Marketing Flashcards

Terms Definitions
external
(adj): out side
inflation
(n): lam phat
prospect
(n) toan canh
trien vong
Extranets
use internet based technologies, permit communication between a company and its suppliers, distributors and other partners
Legal Forces
(n) luc luong phap ly
Self-actualization
According to Maslows Hierarchy of Needs theory, the need for fulfilment, for realizing one's own potential, and for fully using one's talents and capabilities are examples of __________ needs.
supplier
(n): nguoi cung cap, nguoi tiep the
The external environment
Marketing managers cannot control ____, but they can at times influence it.
Classical conditioning
Providing free samples of perfumes (scent) in magazines is an example of which of the following?
Macroenvironment
the larger societal forces that affect the microenvironment
Must be continually monitored by marketing managers
The external environment
Routine buying
Which of the following consumer buying behaviours requires the LEAST effort?
Publics
Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives
Socio Cultural Forces
(n) luc luong van hoa xa hoi
Fewer people are getting married
With analyzing consumer lifecycles, marketers look at consumers in differing stages of their life. Many models upon which these are based were developed in the 1960s. Since then a lot has changed in 'consumer lifecycles'. Which emerging trends should marketers take into consideration?
Disposable Income
the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation
Generation Coherts
Baby Boomers 1946 - 1964 Generation X 1965 - 1976 Generation Y 1977 – 1994
Use of an undifferentiated one-size-fits-all marketing strategy
Which of the following is typically NOT a result of recognizing the importance of ethnic groups by marketers?
Lower-level needs must be at least partially satisfied before higher needs can affect behaviour
Which of the following is an assumption in Maslow's hierarchy of needs?
process
marketing is a _________.
Diffusion factors
Relative advantage, compatibility, complexity, trialbility, observability
Globalization
the increasing integration of th eworld economy
Deceptive pricing
always having a sale, illegal
publicity
the unpaid mention of a business
Risk Management
strategy to offset business risk
tertiary market
the industry segment that includes retail buisness such as stores.
Fashion
the pervailing type of clothing that is favored by a large segment of the public at a given time.
Cultural pollution
Advertisement on billboard on scenic highways, brings in revenue.
Promotion
A television commercial would be an example of the 3rd "P" in the marketing mix. What is the 3rd "P"
surplus
when there is more supply than demand
garment parts
components of garments, such as the sleeves, cuffs, collars, waistband, etc.
Craze
the passing love for a new fashion that is accompanied by a display of emotion or crowd excitement.
corporation
a buisness that is characters by the state and legally operates from the owners or owner.
garmet parts
components of garments, such as the sleeves, cuffs, collar, waistband, etc.
Dynamic pricing
adjusting how much your product sold on demand first one sold cheap, the next go up.
marketing concept
satisfying customers needs in order to make a profit
trade surplus
a country exports more than they import
mass fashion
styles that are produced in volume and widely sold at lower prices
Balance of trade
is the relationship between a countrys imports and exports and it affects the economic health of a country
Ford
A style or design that is produced at the same time by many different manufactures at many different prices.
Target cost pricing
customer will pay a certain price we think they're willing to pay with little mark up.
sawa
reasonable
Deparment Store
Macys
Experimental Settings (2)
In Field
Laboratory


Cross-
Tabulation




A method of analyzing
data that lets the analyst look at the responses to one question in relation to
the responses to one or more other questions.


product/service management
obtaining, developing, maintaining, and improving a product or service.
segmentation variables
Characteristics of individuals, groups, or organizations used to divide a market into segments
Sales Manager
Organizes, develops, directs, controls, evaluates sales force
Discount Store Ware house
Sams club
Technology
inventions from applied science of engineering research
Logistics functions
Order Processing Warehousing Material handling Transportation Inventory Control
selective retention
Remembering information inputs that support personal feelings and beliefs and forgetting inputs that do not
person marketing
activities undertaken to create, maintain, or change attitudes or behavior toward particular people
Direct marketing
Direct communications with carefully targetd individual consumers to obtain an immediate response.
responsiveness
the ability to provide prompt serivice
marketing planning
designing activities relating to marketing objectives and the changing marketing environment.
product
what business offers to prospective buyers
drop shipper
A limited service wholesaler that takes title to goods and negotiates sales but never actually takes possession of products
support personnel
Sales staff members who facilitate selling but usually are not involved solely with making sales
What intermediary is used in both consumer and business goods?
agents
Form Utility
The benefits created by transforming the raw materials into the finished products (created by engineering and manufacturing)
Pulling
using promotion to get consumers to ask intermediaries for the product.
Ethnographic Study
A detailed report based on observations of people in their own homes or communities, and how they use the product or product category in question. Researchers live with the subjects- ex. attending monster truck shows to observe.
quality
a product's ability to satisfy a customer's needs or requirements.
 
