PRINCIPLES OF MARKETING
PRINCIPLES OF MARKETING MKT 3050
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This 12 page Class Notes was uploaded by Napoleon Parker on Friday October 2, 2015. The Class Notes belongs to MKT 3050 at Appalachian State University taught by Bonnie Guy in Fall. Since its upload, it has received 76 views. For similar materials see /class/217669/mkt-3050-appalachian-state-university in Marketing at Appalachian State University.
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Date Created: 10/02/15
Affect The feeling component of attitudes refers to the overall emotional response a person has to a product Attention The extent to which mentalprocessing activity is devoted to a particular stimulus Attitude A learned predisposition to respond favorably or unfavorably to stimuli on the basis of relatively enduring evaluations of people objects and issues Behavior The doing components of attitudes involves a consumer s intention to do something such as the intention to purchase or use a certain product Behavioral learning theories Theories of learning that focus on how consumer behavior is changed by external events or stimuli Brand loyalty A pattern of repeat product purchases accompanied by an underlying positive attitude toward the brand that is based on the belief that the brand makes products superior to those of its competition Classical conditioning The learning that occurs when a stimulus eliciting a response is paired with another stimulus that initially does not elicit a response on its own but will cause a similar response over time bc of its association with the first stimulus Clickstream analysis a means of measuring a Web site s success by tracking customers movement around the company web site Cognition the knowing component of attitudes refers to the beliefs or knowledge a person has about a product and its important characteristics Cognitive dissonance the anxiety or regret a consumer may feel after choosing from among several similar attractive choices Cognitive learning theory Theory of learning that stresses the importance of internal mental processes and that views people as problem solvers who actively use information from the world around them to master their environment Conformity a change in beliefs or actions as a reaction to real or imagined group pressure Consumer behavior the process involved when individuals or groups select purchase use and dispose of goods services ideas or experience to satisfy their needs and desire Consumer satisfaction the overall feelings or attitude a person has about a product after purchasing it Consumer to consumer e w w 39 im and r 39 that occur among individuals without directly involving the manufacturer or retailer Culture the values beliefs customs and tastes valued by a group of people Evaluative criteria the dimensions used by consumers to compare competing product alternatives Exposure the extent to which a stimulus is capable of being registered by a person s sensory receptors Family life cycle a means of characterizing consumers within a family structure on the basis of different stages through which people pass as they grow older Gender roles society s expectations regarding the appropriate attitudes behaviors and appearance for men and women Heuristics A mental rule of thumb that leads to a speedy decision by simplifying the process Hierarchy of needs an approach that categorizes motives according to ve levels of importance the more basic needs being on the bottom of the hierarchy and the higher needs at the top Information search the process whereby a consumer searches for appropriate information to make a reasonable decision Interpretation the process of assigning meaning to a stimulus based on prior associations a person has with it and assumptions he or she makes about it Involvement the relative importance of perceived consequences of the purchase to a consumer Learning a relatively permanent change in behavior caused by acquired information or experience Lifestyle the pattern of living that determines how people choose to spend their time money and energy and that re ects their values tastes and preferences Mass class the hundreds of millions of global consumers who now enjoy a level of purchasing power that s sufficient to let them afford highquality products Motivation an internal state that drives us to satisfy needs by activating goaloriented behavior Marketing Marketing concept Societal Marketing Concept Market Exchange Total Quality management TQM Customer relationship management CRM Target Market Value proposition Lifetime value of a customer Competitive Advantage Distinctive competency An organizational function and a set of processes for creating communicating and delivering value to customers and for managing customer relationships A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization s longterm profitability A management philosophy that marketers must satisfy customer s needs in ways that also benefit society and also are profitable for the firm All the customers and potential customers who share a common need that can be satisfied by a specific product The process by which some transfer of value occurs between a buyer and a seller A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement A philosophy that sees marketing as a process of building longterm relationships with customers to keep them satisfied and to keep them coming back The market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts A marketplace offering that fairly and accurately sums up the value that will be realized if the good or service is purchased How much profit companies expect to make from a customers now and in the future Ability of a firm to outperform the competition A superior capability of a firm in comparison to its direct competitors Augmented services The core service plus additional services provided to enhance value Capacity management The process by which organizations adjust their offerings in an attempt to match demand Core service The basic benefit of having a service performed Credence qualities Product characteristics that are difficult to evaluate even after they have been experienced Critical incident technique A method for measuring service quality in which marketers use customer complaints to identify