Glossary

A high-level view of a situation or problem

Product, place, price, and promotion

An approach characterized by high risk and high reward, requiring due diligence and effective post-acquisition management for success

The set of actions done by an organization’s marketing practitioners

In international marketing, it involves customizing the strategic marketing mix to suit the unique preferences and cultural values of each country or market (Cateora et al., 2024)

The total number of consumers that an organization could potentially serve

Involves paid, non-personal communication through various media channels such as television, radio, print, and digital platforms

Related to the emotions consumers associate with using or owning a brand. Is an affective emotional component of consumer attitudes

Distributors that never take possession of the good or service but earn monetary commissions or fees for facilitating sales between producers and end customers

A framework (which is one of many) used in marketing to describe the steps a consumer goes through from becoming aware of a product to making a purchase decision (Barry and Howard, 1990)

Activities, interests, and opinions

Provides insights into website performance and user behavior, helping to refine marketing strategies

Provides a framework for analyzing options for growth by considering both existing and new products and markets

The third step of the personal selling process.  Involves gathering more information and getting questions answered so that the salesperson can prepare a presentation of the sales offering

Groups that consumers would like to become part of

Involves dividing the broader audience into smaller, more manageable groups based on specific criteria such as demographics, psychographics, behavior, and geographic location

A product with additional services and benefits to distinguish the offering from competitors

The subset of brands that a consumer knows

The subset of brands that a consumer knows

A set of general criteria that marketers can use to segment a market, which can later be defined more specifically

Categorizes a company's products or business units into four quadrants based on two key dimensions: market growth rate and relative market share

A consumer's intentions or actions towards a brand. Is a behavioral component of consumer attitudes

A method that uses data on users' past behaviors, such as website visits, searches, and purchases, to serve relevant ads

Consumer perceptions of the attributes, features, or characteristics an offering has. Is a cognitive component of consumer attitudes

A manner to distinguish consumers  based on the benefits they believe they might derive from consuming a product, service, or idea. Is a psychographic base of segmentation

Very large databases of customer information

Measures the percentage of visitors who leave the website after viewing only one page

The value a brand adds to a product or service (Aaker, 2009)

The process of creating a unique identity for a product or service, encompassing elements like the brand name, logo, design, and messaging

Break even volume = fixed costs / (price – variable cost)

Occurs when the total costs equal the total revenue

The combination of a company’s business lines and product offerings

Organizations that purchase goods or services for use in the production, logistics, servicing, or resale of products, which are made for non-personal use

A market in which businesses purchase from other businesses

A market in which individual consumers purchase goods and services from a company. Sometimes, this is referred to as “retail purchasing”

Occurs when a new product negatively impacts the sales of existing products in the company's portfolio

A situation in which the base product is relatively inexpensive, however, the supplementary or replacement parts are needed to be purchased in order for the product to work

One of the four quadrants of the BCG Growth Share Matrix. Products or business units with high market share in markets that are stable or that are experiencing limited growth

An interview or survey of everyone in the population

Brands that the consumer has decided to choose from after consideration

Brands that the consumer has decided to choose from after consideration

The percentage of individuals viewing a web page who view and then click on a specific advertisement that appears on that page

Business customers with established relationships

Questions with a preconstructed set of choices that respondents must select from to represent their opinions

The sixth step of the personal selling process. Includes negotiations, or a back-and-forth communication where both the salesperson and the client or potential client ask for terms of the sale until an agreement is made

The power to punish or sanction consumers. Often shared by the same groups who have reward power

Consumers evaluate alternatives based on the attributes that they consider important for their decision-making

Information sources that come from the company itself, such as advertisements, salespeople, the company’s website, or its social media accounts

Putting forth messaging from organizations, brands, products, or people.

Assets that firms control (e.g., people, equipment, capital, etc.) and can use to achieve its strategic objectives

How competition is structured within a specific market

The second stage of the strategy driven product development process. In this stage, potential product ideas are brainstormed and gathered

The extent to which members of a group adhere to the social norms established by that group

Brands the consumer has a positive attitude towards or, in other words, the brands the consumer finds acceptable

The enduring and learned predispositions or evaluations that individuals hold towards products, services, brands, or ideas

Pre-purchase, purchase, post-purchase

The process by which individuals select, organize, and interpret information from the environment to create a meaningful picture of the world

Exposure, attention, and then comprehension

A person who consumes marketing offerings for their own personal use

Creating valuable, relevant, and consistent content helps attract and retain a clearly defined audience

An approach that involves placing ads on web pages that are contextually relevant to the ad content

The share of the price that adds to profit

Contribution margin = price – variable cost

A sample in which whomever was available was selected

The conversion rate tracks the percentage of visitors who complete a desired action, such as making a purchase or signing up for a newsletter

The essential element that fulfills a consumer's basic need or want

One of the two main determinants of price. This determinant takes into consideration the costs incurred by the seller in setting the price

Price changes or offering more cost-effective versions of existing products are common strategies companies adopt to expand their customer base

Producing new goods, services, or ideas for consumption.

