| A | B |
|---|
| marketing | Set of processes for creating, communicating, and delivering value to customers and for improving customer relationships. |
| 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 interested in your product, have access to it, and have the means to buy it. |
| consumer market | Buyers who want a product for personal use. |
| industrial market | Buyers who want a 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 Ps) 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. |
| primary data | Newly collected marketing information that addresses specific questions about the target market. |
| 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 names. |
| 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 | Practice strategy that bases the price of a product on how much people are willing to pay for it. |
| target costing | Practice 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 is 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 (distributors) | Intermediaries who buy goods from suppliers and sell them to businesses who 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 (SCM) | 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, nonpersonal 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. |
| 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 require shifts in marketing plans. |
| consumer behavior | Decision process that individuals go through when purchasing or using products. |