 
Market Orientation
 
satisfy customers needs and wants while meeting the companies objectives
White Spaces
Marketing niches without products to meet needs, GM coined the term
information collected for the specific purpose at hand
primary data
Product
Everything, good and bad, that is gained in an exchage
Custom Marketing Strategy
approach that tailors specific products and the messages about them to individual customers
tying arrangement
whereby a seller requires the purchaser of one product to also buy another item in the line-these contracts may be illegal when the seller has such economic power in the tying product that the seller can restrain trade in the tied product
sales quota
specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated period
Useful articles imprinted with an advertiser's name, given as gifts to consumers
Advertising Specialties
What is price?
Overall sacrifice a consumer is willing to make, money, time, energy to acquire a specific product or service.
Mission Statement
a formal statement in an organizations strategic plan that describes overall purpose of the organization and what it intends to achieve in terms of customers products and resources
Laddering Down
providing a reason to believe a benefit in order to enhance competitive based positioningex: Lexus shows quality steel frame to enhance benefit that it is high quality
establishing marketing communications objectives(the second step of a promotions opportunity analysis)
Communication objectives help account executives and advertising creatives design effective messages.communication objectives:-develop brand awareness-increase category demand-change customer beliefs or attitudes-enhance purchase actions-encourage purchase actions-build customer traffic-enhance firm image-increase market share-increase sales-reinforce purchase decisionsMarketing objectives address:-sales volume-market share-profits-return on investments
Producer Factors
The producer itself can influence the distribution channel for a particular product. Example: producers with large financial, managerial, and marketing resources are better able to support direct channels. Smaller firms rely on intermediaries.
production life cycle
introduction- to inform, growth- to persuade, maturity- to remind
Metro-sexual:a new segmentation buzzword
sensitiveeducated in touch with feminine side
 
 
Magnuson-Moss Act
of 1975
producers must provide a clearly written warranty if they choose to offer any warranty
- does not have to be strong , but as the Federal Trade Commission (FTC) guidelines try to ensure warranties should be clear and definite and not deceptive and unfair
marketing program
a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers
An independent logistics provider that performs any or all of the functions required to get its client’s product to market.
Third-party logistics (3PL) provider
Geographic Segmentation
Is the division of groups of consumers into segments based on where those consumers live
Benefits of Franchisees
1. expand business and revenues2. Maintain consistency3. Gain knowledge of local market4. Share financial risk
idea marketing
marketing activities that seek to gain market share for a concept, philosophy, belief, or issue by using elements of the marketing mix to create or change a target markets attitude or behavior
horizontal vs. vertical arrangements
vertical arrangements (between firms at different levels) are legal, horizontal arrangements (between firms at same level) are illegal
Sample frame
a master list of the entire population
customer value
value goods and services that are expected and sold at prices willing to pay
Contribution Pricing
The setting of prices based on the principle that as long as an item is sold for more than the variable cost, it is making a contrabution towards the overheads of a business
Test markets provide the following information (4)
estimate market share volume
cannibalization rate (effects on current products)
characteristics of consumers/refine marketing
behaviour of competitors
product form pricing
different versions of the product are priced pdifferntly but not according to difference in their costs. water costs a certain price at the supermarket, but at a concert its a tottaly different price.
Team Selling
Using teams of people to form sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts.
random error
An error that occurs when the selected sample is an imperfect representation of the overall population.
Quota sampling
A sampling method in which the final choice of respondents is left to the interviewers, who base their choices on two or three variables (such as age, sex and education).
A retail store that carries a narrow product line with a deep assortment within that line.
specialty store
"DISRUPTIVE COMPETITORS"
BREAK THE RULES, TRY TO BUY SHARE RATHER THAN EARN IT, TAKE LARGE RISKS, & SHAKE UP THE INDUSTRY.
All of the consumers who will purchase a particular product or service comprise a(n)_______.
economic market.
tariff
tax levied n a good imported to a country (duty)
societal marketing orientation
satisfy customers but enhance ind. and society's best interest
Above The Line Promotion
Promotion is the advertising of a product/service through consumer media e.g. T.V radio
Manufacturers' Sales Branches
Warehouses that producers set up at a separate location away from their factories.
superregional shopping center
A type of shopping center with the largest department stores, the widest product mix, and the deepest product lines of all shopping centers
channel power, control, and leader
power-power to influence behavior of another channel membercontrol-actually influencingleader-person who actually does the influencing
It is a set of actual and potential buyers of a product or a service.
Marketing managment?
nature and nautral resouces 2 ares
weather and limate natural resources
Product Assortment or Product Mix
the complete set of all products offered by a firm
alternative forms of competition
four basic forms of competition form a continuum from pure competition to monopolistic competition to oligopoly to pure monopoly
a key part of any strategy is to
determine customer expectations. from a retailers perspective, it is important to know from which manufacturers want to buy. manufacturers in contrast need to know where their target market customers expect to find their products and those of their competitors.
FOB (free on board) pricing
The seller pays to have the product loaded on a transportation vehicle at which time the title is transferred to the buyer, who pays shipping and is responsible for the product at that point.
3 most common message appeals in an ad
1. fear appeal
2. sex appeal
3. humorous appeal
finis
end
What is SWOT?
Strengths
Weaknesses
Opportunities
Risks
market segment
individuals, groups, organizations
 
