TEST II

name given to a product or a range of products

a brand name

the legal protection for the brand it's logo and it's brand name

the trademark

to make your brand different from other brands

differentiate

how the consumers see the brand: the values they associate with it

the brand image

one core concept which defines the brand

the brand essence

the explicit promise the organization makes to its target audiences including employees about the quality and use of the brand

the brand promise

it communicates where the brand is and where the brand can go; it talks about the values the brand has today and the values it will need in the future

the brand vision

high quality brand more expensive than its competitors

a premium brand

a brand that is cheaper than its competitors

an economy brand

a brand that is made exclusively for the retailer that sells it

an own brand/ an own-label brand/a private label brand

the best selling brand in a particular market

a brand leader

a product that doesn't have a brand associated with it

a no brand/ a generic brand

a well-known product that best represents the brand

flagship

two brands working together to create a new product

co-branding

the brand platform consists of... (5)

the brand: vision, personality, mission, tone of voice, values

the application of marketing techniques to a brand

brand management

shows how the brand will meet its objectives

the brand strategy

what the brand does and how it acts in all advertising media

brand behaviour

the exposure and interaction a consumer has with the brand

brand experience

refers to a consistent approach to brand behavior and brand experiences across all possible touchpoints

total branding

using the power of a brand name or part of a brand identity to build or launch another brand

using brand leverage

protecting the value of the brand name

maintaining brand equity

increasing the number of consumers who prefer the brand over another

building brand preference

making sure your consumers want to buy your brand again and again

building brand loyalty/ increasing brand retention

increasing the number of consumers who know about your brand

building brand awareness

increasing the number of consumers who consider buying your brand

building brand consideration

new product development (NPD) process - stages (6)

1. idea generation 2. idea screening 3. concept development 4. concept testing 5. marketing strategy 6. business analysis

osiągalny, realny

feasible

wejście na rynek (strategia)

Route to Market

new product development (NPD) - 3 last stages

1. product development and optimization 2. test marketing 3. commercialization

evaluating how a product smells tastes or feels

a sensory research

dostroić (np. plan) (syn. adjust)

fine-tune (the plan)

wejście na rynek nowego produktu lub usługi

market rollout

the amount of time a new product or service spends in the development pipeline

time to market

anything capable of satisfying a need or want

a product

a group of closely related products which usually have the same function and are sold to the same customer groups through the same outlets

a product line

the set of all the product lines and items offered by a company

a product mix

cheap and simple "low involvement" products which people use regularly and buy frequently with little effort without comparing alternatives

convenience goods

durable goods with unique characteristics that informed customers have to go to a particular store to buy

speciality goods

"high involvement" products for which consumers generally search for information, evaluate different models and compare prices and take time to make a selection

shopping goods

the process of withdrawing products from the market when they are no longer profitable

product elimination

adding further items in that part of a product range which a line already covers, in order to compete in competitors' niches, to utilize excess production capacity, and so on

line-filling

lengthening a company's product line, either moving up-market or down-market in order to reach new customers, to enter growing or more profitable market segments, to react to competitors' initiatives, and so on

line-stretching

powiększać, zwiększać

augment

udogodnienia kredytowe (możliwości płacenia kartą kredytową)

credit facilities

product life cycle - stages (4)

introduction, growth, maturity, decline

sztuczka, chwyt

gimmick

przestarzały

obsolete

the economic situation, and demographic, technological, political, cultural changes, and so on

marketing environment

the total volume that would be bought by a particular customer group or market segment in a particular geographical area and period of time, in a defined marketing environment under a defined marketing programme

market demand for a product

a company's plans regarding the marketing mix, including product features, price, expenditure on promotions, the allocation of resources, and so on

marketing programme

a company's sales expressed as a percentage of the total sales of an industry

market share

the limit approached by market demand, in a given environment, when additional marketing expenditure no longer produces a significant return

market potential

the market demand that corresponds to a whole industry's planned level of marketing expenditure

market forecast

the relationship between sales volume and a particular element of the marketing mix

sales response function

the expected level of company sales based on a selected marketing plan and an assumed marketing environment

sales forecast

figures set as goals for a company division, a product line, a sales team, individual sales representatives, etc.

