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(Solved) The Basics of Marketing 2015 Dr. Philip R. Sturm A review of basic marketing terms & processes Chapter 1 Finding & motivating the...


Define and explain marketing terms. (NOTE: “Explain” means telling how the item is used by a marketing manager. Often, this area begins with “An example is…”

 The 25 bold words must be defined. You can select any 25 of the other words. Thus, you end up with a list of 50.

 Graphics are highly encouraged—they help show the application of the terms. Everyone is required to provide graphics for at least 15 terms, but many more are highly encouraged.

 This is simply a vocabulary list—this report does not need to be in APA form and does not require a references list. Simply copy the entire numbered list and leave blank those that are not in the 50 that you define.


LIST OF KEY MARKETING TERMS-

Provided here is a list of about 83 terms that all marketing students need to know. I have put in BOLD the 25 words that are the most important.

 

ASSIGNMENT: You are to define and explain the 25 terms in BOLD plus any 25 other terms listed here (for a total of 50 of the 83 terms—you will leave 33 blank). For each term you should provide a definition IN YOUR OWN WORDS—you can find the term defined in one of the resources listed below or some other source of your choosing, but you cannot simply copy the definition word-for-word. You must enhance the definition—put it in your own words.

 

More than 80% of the terms in this list are discussed in the “Marketing Basics” PowerPoint slide presentation, so that is a great place to start.

 

Students do not need to provide references or in-text citations for this project.

 

Formal APA is waived for this project. You should use Microsoft Word, copy the list below and provide the definition / examples / graphics. Leave all 83 words in your document, simply leaving blank the words you do not define.

 

Here are a few resources, to help you find key terms:

The most comprehensive glossary of marketing terms (this may be all you need): http://marketing-dictionary.org/

This one is restricted to ‘advertising’ terms:    http://www.partnerslevit.com/ConferenceRoom/Glossary/glossary.html

This one relates to branding terms:  http://www.brandchannel.com/education_glossary.asp

This relates to electronic marketing:   http://www.opt-in-email-marketing.org/email-term-glossary.html

 

1.Marketing

 

2.Marketing concept

 

3.Marketing mix (i.e., internal variables, controllable variables, 4Ps)

 

4.Noncontrollable marketing variables (i.e., external variables)

 

5.Target marketing

 

6.Undifferentiated target marketing

 

7.Segmented (differentiated) target marketing

 

8.Concentrated (niche) target marketing

 

9.Custom (1-on-1) target marketing

 

10.80/20 rule

 

11.Relationship marketing

 

12.Internal marketing

 

13.Consumer purchase decision process

 

14.Cognitive dissonance

 

15.Baby boomers

 

16.Generation X

 

17.Generation Y

 

18.Consumer goods


 

19.Industrial goods

 

20.Primary research

 

21.Secondary research

 

22.Qualitative data

 

23.Quantitative data

 

24.Branding

 

25.Independent brand

 

26.Family (umbrella) branding

 

27.Private label branding

 

28.Line extension

 

29.Brand extension

 

30.Master brand

 

31/"Convenience" consumer goods

 

32."Shopping" consumer goods

 

33."Specialty" consumer goods

 

34. Cannibalization

 

35.Product life cycle (PLC)

 

36.Market segmentation

 

37.Characteristics of services

 

38.Price skimming


 

39.Penetration pricing

 

40.Loss leader pricing

 

41.Product line pricing

 

42.Variable pricing

 

43.Seasonality

 

44.Neighborhood retailing location

 

45.Central business district (CBD) retailing location

 

46.High-traffic roads retailing location

 

47.Strip shopping centers retailing location

 

48.Enclosed shopping mall retailing location

 

49.Intensive distribution Strategy

 

50.Selective distribution strategy

 

51.Exclusive distribution strategy

 

52.Direct store delivery (DSD)

 

53.Wholesaler distribution

 

54.Direct sales distribution

 

55.Push marketing

 

56.Pull marketing

 

57.Slotting fees (trade allowances)

 

58.Middleman


 

59.Stock keeping units (SKU)

 

60.Integrated marketing communications (IMC)

 

61.Promotion mix (i.e., communication mix)

 

62.Advertising mix

 

63.Cost per thousand (CPM)

 

64.Steps in the personal selling process

 

65.Sherman Anti-Trust Act (1890)

 

66.Clayton Act (1914)

 

67.FTC Act (1914)

