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Marketing 1 Glossary

Marketing 1 Glossary

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Published by Yamsani Santhosh

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Published by: Yamsani Santhosh on Jul 27, 2011
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Instructions: This handout comprises a compilation of certain basic marketing concepts and terms.This is only a representation and students are requested not to limit their learning to this handoutonly.Branding
-- is a promise, a pledge of quality. It is the essence of a product, including why it isgreat, and how it is better than all competing products. It is an image. It is a combination ofwords and letters, symbols, and colors.
Brand -
A name, term, sign, symbol, or a combination of these used to identify the products ofone seller or group of sellers and differentiate them from those of competitors.
Brand image -
The total of all the impressions the consumer receives from the brand. Theseinclude actual experience, hearsay from other consumers, its packaging, its name, the kind ofstore in which it is sold, advertising, the tone and form of advertising, the media used foradvertising, and the types of people seen using, buying or recommending the brand.
Brand loyalty -
The degree of consumer preference for one brand compared to closesubstitutes; it is often measured statistically in consumer marketing research.
Brand Licensing-
A popular branding strategy, brand licensing is an agreement in which acompany permits another organization to use its brand on other products for a license fee.Royalties maybe as low as 2 per cent of wholesale revenues or higher than 10 per cent. Mattel,for example, licensed Warner Bros Harry Potter brand for use on board games and toys. Warnerguaranteed royalties of $20 million from Mattel’s licensing fee of 15 percent of gross revenuesearned in these branded products.
Marketing
-- the process of planning and executing the conception, pricing, promotion, anddistribution of ideas, goods, services, and people to create exchanges that will satisfyindividual and organizational goals. Marketing activities should attempt to create and maintainsatisfying relationships exchange relationships. To maintain an exchange relationship, buyersmust be satisfied with the obtained good, service, or idea and sellers must be satisfied with thefinancial reward or something else of value received. A dissatisfied customer who lacks trust inthe relationship often searches instead for alternative organizations or products.
Marketing management-
Is the process of planning, organizing, implementing and controllingmarketing activities to facilitate exchanges effectively and efficiently. Effectiveness is thedegree to which an exchange helps achieve an organization’s objectives. Efficiency refers tominimizing the resources an organization must spend to achieve a specific level of desiredexchanges.
Market-
a market could be a specific location or a geographic location, it is a group of peoplewho as individuals or as organizations have needs for products in a product class and have theability, willingness, and authority to purchase such products. In general use, the term marketsometimes refers to the total population or mass market that buys products. There are twotypes of markets-
Consumer markets and Business Markets.
 
Consumer markets-
Purchasers and household members who intend to consume or benefitfrom the purchased products and do not buy to make profits.
Business markets-
Individuals or groups that purchase a specific kind of product for resale,direct use in producing other products, or use in general daily operations.
 
Personal Selling-
Paid personal communication that informs customers and persuades them tobuy products in an exchange situation.
Elements of Personal selling process-
The specific activities involved in the selling processvary among salespeople and selling situations. No two salespeople use the same sellingmethods. Nonetheless, many salespeople move through a general selling process as they sellthe products. This process consists of seven steps- prospecting, pre approach, approach,making the presentation, overcoming objections, closing the sale and following up.
4 P's vs. 4 C's
Not
PRODUCT
, but
CONSUMER-
Understand what the consumer wants and needs.Times have changed and you can no longer sell whatever you can make. The productcharacteristics must now match what someone specifically wants to buy. And part ofwhat the consumer is buying is the personal "buying experience."
Not
PRICE
, but
COST-
Understand the consumer's cost to satisfy the want or need. Theproduct price may be only one part of the consumer's cost structure. Often it's the costof time to drive somewhere, the cost of conscience of what you eat, and the cost ofguilt for not treating the kids.
Not
PLACE
, but
CONVENIENCE-
As above, turn the standard logic around. Thinkconvenience of the buying experience and then relate that to a delivery mechanism.Consider all possible definitions of "convenience" as it relates to satisfying theconsumer's wants and needs. Convenience may include aspects of the physical orvirtual location, access ease, transaction service time and hours of availability.
Not
PROMOTION
, but
COMMUNICATION-
Communicate, communicate, communicate.Many mediums working together to present a unified message with a feedbackmechanism to make the communication two-way. And be sure to include anunderstanding of non-traditional mediums, such as word of mouth and how it caninfluence your position in the consumer's mind. How many ways can a customer hear(or see) the same message through the course of the day, each message reinforcing theearlier images?
Micromarketing-
An approach to market segmentation in which organizations focus precisemarketing efforts on very small geographic markets.
Geodemographic segmentation-
Marketing segmentation that clusters people in zip codeareas and smaller neighborhood units based on lifestyle and demographic information.
Market density-
the number of potential customers within a unit of land area.
Psychographic variables-
Marketers sometimes use psychographic variables such as personalitycharacteristics, motives and lifestyles to segment markets. A psychographic dimension can beused by itself to segment a market or combined with other types of segmentation variables.
Cooperative advertising-
Sharing media costs by manufacturer and retailer for advertising themanufacturer’s products.
Dealer Loader-
A gift, often part of the display, offered to a retailer who purchases a specificquantity of the merchandise
Premium push money-
Extra compensation to sales people for pushing a line of goods.
 
AIDA model of communication:
A communication model which aims to obtain Attention,Interest, Desire and Action.
Advertising objective:
The objective of your communication strategy. To inform of a newdevelopment, persuade or remind.
Benefit:
The gain obtained from the use of a particular product or service. Consumerspurchase product/services because of their desire to gain these built in benefits.
Benefit Segmentation:
Dividing a market according to the benefit they seek from aparticular product/service.
Brand extension strategy:
The process of using an existing brand name to extend on to a newproduct/service e.g. The application of the brand name Virgin on a number of businessactivities.
Competitive Advantage:
Offering a different benefit then that of your competitors.
Competitor Analysis:
Process of understanding and analysing a competitors strengths andweaknesses, with the aim that an organisation will find a competitive positioning differencewithin the market.
Concept
 
testing:
Testing the idea of a new product or service with your target audience.
Brand repositioning:
An attempt to change consumer perceptions of a particular brand. Forexample VW has successfully repositioned the Skoda brand.
Data mining:
Application of artificial intelligence to solve marketing problems and aidingforecasting and prediction of marketing data.
Dichotomous question:
Questions which limit the responses of the respondent eg YES/NO.
Direct marketing:
The process of sending promotion material to a named person within anorganisation.
Diversification:
A growth strategy which involves an organisation to provide new products orservices. The new products on offer could be related or unrelated to the organisations coreactivities.
Demography
: A study of the population.
Demographic segmentation.
Dividing the population into age, gender, income and socio-economic groups amongst other variables..
Engels Law:
Suggest that peoples spending patterns change as their income rises.
Exclusive
 
distribution:
Limiting the distribution of a product to particular retail store to createan exclusive feel to the brand/product.
Econometric modeling
: Application of regression techniques in marketing analysis

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