critical incidents Distermediation Eliminating the interaction between customers and salespeople so as to minimize negative service encounters and reduce costs Experience qualities Product characteristics that customers can determine during or after consumption Gap analysis A marketing research method that measures the difference between a customer s expectation of a service quality and what actually occurred ldea marketing Marketing activities that seek to gain market share for a concept philosophy belief or issue by using elements ofthe marketing mix to create or change a target markets attitude or behavior lnseparability The characteristic of a service that means that it is impossible to separate the production of a service from the consumption of that service lntangibility The characteristics of a service that means customers can t see touch or smell good service Intangibles Experiencebased products that cannot be touched New dominant logic for marketing A reconceptualization of traditional marketing to redefine service as the central deliverable and the actual physical products purveyed as comparatively incidental to the value proposition Perishability The characteristic of a service that makes it impossible to store for later sale or consumption Actual product Augmented product Business analysis Commercialization Compatibility Complexity Component parts Continuous Innovation Convenience product Convergence Core product Diffusion Discontinuous innovation Durable Goods The physical good orthe delivered service that supplies the desired benefit The actual product plus other supporting features such as a warranty credit delivery installation and repair service after the sale The step in the product development process in which marketers assess a product s commercial viability The final step in the product development process in which a new product is launched into the market The extent to which a new product is consistent with existing cultural values customs and practices The degree to which consumers find a new product or its use difficult to understand Manufactured goods or subassemblies of finished items that organizations need to complete their own products A modification of an existing product that sets one brand apart from its competitors A consumer good or service that is usually low priced widely available and purchased frequently with a minimum of comparison The coming together of tow or more technologies to create a new system with greater benefits than its parts All the benefits the product will provide for consumers or business customers The process by which the use of a product spreads throughout a population A totally new product that creates major changes in the way we live Consumer products that provide benefits over a long period oftime cars furniture Dynamically Continuous innovation Early adopters Early majority Emergency products Equipment Fastmoving consumer goods FMCG Good Idea generation Impulse product Impulse purchase Innovation Innovators Knockoff Laggards Late majority A change in an existing product that requires a moderate amount of learning or behavior change Those who adopt an innovation early in the diffusion process but after the innovators Those who adoption of a new product signals a general acceptance of the innovation Products we purchase when were in dire need Expensive goods that an organization uses in its daily operations that last for a long time Products that exhibit consistently high velocity of sales in the consumer marketplace A tangible product that we can see touch smell The first sep of product development in which marketers brainstorm for products that provide customer benefits and are compatible with the company mission A product people often buy on the spur ofthe moment A purchase made without any planning or search effort A product that consumers perceive to be new and different from existing products The first segment of a population to adopt a new product A new product that copies with slight modification the design of a original product The last consumers to adopt an innovaiton The adopters who are willing to try new products when there is little or no risk associated with the purchase economic necessity or when there is social pressure Maintenance repair and operation products Media blitz Nondurable goods Observability Processed materials Product concept development and screening Product adoption Prototypes Raw materials Relative advantage Staples Sho pbots Shopping product Specialty product Goods that a business customer consumes in a relatively short time A massive advertising campaign that occurs over a relatively short time frame Consumer products that provide benefits for a short time because they are consumed or no longer useful How visible a new product and its benefits are to others who might adopt it Products created when firms transform raw materials from their original state The second step of product development in which marketers test product ideas for technical and commercial success The process by which a consumer or business customer begins to buy and use a new good service or idea Test versions of a proposed product Products ofthe fishing lumber agricultural and mining industries that organizational customers purchase to use in their finished products The degree to which a consumer perceives that a new product provides superior benefits Basic or necessary items that are available almost everywhere Computer programs that find sites selling a particular product A good or service for which consumers spend considerable time and effort gatherin information and comparing alternatives before making a purchase A good or service that has unique characteristics and is important to the buyer and for which the buyer will devote significant effort to acquire Brand Brand equity Brand extension Brand manager Cannibalization Co bra nding Decline stage Family brand Generic Branding Growth Stage Ingredient branding Introduction stage ISO 9000 ISO 14000 A name a term a symbol or any other unique element of a product that identifies one firm s products and sets it apart from the competition The value of a brand to an organization A new product sold with the same brand name as a strong existing brand An individual who is responsible for developing and implementing the