sales quotas

the limit approached by company demand as it increases its marketing effort relative to its competitors

company potential

pośrednicy

middlemen

nie wypalić (Am. slang)

bomb

nalot; błyskawiczna kampania reklamowa

blitz

namaczać; nasycać

saturate

przystrzygać; zmniejszyć ofertę poprzez wycofanie przestarzałych produktów

prune

strategia spijania śmietanki (ustalanie możliwie najwyższych cen na produkty innowacyjne w początkowej fazie sprzedaży)

price skimming/ skim pricing/ skimming pricing strategy

a description of the characteristics of the customers of a particular product, in terms of age, class, income, and so on

consumer profile

a group of shoppers who record their purchases of all or selected products, for use in market research

consumer panel

Goods in everyday use such as food clothing household goods and services such as hairdressing retail banking and so on

consumer goods

goods that last a long time, such as cars, 'white goods' (fridges, cookers), 'brown goods' (televisions, stereos) and so on

consumer durables

how people in general feel about their job security future economic prospects and so on

consumer confidence

how different people react to marketing stimuli, depending on their psychology, their cultural and social background, and their economic situation

consumer behavior

the amount of money being spent on consumer goods and services, which fluctuates with recessions and booms

consumer spending

the amount of money borrowed by people to buy goods and services, depending on confidence and the economic cycle

consumer credit

the individuals and households that buy products for their own personal consumption

consumer market

when customers refuse to buy the product of a company they disapprove of for ethical or political reasons

consumer boycott

demographic market segmentation (5)

age group, sex, religion or ethnicity, income, life cycle

psychographic market segmentation (3)

education, attitudes and opinions, lifestyle

five market segments by Everett Rogers

innovators, early adopters, early majority, late majority, laggards

people late in the life cycle

the silver market

treating different customers differently

one-to-one marketing/ Customer Relationship Management (CRM)

learning relationship - 4 basic implementation steps

identify, differentiate, interact, customize

organizacja broniąca praw konsumenta

consumer protection group/consumer watchdog

ujawniać (np. dane)

disclose (data)

ujawnienie informacji

disclosure of information

analizować dane

analyse/mine the data

magazyn danych

data warehouse

the process of gathering information about the market analyzing it and interpreting it

marketing research

investigating the psychological reasons why individuals buy specific types of merchandise, or why they respond to specific advertising appeals

motivation research

an analysis of the information you can find easily without leaving your desk

desk (desktop) research/ secondary research

involves talking to people and finding out what they think about a market, a product, a business sector, etc.

field research/ primary research

using small group discussions or in-depth interviews with consumers to understand a problem better

qualitative research

gathering large samples of data followed by statistical analysis or analyzing the data

quantitative research

plural form of analysis

analyses

small groups from the target group plus one moderator to mediate or run the session; the moderator prepares questions for the session

focus groups

used to test ideas for new packaging, could be in a focus group

package test

used to test what customers think about new flavors

taste test

consumers try the products at home, in a real situation

home test

questionnaire filled in by the respondent

a self-administered questionnaire

questionnaire filled in on behalf of the respondent by an interviewer

an interviewer-administered questionnaire

a person poses as a consumer and checks the level of service and hygiene in a restaurant, hotel or shop

mystery shopping

a market research institute carries out research for several companies at the same time; a long survey is given to respondents; some institutes have a panel of existing respondents who are accustomed to answering the surveys

omnibus surveys

Research 2 - page 39B

poczytaj, ciężko z tego zrobić fiszki

kapitałochłonny

capital intensive

difficult task of reversing negative demand

conversional marketing

necessary when there's no demand

stimulational marketing

involves developing a product or service for which there is clearly a latent demand

developmental marketing

involves revitalizing falling demand

remarketing

involves altering the time pattern of irregular demand

synchromarketing

a matter of retaining a current level of demand

maintenance marketing

the attempt (by governments rather than private businesses) to reduce overfull demand, permanently or temporarily

demarketing

the attempt to destroy unwholesome demand for products that are considered undesirable

countermarketing

helping the client after the purchase

support

the marketing mix - the Ps (original 4 + additional 4)

