Marketing Terms and Concepts: A Comprehensive Glossary, Quizzes of Banking Law and Practice

Download Marketing Terms and Concepts: A Comprehensive Glossary and more Quizzes Banking Law and Practice in PDF only on Docsity! TERM 1 Target Segment DEFINITION 1 The subgroup chosen as the focal point for a marketing program and advertising TERM 2 Positioning DEFINITION 2 The process of designing and representing a product or service to occupy a distinct and valued place in the target customers mind TERM 3 Positioning strategy DEFINITION 3 The key themes or concepts that an organization features when communicating a products or services distinctiveness to a target segment TERM 4 STP Marketing DEFINITION 4 Developing a strategy through segmenting, targeting, and positioning TERM 5 Market Segmentation DEFINITION 5 The breaking down of a large, heterogeneous market into more homogeneous submarkets or segments TERM 6 Heavy Users DEFINITION 6 Consumers who purchase a product or service much more frequently than others TERM 7 Nonusers DEFINITION 7 a market segment made up of consumers who do not use a particular product or service TERM 8 Brand-Loyal Users DEFINITION 8 A market segment made up of consumers who repeatedly buy the same brand of a product TERM 9 Switchers/ Variety Seekers DEFINITION 9 A market segment made up of consumers who often buy what is on sale or choose brands that offer price incentives TERM 10 Emergent consumers DEFINITION 10 A market segment made up of the gradual but constant influx of first-time buyers TERM 21 Benefit Positioning DEFINITION 21 A positioning option that features a distinctive customer benefit TERM 22 User positioning DEFINITION 22 A positioning option that focuses on a specific profile of the target user TERM 23 Competitive Positioning DEFINITION 23 A positioning option that uses an explicit reference to an existing competitor to help define precisely what a brand can do TERM 24 Repositioning DEFINITION 24 Returning to the STP marketing process to arrive at a revised position strategy TERM 25 Value Proposition DEFINITION 25 A statement of the functional, emotional, and self-expressive benefits that are delivered by the brand and provide value to customers in the target segment TERM 26 Consumer Behavior DEFINITION 26 Activities and decision processes directly involved in obtaining, consuming, and disposing or products and services TERM 27 Need State DEFINITION 27 Psychological state arising when ones desired state of affairs differs from ones actual state of affairs TERM 28 Functional Benefits DEFINITION 28 Benefits that come from a products objective performance characteristics TERM 29 Emotional Benefits DEFINITION 29 Emotional Benefits- Benefits not typically found in a products tangible features or objective characteristics TERM 30 Internal Search DEFINITION 30 Search for product information that draws on personal experience and prior knowledge TERM 31 Consideration set DEFINITION 31 Subset of brands from a product category that becomes the focal point of a consumers evaluation TERM 32 External Search DEFINITION 32 Gathering product information by visiting retail stores to examine alternatives, seeking input from friends and relatives, or perusing professional product evaluations TERM 33 Evaluative Criteria DEFINITION 33 Product attributes or performance characteristics on which consumers base their product evaluations TERM 34 Customer Satisfaction DEFINITION 34 Good feelings that come from a favorable post purchase experience TERM 35 Congitive dissonance DEFINITION 35 Anxiety or regret that lingers after a difficult decision TERM 46 Multi-attriubute attitude models (MAAMs) DEFINITION 46 Framework and set of procedures for collecting information from consumers to assess their salient beliefs and attitudes about competing brands TERM 47 Cognitive Consistency DEFINITION 47 Maintenance of a system of beliefs and attitudes over time TERM 48 Advertising Clutter DEFINITION 48 Volume of similar ads for products or services that present an obstacle to brand promotion TERM 49 Selective Attention DEFINITION 49 Processing of only a few messages among many encountered TERM 50 Cognitive Responses DEFINITION 50 Thoughts that occur at the exact moment when beliefs and attitudes are being challenged by a message TERM 51 Elaboration Likelihood Model (ELM) DEFINITION 51 Social psychological model of the response to a persuasive communication, expressing the response in terms of motivation and ability TERM 52 Peripheral Cues DEFINITION 52 Features of an advertisement other than the actual arguments about the brands performance TERM 53 Meaning DEFINITION 53 What a brand message intends or conveys TERM 54 Culture DEFINITION 54 A groups characteristic ways of behaving TERM 55 Values DEFINITION 55 Defining expressions of what is important to a culture TERM 56 Rituals DEFINITION 56 Repeated behaviors that affirm, express, and maintain cultural values