share one or more similar characteristics, therefor having similiar product needs 
Describing the competitive environmentForecasting the future competitive environmentChallenging the underlying assumptionsIdentifying and compensating for exposed weaknessesAdjusting strategy to the changing environmentDetermining when strategy is no long
OSINT
Implementation
Putting marketing plans into operation.
Commercialization
not guaranteedLaunch the product-full scale production -Distribution -advertising -Sales promotion-and more
4 stages of a product
IntroductoryGrowthMaturityDecline
sherman anti-trust act
breaks up monopolies
Megacarrier
A freight transportation firm that provides several modes of shipment
Segmenting
Clustering people with similar needs into a "market segment."
Salesperson
An individual representing a company to customers by performing or or more of the following activities: prospecting, communicating, selling, servicing, information gathering, and relationship building
demand analysis
includes market segmentation analyses to describe and evaluate potential profitability, sustainability, accessibility, and size of various and potential segments
Cultural Sanction
performing not gratifying or culturally inconsistent behavior
Product Manger
Develops goals, objectives, plans, strategies, marketing mixes for product line or brand
Door-in-the-face
Asking participant for something too large so that the next request seems reasonable
seniors
make america's fastest growing group more likely to complain need special attention and take time browsing before making a purchasing decision
3 Economic Factors
1. consumer's income
2. inflation
3. recession
prestige sensitive
Drawn to products that signify prominence and status
sales promotion
An activity and/or material intended to induce resellers or salespeople to sell a product or consumers to buy it
Experimental Research
gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors and checking for difference in group response (best for cause and effect relationships
Technological Trends
1. Rapidly changing
2. creates new mkt. opps
3. renders existing products/ technologies obsolete
Types of Independent intermediaries
Merchant Wholesalers Merchant Agents/BrokersManufacturer-Owned Intermediaries
Learning
Knowledge or skill acquirred as a result of experience
mass customization
the internet's unique ability to customize marketing mixes electronically and automatically to the individual level
Competitive Environment
the competitive environment refers to all firms that market similar or substitutable products
 