That complex whole which includes knowledge, belief, art, morals, law, custom, and any other capabilities and habits acquired by man as a member of society (Nakata and Huang 2015)

A feeling of commitment that consumers have for the brand

Help businesses manage and analyze customer interactions, improving customer retention and satisfaction

Actual performance minus expected performance for an offering

The set of people or organizations that receive marketing offerings

The process of generating reports summarizing multiple industries, consumers, regions, and so forth

A method in which researchers tap into a company's existing customer database, and "mine" that data using various sophisticated statistical methods to detect patterns and insights that the company might find useful

The fourth and final stage of the product life cycle.  This phase is where sales and market interest wane, and strategies often involve cost-cutting or pivoting to new markets

Getting goods, services, or ideas from one physical or electronic place to another.

The number of units the market will buy at given price points within a time period

One of the two main determinants of price. This determinant considers what the target market is willing to buy at various price points

The demography base of segmentation is used to construct segments based on demographic characteristics of consumers

Setting the company's market offering apart to provide consumers with more value

Enables marketers to deliver personalized ads to specific segments of their audience

Encompasses a broad range of online activities designed to engage consumers, build brand awareness, and drive conversions

A fast-growing technology-driven collection of platforms, tools, skills, and content allowing companies to engage with previous, current, and prospective customers

Offer insights into various aspects of a marketing campaign, from audience engagement to conversion rates

Changes associated with the application of any software, application, or online platform to build a competitive advantage through improved customer experience and lower costs (McKinsey 2023)

One of the three types of distribution channels. Allow buyers to purchase directly from the manufacturer

A targeted form of communication that reaches consumers directly through channels such as email, direct mail, telemarketing, and SMS

Visitors who type the website URL directly into their browser

A predetermined set of questions that helps the leader steer the discussion to uncover the information the company needs

An innovative strategy in marketing channels that refers to the process of cutting out the “middlemen” (wholesalers, agents, brokers, and retailers) in an effort to sell directly to customers

Groups that the consumer would like to avoid being part of

“A set of interdependent organizations involved in the process of making a product or service available for use or consumption” (Palmatier et al. 2014, p. 3) by an end user

The process of planning, organizing, and monitoring the various distribution channels used by the company to deliver products to the end customer

One of the four quadrants of the Ansoff Matrix. Is the most ambitious growth strategy, involving the introduction of new products to new markets

One of the four quadrants of the BCG Growth Share Matrix. Products or business units with low market share in low-growth markets

Prices that change and are not constant over a period of time

A measure of the extent of change in demand given a change in price

Building an email list and sending regular newsletters can nurture relationships with customers

Enable targeted and automated email campaigns, enhancing customer engagement

A way to grab consumer attention and change their attitudes toward a brand

The feelings evoked by using or owning a product or service. Usually associated with intangible attributes

Consumers evaluate offerings based on the feelings evoked by each alternative

The final purchasers of goods and services

A method in which a researcher immerses themselves in the daily lives of consumers and their communities to learn about them

Attributes that the consumer is looking for in an offering or the criteria based on which consumers decide what makes it into their consideration and choice sets and what they end up purchasing

Two sides coming together to give and receive things of value

A product which includes attributes and conditions that consumers typically expect

People who are perceived as having knowledge and skills in a specific area

A method of entering international markets where a company sells its products or services directly to foreign customers, typically through intermediaries like distributors

One of the three types of risk. The result of forces outside the firm and, therefore, are viewed as uncontrollable factors that shape the business environment

Most effective when used at moderate levels and when the company can convince consumers that there is a threat, that the threat can happen to them, and that it has a product or service that can alleviate that threat.

