Mkt. 111 Review
Marketing Final Review
1) Adoption process- the steps individuals go through on the way to accepting or rejecting a new idea.
2) Advertising- any paid form of non-personal presentation of ideas, goods, or services by an identified sponsor.
3) AIDA Model- consists of four promotion jobs (1) to get Attention, (2) to hold Interest, (3) to arouse Desire, (4) to obtain Action.
4) Attitude- a person’s point of view toward something.
5) Bait pricing- setting some very low prices to attract customers but trying to sell more expensive models or brands one the customer is in the store.
6) Brand familiarity- how well customers recognize and accept a company’s brand.
7) Brand insistence- customers insist on a firms branded product and are willing to search for it.
8) Brand name- a word, letter, or a group of words or letters.
9) Brand preference- target customers usually choose the brand over other brand, perhaps because of habit or favorable past experience.
10) Brand recognition- customers remember the brand.
11) Business products- products meant for use in producing other products.
12) Comparative advertising- advertising that makes specific brand comparisons using actual product means.
13) Competitive advertising- advertising that tries to develop selective demand for a specific brand rather than a product category.
14) Consumer products- products meant for the final consumer.
15) Convenience products- products a consumer needs but isn’t willing to spend much time or effort shopping for.
16) Corrective advertising- ads to correct deceptive advertising.
17) Customer satisfaction- the extent to which a firm fulfills a consumer’s needs, desires, and expectations.
18) Early adopters- the second group in the adoption curve to adopt a new product; these people are usually well respected by their peers and often are opinion leaders.
19) Emergency products- products that are purchased immediately when the need is great.
20) Federal Trade Commission- federal government agency that polices antimonopoly laws.
21) Individual brands- separate brand names used for each product.
22) Innovation- the development and spread of new ideas, goods and services.
23) Innovators- the first group to adopt new products.
24) Institutional advertising- advertising that tries to promote an organizations image, reputation, or ideas rather than a specific product.
25) Introductory price dealing- temporary price cuts to speed new products into a market and get customers to try them.
26) Leader pricing- setting some very low prices to get customers into retail stores.
27) Market- a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services, ways of satisfying those needs.
28) Market growth- a stage of the product life cycle when industry sales grow fast but industry profits rise and then start falling.
29) Market introduction- a stage of the product life cycle when sales are low as a new idea is first introduced to a market.
30) Market maturity- a stage of the product life cycle when industry sales level off and competition gets tougher.
31) Market penetration- trying to increase sales of a firms present products in its present markets- probably through a more aggressive marketing mix.
32) Market segment- a relatively homogeneous group of consumers who will respond to a marketing mix in a similar way.
33) Market segmentation- a two-step process of (1) naming broad product-markets and (2) segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.
34) Marketing concept- the idea that an organization should aim all its efforts at satisfying its customers at a profit.
35) Marketing ethics- the moral standards that guide marketing decisions and actions.
36) Marketing management process- the