BUSN 311: Final Exam Review Terms

states of felt deprivation

the form human needs take as they are shaped by culture and individual personality

human wants that are backed by buying power

strengths, weaknesses, opportunities, threats
→ an overall analysis of a company

comparing the companies products and processes to those of competitors or leading firms in other industries to identify best practices and find ways to improve quality and performance

dividing a market into different age and life-cycle groups

dividing a market into segments based on consumer knowledge, attitudes, uses of a product, or responses to a product

dividing the market into segments according to the different benefits that consumers seek from the product

dividing the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation

dividing a market into different segments based on gender

dividing a market into different geographical units, such as nations, states, regions, countries, cities, or even neighborhoods

dividing the market into different income segments

forming segments of consumers who have similar needs and buying behavior even though they are located in different countries

dividing the market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item

dividing a market into different segments based on lifestyle or personality characteristics

a set of buyers who share common needs or characteristics that a company decides to serve

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers

→ product, customer, channel, price
→ actually differentiating the market offering to create superior customer value

the full mix of benefits upon which a brand is positioned

an advantage over competitors gained by offering greater customer value either by having lower prices provided more benefits that justify higher prices

engaged directly with carefully targeting individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships

the process of changing a product to meet the needs of customers in a market other than the one in which it is made for

the overall process of building and maintaining profitable relationships with customers by delivering superior customer value and satisfaction

the specific blend of promotional tools that the company uses to persuasively communicate customer value and build customer relationships

the set of tactical marketing tools (the 4 Ps) that the firm blends to produce the response it wants in the target market

product, place, price, promotion

marketing that is carried out by a for-profit business to advance a charitable cause or better society

communication strategies that marketing and advertising professionals use to grab attention and persuade people to buy or act

any paid form of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor

companies can achieve competitive advantage through the way the design their distribution channels’ coverage, expertise, and performance

the impact of the personal words and recommendations of trusting friends, family, associates, and other consumers on buying behavior

the amount of time spent in each stage will vary from product to product, and different companies have different strategic approaches to transitioning from one phase to the next

carefully integrating and coordinating the companies many communications channels to deliver a clear, consistent, and compelling message about the organization and its products

setting price to break even on the costs of making and marketing a product, or setting price to make a target return

setting prices based on competitors strategies, prices, costs, and marketing offerings

setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk

adding a standard markup to the cost of product

setting price based on buyers perceptions of value rather than on the sellers' cost

offering just the right combination of quality and good service at a fair price

adding a standard markup to the cost of the product

attaching value-added features and services to differentiate a company’s offers and charging higher prices

pricing in which the seller designates some city as a basing point and charges all customers the freight cost from the city to the customer

adjusting prices continually to meet changing conditions and situations in the marketing

pricing in which goods are placed free on board a carrier; the customer pays the freight from the factory to the destination

pricing in which the seller absorbs all of part of the freight charges in order to get the desired business

setting prices for customers located in different parts of the country or world

setting a low price for a new product in order to attract a large number of buyers and a large market share

setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but profitable sales

the pricing of optional or accessory products along with a main product

adjusting prices in real time to fit individual customer needs, situations, locations, and buying behaviors

combining several products and offering the bundle at a reduced price

setting the price steps between various products in a product line based on cost differences between the products, customer evaluations, of different features, features, and competitors prices

temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales

pricing that considers the psychology of process and not simply the economics; the price is used to say something about the product

prices that buyers carry in their minds and refer to when they look at a given product

selling a product or service at two or more prices, where difference in prices is not based on differences in costs

pricing in which the company charges the same price plus freight to all customers, regardless of their location

→ pricing in which the company sets up two or more zones
→ all customers within a zone pay the same total price; the more distant the zone, the higher the price

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

gathering primary data by observing relevant people, actions, and situations