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Class:MAR 3023 - Marketing Management
Subject:Marketing
University:Florida International University
Term:Fall 2011
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Marketing segmentation Process companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs.
Geographic segmentation Divides the market into different geographical units such as nations, regions, states, counties, or cities.
Demographic segmentation Divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generations, and nationality.
Psychographic segmentation Divides buyers into different groups based on social class, lifestyle, or personality traits.
Generated by Koofers.com
Behavioral segmentation Divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product.
Requirements for effective marketing segmentation (4) Measurable, Accessible, Substantial, Actionable
Undifferentiated marketing Targets the whole market with one offer.
Differentiated marketing Targets several different market segments and designs separate offers for each.
Generated by Koofers.com
Concentrated marketing Targets a small share of a large market.
Micromarketing Practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.
Product Anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.
Consumer products Products and services for personal consumption.
Generated by Koofers.com
Convenience products Consumer products and services that the customers usually buys frequently, immediately, and with a minimum comparison and buying effort.
Shopping products Consumer products and services that the customer compares carefully on suitability, quality, price, and style.
Specialty products Consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Product attributes The benefits of the product or service such as quality, features, and style and design.
Generated by Koofers.com
Brand The name, term, sign, or design , or a combination of these, that identifies the maker or seller of a product or service.
Packaging Involves designing and producing the container or wrapper for a product.
Effective labeling Identifies the product or brand, describes attributes, and provides promotion.
New product development (8 stages) 1. Idea generation
2. Idea screening
3. Concept development and testing
4. Marketing strategy development
5. Business analysis
6. Product development
7. Test marketing
8. Commercialization


Generated by Koofers.com
Product life cycle (5 stages) 1. Product development
2. Introduction
3. Growth
4. Maturity
5. Decline

Price The amount of money charged for a product or service.
Cost-based pricing Involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk.
Value-based pricing Uses the buyers' perception of value, not the seller's cost, as the key to pricing.

Generated by Koofers.com
Market-skimming pricing A strategy with high initial prices to skim revenue layers from the market.
Product line pricing Takes into account of the cost differences between products in the line, customer evaluation of their features, and competitors' prices.
Optional-product pricing Takes into account optional or accessory products along with the main product.
Captive-product pricing Involves products that must be used along with the main product.
Generated by Koofers.com
Quantity discount Reduces prices to buyers who buy large volumes.
Seasonal discount Reduces prices to buyers who purchase merchandise or services out of season.
Timing pricing Reduces prices to buyeres who based on month, day, even hour.
Promotional pricing Temporarily reduces prices below list price to increase short-run sales.
Generated by Koofers.com
Sales promotion The short-term incentives to encourage purchases or sales of a product or service.
Samples Offer a trial amount of a product.
Coupons Certificates that give buyers a saving when they purchase specified products.
Cash refunds (rebates) Similar to coupons except it occurs after the purchase.
Generated by Koofers.com
Contests, Sweepstakes, Games Give consumers the chance to win something, such as cash, trips, or goods, by luck or through extra effort.
Direct-mail marketing Involves an offer, announcement, reminder, or other item to a person at a particular address. 
Catalog marketing Involves printed and web-based catalogs.
Telephone marketing Involves using the telephone to sell directly to consumers and business customers.
Generated by Koofers.com
Direct response TV marketing Involves using the telephone to sell directly to consumers and business customers.
Kiosk marketing Involves placing information and ordering machines in stores, airports, trade show, and other location.
Mobile phone marketing Include ring-tone giveaways, mobile games, ad-supported contest, contests and sweepstakes. 
Podcasts & Vodasts Involves the downloading of audio and video files via the internet to a handheld device such as PDA or Ipod and listening to them at the consumer's convenience.
Generated by Koofers.com
Interactive TV Lets viewers interact with television programming and advertising using their remote controls and provides marketers with an interactive and involving means to reach targeted audiences.
Business-to-Consumer Involves selling goods and services online to final consumers.
Business-to-Business Involves selling goods and services, providing information online to business, and building customer relationships.
Consumer-to-Business Involves consumers communicating with companies to send suggestions and questions via company web sites.
Generated by Koofers.com
Consumer-to-Consumer Occurs on the web between interested parties over a wide range of products and subjects. Example: blogs.
Click-only markets Operate only online without any brick and mortar presence.
Click and mortar Companies are brick-and-mortar companies with an online presence.
E-taileres Dot coms that sell products and services directly to final buyers via the internet.
Generated by Koofers.com
Promotional mix The specific blend of advertising, public relations, personal selling, and direct-marketing tools that the company uses to persuasively communicate customer value and build customer relationships.
Advertising Short-term incentives to encourage the purchase or sale of a product or service.
Personal selling Personal presentation by the firm's sales force for the purpose of marking sales and building customer relationships.
Public relations Involves building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events.
Generated by Koofers.com
Direct Marketing Involves making direct connections with carefully targeted individual consumers.
9 Steps in communication process 1. Sender
2. Encoding
3. Message
4. Media
5. Decoding
6. Receiver
7. Response
8. Feedback
9. Noise
Rational appeals Relates to the audience's self-interest.
Emotional appeal Attempt to stir positive or negative emotions to motivate a purchase.
Generated by Koofers.com
Moral appeals Directed at the audience's sense of right and proper.