Costs that do not change with unit output

A method in which a discussion leader guides a group of consumers to discuss a specific topic, such as their opinion on a new product or service

The seventh and final step of the personal selling process. Includes the delivery of the product to the client, communication with the client to ensure the product was delivered as expected, and the customer service necessary to complete the sale contract

A type of reference group that requires a formal membership process and has stricter norms or codes of conduct

Franchising goes beyond intellectual property rights by allowing foreign entities (called franchisees) to operate a business using the franchisor's established brand, business model, and ongoing support

Pertain to the functional or economic benefits of an alternative. Usually linked with tangible attributes

Posits that consumers will choose one of the brands in the their choice set

A basic, rudimentary version of a product that delivers the core benefit

The geography base of segmentation requires to segment the market on the basis of a geographic region

The concept of adjusting your marketing strategies to accommodate those of other countries around the world

Consumers’ tendency to care about pursuing goals that promote positive outcomes, or care about pursuing goals that prevent negative outcomes. Is a psychographic base of segmentation

The second stage of the product life cycle.  This stage focuses on maximizing market share and is characterized by rapid sales increase

A tendency where consumers tend to extrapolate from first impressions or evaluate the overall quality of a product based on one piece of information

The fifth step of the personal selling process. The salesperson must be prepared that there may be objections to the presentation

Directly and explicitly stating how their brand is better from competitors

A decision we perceive as important and risky

Frequently used because of their effectiveness in grabbing attention, their power to enhance consumers’ moods, and the effectiveness of linking a brand to a positive emotional experience such as joy or laughter

One of the three types of distribution channels. Allow buyers to purchase both directly from the manufacturer and through a wholesaler or retailer

An interviewer questions one consumer at a time

One of the three types of distribution channels. Allow buyers to purchase goods from a wholesaler or retailer; most commonly physical stores or through websites associated with physical stores

Publications, released periodically and programmatically by authoritative sources, which contain information about a certain topic of interest to the marketing researcher

A type of reference group that has less strict norms or codes of conduct

The extent to which a consumer is open to new ideas and their tendency to adopt new products or services early on

Attributes which consumers can’t directly perceive or measure, such as brand image or reputation, prestige, and customer service

A strategic process that integrates and coordinates a company’s various communication channels to deliver a clear, consistent, and compelling message (Schultz, 1992)

Surveys that are conducted on a particular site

An individual or group that is associated within the organization, and which the organization serves

The performance of business activities designed to plan, price, promote, and direct the flow of a company’s goods and services to consumers or users in more than one nation for a profit (Cateora et al., 2024)

The first stage of the product life cycle. This stage involves building awareness and encouraging trial,  and sales growth is typically slow as the market is being established

Involves businesses partnering with local entities to establish new ventures or collaborating with multiple firms to leverage their strengths in foreign markets, such as accessing local expertise, resources, and distribution networks

Entails identifying the terms and phrases potential customers use to search for products or services

The fifth stage of the strategy driven product development process. This stage comprises final preparations and the actual introduction of the product to the market

Stems from legal or contractual authority

Involves granting foreign entities the rights to use intellectual property, such as trademarks or patents, in exchange for fees or royalties

The sixth and final stage of the strategy driven product development process. In this stage, the product is continuously managed and adapted based on market feedback and changing consumer needs

How a consumer spends their time and money

The introduction of new variants to an existing product line

The total number of consumers that an organization could potentially serve

An assessment of how attractive a certain market, or market segment, might be, according to multiple criteria

One of the four quadrants of the Ansoff Matrix. Involves entering new markets with existing products

Forces and factors that affect the behavior and performance of a market

The different characteristics that make a specific group of customers attractive to the company

Refers to the rate at which the overall market for a product or service is expanding

One of the four quadrants of the Ansoff Matrix. Involves increasing market share for existing products in existing markets

A measure of the anticipated monetary value of a market segment

A process in which marketers identify the market a company should serve, and then split it into different, unique groups using several criteria

Different, unique groups marketers split people into

A way to segment the salesforce structure.  The salespeople are assigned to sell to certain customers or industries

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large

Involves systematically assessing marketing strategies and plans to ensure they meet overall business goals

The process that translates marketing plans into actions to achieve strategic marketing objectives

"Planning, implementing and controlling the physical flow of materials and final (finished) goods from the point of origin to the point of use to meet customer requirements at a profit” (Kotler 2024)

The overarching philosophy guiding marketing managers in decision-making

Marketers seek out customer needs and wants and put forth product offerings that meet those needs and wants

Involves selecting strategies that align with the company's overarching strategic goals

A relationship between two or more parties (e.g., organizations or individuals) when there is more than one interaction and there is a desire from the parties to continue interactions in the future

The process of gathering information to learn about the voice of the consumer

Includes specific plans for target markets, positioning, the marketing mix, and budgeting

