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2 Marketing (Fach) / -DEFINITIONS (Lektion)

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• Sales Promotion A sales promotion is an action-focused marketing event whose purpose is to have a direct impact on the firm’s customers.
• CLV Pv of future cash flows associated with the customer 
• Definition Marketing Marketing is the sourcing and harvesting of cash flow A number of Activities & Decisions associated with capturing customer value
• Customer Any person / Organisation in the channel of decision, whose actions can affect the purchase of a firm’s products (excl competitors)
• Values & Goals The ordering of these goals is a manifestation of an individual’s values.These goals are reflected in short- to medium-term goals, that are more concrete in nature.
• “Jobs to be Done” “Jobs” are things customers are trying to get done in a given circumstance.
• The Path to Purchase / Consumer Journey The course of events / activities consumers follow from first glimmer of interest in a product up through the point where they make the purchase
• DMU All those individuals who play a role in the purchase decision process:
• DMP Customers go through a decision process before commiting to a purchase
• Purchase Funnel tool to understand where we are losing potential customers.
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• Perceptual Map A model of how a market sees a set of competing products in the same memory-like or cognitive sense "A 30,000 ft. view of the market"
• Positioning The act of designing the firms image to occupy a distinct and meaningful place in the minds of the target market.
• Strategy integrated set of choices that uniquely positions the firm in its industry to create sustainable advantage and superior value relative to the competition.
• Real Win-Worth-It-Framework Provides a systematic way to look ahead and evaluate product ideas Use both to evaluate ideas at the current stage of product development and identify key uncertainties to be resolven in the next stage At each stage of the NPD process, we should look ahead as far as possible given current info
• Part-worths Values a respondent (implicitly) assigns to each level of each attribute
• Conjoint Analysis Infer consumers relative preferences for various product attributes and features from stated preferences over a set of products
• Segmentation Process of grouping individuals of interest together in a way that those who belong to the same group respond relatively similarly to a amrketing offering and those in different groups respond relatively differently.
• New Product Development Process The Funnel through which ideas pass on their way to becoming new products in the market
• Price Elasticity of Demand The price elasticity of demand is a summary measure of aggregate price sensitivity
• Economies of experience Economies of experience are reductions in cost that come with increases in cumulative volume of output (cf. economies of scale, which depend upon the current volume of output). Each time cumulative volume doubles, costs fall by a constant and predictable percentage
• Price Skimming Policy of high initial prices that skim the cream of demand. Prices begin high to extract the maximum surplus from customers willing to pay premium prices for the new product.
• Price Penetration Policy of low prices from the outset serving as an active agent from market penetration
• Quantitative research Process of measuring things in order to describe, monitor, explain or predict market phenomena
• Qualitative research Understand why consumers behave in the way they do, why they say, think, and believe certain things
• Marketing Research Function that links the consumer, customer, and public to the marketer through information used to identify and define marketing opportunities and problemsgenerate, refine and evaluate marketing actionsmonitor marketing performanceimprove understanding of marketing process
• Part Worths Relative importance of each attribute. Predict the overall desirability for all possible product profile combinations (given the set of attribute levels we measured)
• Positioning Questions To Ask Customer Value: Which positions are of greatest value given their needs (relevant & personally meaningful)?Company Fit: Which of available positions fits best with our objective, capabilities, and resources? Can we break up those chosen positioning by benefits?Competitors: Which positions are "taken", and positions relatively free?
• Best Descriptors Who”-Descriptors are only useful if these descriptors are highly correlated with Behaviors and Motivations (“What” and “Why”); What and Why hard to observe, but very relevant
• Exploratory Research Gaining insights and ideas to increase familiarity with problem and gather background information Term Definition Problem Definition Concept Clarification Research Priorities
• Descriptive Research Who is doing what, when, where, how, why to understand associations between variables (factors already known) -> Describe characteristics of specified groups / Understand Purchase Funnel / Understand how many ppl. in population behave a certain way / Make Predictions
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• Depths Inteview One-on-One interview to understand a topic that respondent is able to speak about in-depth privacy - understand detailed DMP - relevant location - only way to interview hard-to-recruit individuals
• Syndicated Research Large-scale marketing research undertaken by a research firm and sold to firms (often subscription-basis) - IRI InfoScan, InfoScout, NCP, Nielsen TV Rating / Bookscan
• Projective Methods Unstructured and indirect form of questioning that encourages respondent to prohect underlying attitued, motivations, beliefs, feelings regarding the issue of concern.
• Ethnographic Research Ethnography is a branch of Anthropology that involves trying to understand how people live their lives The Ideal is to observe what people do in naturally occuring settings, rather than what they claim to to Useful for bringing members of the firm into the lives of consumers and identifying hidden needs.
• Retailer Promotion Reasons Gain / Maintain distributionInduce retailer merchandising activitiesIncentives to Retail sales forceLoad Retailer with inventory

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