 

68.Robinson-Patman Act (1936)

 

69.NAFTA (1993)

 

70.CAFTA

 

71.EU

 

72.Trademark

 

73.Patent

 

74.Copyright

 

75.Tariff

 

76.Quota

 

77.Embargo

 

78.Social (i.e., Cause) Marketing

 

79. Interactive Consumer (i.e., Mobile) Marketing

 

80.Channel (i.e., Distribution) Management

 

81.Points-of-Parity

 

82.Points-of-Differences

 

83. Social Media

The Basics of Marketing
© 2015 Dr. Philip R. Sturm A review of basic
marketing terms & processes
Chapter 1
Finding & motivating the consumer.
Chapter 2
Essential factors that marketing managers deal
with every day.
Chapter 3
Key marketing terms & processes. Chapter 1
Finding & Motivating
the Consumer Marketing means… “Creating
Customers” MARKETING CONCEPT
Marketing programs
grounded in what the consumer
wants, not what the brand
wants. S–T–P
Marketing Process S – T – P Marketing
Strategy
SEGMENTATION S – T – P Marketing
Strategy
TARGETING S – T – P Marketing
Strategy
POSITIONING Target Market
A sub-group within
the overall Market.
They share common traits
not shared by others
in the overall Market Target Marketing
Segmented Market
Target Market Target
Market
Target Market Target Marketing
Concentrated Target Marketing
One-on-One Target Market Attractiveness
1. SIZE. Is it large enough to be worthwhile?
2. PROFITABLE. Does the group have
the funds and interest in our product?
3. REACHABLE. Can we segment this
group and deliver our message to them? Whole Foods Grocery Store
TARGET MARKET
The Whole Foods target consumer is a 34 to 45
year old upper-class female (or she thinks of
herself as upper-class).
She is married with children and is environmentally
conscious, physically active, and politically liberal.
She enjoys healthy food, often shops for organic
products, and is concerned for her health, as well
as the health and well-being of her family.
She shops at Whole Foods twice a week and buys
from other grocery stores one time a week. 80/20 Rule
A small number
of customers
represent
A large portion
of a brand’s
total sales. SWOT
Cummings, C. (2014, July 23).
What is a SWOT Analysis?
Bplans.com https://www.youtube.com/watch?v=4aFB9xrkdiU POPs & PODs
Urbany, J. (2011, June 14).
Competitive Strategy in 3 Minutes [Video].
http://www.youtube.com/watch?v=bl5cyZla
y4k POPs & PODs
How is your product
similar to the leading
competitors: Points-of-Parity (POPs)
How is the product different: Points-of-Difference
(PODs) S–T–P
Marketing Process
SEGMENTATION
TARGETING
POSITIONING Unique Selling Point
Also called ‘Competitive Advantage”,
positioning statements, and positive
PODs. This is the reason the consumer
will select your product over your
competitor’s offering. USP
Cupman, J. (2015, July). What Does It Take to
Create a Strong USP? American Marketing
Association / B2B Marketing.
https://www.ama.org/publications/eNewsletters/B2
BMarketing/Pages/what-does-it-take-to-create-a-s
trong-usp.aspx Product
Differentiation
â–º Real
â–º Artificial Chapter 2
Essential Factors that
Marketing Managers
Deal with Every Day Basic Marketing
Management Non-Controllable Issues
Controllable Issues Non-Controllable Issues
1.
2.
3.
4.
5.
6.
7. Customer
Competition
Regulations
Social Issues
Economy
Technological Changes
Environment Non-Controllable
REGULATIONS Non-Controllable
SOCIAL ISSUES Non-Controllable
ECONOMY Non-Controllable
TECHNOLOGICAL CHANGE Non-Controllable
ENVIRONMENT Non-Controllable Issues
1.
2.
3.
4.
5.
6.
7. Customer
Competition
Regulations
Social Issues
Economy
Technological Changes
Environment Controllable Issues
1. Controllable Marketing Issues
2. Internal Marketing Variables
3. Marketing Mix
4. Four P’s Controllable Issues
1. PRODUCT
2. PLACE
3. PRICE
4. PROMOTION 1. PRODUCT
• The marketing team decides
what products to offer.
• This broad category also
includes services. Services Marketing
1. Intangible
2. Variable Production
3. Can’t inventory Masterbrand
A brand so powerful and controlling of
the market that the registered
trademark brand name is often used to
stand for the entire category. Line Extensions Noted author and consultant Al Ries has strong views
against the proliferation of line extensions. Read his views here:
