Marketing: Providing Value to Customers

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  • 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 Concept

    basic philosophy of satisfying customer needs while meeting organizational goals

    Marketing Strategy

    plan for selecting a target market and creating, pricing, promoting, and distributing products that satisfy customers

    Target Market

    specific group of customers who should be interesting in your product, have access to it, and have the means to buy it

    Consumer Market

    buyers who want the product for personal use

    Industrial Market

    buyers who want the product for use in making other products

    Market Segment

    group of potential customers with common characteristics that influence their buying decisions

    Demographic Segmentation

    process of dividing the market into groups based on such variables as age and income

    Geographic Segmentation

    process of dividing a market according to such variables as climate, region, and population density

    Behavioral Segmentation

    process of dividing consumers by behavioral variables, such as attitude toward the product, user status, or usage rate

    Psychographic Segmentation

    process of classifying consumers on the basis of individual lifestyles as reflected in people's interests, activities, attitudes, and values

    Marketing Mix

    combination of product, price, place, and promotion (often called the four P's) used to market products

    Marketing Research

    process of collecting and analyzing data that's relevant to a specific marketing situation

    Secondary Data

    information used in marketing decisions that has already been collected for other purposes (company docs; government data)

    Primary Data

    newly collected marketing information that addresses specific questions about the target market (surveys, personal interviews, focus groups)

    Focus Group

    group of individuals brought together for the purpose of asking them questions about a product or marketing strategy

    Brand

    word, letter, sound, or symbol that differentiates a product from similar products on the market

    Trademark

    word, symbol, or other mark used to identify and legally protect a product from being copied

    Private Branding

    product made by a manufacturer and sold to a retailer who in turn resells it under its own name

    Generic Branding

    product with no branding information attached to it except a description of its contents

    Manufacturer Branding

    branding strategy in which a manufacturer sells one or more products under its own brand name

    Brand Equity

    value of a brand generated by a favorable consumer experience with a product

    Brand Loyalty

    consumer preference for a particular brand that develops over time based on satisfaction with a company's products

    Packaging

    container that holds a product and can influence a consumer's decision to buy or pass it up

    Labeling

    information on the package of a product that identifies the product and provides details of the package contents

    Skimming Pricing

    pricing strategy in which a seller generates early profits by starting off charging the highest price that customers will pay

    Penetration Pricing

    pricing strategy in which the seller charges a low price on a new product to discourage competition and gain market share

    Cost-Based Pricing

    pricing strategy that bases the selling price of a product on its cost plus a reasonable profit

    Demand-Based Pricing

    pricing strategy that bases the price of a product on how much people are willing to pay for it

    Target Costing

    pricing strategy that determines how much to invest in a product by figuring out how much customers will pay and subtracting an amount for profit

    Prestige Pricing

    practice of setting a price artificially high to foster the impression that it is a product of high quality

    Odd-Even Pricing

    Practice of pricing products a few cents (or dollars) under an even number

    Distribution

    all activities involved in getting the right quantity of a product to the right customer at the right time and at a reasonable cost

    Intermediary

    wholesaler or retailer who helps move products from their original source to the end user

    Retailers

    intermediaries who buy goods from producers and sell them to consumers

    Wholesalers

    intermediaries who buy goods from suppliers and sells them to businesses that will either resell or use them

    Profit Margin

    amount that a company earns on each unit sold

    Physical Distribution

    activities needed to get a product from where it was manufactured to the customer

    Storage Warehouse

    building used for the temporary storage of goods

    Distribution Center

    location where products are received from multiple suppliers, stored temporarily, and then shipped to their final destinations

    Materials Handling

    process of physically moving or carrying goods during production, warehousing, and distribution

    Just-In-Time Production

    system for reducing inventories and costs by requiring suppliers to deliver materials just in time to go into the production process

    Supply Chain

    flow that begins with the purchase of raw materials and ends in the sale of a finished product to an end user

    Supply Chain Management

    process of integrating all the activities in the supply chain

    Customer Value Triad

    three factors that customers consider in determining the value of a product: quality, service, and price

    Value Chain

    entire range of activities involved in delivering value to customers

    Promotion Mix

    various ways to communicate with customers, including advertising, personal selling, sales promotion, and publicity

    Advertising

    paid, non-personal communication designed to create an awareness of a product or company

    Personal Selling

    one-on-one communication with customers or potential customers

    Sales Promotion

    sales approach in which a company provides an incentive for potential customers to buy something

    Publicity

    form of promotion that focuses on getting a company or product mentioned in a newspaper, on TV, or in some other news media

    Public Relations

    communication activities undertaken by companies to garner favorable publicity for themselves and their products

    Customer-Relationship Management

    strategy for retaining customers by gathering information about them, understanding them, and treating them well

    Permission Marketing

    form of marketing in which companies ask customers or potential customers for permission to contact them or send them marking materials

    Mass Marketing

    the practice of sending out messages to a vast audience of anonymous people

    Interruption Marketing

    marketing that interrupts people to get their attention (with the hope they will listen to the ad), such as TV advertising

    Social Media Marketing

    the practice of including social media as part of a company's marketing program

    Product Life Cycle

    four stages that a product goes through over its life: introduction, growth, maturity, and decline

    External Marketing Environment

    factors external to the firm that present threats and opportunities and that require shifts in marketing plans

    Consumer Behavior

    decision process that individuals go through when purchasing or using products

    Advertising Agency

    marketing consulting firm that develops and executes promotional campaigns for clients

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