BES04 EQUIZ REVIEWER

Other activities that help a firm promote and sell its products.

The term that denotes the set of assets and liabilities that are linked to a brand and enable it to raise a firm’s valuation.

Is the worth, importance, or usefulness to the customer.

The ability to recognize pain points translates to better product quality.

Once a firm has segmented the market, the next step is to select a target market. The market must be sufficiently attractive, and the firm must be able to serve it well.

Is the route a product takes from the place it is made to the customer who is the end user.

Companies tend to focus on their own customer pain points. However, there are many reasons to identify the challenges your competitors’ customers face. Try to identify pain points at competitor companies and use them to your advantage.

States who the customer is and describes the values offered to this customer

Is the amount of money consumers pay to buy a product.

Occur when customers feel they are not getting the value their money deserves.

The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry.

Are tools that Web sites can use to provide its users with personalized and social experiences.

Is an activity or benefit that is intangible and does not take on a physical form, such as an airplane trip or advice from an attorney

Making people aware of a product in hopes of persuading them to buy it.

Customers wasting their time and achieving less than they ideally would.

Refer to how a customer wants to be perceived by others when using a product, emotional needs refer to how a customer wants to feel.

The firm’s next step is to establish a “position” within it that differentiates it from its competitors.

A fictitious person marketers create by using information about a business's top consumers.

In the context of its marketing mix, is the good or service it offers to its target market.

A place within a market segment that represents a narrow group of customers with similar interests.

Consists primarily of blogging and establishing a presence and connecting with customers and others through social networking sites like Facebook or Twitter.

An individual or business that purchases another company's goods or services.

Refers to the activities the firm takes to communicate the merits of its product to its target market.

Limited group of individuals or businesses that it tries to appeal to.

By reducing customer pain points with each generation of product or service you launch, you earn the respect and loyalty of the public.

Is a need that motivates a customer to purchase a product or service.

) is a short version of a firm’s value proposition and is often used as a slogan or summary phrase to explain the key benefits of the firm’s offering versus that of a key competitor.

Categories of consumer populations that are useful to a business for purposes, such as marketing and product design.

A low-budget approach to marketing that relies on ingenuity, cleverness, and surprise rather than traditional techniques.

Is catchy phrase that’s used consistently in a company’s literature, advertisements, stationery, and even invoices and thus becomes associated with that company—to reinforce the position they have staked out in their market.

D is a customer need that relates to how a person wants to be perceived by others when using a product or service.

This means that consumers naturally assume that the higher-priced product is also the better-quality product.

Give a retailer or other intermediary the exclusive rights to sell a company’s products.

Being able to control the process of moving their products from their place of origin to the end user instead of relying on third parties

Delivered to the customer results in a satisfied customer who will pay a reasonable price in return for the product or service

Refers to a series of stages that an individual goes through when they consider buying a product or service.

Are the most tangible and obvious of the three main types of customer needs. Customers typically evaluate potential solutions based on whether they’ll help them achieve a particular task or function.

Firms selling through intermediaries typically pass off their products to wholesalers or distributors who place them in retail outlets to be sold.

The specific moments in a user experience where customers encounter a process, feature or malfunction that frustrates their ability to engage with a product.

A program used to protect the image and value of an organization’s brand in consumers’ minds.

When clients don't receive the help they need at different stages of the customer experience.

Is an early user of a firm’s product who is willing to give a testimonial regarding his or her experience with the product.

Which facilitates and encourages people to pass along a marketing message about a particular product.

Brings together the firm’s core competencies and its strategic relationship within its industry.

Come from design flaws that result in extra steps, confusing instructions or slow user experiences.

The set of controllable, tactical marketing tools that it uses to produce the response it wants in the target market.

Works to design and produce at low cost the highest-quality product that possesses unique differentiating factors.

Businesses have to make the best use of their limited resources

Refer to efforts to establish and maintain a company’s image with the public.

Directed toward one or two smaller segments of a larger market.

Delivered to the customer results in a satisfied customer who will pay a reasonable price in return for the product or service.

The process of presenting a concept for a product to its target market and learn from those prospective buyers whether or not the idea is worth pursuing.

Based on unique competencies that enable the efficient management of processes.

The list price is determined by adding a markup percentage to a product’s cost.

One of the most cost-effective ways to increase the awareness of the products a company sells is through public relations.

To create a unique product based on a firm’s unique competencies.

Is the set of attributes—positive or negative—that people associate with a company.

Blends the best of low cost and differentiation.

Is an event at which the goods or services in a specific industry are exhibited and demonstrated.

Often require less capital and achieve financial success rather quickly.

Illustrates a firm’s positioning strategy relative to its major rivals.

Typically are started in one market segment and based on a focused core competency and good customer and supplier relationships.

Encompasses all the activities that move a firm’s product from its place of origin to the consumer.

The process of eliminating layers of middlemen, such as distributors and wholesalers, to sell directly to customers

Which is a folder that contains background information about the company and includes a list of its most recent accomplishments.

Means creating awareness and a sense of anticipation about a company and its offerings.

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