Advertising objectives Specific communication task to be accomplished with a specific target audience during a specific time. 
Informative Advertising Used when introducing a new product category; the objective is to build primary demand.
Comparison advertising Directly or indirectly compares the brand with one or more other brands.
Generated by Koofers.com
Persuasive Advertising Important with increased competition to build selective demand.
Reminder Advertising Important with mature products to help maintain customer relationships and keep customers thinking about the product.
Reach Measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time
Frequency Measure of how many times the average person in the target market is exposed to the market.
Generated by Koofers.com
Distribution Channels Set of independent organizations that help make a product or service available for use or consumption by the consumer or business users.
Market intermediaries People or organizations that help get products to the final consumer.
Direct marketing channel Has no intermediary levels; the company sells directly to consumers.
Indirect marketing channel Contains one or more intermediaries.
Generated by Koofers.com
Intensive Distribution A strategy used by producers of convenience products and common raw materials in which they stock their products in as many outlets as possible.
Exclusive Distribution A strategy in which the producer gives only a limited number of dealers the exclusive right to distribute its products in their territories. 
Selective Distribution A strategy when a producer uses more than one but fewer than all of the intermediaries willing to carry the producer's products.
Physical Distribution Involves planning, implementing, and controlling the physical flow of goods, services, and related information from points of consumption to meet consumer requirements at a profit.
Generated by Koofers.com
Retailing Includes all the activities in selling products or services directly to final consumers for their personal, non-business use.
Specialty stores Carry narrow product lines with deep assortments within the product lines.

Department stores Carry a wide variety of product lines.
Convenience stores Carry a limited line of high-turnover convenience goods.
Generated by Koofers.com
Superstores Offer a large assortment of routinely purchased food products, non food items, and services.
Discount stores Sell standard merchandise at lower prices by accepting lower margins and selling higher volume.
Direct marketing Selling your product directly to consumers.
Wholesaling All the activities involved in selling goods and services to those buying for resale or business use.
Generated by Koofers.com

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 Marketing segmentationProcess companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs.
 Geographic segmentationDivides the market into different geographical units such as nations, regions, states, counties, or cities.
 Demographic segmentationDivides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generations, and nationality.
 Psychographic segmentationDivides buyers into different groups based on social class, lifestyle, or personality traits.
 Behavioral segmentationDivides buyers into groups based on their knowledge, attitudes, uses, or responses to a product.
 Requirements for effective marketing segmentation (4)Measurable, Accessible, Substantial, Actionable
 Undifferentiated marketingTargets the whole market with one offer.
 Differentiated marketingTargets several different market segments and designs separate offers for each.
 Concentrated marketingTargets a small share of a large market.
 MicromarketingPractice of tailoring products and marketing programs to suit the tastes of specific individuals and locations.
 ProductAnything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.
 Consumer productsProducts and services for personal consumption.
 Convenience productsConsumer products and services that the customers usually buys frequently, immediately, and with a minimum comparison and buying effort.
 Shopping productsConsumer products and services that the customer compares carefully on suitability, quality, price, and style.
 Specialty productsConsumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
 Product attributesThe benefits of the product or service such as quality, features, and style and design.
 BrandThe name, term, sign, or design , or a combination of these, that identifies the maker or seller of a product or service.
 PackagingInvolves designing and producing the container or wrapper for a product.
 Effective labelingIdentifies the product or brand, describes attributes, and provides promotion.
 New product development (8 stages)1. Idea generation
2. Idea screening
3. Concept development and testing
4. Marketing strategy development
5. Business analysis
6. Product development
7. Test marketing
8. Commercialization


 Product life cycle (5 stages)1. Product development
2. Introduction
3. Growth
4. Maturity
5. Decline

 PriceThe amount of money charged for a product or service.
 Cost-based pricingInvolves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk.
 Value-based pricingUses the buyers' perception of value, not the seller's cost, as the key to pricing.

