MKTG Final 2 Flashcards

Terms Definitions
true innovation
revolutionary new product
everything outside your company
ideas about products and services
restrictions placed on potential solutions to a problem. common ones are limitations on the time and money available to solve the problem
Which marketing strategy seeks to appeal to multiple consumer segments with a distinctive marketing strategy for each segment?a. segment marketingb. concentrated marketingc. differentiated marketingd. clustered marketing
competing with the whole category
ethnographic research
specialized observational approach in which trained observers seek to discover subtle behavioral and emotional reactions as consumers encounter products in their natural use environment
_______ are the most early adopters
Characteristics of individuals, groups, or organizations.
segmentation bases (variables)
brand drivers
factors that influence buying decisions of a household or organization and sales.
Which of these best illustrates a manior innovations?a. a modification of an existing product or an innovation that the consumer perceives as meaningfulb. an alteration in or extentionn of a firms existing productsc. items not previousl
number of people that read one magazine
Four P's to make a marketing program
producing goods in one country and selling them in another

using self service tech to eliminate face-to-face interaction with salespeople with the goal of minimizing negative service, reduce variability in service, and reduce costs
A name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products.
Researchers posing as customers who gather observational data about a store.
mystery shoppers
increasing market share- selling their products to the greatest number of people
mass-marketing approach
consumer goods
products purchased by the ultimate consumer
industrial services
intangible activities to assist the industrial buyer
bad timing
cause of new product failure: introducd too soon, too late, or at a time when consumer tastses are shifting
component Lifestyles
the practice of choosing goods ands services that meet ones diverse needs and interests rather than conforming to a single, traditional lifestyle
cannot do things to reduce competition
people with the desire and the ability to buy a specific offering
approaches that can be used to collect data to solve all or part of a problem
top-down budgeting techniques
allocation of the promotion budget based on management's determination of the total amount to be devoted to marketing communication
Adding additional products to an existing product line in order to compete more broadly in the industry.
product line extension
The most popular form of internet sampling is _______ ________
recruited panel
A positioning strategy that some firms use to distinguish their products from those of competitors.
product differentiation
organizational buying behavior
the decision making process that organizations use to establish the needs for products and services and identify, evaluate, and choose among altenrative brands and suppliers
unsought goods
items that the consumer either does not know about or knows but does not initially want
sell what we allready sell to the people we're allready selling it to- OJ
world trade org (WTO)
permanent institution that sets rules governing trade between its members through panels of trade experts who decide on trade disputes between members and issue binding decisions
horizontal marketing system
an arrangement within a channel of distribution in which two or more firms at the same level work together for a common purpose
channel leader
a firm at one level of distribution that takes a leadership role, establishing operating norms and processes based on its power relative to other channel members
Changing one or more of a product’s characteristics.
product modification
A survey research method that involves interviewing people in the common areas of shopping malls.
mall intercept interview
multiproduct branding
company uses one name for all its products in a product class. sometimes called family branding or corporate branding when trade name is used
what is selective retention?
occurs when consumers do not remember all the info they see, hear, or read even after paying attention to and comprehending it
Trade or functional discounts
discounts off list price of products to members of the channel of distribution who perform various marketing functions
That part of a brand that can be spoken, including letters, words, and numbers.
brand name
new-product strategy development
the stage of the new product process that defines the role for a new product in terms of the firm's overall corprorate objectives
A series of stages determined by a combination of age, marital status, and the presence or absence of children.
family life cycle (FLC)
5 Step Mktg Research Approach
1) Define the problem 2) Develop the research plan 3) Collect relevant information 4) Develop findings 5) Take mktg actions
KMwhat does it mean for a brand to have positive consumer brand equity?
when consumers react more favorably to an element of the marketing mix for the brand than they do for the same marketing mix element when its attributed to a falsely named or generic named version of the same product
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