Card Set Information

2011-12-05 16:22:03

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  1. trustmark �
    identifier for a brand that provides the necessary reassurance to alleviate choice fatigue from copious and time-consuming evaluation of other brands or non-branded products during every purchasing decision
  2. brand experience management �
    customer can have a relationship with the brand as an object (via the product/service), in this context the company builds on that relationship
  3. lovemark �
    is a brand that has created loyalty beyond reason; it is infused with mystery, sensuality, and intimacy, and you it recognize immediately as having some kind of iconic place in your heart
  4. cult brands �
    goods that clearly have the potential to become cultural icons or answer the primal call that brands such as Apple, Volkswagon, and Harley Davidson seem to
  5. iconic brands �
    act as a social or cultural authority that creates and/or reflects its values
  6. customer evangelist �
    small army of unpaid but passionate missionaries who act as a surrogate marketing team for the brand
  7. cultural icons �
    have social lives and cultural significance�examples are Nelson Mandela, Steve Jobs, Sam Walton, Oprah Winfrey, Martha Stewart, Michael Jordan, Muhammad Ali, Andy Warhol, Bruce Springsteen, John Wayne, Woody Allen; cultural icons dominate our world
  8. marketing juju �
    is the holy grail of marketing�the elusive and much sought after elixir that promises the brand everlasting vitality.
  9. Red Queen Effect �
    run faster and faster to just stay in the same place
  10. hypercompetition �
    occurs when technologies or offerings are so new that standards and rules are in flux, resulting in competitive advantages that cannot be sustained
  11. improvisation �
    the practice of acting and reacting, of making and creating, in the moment and in response to the stimulus of one�s immediate environment. This can result in the invention of new thought patterns, new practices, new structures or symbols, and/or new ways to act
  12. blue ocean strategy �
    avoid head-to-head competition by challenging the industry�s strategic logic and taken-for-granted assumptions
  13. competitive advantage �
    exist where there is a match between the distinctive competences of a firm and the factors critical for success within the industry that permits the firm to outperform its competitors
  14. co-opetition �
    it involves independent parties that achieve mutual goals through cooperation, which align critical activities and processes, while at the same time competing with each other as well as with other firms
  15. customized pricing �
    tailoring pricing to individual customer accounts
  16. price flexibility �
    finds the company varying prices based on segment or user elasticity, time and place of purchase, as well as in response to opportunities for product or service unbundling or bundling, or anticipated or actual moves by competitors, among other factors
  17. price strategy �
    the theme or direction of a firm�s pricing efforts; the strategy provides the glue that holds together all individual pricing decisions; examples include skimming, parity, penetration, or price leadership strategies
  18. price structure �
    is the architecture around which the firm�s mix of prices is designed. The structure specifies how prices will vary based on aspects of the product/service (e.g., bundling/unbundling), the customer (e.g., price differential by market segment), and time and form of payment (e.g., the discount structure)
  19. proactive pricing �
    comes into play when the firm takes a leadership role not only in changing price, but in being the first to introduce innovative pricing structures and payment schemes. It also reflects more aggressiveness in pricing and more speed in adjusting prices to reflect new opportunities
  20. risk-assumptive pricing �
    prices are set individually based on a borrower�s risk
  21. value-based pricing �
    capturing the total value proposition as perceived by individual segments and customers. Firms may need to develop multiple strategies, depending on the market context
  22. distribution �
    the marketing and carrying of products to consumers
  23. search �
    the act of looking for a product or service
  24. reassortment �
    • sorting, which consists of arranging products or services according to class, kind, or size
    • death of distance � for most products, distance will have substantially less effect on distribution cost
  25. homogenization of time �
    the virtual marketplace is atemporal; a website is always open. The seller need not be awake to serve the buyer. Often, the buyer need not be awake, or even physically present, to be served by the seller. The web is independent of season
  26. irrelevance of location �
    any screen-based activity can be operated anyplace on earth. No longer is location key to most business decisions
  27. collaboration �
    working together in coming up with inventive solutions, for enhancing the speed of the organization
  28. empowered sales force �
    involves risk and requires trust. Salesperson in effect becomes responsible for tailoring elements of entire marketing mix to serve an account, including the product configuration, pricing, customer communication, and logistics. He or she becomes accountable for value creation for customers and for innovating on behalf of the firm
  29. entrepreneurial selling �
    expeditionary, empowered, strategic, technological, and collaborative approach to selling
  30. leveraging resources in the selling environment �
    salesperson supports his/her venture by collaborating with those in production, logistics, information technology, marketing, and customer service
  31. strategic sales management �
    there is an attempt to �connect the dots� when making decisions. Decisions regarding who and what type of people to hire, how their jobs are defined, the manner in which their performance is assessed and they are compensated, and so forth are made in a manner that is consistent with the strategic direction of the overall sales organization
  32. Internet �
    a worldwide, publicly accessible series of interconnected computer networks that transmit data by packet switching using the standard Internet Protocol (IP). It is a �network of networks� that consists of millions of smaller domestic, academic, business, and government networks, which together carry various information and services, such as electronic mail, online chat, file transfer, and the interlinked web pages and other resources of the World Wide Web (WWW)
  33. new five forces �
    forces that impact on strategy and the way organizations deal with the future. Forces that will affect the way the business and management environment works
  34. Moore�s law �
    noted that the number of transistors on a computer chip doubled roughly every 18 to 24 months. A corollary to �Moore�s Law,� as that observation came to be known, is that the speed of microprocessors, at a constant cost, also doubles every 18 to 24 months. Moore�s Law has held up for more than 40 years
  35. Metcalfe�s law �
    the usefulness, or utility of the network, equals the square of the number of users
  36. Coasian economics �
    the notion of �transaction costs��a set of inefficiencies in the market that add or should be added to the price of a good or service in order to measure the performance of the market relative to the nonmarket behavior in firms. They include the costs of searching, contracting, and enforcing
  37. flock-of-birds phenomenon � a feature of many of the new communication technologies has been the fact that in most cases they do not �belong� to any one institution, nor does any particular authority control them. The Internet is a case in point
  38. fish tank phenomenon �
    Moore�s Law and Metcalfe�s Law combine to give individuals inexpensive and easy access to new media such as the Internet. This means that any one can set up a website and, theoretically at least, be seen by the world. Named after the fact that in the early days of websites, people used to put a video camera on top of their tropical fish tank (or coffee percolator, for that matter), so that when you logged on to their site that is what you saw
  39. buyer-seller relationship �
    a mutual, two-way approach built on trust and involving a level of dependency and investment from both parties
  40. customer lifetime value �
    estimate in present value terms of the worth of a customer based on his or her total expenditures on a product category over a defined future period
  41. customer equity �
    the proportion of the customer�s total expenditures or lifetime value that the marketer seeks to capture
  42. loyalty �
    • an attitudinal predisposition or preference to favor a particular supplier
    • mutual relationship �
    • both parties in this case buyer and seller have similar values, and gain a mutual beneficial benefit from being in the relationship.
  43. relationship marketing �
    the establishment of a formal approach to creating and managing strong, lasting ties with individual customers for the purpose of mutual benefit and ongoing value creation
  44. relationship types �
    categories of customers that are grouped for the purposes of determining levels of investment, customization, information exchange, and intimacy that a firm will strive toward