 Market-skimming pricingA strategy with high initial prices to skim revenue layers from the market.
 Product line pricingTakes into account of the cost differences between products in the line, customer evaluation of their features, and competitors' prices.
 Optional-product pricingTakes into account optional or accessory products along with the main product.
 Captive-product pricingInvolves products that must be used along with the main product.
 Quantity discountReduces prices to buyers who buy large volumes.
 Seasonal discountReduces prices to buyers who purchase merchandise or services out of season.
 Timing pricingReduces prices to buyeres who based on month, day, even hour.
 Promotional pricingTemporarily reduces prices below list price to increase short-run sales.
 Sales promotionThe short-term incentives to encourage purchases or sales of a product or service.
 SamplesOffer a trial amount of a product.
 CouponsCertificates that give buyers a saving when they purchase specified products.
 Cash refunds (rebates)Similar to coupons except it occurs after the purchase.
 Contests, Sweepstakes, GamesGive consumers the chance to win something, such as cash, trips, or goods, by luck or through extra effort.
 Direct-mail marketingInvolves an offer, announcement, reminder, or other item to a person at a particular address. 
 Catalog marketingInvolves printed and web-based catalogs.
 Telephone marketingInvolves using the telephone to sell directly to consumers and business customers.
 Direct response TV marketingInvolves using the telephone to sell directly to consumers and business customers.
 Kiosk marketingInvolves placing information and ordering machines in stores, airports, trade show, and other location.
 Mobile phone marketingInclude ring-tone giveaways, mobile games, ad-supported contest, contests and sweepstakes. 
 Podcasts & VodastsInvolves the downloading of audio and video files via the internet to a handheld device such as PDA or Ipod and listening to them at the consumer's convenience.
 Interactive TVLets viewers interact with television programming and advertising using their remote controls and provides marketers with an interactive and involving means to reach targeted audiences.
 Business-to-ConsumerInvolves selling goods and services online to final consumers.
 Business-to-BusinessInvolves selling goods and services, providing information online to business, and building customer relationships.
 Consumer-to-BusinessInvolves consumers communicating with companies to send suggestions and questions via company web sites.
 Consumer-to-ConsumerOccurs on the web between interested parties over a wide range of products and subjects. Example: blogs.
 Click-only marketsOperate only online without any brick and mortar presence.
 Click and mortarCompanies are brick-and-mortar companies with an online presence.
 E-taileresDot coms that sell products and services directly to final buyers via the internet.
 Promotional mixThe specific blend of advertising, public relations, personal selling, and direct-marketing tools that the company uses to persuasively communicate customer value and build customer relationships.
 AdvertisingShort-term incentives to encourage the purchase or sale of a product or service.
 Personal sellingPersonal presentation by the firm's sales force for the purpose of marking sales and building customer relationships.
 Public relationsInvolves building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events.
 Direct MarketingInvolves making direct connections with carefully targeted individual consumers.
 9 Steps in communication process1. Sender
2. Encoding
3. Message
4. Media
5. Decoding
6. Receiver
7. Response
8. Feedback
9. Noise
 Rational appealsRelates to the audience's self-interest.
 Emotional appealAttempt to stir positive or negative emotions to motivate a purchase.
 Moral appealsDirected at the audience's sense of right and proper.

 Advertising objectivesSpecific communication task to be accomplished with a specific target audience during a specific time. 
 Informative AdvertisingUsed when introducing a new product category; the objective is to build primary demand.
 Comparison advertisingDirectly or indirectly compares the brand with one or more other brands.
 Persuasive AdvertisingImportant with increased competition to build selective demand.
 Reminder AdvertisingImportant with mature products to help maintain customer relationships and keep customers thinking about the product.
 ReachMeasure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time
 FrequencyMeasure of how many times the average person in the target market is exposed to the market.
 Distribution ChannelsSet of independent organizations that help make a product or service available for use or consumption by the consumer or business users.
 Market intermediariesPeople or organizations that help get products to the final consumer.
 Direct marketing channelHas no intermediary levels; the company sells directly to consumers.
 Indirect marketing channelContains one or more intermediaries.
 Intensive DistributionA strategy used by producers of convenience products and common raw materials in which they stock their products in as many outlets as possible.
 Exclusive DistributionA strategy in which the producer gives only a limited number of dealers the exclusive right to distribute its products in their territories. 
 Selective DistributionA strategy when a producer uses more than one but fewer than all of the intermediaries willing to carry the producer's products.
 Physical DistributionInvolves planning, implementing, and controlling the physical flow of goods, services, and related information from points of consumption to meet consumer requirements at a profit.
 RetailingIncludes all the activities in selling products or services directly to final consumers for their personal, non-business use.
 Specialty storesCarry narrow product lines with deep assortments within the product lines.

 Department storesCarry a wide variety of product lines.
 Convenience storesCarry a limited line of high-turnover convenience goods.
 SuperstoresOffer a large assortment of routinely purchased food products, non food items, and services.
 Discount storesSell standard merchandise at lower prices by accepting lower margins and selling higher volume.
 Direct marketingSelling your product directly to consumers.
 WholesalingAll the activities involved in selling goods and services to those buying for resale or business use.
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