You Want What?
Human state of self deprivation. Such as Physical, food, clothing, warmth, safety
What is a NEED?
The ultimate goal of Marketing proposes to add this benefit to the lives of customers and companies alike.
What is Value?
This Generational Cohort was born between 1946 and 1964. There are 73 million of and derived their term when soldiers returned home from the war.
What are Baby Boomers?
The extent to which a products perceived performance matches a buyers expectation. Mick Jagger did not get this.
What is CUSTOMER SATISFACTION.
The one word term used as a Statement of an Organization's Purpose. Often called the Invisible Guiding Hand.
What is a MISSION STATEMENT?
The form human needs take when they are shaped by culture and individual personality
What is a WANT?
This term describes the SET of actual and potential buyers of a product or service.
What is a MARKET?
When people change in age, lifestyle or income it is this macroeconomic force that is responsible!
What is Societal or Social Forces?
The first stage in the consumer Purchase Decision Process.
What is Problem Recognition?
The strategy term used to describe increasing sales of existing products in existing markets.
What is Market Penetration?
When backed by buying power Wants take the place of this.
What are DEMANDS.
The first step in beginning to understand your market. Often shortened to the acronym STP
What is Segmentation, Targeting and Positioning.
When the US Government decided to ease restrictions on the production of coal and hydraulic fracking, it was an example of this Macroeconomic force at work.
What is Regulatory Environment?
When what you bought wasn't quite what you expected. AKS Post Purchase Anxiety.
What is Cognitive Dissonance?
The strategy term used to describe gaining entry to new markets with existing products.
What is MARKET DEVELOPMENT?
Blockbuster was guilty of this when they failed to see the changing technological changes taking please in the digital space. Kodak and Xerox were others. Often referred to as tunnel vision.
What is Marketing Myopia?
The set of benefits or values a brand proposes to deliver in order to satisfy customer needs
What is a Value Proposition?
In what marketers describe as "Pure" Competition, there are usually a large number of these conducting business.
What are sellers?
Your Purchase Behavior is shaped by Sociocultural influences, Situational influences, Psychological influences and THIS. Hint: Its why we are here!
What is Marketing Mix Influences?
The BCG Model is used to identify how to allocate resources to growth your product portfolio. They begin with Question Marks that eventually might shift to these other categories.
What are Stars, Cash Cows and Dogs?
The act of obtaining a desired object from someone by offering something in return.
What is an EXCHANGE.
This term describes the ability for a company to distinguish themselves from their competitors to better serve their customers.
What is differentiation?
This strategy tool used in situational analysis helps to identify the weak "links" in your value "chain"
What is SWOT?
Brand exchanges generated by consumers themselves that assist in a company's marketing strategy.
What is CONSUMER GENERATED MARKETING?
The Strategy term used to describe new products marketed to new markets. You're investment portfolio should be this in order to decrease risk!
What is DIVERSIFICATION.