

Marketing -- the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives
value -- relative comparison of products benefit with its costs
utility -- ability of a product to satisfy human want or need
consumer goods -- product purchased by consumers for personal use
industrial goods -- products purchased by companies to produce other products
services -- intangible products, such as time, expertise, or activity that can be purchased
relationship marketing -- marketing strategy that emphasizes lasting relationships with customers and suppliers
external environment -- outside factors that influence marketing programs by posing opportunities or threats
substitute product -- product that is dissimilar to those of competitors but that can fulfill the same need
brand competition -- competitive marketing that appeals to consumer perceptions of similar products
international competition -- competitive marketing of domestic products against foreign products
marketing manager -- manager who plans and implements the marketing activities that result in the transfer products from producer to consumer
marketing plan -- detailed strategy for focusing marketing efforts on consumer needs and wants
marketing mix -- the combination of product, pricing, promotion, and distribution strategies used to market products
product -- good, service, or idea that is marketed to fill consumer needs and wants
product differentiation -- creation of a product or product image that differs enough from existing products to attract consumers
distribution -- part of the marketing mix concerned with getting products from producers to consumers
target market -- group of people that has similar wants and needs and that can be expected to show interest in the same products
market segmentation -- process of dividing a market into categories of customer types
geographic variables -- geographical units that may be considered in developing a segmentation strategy
demographic variables -- characteristics of populations that may be considered in developing a segmentation strategy
psychographic variables -- consumer characteristics, such as lifestyles, opinions, interest, and attitudes, that may be considered in developing a segmentation strategy
consumer behavior -- various facets of the decision process by which customers come to purchase and consumer products
brand loyalty -- pattern of regular consumer purchasing based on satisfaction with the product
rational motives -- reasons for purchasing a product that are based on logical evaluation of product attributes
emotional motives -- reasons for purchasing a product that are based on nonobjective factors
data warehousing -- process of collecting, storing, and retrieving data in electronic files
data mining -- application of electronic technologies for searching, sifting, and reorganizing data in order to collect marketing information and target products in the marketplace
industrial market -- organizational market consisting of firms that buy goods that are either converted into products or use during production
reseller market -- organizational market consisting of intermediaries that buy and resell finished goods
institutional market -- organizational market consisting of non-governmental buyers of goods and services such as hospitals, churches, museums, and charitable organizations
feature -- tangible quality that a company builds into a product
value package -- product marketed as a bundle of value-adding attributes, including reasonable cost
convenience good/service -- inexpensive product purchased and consumed rapidly and regularly
shopping good/service -- moderately expensive, infrequently purchased product
specialty good/service -- expensive, rarely purchased product
expense item -- industrial products purchased and consumed rapidly and regularly for daily operations
capital item -- expensive, long-lasting, infrequently purchased industrial products such as buildings and equipment
product mix -- group of products that a firm makes available for sale
product line -- group of similar products intended for similar group of buyers who will use them in similar ways
speed to market -- strategy of introducing new products to respond quickly to consumer or market changes
product life cycle (PLC) -- serious of stages in a products profit producing life
branding -- process of using symbols to communicate the qualities of a product made by particular producer
brand awareness -- extent to which a brand name comes in mind when a consumer considers a particular product category
national brand -- brand-name product produced by, widely distributed by, and carrying the name of the manufacture
licensed brand -- brand-name product for whose name the seller has purchased the right from an organization or individual
private brand (or private label) -- brand-name product the wholesaler or retailer has commissioned from a manufacturer
packaging -- physical container in which a product is sold, advertised, or protected

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