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brand A name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products. brand name That part of a brand that can be spoken, including letters, words, and numbers. brand mark The el

Business marketing
is the marketing
of goods and services to
individuals and organizations
for purposes other than personal
consumption.
three primary marketing goals of
U.S. business marketers
are customer
acquisition (62 percent), creating
brand awareness (19 percent), and
customer retention (12 percent).1
business-to-business electronic
commerce
The use of the Internet to facilitate the
exchange of goods, services, and
information between organizations.
Recency
relates to the fact that customers who have made a purchase
recently are more likely to purchase again in the near future than customers who haven’t
purchased for a while.
Frequency
data help marketers identify frequent purchasers who
are definitely more likely to repeat their purchasing behavior in the future.
The monetary value
of sales is important because big spenders can be the most profitable
customers for a business.
stickiness
A measure of a Web site’s
effectiveness; calculated by
multiplying the frequency of visits
times the duration of a visit times
the number of pages viewed during
each visit (site reach).
Stickiness = Frequency × Duration × Site Reach
disintermediation
eliminating intermediaries
such as wholesalers or distributors from a marketing channel. A prime example of
disintermediation is Dell, Inc., which sells directly to business buyers and consumers.
Large retailers such as Wal-Mart use a disintermediation strategy to help reduce costs
and prices.14
reintermediation
the reintroduction
of an intermediary between producers and users. They realized that providing
direct online purchasing only was similar to having only one store in a city selling a
popular brand.
relationship marketing
relationship marketing is a strategy
that entails seeking and establishing ongoing partnerships
with customers.
strategic alliance
A strategic alliance, sometimes called a strategic partnership, is a cooperative agreement
between business firms. Strategic alliances can take the form of licensing or distribution
agreements, joint ventures, research and development consortia, and partnerships.
relationship commitment
A firm’s belief that an ongoing
relationship with another firm is so
important that the relationship
warrants maximum efforts at
maintaining it indefinitely.
trust
trust
The condition that exists when
one party has confidence in an
exchange partner’s reliability and
integrity.
keiretsu
A network of interlocking corporate
affiliates.
Amae
is the feeling of nurturing concern for,
and dependence on, another
keiretsu
keiretsu—a network of interlocking corporate affiliates. Within
a keiretsu, executives may sit on the boards of their customers or their
suppliers.
business marketing four major categories
producers, resellers,
governments, and institutions.
original equipment
manufacturers (OEMs)
Individuals and organizations that
buy business goods and incorporate
them into the products that they
produce for eventual sale to other
producers or to consumers.
reciprocity
The practice of business
purchasers choosing to buy from
their own customers
buying center
All those persons in an organization
who become involved in the
purchase decision.
a market
is (1) people or organizations
with (2) needs or wants and with (3) the ability and (4) the willingness to buy. A group of
people or an organization that lacks any one of these characteristics is not a market.
market segment
is a subgroup of people or organizations sharing
one or more characteristics that cause them to have similar product needs.
market segmentation
The process of dividing a market
into meaningful, relatively similar,
and identifiable segments or groups.
Multiple-variable segmentation is clearly more precise
than single-variable segmentation.
it is
psychographic segmentation
Market segmentation on the basis of
personality, motives, lifestyles, and
geodemographics.
geodemographic
segmentation
Segmenting potential customers into
neighborhood lifestyle categories.
benefit segmentation
The process of grouping customers
into market segments according
to the benefits they seek from the
product.
satisficers
Business customers who place an
order with the first familiar supplier
to satisfy product and delivery
requirements.
optimizers
Business customers who consider
numerous suppliers, both familiar
and unfamiliar, solicit bids, and
study all proposals carefully before
selecting one.
target market
A group of people or organizations
for which an organization designs,
implements, and maintains a
marketing mix intended to meet the
needs of that group, resulting in
mutually satisfying exchanges.
undifferentiated targeting
strategy
A marketing approach that views
the market as one big market with
no individual segments and thus
uses a single marketing mix.
concentrated targeting
strategy
A strategy used to select one
segment of a market for targeting
marketing efforts.
niche
One segment of a market.
cannibalization
A situation that occurs when sales
of a new product cut into sales of a
firm’s existing products.
one-to-one marketing
An individualized marketing method
that utilizes customer information to
build long-term, personalized, and
profitable relationships with each
customer.
positioning
Developing a specific marketing
mix to influence potential customers’
overall perception of a brand,
product line, or organization in
general.
position
The place a product, brand, or
group of products occupies in
consumers’ minds relative to
competing offerings.
perceptual mapping
A means of displaying or graphing,
in two or more dimensions, the
location of products, brands, or
groups of products in customers’
minds
Attribute
A product is associated with an
attribute, product feature, or customer benefit.