●product ●price ●place ●promotion ●people ●physical presence ●process ●physical evidence

zauważalny, dostrzegalny

tangible

agenci handlowi, pracownicy działu sprzedaży

sales force

the four Cs

1. customer needs 2. cost to user 3. convenience 4. communication

the four As

1. acceptability 2. affordability 3. accessibility 4. awareness

the four Os

1. objects 2. objectives 3. organization 4. operations

the steps a marketer takes in order to persuade customers to buy a product or service

AIDA: attention, interest, desire, action

fashionable and attractive

socially acceptable

a product respecting the laws of the country

legally acceptable

expected earnings - syn.

revenue objectives

the most flexible and adjustable part of the marketing mix

price

internal factors that affect price (3)

profitabilitt, market share, consistency with marketing strategy

external factors that affect price (3)

elasticity of demand, customer expectations, competitors' products

setting a price - stages (5)

1. examine marketing objectives 2. determine an initial price 3. set standard adjustments 4. determine promotional pricing 5. state payment options

what the market is willing to pay

backward pricing

standard adjustments (4)

●quantity discount ●trade discount ●special segment discount (eg. students) ●geographical pricing

promotional pricing - options (5)

●markdown ●free product ●sales promotion ●bundle pricing ●loss leader

obtain control or power

gain a hold

using a high price where there is a substantial competitive advantage

premium pricing

the price charged for products and services is set artificially low in order to gain market share

penetration pricing

marketing and manifacturing costs are kept to a minimum

exonomy pricing

charge a high price because you have a new product type; however, the high price attracts new competitors into the market, and the price falls due to increased supply

price skimming

the consumer responds on an emotional, rather than rational, basis

psychological pricing

companies will charge a premium price where the consumer cannot choose a competitive product

captive product pricing

sellers combine several products in the same package

product bundle pricing

pricing considerations (7)

●alternative solutions ●ease of comparison ●unique benefits /unique selling points (USPs) ●monetary significance ●demand ●price sensitivity ●complementary costs

concede or yield an argument (phrasal verb)

back down from (your previous position)

reach or come to (phr. v.)

arrive at (different figure)

prepare (plans, documents) (phr. v.)

draw up (a new proposal)

disapprove of (phr. v.)

frown on

progress or advance (in a job) (phr. v.)

go on with (the task in hand)

compromise (phr. v.)

meet halfway

SWOT analysis - components

Strengths Weaknesses Opportunities Threats

it describes how a company will position itself and the products it sells or the services it provides in the competitive marketplace

marketing strategy

a written document which details the marketing method selected and specific marketing actions or marketing activities; it also examines the resources needed to achieve specified marketing objectives

marketing plan

developing a marketing plan - stages (5)

AOSTC: analysis, objectives, strategies, tactics, control

analysis - components

current market situation, competitor analysis, product/service analysis, target market

objectives - components

marketing goals, set SMART objectives

strategies - def.

the approach to meeting the objectives

tactics - def.

convert your strategy into the marketing mix, including the 4 Ps

control - component

tracking

a summary of the marketing plan

the executive summary

businesses that sell goods or merchandise to individual consumers

retailers

consumers who buy various competing products rather than being loyal to a particular brand

brand-switchers

all the companies or individuals involved in moving goods or services from producers to consumers

distribution channel

an intermediary that stocks manufacturers' goods or merchandise, and sells it to retailers and professional buyers

wholesaler

possibilities of fillling unsatisfied needs in sectors in which a company can profitably produce goods or services

market opportunities

someone who contracts existing and potential customers, and tries to persuade them to buy goods or services

sales representative/ sales rep

introduction stage - characteristics (sales, costs, prices, promotion)

sales volume is low, costs are high, high skim pricing/low penetration pricing, promotion aimed at educating potential consumers

growth stage - characteristics (sales, costs, prices, promotion)

sales volume increases significantly, costs are reduced due to economies of scale, price can remain unchanged (competitors aren't usually well established yet), promotion aimed at much broader audience

maturity stage - characteristics (sales, costs, prices, promotion)

sales volume peaks, new costs (the product's features may have to be changed so that it differs from competing brands), prices may have to be reduced (competitors are well established in the market), promotion emphasizes product differentiation

decline stage - characteristics (sales, costs, prices, promotion)

sales volume begins to go down, either costs are too high compared to sales or the company continues to offer the product to loyal customers but reduces costs to a minimum, the price is either maintained or greatly reduced to liquidate stock, no promotion