Marknadsföring LIU 1

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• the production concept Consumers will favor available products that are highly affordable
• the selling concept consumers will not buy enough of a certain good if the company does not undertakes a large scale selling and promotion effort
• Customer perceived value The customers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
• partner relationship management Working closely with partners in other company departments and outside the company to jointly bring value to customers
• the marketing concept Knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. Find the right product for your customers, not the right customers for your product
• the societal concept A company's decisions should consider consumers wants, company's requirements, consumers long term interests and society's long term interests
• customer lifetime-value The value of the entire steam of purchases a customer makes over a lifetime
• customer relationship management The process of building maintaining profitable customer relations by delivering superior customer value and satisfaction
• Production, product, selling, marketing, societal What are the five different marketing management orientations?
• the product concept Consumers will favor products that offer the most quality and performance
• value proposition The full mix of benefits upon which a product is positioned
• market myopia Focusing on the product and not the underlying need of customers
• demarketing To reduce the number of customers or to shift their demand
• customer equity The total customer lifetime value of current and potential customers
• share of customers The portion of the customer's purchasing that a company gets in its product categories
• Identifying the target customer and developing products tailored to their specific needs Explain customer-driven marketing(target marketing) strategies and how a company designs such a strategy
• Segment the market, Fulfill customer needs, Build customer loyalty, Use customer feedback the four elements in customer-driven marketing strategy
• oriented mission statement We sell high-quality computers
• oriented mission statement We bring inspiration and innovation to work
• portfolio analysis The process by which management evaluates the products and businesses that make up the company
• Identify the strategic business units, SBU. Asses the attractiveness of its SBU and decide how much support each deserves Which two parts can portfolio analysis be divided into?
• the four Ps Product, Price, Promotion, Place
• Perceived benefits - Perceived costs Which formula calculates customer value?
• relationship marketing Working with long term customer relationship and trying to create more value for them
• market segmentation Dividing a market into groups of customers who have different needs
• a market segment A group of customers who respond in a similar way to marketing
• market targeting The process of evaluation each market segment and selecting one or more segments to enter
• positioning Arranging for a product to occupy a place relative to competing products in the minds of target consumers
• value-chain The series of departments that carry out value-creating activities to a firm's products
• Analysis, Planning, Implementation, Control the general four steps in managing marketing?
• SWOT Strengths, Weaknesses, Opportunities, Threats
• Marketing implementation the process that turns marketing plans into marketing actions called
• transaction marketing The company focuses on sales transactions and attractive offers
• marketing control Evaluating the results and taking corrective action to ensure that objectives are attained
• operating control Checking ongoing performance against the annual plan. Its purpose is ensuring that the company achieves their goals
• Strategic control Looking at whether the company's basic strategies are well matched to its opportunities
• Standardized global marketing when a company uses largely the same marketing strategy approaches and marketing mix world wide?
• Adopted global marketing when a producer adjusts the marketing strategy and mix elements to each target market
• getting the balance right in a market context Glocal
• another word for target marketing Customer-driven marketing
• a companys macro environment Larger societal forces that affects the micro environment
• a companys micro environment The actors close to the company that affects its ability to serve its customers
• marketing intermediaries Firms that help the company to promote, sell and distribute its goods to final buyers
• financial intermediaries Banks and other business that help finance transactions
• Demography study of human populations in terms of size, density, location, age, gender, occupation and other statistics
• Engel's law A generalisation in economics: The bigger income you have, the less is the percentage spent for food
• Cause-related marketing When companies are linking themselves to worthwhile causes
• consumerism An organized movement of citizens and government agencies to improve the rights and power of the buyers in relation to the seller
• environmentalism An organized movement of concerned citizens, businesses and governmental agencies to protect and improve peoples current and future living environment
• inter-market-segmentation Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries
• Measurable, Accessible, Substantial, Differentiable, Actionable What is the five requirements for effective segmentation?