The various tools and platforms used by marketers to plan, execute, and analyze their campaigns online

When the marketer considers the costs to make the product available to the customer and adds a mark-up value when setting the final price

Based on the idea that consumers seek to fulfill their most basic physiological needs first. Consumers then seek emotional needs such as the needs for safety and for love and belonging. Once those are fulfilled, consumers can go after higher-level psychological needs for esteem or self-actualization

The extent to which material goods have importance in a consumer’s life

The third stage of the product life cycle. This stage is when sales level off as the product reaches peak market penetration, and the focus shifts to maintaining market share and maximizing profit

A condition by which every potential consumer in the market must belong to a group, and only one group

The uniformity of a brand's message across all communication channels and touchpoints. Ensuring consistent messaging reinforces the brand’s identity and builds trust and recognition among consumers

A purchase in which there are modifications to the order, however, the purchase is not a completely new product or supplier. One of the three types of B2B buying situations

The third and final step to success in distribution management.  Make sure that the channel, and its intermediaries, are behaving in accordance with the plan and organization

A business organization in which a company operates in two or more countries, including foreign direct investment through branches or subsidiaries overseas

When there is a gap between a person’s actual state and a desired state

When a consumer is driven to achieve an end goal by fulfilling a need

Triggered when the difference between the consumer’s actual (current) state and their idea state is large

Consumers are dissatisfied when actual performance falls below expected performance

A one question survey with the goal of maximizing the number of promoters (those who score 9 or 10) minus the number of detractors (those who score 0 to 6)

Ethnography in the context of the Internet and social media

Products in a category that are new to the company releasing them, but already familiar to consumers

The introduction of existing products to new geographic or demographic markets with minimal changes

Involves a completely new product or supplier purchase and involves the greatest amount of risk. One of the three types of B2B buying situations

Repositioning a product for new applications

Products that represent radical innovations are the ones that create entirely new markets

An approach in which you do not select from the sampling frame at random

The influence the group has because of consumers’ desire to avoid punishment or to receive a reward from the group

Involves activities outside the website, like building high-quality backlinks from other reputable sites

Another word for products, goods, services, or ideas that the marketer is bringing to the exchange

Focuses on improving elements within the website, such as meta tags, headings, and content quality

Questions which do not have predefined answers, and which consumers can answer by freely giving their thoughts. Generally used in focus groups

One of the four components of SWOT analysis. Refer to favorable external factors or trends in the external environment

The first stage of the strategy driven product development process. This stage involves identifying potential market opportunities or unmet consumer needs

A trigger of need recognition. Is an increase in one’s ideal state

Visitors who find the website through search engines

The second step to success in distribution management. Choose the various channels to be used and design a structure including the number and type of intermediaries between the manufacturer and end customer

Involves paying for advertisements that appear at the top of search engine results for specific keywords

Visitors who arrive through paid advertisements, such as Google Ads, display ads, or social media ads

Collaborators in business activities

Search engine optimization (SEO) and paid search advertising

Occurs when the marketer sets the price low when a product is first introduced to get people to try the product before the price is raised to its regular price

Can affect the consumer perception process. Examples include selective perception, selective attention, and selective distortion

A visual representation of the two major dimensions along which consumers perceive a set of competing brands, intended to represent a map of consumers’ mind

A person-to-person, two-way communication between a buyer and seller, with the objective of making a sale and building a relationship with the buyer

A person’s unique psychological makeup or combination of traits and characteristics that determine a person’s stable tendencies when they respond to the environment

Rich segment descriptions that illustrate a typical segment member’s characteristics (such as demographics), needs, wants, aspirations, and daily life

The act of changing consumer attitudes

The first step to success in distribution management. Develop channel tactics that support both the overall strategy at the corporate level and the marketing mix at the department level

All of the potential customers you are interested in investigating

The place a product occupies in the targeted consumers’ minds, relative to the competition

The process of discovering the position of a particular brand in the mind of the consumer, relative to other competitors’ brands

Consumers are satisfied when actual performance exceeds expected performance

The third stage of the consumer decision-making process. Steps include post-purchase evaluations and behaviors

Encompasses future augmentations and transformations.