Kleenex has designed a tissue that contains substances
to kill germs in an effort to differentiate its
product from competing tissues
product differentiation
A positioning strategy that
some firms use to distinguish their
products from those of competitors.
repositioning
Changing consumers’ perceptions of a brand in relation to competing brands.
Successful market segmentation
depends on four basic criteria
: (1) a market segment must be substantial and
have enough potential customers to be viable; (2) a market segment must be identifiable
and measurable; (3) members of a market segment must be accessible to
marketing efforts; and (4) a market segment must respond to particular marketing
efforts in a way that distinguishes it from other segments.
Six steps are involved when
segmenting markets:
(1) selecting a market or product category for study;
(2) choosing a basis or bases for segmenting the market; (3) selecting segmentation
descriptors; (4) profiling and evaluating segments; (5) selecting target markets;
and (6) designing, implementing, and maintaining appropriate marketing mixes.
Marketers select target
markets using three different strategies:
undifferentiated targeting, concentrated targeting, and multisegment targeting. An undifferentiated targeting strategy
assumes that all members of a market have similar needs that can be met with a single marketing mix. A concentrated targeting strategy focuses all marketing efforts on a single market segment. Multisegment targeting is a strategy that uses
two or more marketing mixes to target two or more market segments.
database marketing
The creation of a large
computerized file of customers’
and potential customers’ profiles
and purchase patterns.
marketing research
The process of planning, collecting,
and analyzing data relevant to a marketing decision
marketing research problem
Determining what information is
needed and how that information
can be obtained efficiently and
effectively.
marketing research objective
The specific information needed to
solve a marketing research problem;
the objective should be to provide
insightful decision-making information.
management decision problem
A broad-based problem that uses
marketing research in order for
managers to take proper actions.
secondary data
Data previously collected for any purpose other than the one at hand.
research aggregator
A company that acquires, catalogs,
reformats, segments, and resells
reports already published by
marketing research firms.
research design
Specifies which research questions
must be answered, how and when
the data will be gathered, and how
the data will be analyzed.
primary data
Information that is collected for the first
time; used for solving the particular
problem under investigation.
survey research
The most popular technique for
gathering primary data, in which a
researcher interacts with people to
obtain facts, opinions, and attitudes.
universe
The population from which a
sample will be drawn.
probability sample
A sample in which every element
in the population has a known
statistical likelihood of being
selected.
random sample
A sample arranged in such a way
that every element of the population
has an equal chance of being
selected as part of the sample.
nonprobability sample
Any sample in which little or
no attempt is made to get a
representative cross section of the population.
convenience sample
A form of nonprobability sample
using respondents who are
convenient or readily accessible
to the researcher—for example,
employees, friends, or relatives.
measurement error
An error that occurs when there is a
difference between the information
desired by the researcher and
the information provided by the
measurement process.
sampling error
An error that occurs when a sample
somehow does not represent the
target population.
frame error
An error that occurs when a sample
drawn from a population differs
from the target population.
random error
An error that occurs when the
selected sample is an imperfect
representation of the overall
population.
field service firm
A firm that specializes in
interviewing respondents on a
subcontracted basis.
cross-tabulation
A method of analyzing data that
lets the analyst look at the responses
to one question in relation to the
responses to one or more other questions.
Web community
A carefully selected group of
consumers who agree to participate
in an ongoing dialogue with a
particular corporation.
consumer generated media
(CGM)
Media which consumers generate
and share among themselves.
behavioral targeting
A form of observation marketing
research that uses data mining
coupled with identifying Web surfers by their IP addresses.
scanner-based research
A system for gathering information
from a single group of respondents
by continuously monitoring the
advertising, promotion, and pricing
they are exposed to and the things
they buy.
BehaviorScan
A scanner-based research program
that tracks the purchases of 3,000
households through store scanners in
each research market.