Ries, A. (2015, October 6). The Line Extension Time Bomb Claims Another Victim:
McDonalds. Advertising Age. http://adage.com/article/al-ries/line-extension-time-bombclaims-victim-mcdonald-s/300773/?utm_source=daily_email&utm_medium=newsletter
&utm_campaign=adage&ttl=1444704679 Brand Extensions Family Branding Private Label
Branding 2. Place
The marketing team
determines locations for
their product to be sold,
such as on-line or a special
type of retailer.
The goal is to efficiently
have the product available
to the consumer when they
are prepared to make a
purchase. How many POPs are ideal?
USA points-of-purchase
Coca-Cola 600,000 Bounty Paper Towels 120,000
Subway Sandwiches
Maytag Washers
Jaguar Cars 35,000
5,000
100 3 Popular Distribution Strategies 3. PRICE
• The marketing team determines the
price for the item.
• The brand is not allowed to force
retailers to charge a price—the brand
can only suggest it. PRICE: EDLP vs High / Low Wal-Mart uses EDLP, rarely
Featuring discounts. This retailer
wants to project that the prices
on all of their merchandise is low. Best Buy uses a High / Low
strategy. This allows the retailer
to offer deep discounts on a few
different items weekly. PRICE: Loss Leader Pricing PRICE: Product Line Pricing PRICE: Prestige Pricing PRICE: Variable Pricing PRICE: Quantity Discounting 4. PROMOTION Non-Media Communications Personal Selling Public Relations MEDIA Direct Marketing Slotting Fees &
Trade
Allowances Chapter 3
Key Marketing
Terms & Processes Marketing Plan Value IMC -- Integrated
Marketing Communications Seasonality 120
100
80 J F M A M J J A
Gatorade S O N D Push & Pull Marketing SKU – Stock Keeping Units Packaging
• Primary • Secondary Marketing Research
“Second is always first.”
SECONDARY RESEARCH Marketing Research
PRIMARY
RESEARCH
Random
Representative
Number of responses versus non-respondents Marketing Research –
Survey Design
Here is concise information
about the many issues
involved in the design
of a survey:
https://www.statpac.com/
surveys/index.htm 5-Step Consumer
Purchase
Decision
Process Cognitive Dissonance
Return Policy
Product Guarantees
Endorsements
Follow-up contacts Surprise Marketing
Doing more than the
average consumer expects,
so the customer will be
positively impressed
in your product and/or
service. Internal Marketing
Communicating product benefits
within the organization
(employees & vendors) (1) sell to these consumers. (2) provide knowledge that can
then be delivered to traditional
customers. Co-Branding Relationship
Marketing
Giving consideration of
consumer’s long-term value,
often at the expense of
maximized short-term profits. Loyalty Programs Cause Marketing Cause Marketing
Guidance on how to develop a successful cause
marketing program can be found here: http://www.forbes.com/sites/theyec/2012/07/16/5-characteristics-of-a-succe
ssful-cause-marketing-campaign/ Here is information about the brands that are leading
the charge in the area of ‘Cause Marketing’:
Murray, A. (2015, August 20). Introducing Fortune’s Change the
World List: Companies that are Doing Well by Doing Good. Fortune. http://fortune.com/2015/08/20/introducing-change-the-world-list/ Industrial Marketing
Also called “Business-to-Business”
(B2B)
Many consumer
brands are also
sold to businesses.
Public media is
usually minimized.
Personal Selling &
Trade Shows often
given emphasis. Industrial Marketing
Here is an entertaining
video that shows the
challenges of B-2-B
marketing, especially with
a weak
communication
support program: https://www.youtube.com/watch?v=nXG7zYWKHGU GLOBAL MARKETING
The INTERNET makes all brands global.
Many countries are growing in both
production and consumer sophistication.
USA’s population
is only 4.4%
of the world’s
population
(1 out of 23). Global Marketing Here is a detailed web site about global
marketing (save this—it will be helpful
when you take an International
Management course):
http://globaledge.msu.edu/reference-desk/ Legal Controls to
Global Trade
EMBARGO
Zero trade allowed in this type of product.
QUOTAS
Quantity limit set for a defined time
period.
TARIFF
A tax added to each item received. Legal Indicators The End

 


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