The third stage of the strategy driven product development process. In this stage, the feasibility of product concepts is assessed

The first stage of the consumer decision-making process. Steps include need recognition, information search, and evaluation of alternatives

The second step of the personal selling process. Gathering as much information as possible before reaching out to the client or prospective client

The fourth step of the personal selling process. Is the actual selling pitch the salesperson makes to the client or potential client

When a product is priced purposefully higher to elicit perceptions of extremely high quality or luxury

One of the three types of risks. Along with strategic risk, it tends to be internal to the firm and, therefore, within the control of decision-makers

Occurs when the marketer sets the price high when a product is first introduced to capitalize on customers who want the product as soon as it hits the market

Sources in which the data is generated by the marketing researcher

A type of reference group that has  direct and frequent contact with the consumer

An approach in which the selection of members of the sampling frame to be included in your sample is random, which allows statistical inference to be performed

A trigger of need recognition. Is a decline in one’s actual or current state

The set of steps put forth to achieve an outcome

Manufacturers or service providers that combine labor and capital to create goods and services for customers

Any offering a company provides to its customers and can encompass various forms

One of the four quadrants of the Ansoff Matrix. Focuses on introducing new products to existing markets

Broader categories that encompass related product lines, often organized to optimize manufacturing processes or marketing strategies

The improvements made to a product's form, function, or both

The specific model, brand, or size of a product that a customer buys

Describes a product’s sales progression from launch to withdrawal

Related product items are grouped into product lines based on shared characteristics, or target markets

Includes all product families a company offers

Marketers traditionally focus simply on putting a product on the market

The challenge of managing an extensive range of products, especially as the product mix widens

A way to segment the salesforce structure. Involves salespeople focusing on select product offerings to sell to the client base

Choosing a distribution channel based on the characteristics of the product

Marketers focus on manufacturing efficiencies, lowering production cost, and improving procedures, such as with assembly lines and technology

The remaining balance from the revenue brought in after subtracting total costs

Profit = total revenue – total costs

The first step of the personal selling process. Involves gathering leads, or people and organizations (clients) who may buy the seller’s products

A psychographic base of segmentation is one that relates to consumers’ psychology, that is, how they perceive themselves, those around them, and their environment

The study of consumer personality and their values and lifestyles

Involves managing the public image of a brand and fostering positive relationships with various stakeholders, including the media, consumers, and the general public

Information sources that are neither commercial or social, such as government studies, academic journals, non-profit organization reports, publicly traded company reports, patent and trademark databases, product testing magazines, and media stories or news reports

Focuses on producing goods and services in direct response to current orders which reflect actual demand (Ng & Chung 2008)

The second stage of the consumer decision-making process. Includes the "choice" step

Focuses on forecast-driven planning where demand for goods and services are anticipated and produced in advance to meet that demand (Ng & Chung 2008)

A famous, albeit oversimplified, depiction of two different strategic approaches to managing the flow of goods and services in the distribution channel

Data that cannot be statistically analyzed

Data that can be statistically analyzed

One of the four quadrants of the BCG Growth Share Matrix. Products or business units with low market share in markets experiencing rapid growth

The total number of consumers the store could potentially reach and serve feasibly

People whose perspective a consumer takes into consideration when forming attitudes and engaging in behaviors

Shared by people who have power because consumers look up to them

Visitors who come from other websites through backlinks

Posits that we are driven to achieve positive goals by having a promotion focus for self-improvement, and we are driven to achieve negative goals by a prevention focus to avoid things getting worse

Measures a company's market share compared to its competitors

Retailers purchase a variety of goods from either producers or wholesalers and then sell those goods, in smaller quantities, directly to the end customer

Also known as remarketing, this strategy targets users who have previously interacted with a brand but did not convert

The power to reward consumers who conform to the norms of the group

Consumers’ tendency to prefer (or avoid) risk. Is a psychographic base of segmentation

Short-term incentives designed to stimulate immediate sales or encourage trial of a product

Made up of the individual salespeople in an organization

Involves analyzing, planning, implementing, and controlling sales force activities

An individual who represents a company or an organization and performs personal selling tasks such as prospecting, communicating, selling, servicing, information gathering, and relationship building (Armstrong and Kotler 2020)

The total number of consumers that the marketing researcher interviews in focus groups

A list or database that researchers use to select who will be sampled

The process of determining the subset of respondents, from within a larger population, that will be the target for data collection

Involves optimizing website content and structure to rank higher in organic (non-paid) search engine results

A crucial component of digital marketing that involves promoting websites by increasing their visibility in search engine results pages (SERPs) through paid and unpaid strategies

Sources in which the data used by the marketing researcher already exists

A type of reference group that has less direct and frequent contact with the consumer

The process of dividing the market into distinct groups of buyers with different needs or characteristics and who might therefore need different products or respond differently to various marketing methods