InfoScan
A scanner-based sales-tracking
service for the consumer packaged goods
industry.
competitive intelligence (CI)
An intelligence system that helps
managers assess their competition
and vendors in order to become
more efficient and effective
competitors.
product
Everything, both favorable and
unfavorable, that a person receives
in an exchange.
business product
(industrial product)
A product used to manufacture
other goods or services, to facilitate
an organization’s operations, or to
resell to other customers.
consumer product
A product bought to satisfy an
individual’s personal wants.
convenience product
A relatively inexpensive item that
merits little shopping effort.
shopping product
A product that requires comparison
shopping because it is usually more
expensive than a convenience product
and is found in fewer stores.
specialty product
A particular item for which consumers
search extensively and are very
reluctant to accept substitutes.
unsought product
A product unknown to the potential
buyer, or a known product that the
buyer does not actively seek.
product item
A specific version of a product that
can be designated as a distinct offering among an organization’s products.`
product line
A group of closely related product
items.
product mix
All products that an organization sells.
product mix width
The number of product lines an
organization offers.
product line depth
The number of product items in a
product line.
product modification
Changing one or more of a
product’s characteristics.
brand
A name, term, symbol, design, or
combination thereof that identifies a
seller’s products and differentiates
them from competitors’ products.
be spoken.
brand name
That part of a brand that can be
spoken, including letters, words,
and numbers
brand mark
The elements of a brand that cannot
Branding has three main purposes:
product identification, repeat sales, and new-product
sales.
brand equity
The value of company and brand
names.
global brand
A brand where at least one-third of
the product is sold outside its home
country or region.
brand loyalty
A consistent preference for one
brand over all others.
manufacturer’s brand
The brand name of a manufacturer.
private brand
A brand name owned by a
wholesaler or a retailer.
captive brand
A brand that carries no evidence
of a retailer’s affiliation, is
manufactured by a third party, and
is sold exclusively at the retailer.
individual branding
Using different brand names for different products.
trademark
The exclusive right to use a brand
or part of a brand.
service mark
A trademark for a service.
persuasive labeling
A type of package labeling that
focuses on a promotional theme
or logo with consumer information
being secondary.
informational labeling
A type of package labeling
designed to help consumers make
proper product selections and lower
their cognitive dissonance after the
purchase.
warranty
A confirmation of the quality or
performance of a good or service.
express warranty
A written guarantee.
implied warranty
An unwritten guarantee that the
good or service is fit for the purpose
new product
A product new to the world, the
market, the producer, the seller, or
some combination of these.
new-product strategy
A plan that links the new-product
development process with the
objectives of the marketing
department, the business unit,
and the corporation.
product development
A marketing strategy that entails
the creation of marketable new
products; the process of converting
applications for new technologies
into marketable products.
brainstorming
The process of getting a group to
think of unlimited ways to vary a
product or solve a problem.
screening
The first filter in the product
development process, which
eliminates ideas that are inconsistent
with the organization’s newproduct
strategy or are obviously
inappropriate for some other reason.
concept test
A test to evaluate a new-product
idea, usually before any prototype
has been created.
business analysis
The second stage of the screening
process where preliminary figures
for demand, cost, sales, and
profitability are calculated.
development
The stage in the product
development process in which
a prototype is developed and a marketing strategy is outlined.
simultaneous product development
A team-oriented approach to
new-product development.
test marketing
The limited introduction of a product
and a marketing program to
determine the reactions of potential customers in a market situation.
simulated (laboratory)
market testing
The presentation of advertising and
other promotion materials for several
products, including a test product,
to members of the product’s target
market.
adopter
A consumer who was happy
enough with his or her trial
experience with a product to use
it again.
innovation
A product perceived as new by a
potential adopter.
diffusion
The process by which the adoption
of an innovation spreads.
product life cycle (PLC)
A biological metaphor that
traces the stages of a product’s
acceptance, from its introduction
(birth) to its decline (death).
PLC longer for product or brand?
The PLC for a product form is usually longer than the PLC for any one brand. The exception
would be a brand that was the first and last competitor in a product form market.
product category
All brands that satisfy a particular
type of need.
introductory stage
The first stage of the product
life cycle in which the full-scale
launch of a new product into the
marketplace occurs.
growth stage
The second stage of the product
life cycle when sales typically
grow at an increasing rate, many
competitors enter the market, large
companies may start acquiring small
pioneering firms, and profits are
healthy.
a decreasing rate.
maturity stage
The third stage of the product life
cycle during which sales increase at
a decreasing rate.
decline stage
The fourth stage of the product life
cycle, characterized by a long-run
drop in sales
Explain why some products succeed and others fail.
The most important factor in
determining the success of a new product is the extent to which the product
matches the needs of the market. Good matches are frequently successful. Poor
matches are not.

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