ex. product competition, brand competition
Brand Loyalty
A customer's favorable attitude toward a specific brand
Discount
A straight reduction in price on purchases during a stated period of time.
timing
*planning must occur well in advance of the activity*if put off until last minute = negative side effects
segmenting markets by age, gender, income, ethnic background, and family life cycle.
demographic segmentation
LFM: truck wholesaler
They specialize in delivering products—at a cost--that they stock in their own trucks
branding
organization's use of a name, phrase, design, symbol or combination of these to identify and distinguish its products
3 pillars of marketing
customer orientation integrated marketing customer satisfaction
What is benchmarking?
Process of comparing your product against the competitors
Position Sentence 1
For (target consumer),who (state the need or the opportunity),(your product) is a (fill in the product category)that (state your key benefit, or the compelling reason customers will buy it)
Time utility
Availability of good or service when people want them
Share of customer
The portion of the customer's purchasing that a company gets in its product categories
Personal Selling
A company rep. interacts directly with a prospective customer -personal touch -selling/sales management jobs-great for college grads. offers a lot of mobility
SWOT Analysis
An overall evaluation of the company's strengths, weaknesses, opportunities, and threats.
probing method
sales reps initally attempt to obtain commitment by another method, if unsuccessful, the salesperson uses a series of questions designed to discover the reason for hesitation
Penetration strategy
A marketing strategy based on low prices and extensive advertising to increase a product's market share. For penetration strategy to be effective the market will have to be large enough for the seller to be able to sustain low profit margins.
Grameen Bank
Bank in Bangladesh that specialized in micro-finance and micro-loans. Worked on a system of trust as collateral. if one person in a community defaulted on a loan the whole community was cut off. Community would pull together to make payments
The product life-cycle stage in which the new product is first distributed and made available for purchase.
introduction stage
subculture
a group of people with shared value systems based on common life experiences and situations
Unsought Products
Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying.
dog
business w low growth potential and a small market share.
Utility
a. Time b. Place c. Form d. Posession
cost competitive advantage
being lowest cost competitor while maintaining satisfactory profit margins... WALMART
press conference
A meeting used to announce major news events
Separation in Values
Producers value goods and services in terms of of costs and competitive prices while consumers value utility and ability to pay.
contractual channel systems
the channel members agree by contract to cooperate with each other.
reach
is the total number of people who see an ad.
win-win not yet
buying team achieves its goals while the selling team doesn't. sellers expect to achieve their goals in the near future
niche competitive advantage
seeks to tarket and effectively serve a single segment of the market
What are the social influences?
1. Culture2. Subculture3. Social class4. Group memberships
Challenges of Franchisees
1. Difficult to maintain and motivate franchisees2. Highly publicized disputes and conflicts3. Customer relationship controlled by intermediary
1. Distance metric2.joining rule3.permanent joining 4.small data sets
What are characteristics of K-means cluster analysis?
promotion decision process (3 steps)
1. developing (initial planning)
2. executing (implementation)
3. evaluating (posttest and changes made, control)
A measure of the sensitivity of demand to changes in price. The percentage change in units sold divided by the percentage change in price.
Price Elasticity
A powerfull brand gives a company power to build a strong foundation and gives the company what?
Brand Loyalty (Loyal Customers)
Leagile Supply Chain Strategy
SCM strategy that combines the best elements of lean and agiels strategies for a particulr product/market combination.
sustainable competitive advantage
one that cannot be copied by the competition
Customer Experience Management
The process of man- aging the entire customer experience within the firm


What is the Marketing Company Era?
Integrates consumer research and analysis into all efforts. Research is always consulted before making decisions on products.
is an item consumed in one or a few uses, such as fuel or food
nondurable goods
Assumptive or minor-points close
acts as if the purchase is inevitable with only a few small details to be settled
6 Questions about Ethics and Marketing
1. Products: are they safe, manufactured from sustainable materials, and produced under responsible conditions of employment?

2. Advertising: is it honest, accurate, and culturally acceptable? Is the wording on packaging honest and accurate?

3. Pricing: does it offer value for money as well as generate profits?

4. Selling: is it free from misleading and high-pressure tactics?

5. Distribution: does it ensure fair access to products and services

6. Customer Service: does it meet customer requirements and makes it easy to resolve disputes.
What are 5 government actions that can be taken?
Quota, boycott, exchange control, trade agreement, tariff
What are the 4 elements of SWOT Analysis?
Strength, Weakness, Opportunity and Threat
response rates for different forms of direct marketing
email- most usage & least response by far; direct mail- 2nd most usage & greater response (less than catalogs); catalog highest response but not high usage (& same w/ telemarketing w/ a little less for both)
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