A unique configuration of groups emerging by applying one base of segmentation to a given market

A perceptual bias consumers can have when, for example, they notice ads for products they're interested in such as vacation ads when they are planning a Spring Break trip

When selective perception occurs at the comprehension stage and consumers interpret stimuli and information in a way that aligns with their existing beliefs

A perceptual bias consumers can have when only exposing themselves to certain types of information

Consumers remember only a small portion of the information they are exposed to

The thoughts and feelings consumers have about themselves

Posits that consumers are more likely to choose a brand whose image is perceived as congruent with one of their own self-images

Marketers focus on bringing a product to the customer

Commonly held practices by marketing practitioners

A method in which each respondent is encouraged to provide a list of “informants” that the researcher can target next

Allow marketers to schedule and monitor posts across multiple platforms, ensuring a consistent and strategic online presence

Leveraging social media platforms allows marketers to interact with audiences in real-time, build communities, and promote content

A rule of behavior for meeting the expectations of a reference group

Information sources from other consumers like family members, friends, or unrelated consumers online

Visitors from social media platforms

Marketers focus on the customer,  however, there is an emphasis on society and the greater environment surrounding the customer in decision making

Peoples affected by marketing actions

Consists not only of appearance, but also personality, status, and similarity to the consumer

Encompasses both expertise and trustworthiness

How likeable a source is among the target consumers

The fit between the source’s personality and the brand’s personality

In international marketing, it means using the same strategic marketing mix across all countries, without any alterations (Cateora et al., 2024)

One of the four quadrants of the BCG Growth Share Matrix. Products or business units with high market share in high-growth markets

The process of learning about characteristics of the population of interest using only a sample and statistical methods

Segmentation, targeting, and positioning. Is the systematic process by which we identify various unique groups (known as segments) of customers the company might serve, identify the most attractive groups, and develop a unique offering (that is, a mix of 4Ps) that resonates with each group attractive enough to serve

When a repurchase is made without any changes or modifications to the order. One of the three types of B2B buying situations

Key businesses, which may include individual business lines, product lines, or brands

One of the three types of risk. Along with preventable risk, it tends to be internal to the firm and, therefore, within the control of decision-makers

One of the four components of SWOT analysis. Internal capabilities and resources that enable the company to serve its customers and achieve its objectives

“A set of three or more entities (organizations or individuals) directly involved in [both] the upstream and downstream flows of products, services, finances, and/or information from a source to a customer” (Mentzer et al. 2001, p. 4; see Fig. TBD)

A series of questions, structured in the form of a physical or electronic document (also called instrument), that marketing researchers distribute to consumer respondents

The process of transporting, storing, and selling products with the lowest possible impact on the ecological and social environment

Evaluating the company's strengths (S), weaknesses (W), opportunities (O), and threats (T)

The concrete mostly physical attributes that consumers can experience and evaluate, such as the design materials of a product

The specific group of consumers a brand aims to reach with its marketing efforts

Involves assessing the appeal of each segment and choosing the most promising ones to pursue

The fourth stage of the strategy driven product development process. This stage involves developing and testing the product to ensure it meets technical and consumer standards

A way to segment the salesforce structure. Involves assigning salesforce members to geographical areas to focus sales in

Involves encoding a message, sending it through a selected medium, and then decoding it by the audience

One of the four components of SWOT analysis.  Encompass unfavorable external factors or trends that may pose challenges

Total costs = variable costs + fixed costs

The amount coming into the firm when considering the price and the number of units sold

Total revenue = price × number of units

The various interactions a consumer has with a brand, whether through advertising, social media, customer service, or in-store experiences

Understanding where website traffic originates (organic search, direct, referral, paid, or social media) helps marketers identify which channels are most effective in driving visitors to the site

All the available solutions or brands in the marketplace

Occurs when benefits outweigh the cost or sacrifice

The extent to which a consumer tends to maximize what they receive from a transaction compared to what they pay

Also known as VALS. Consists of 35 questions measuring values, lifestyles, personality traits, and demographics and helps segment the marketplace into eight market segments

Costs that do change with unit output

Total variable costs = variable costs per unit ⨰ number of units

When the person knows a product that will fulfill the need, in efforts to get the person to their desired state.

One of the four components of SWOT analysis. Internal limitations that may hinder the company's performance

Resellers who  buy goods in large quantities and resell them to retailers and other businesses

When a company forms a new entity in a foreign country that is entirely owned by the parent company, entailing full ownership and control of its operations abroad