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46 Cards in this Set
- Front
- Back
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Customer Satisfaction
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a customers positive, neutral or negative feeling about the value that was received.
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Customer Loyalty
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refers to how often, when selecting from a product class, a customer purchases a specific brand
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Cost structure
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amount of resources required to produce a specific amount of sales
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Consumer Expectations
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consumers' beliefs about the performance of a product based on prior experience.
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Customer Defections
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the percentage of customers who switch to another brand or supplier
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Satisfaction Ratings
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provide a way for consumers to compare brands, enable testing agencies to determine how well products perform and allow companies to monitor how satisfied customers are with their product. (it is an ongoing survey)
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Quality
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the degree of excellence of a company's products
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Service Quality
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the expected and perceived quality
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Assessments of Quality
Objective and Subjective |
Objective - indicated to what degree the product does what it is supposed to do
Subjective - indicates to what degree product does what the customers want |
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Integrated Supply Chain
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activities that organizations undertake, such as product developments and delivery to the customer
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Ethical Behavior in Fulfilling Commitments
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Remedy to customers when quality does not meet expectations.
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Employee and Customer Invovlement
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Entire org and its customers involved in efforts to improve performance w
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Segmentation
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Market segment is a homogeneous group of customers with similar needs wants and values and buying behavior
Target market involves selecting certain segments for emphasis |
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Target Marketing
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Determine the criteria for selecting target segments and select the target segment strategy.
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Positioning
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Establishing how customers will view your org relative to competitors and getting a positive image.
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Segmentation Variables
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any descriptive characteristic that helps separate all potential purchasers into groups.
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Market Segment Profile
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Compiles info about the market segment and amount of opportunity it represents
-- size and growth, competitive factors, cost and efficiency, segment leadership, compatibility. |
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Steps for Positioning
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1. Indentify attributes or characteristics used by buyers to understand brands
2. Diagram important dimensions 3. Locate the brand relative to others based on how its perceived 4. Identify ideal position for buyers in the segment 5. Determine fundamental way to position the product 6. Develop the marketing mix that supports the positioning stragegy |
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Basis for Positioning
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Benefit, Price/quality, Time or use of application, product user or spokesperson, direct comparison, product class or category, country of origin.
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Augmented Products
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have characteristics that enhance value beyond that of the core and branded product
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Depth and Breadth of a Product Line
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Depth (shallow or deep) refers to the number of items and breadth (narrow or broad) refers to the number of different lines a company markets
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Trademark Piracy
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Brand name and the trademark symbol or logo are protected by law if they are legally registered. Gives owner the sole right to use them any way they choose.
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Brand Equity
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the assets linked with the brand name and symbol that add value to the product or service
ie. - - - - brand awareness, loyalty, perceived quality, associations and competitive advantage. |
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Competitive Advantage
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Company can market value rather than compete on price. Or a barrier to entry.
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Maintaining Brand Value
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to prevent brand names from becoming available for general use, a company must continuously inform the public about its exclusive ownership.
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Global Foces Creating Growth
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Technology, quality of life, Gov't deregulations of Services, Competition in Professional services, privatization, need for specialization, access to knowledge, growth of franchising.
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Services
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Services are unique: relationship with consumers, the service encounter connection, simultaneous production and consumption, no storage and inventory, service quality control
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Consumer Eval of Services
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Personal factor- rely more in info from personal sources
Post-purchase evaluation Surrogates for Judgment Smaller set of acceptable brands or suppliers Slow adoption- risk of buying services greater Strong brand loyalty-stick with what they know |
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Service Quality
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Plays a significant part in the purchase decision for most consumers, it is crucial for marketing success.
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SQ Tangibles
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Services are intangible, but are often associated with facilities, equipment, personnel, and promotional materials
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SQ Reliability
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The ability to perform the promised service dependably and accurately
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SQ Responsiveness
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The willingness of providers to be helpful and give prompt service
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SQ Assurance
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The knowledge and courtesy of employees and their ability to convey trust and competence
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SQ Empathy
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The caring, individualized attention that a firm provides its customers
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SQ Consumer Factors
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Factors that influence the consumer's view of service quality include word of mouth, personal needs, past experiences and external communication
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SQ Quality Perception
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providers need to be accurate and reasonable about what they lead customers to expect
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New Product Development Process
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1. New-product strategy
2. Idea Generation 3. Idea Screening 4. Business Analysis 5. Prototype Product Development 6. Market Testing 7. Commercialization |
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Idea Generation comes from
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Sources of new product ideas: Employees, customers, technology forecasts, distributors, suppliers, competitors, R&D, Environmental Trends, Consultants
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New Product Committee
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Consists of key functional personnel who are brought together periodically to develop new products
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Venture Team
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A group formed for a set period to accomplish a set goal.
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Consulting Organizations
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Full service or speciality consulting firms can be hired to set up new-product development systems, facilitate the process, or conduct all or part of the development task
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Product Life Cycles
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Introduction, Growth, Maturity, Decline
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Types of Product Life Cycles
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High-tech products, Fads, Styles or Fashions
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Extending the Product Life Cycle
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1. Selling to New Segments
2. Stimulate more frequent use 3. Encourage more use per occasion 4. Promoting more Varied Use. |
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Adoption
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adoption: describes how conumers make a product choice. Five steps
1. Knowledge 2. Persuasion 3. Decision 4. Implementation 5. Confirmation |
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Diffusion
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Describes the spread of innovations from one group to another over time.
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