marketing plan for a single brand The loss of sales of an existing brand when a new item in a product line or product family is introduced An agreement between two brands to work together in marketing a new product The final stage in the product life cycle during which sales decrease as customer needs change A brand that a group of individual products or individual brands share A strategy in which products are not branded and are sold at the lowest price possible The second stage in the product life cycle during which the product is accepted and sales rapidly increase A form of cobranding in which branded materials are used as ingredients or component parts of other branded products The first stage ofthe product life cycle in which slow growth follows the introduction of a new product in the marketplace Criteria developed by the International organization for Standardization to regulate product quality in Europe Standards ofthe International Organization for Standardization concerned with environmental management aimed at minimizing harmful effects on the environment Kansei engineering Licensing A Japanese philosophy that translates customers feelings into design elements An individual who is respnsible Advergaming Brand placements in video games Advertising Nonpersonal communication paid for by an identified sponsor using mass media to persuade or inform Advertising Appeal The central idea or theme of an advertising message Advertising Campaign A coordinated comprehensive plan that carries out promotion objectices and results in a series of advertisements placed in media over a period of time Advertising exposure The degree to which the target market will see an advertising message placed in a specific vehicle Advocacy advertising A type of public service advertising provided by an organization that is seeking to influence public opinion on an issue because it has some stake in the outcome Aided recall A research technique that uses clues to prompt answers from people about advertisements they might have seen Aperture The best place and time to reach a person in the target market group Attitudinal measures A research technique that probes a consumer s beliefs or feelings about a product before and after being exposed to messages about it Banners Internet advertising in the form of rectangular graphics at the top or bottom of Web pgs Buttons Small bannertype advertisements that can be placed anywhere on a web page Case allowance A discount to the retailer or wholesaler based on the volume of product ordered Copy Testing A marketing research method that seeks to measure the effectiveness of ads determining whether consumers are receiving comprehending and responding to the ad according to plan Cost per thousand CPM A measure used to compare relative cost effectiveness of different media vehicles that have different exposure rates the cost to deliver a message to 1000 people or homes Creative strategy The process that turns a concept into an advertisement Crosspromotion Two or more goods or services combine forces to create interest using a single promotional tool Frequency The average number oftimes a person in the target group will be exposed to the message Frequency programs Consumer sales promotion programs that offer a discount or free product for multiple purchases overt time Fullservice agency An agency that provides most or all ofthe services needed to mount a campaign including research creation of ad copy and art media selection and production ofthe final messages Gross rating points A measure used for comparing the effectiveness of different media vehicles average reach X frequency Impressions The number of people who will be exposed to a message placed in one or more media vehicles Institutional advertising An advertising message that promotes the activities personality or point of view of an organization or company Limitedservice advertising An agency that provides one or more specialized services such as media buying or creative development Media planning The process of developing media objectives strategies and tactics for use in an advertising campaign Media schedule The plan that specifies the exact media to use and when to use it Merchandising allowance Reimburses the retailer for instore support of the product Outofhome media A communication medium that reaches people in public places Permission marketing Email advertising in which online consumers have the opportunity to accept or refuse the unsolicited email Placebased media Advertising media that transmit messages in public places such as doctors offices and airports where certain types of people congregate Pointofpurchase promotion lnstore displays or signs Posttesting Research conduct ed on consumers responses to actual advertising messages they have seen or heard Premiums Items offered free to people who have purchased a product Press release Information that an organization distributes to the media intended to win publicity Pretesting A research method that seeks to minimize mistakes by getting consumer reactions to ad messages before they appear in the media Product advertising An advertising message that focuses on a specific good or service Promotional products Goodies such as coffee mugs t shirts and magnets given away to build awareness for a sponsor Public relations Communication function that seeks to build good relationships with an organization s publics including consumers stockholders and legislators Public relations campaign A coordinated effort to communicate with one or more ofthe firm s publics Public service advertisements Advertising run by the media without charge for not for profit organizations or to champion a particular cause Publicity Unpaid communication about an organization appearing in the mass media Push money The company tries to move its products through the channel by convincing channel members to offer them Reach The percentage ofthe target market that will be exposed to the media vehicle Rebates Sales promotions that allow the customer to recover part of the product s cost from the manufacturer Sales promotion Programs designed to buld interest in or encourage purchase of a product during a specified period Sampling The process of selecting respondents for a study
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