HTM 235 Summer

Card Set Information

HTM 235 Summer
2010-06-02 14:17:33

Show Answers:

  1. Communication
    A process in which participants create and share information with one another to reach a mutual understanding
  2. Communication Channel
    The means by which messages get from one individual to another
  3. Diffusion
    The process by which an innovation is communicated through certain channels over time among the members of a social system
  4. Innovation
    An idea, practice, or object that is percieved as NEW by an individual or other unit of adoption
  5. Market
    Consists of all the potential customers sharing a particular need/want who might be willing and able to engage in exchange to satisfy that need/want
  6. Marketing
    A social and managerial process by which individuals and groups obtain what they need/want through creating, offering and exchanging products of value with others
  7. Marketing Management
    The process of planning and executing the conception, pricing, promotion, and distribution of products to create exchanges with target groups that satisfy the customer aand organizational objectives
  8. Market Segmentation
    • A process of reducing larger groups or markets into smaller subdivisions who share a particular want/demand
  9. Ways to segment markets
    • Demographics (age)
    • Geographics (location)
    • Behavioral (preference)
    • Psychographic (personality)
    • Benefits
    • Time
  10. Target Marketing
    focuses on a specific segment, may use multiple segments
  11. Marketing Mix
    The combination/relationship between the selected target markets and the appropriate marketing mix
  12. 4 P's
    • Promotion
    • Place
    • Price
    • Product
  13. Diffusion
    Customers grouped together according to how quickly they adopt a new product
  14. 4 key elements of diffusion
    • Innovation
    • Social System
    • Communication
    • Time
  15. Innovators
    Well informed risk takers who are willing to try an unproven product. 2.5%
  16. Early Adopters
    Based on the positive response form innovators, they begin to purchase a product. Educated opinion leaders. 13.5%
  17. Majority
    Careful consumers that tend to avoid risk. Purchase product once it has been proven by the early adopters. Rely on recomendations. 34%
  18. Late Majority
    Somewhat skeptical consumers. Only purchase product after it has become common place. 34%
  19. Laggards
    consumers who resist change. May not purchase product until traditional alternatives are no longer available. 16%
  20. 4 stages of product lifestyle
    • Introduction
    • Take off/Growth
    • Maturity
    • Decline