• Undifferentiated, Differentiated, Concentrated, Micromarketing What four typical degrees of segmentation/targeting are there?Undifferentiated (mass), Differentiated (segmented), Concentrated (niche), Micromarketing (Local and individual) - Marketing
• undifferentiated marketing When a firm ignores the market segments and go for the whole market with one offer
• differentiated marketing When a firm targets several market segments and designs separate offers for them
• Concentrated marketing When a firm goes after a large share of one or a few segments
• micromarketing Local marketing and individual marketing
• product position The way the product is defined by customers on important attributes
• USP Unique selling point
• ESP Emotional selling point
• SSP Sustainable responsibility selling point
• a brand's value proposition The full mix of benefits upon which the brand is differentiated and positioned
• positioning statement A statement that summarizes company or brand positioning
• competitor myopia A company focusing too much on what it considers to be its direct competition while losing sight of indirect and new competitors
• Identify the competitors, Assessing competitors strategies, Selecting which competitors to attack and avoid In which three steps can we divide a competitor analysis into?
• strategic group A group of firms in an industry following the same or a similar strategy in a given target market
• customer value analysis To determine the benefits valued by target customers and how customers rate the relative value of various competitors offers
• strategic sweet spot Where the company can meet its customer needs and their competitors can't
• Overall cost leadership, Differentiation, Focus What are Michael Porters three wining positioning strategies?
• Market leaders, Market challengers, Market followers, Market nichers On the basis of market position there are four types of competitors, who?
• Market leader The firm in an industry with the largest market share is called...
• market challenger A firm that is fighting hard to increase its market share in an industry
• market follower A firm that wants to hold its share in an industry without rocking the boat
• market nicher A firm that serves small segments that the other firms in an industry overlook or ignore
• competitor-centered company A company whose moves are mainly based on competitors actions and reactions
• market-centered company A company that pays balanced attention to both consumers and competitors
• Operational excellence When the company provides superior value by leading its industry in price and convenience
• Customer intimacy When the company provides superior by precisely segmenting its market, product or services
• product leadership When the company provides superior value by offering a continuous stream of leading-edge products or services.
• Augmented product, Actual product, Core product What are the three levels of product?
• Product development, Introduction, Growth, Maturity, Decline What is the five stages in a normal products lifecycle? (PLC)
• Individual product decisions, Product line decisions, Product mic decisions On what three levels does marketers make product and service decisions?
• Product line stretching When a company lengthens its product line beyond its current range
• Product line filling When adding more items within the present range of the line
• Intangibility, Variability, Inseparability, Perishability What are the four service characteristics?
• Internal marketing, External marketing, Interactive marketing What are the three types of marketing in service industries?
• monopsony It includes one powerful buyer and many sellers. The buyer is so powerful that it can drive prices down
• Operational excellence, Customer intimacy, Product leadership What are the three value disciplines for delivering superior customer value?
• value-based pricing To set a price based on buyers perception of value rather than on the sellers cost
• good-value pricing When offering just the right combination of quality and good service at a fair price
• value-adding pricing When attaching value added features and services to differentiate a company's offers and thus support higher prices
• cost-based pricing Setting prices based on the cost of producing, distributing and selling the product plus a fair rate of return for effort and risk
• cost-plus pricing When adding a standard mark-up to the cost of the product
• the experience curve That there will be a drop in the average per-unit production cost with accumulated production experience
• target costing Pricing that starts with an ideal selling price, then tagets costs that will ensure that the price is met
• Market skimming pricing, Market penetration pricing What two strategies can a company choose between when setting prices for the first time
• market skimming pricing Setting a high price for a new product to skim maximum revenues from the segments willing to pay the high price
• market penetration pricing Setting a low price for a new product in order to attract a large number of buyers and a large market share
• Product line pricing, Optional product pricing, Captive product pricing, By product pricing, Product bundle pricing the five product mix pricing strategiesProduct line pricing, Optional product pricing, Captive product pricing, By product pricing, Product bundle pricing
• product line pricing Setting the price steps between products in a product line based on cost differences, customer evaluations and competitors prices
• optional-product pricing The pricing of optional or accessory product along with a main product
• Captive-product pricing Setting a price for products that must be used along with a main product
• By-product pricing Setting a price for products to offset the costs of disposing them and help make the main product's more competitive
• product bundle pricing When combining several products and offering the bundle at a reduced price
• two-part pricing The price of the service is broken into a fixed fee plus a variable usage rate (Mobile phone)

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