Ansoff Matrix
business tool that assesses four key considerations when determining the right marketing strategy
Consumer behavior
viewed through
... [Show More] four lenses: situational, personal, sociocultural and psychological
demographic segmentation
narrows the market by characteristics of possible consumers: age, gender, income, ethnicity
Marketing Mix
Product, Price, Place, Promotion (Four P's)
Modified Rebuy
a business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
Primary Data
information that is collected for the first time; used for solving the particular problem under investigation
Product Life Cycle Stages
Four stages that products and services pass through in life cycle:
1. Introduction
2. Growth
3. Maturity
4. Decline
Reference Groups
reference group made up of people consumer associates with
Secondary Data
research data already collected by the firm or another organization
the Four P's
The marketing Mix
The I's of Service
the four unique elements that distinguish services from products
Aspiration Membership
Reference group one desires to be apart of
characteristics of services
Four I's: intangibility, inseparability, inconsistency, and inventory
Derived Demand
Purchases by organizations that ultimately comes from the demand for consumer goods.
Dissociative
reference group one desires to not be apart of
Marketing concept
business model that involves creating value and satisfying consumer needs
Marketing research
Process of analyzing data about a company's product or service
Perceptual Map
a marketing technique to visually display perceptions of consumers to the product compared to similar products
Product Positioning
Marketing strategy used to influence how consumers perceive a product in comparison to competitors
Quantitative Research
structured research that is meant to answer a question in a way that can be communicated through numbers or statistics
Selective Exposure
Consumer will ignore or pay attention to information or advertisements based on a specific interest and needs
The seven P's
Elements of marketing mix plus physical evidence, people and process
BDI
Measures brand effectiveness of brand with a specified market segment compared to its performance with all consumers
CDI
Measures brand effectiveness within a category of products compared to average performance in the product category
Environmental forces/scan
Factors: regulatory, social, economic, competitive
interview panels
Group of people who will be questioned about product or advertisement characteristics
marketing strategy
a high level plan of action designed to promote and sell a product or service
Packaging
Provides three main functions: ease of identification for consumer, protection and information
product repositioning
strategy to influence or change a consumers' prior perceptions of brand
Qualitative Research
Defined as open-ended research meant to better understand consumer reasoning and behavior
selective perception
the way in which consumers receive, understand, and retain information
SWOT/SWOTT
analytical tool for identification and categorization of internal and external factors
Ultimate Consumer
the individual that will make use of the product
Behavioral segmentation
segments the market by what consumers do
buying center
within organization a group of people responsible for making purchase decisions; may include buyers, engineer, marketing, legal
buying objectives
why an organization would make a purchase, usually to increase sales and revenues or to reduce costs
evaluate criteria
step in purchasing decision making process where alternatives are assessed
focus group
A small group of recent car buyers gathered to elicit responses regarding products or services
organizational buyers
those that procurement product of serviced on behalf of an organization
psychographic segmentation
narrows segments of the market by how consumers act and think
selective retention
Consumer process of paying attention to what is important or relevant
Servicescape
Physical setting where services are produced, delivered, and consumed
The I's of Service
intangibility, inconsistency, inseparability, inventory
usage segmentation
Consumers may be classified as light, average, or heavy users of a product [Show Less]