Chapter 11 brands customer markets

Business 100 with Caldrow at Northern Virginia Community College

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By: Sami Sabir
Created: 2010-10-29
Size: 48 flashcards
Views: 85

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brand awareness

name that comes first to mind, when consumers consider a particular product category

brand competition

Rivalry in the marketplace. Goods and services will be bought from those who provide ‘the most for the money.'

brand loyalty

Consumers who regularly purchase products because they are satisfied with their performance

consumer behavior

Psychological influences
Personal influences
Social influences
Cultural influences

consumer goods

Tangible goods that consumers may buy for personal use.

convenience good/convenience service

consumed rapidly and less expensive

demographic variables

dividing the market into specific groups to age, gender, family size, income, occupation, religion, education, nationality or race.

distribution

delivering, passing, or spreading a product to the consumers and other buyers.

emotional motives

feelings experienced by a customer through association with a product. Love, guilt, fear, and social approval often prompt us to buy.

expense item

Goods and services that are consumed within a year by firms producing other goods or supplying other services

geographic variables

dividing the market by region, country, density of the area and its climate. a specific advert for the different geographical markets or one single ad that cuts across the entire planet.

industrial goods

Physical items used by companies to produce other products (Industrial marketing)

industrial market

Businesses that buy goods to be converted into other products or that are used up during production

institutional market

Nongovernmental organizations

international competition

International *Products*
Need to adapt product to foreign markets
International *Pricing*
Higher transportation and selling costs abroad
International *Distribution*
Distribution network access in foreign markets
International *Promotion*
Cultural sensitivity requires adjustments

licensed brand

Companies (and even personalities) license (sell the rights to) other companies to put their names on products

market segmentation

Dividing a market into categories or “segments”
Geographic
Demographic
Psycho graphic

marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

marketing manager

business manager that carries discipline which focuses on marketing techniques and the management of a firm's marketing resources and activities.

marketing mix

Product - differentiation
Pricing - selecting the best price
Place - distributing through the proper channels
Promotion - communicating information

marketing plan

detailed strategy for focusing marketing efforts on consumer needs and wants

national brand

Products that are produced by, widely distributed by, and carry the name of the manufacturer

packaging

bundle that has qualities and features to benefit the customers needs.

private brand (or private label)

is when a large distribution channel member (retailer) buys from a manufacturer in bulk and puts its own name on the product.

product differentiation

the process of distinguishing a product from others inorder to make it more attractive to a particular target market.

product feature

Tangible and intangible qualities built into a product

product life cycle (PLC)

success strategies used by business management as a product goes through its life cycle.

product line

group of products that are closely related.

product mix

The group of products (consumer, industrial, or both) that a company makes available for sale

product placement

promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use a real product that is visible to viewers

psycho graphic variables

attribute relating to personality, lifestyle, values, interests or attitudes. These factors consider various influences on a person’s buying behavior.

rational motives

a motive that can be defended by reasoning or logical argument

relationship marketing

Building lasting relationships with customers and suppliers

reseller market

Intermediaries, including wholesalers and retailers, that buy and resell finished goods

services

Products with intangible (nonphysical) features (Service marketing)

shopping good/shopping service

purchased less often and more expensive, also based on materialized characteristics, such as performance, color, style, price, and criteria

specialty good/specialty service

purchased infrequently, expensive, its a precise product and will not accept subtitutions

speed to market

Responding to customer demand or market changes by introducing new products to the market ahead of competitors

substitute product

A substitute product is a product that appears to be different, but can satisfy the same need as another product.

target market

Groups of people with similar wants and needs who can be expected to show interest in the same products

utility

Marketing utilities are the benefits or customer value received by the user of a product. The four utilities are form, place, time and ownership.

value

Consumers buy products that offer the best value to meet their needs and wants
Value compares a product’s benefits with its costs.

value package

a product that provides a bundle of benefits and features to satisfy the needs and wants of customers

viral marketing

Relying on word-of-mouth and the Internet to spread information like a “virus” from person-to-person about products and ideas

Data Warehouse

Compiling and storing consumer data

Data Mining

Automating the massive analysis of data by using computers to sift, sort, and search for previously undiscovered clues about consumer behavior.

Benefits

The tangible and intangible outcomes associated with acquisition or use of a product

Capital Items

Permenant expensive and longlasting goods and services

About this deck

By: Sami Sabir
Created: 2010-10-29
Size: 48 flashcards
Views: 85

About StudyBlue

“Simply amazing. The flash cards are smooth, there are many different types of studying tools, and there is a great search engine. I praise you on the awesomeness.”
Dennis