Marketing 11 Flashcards

Terms Definitions
Branding
status appeal
social needs
Demographic variables
 
aggregate population characteristics
 
Age
Gender 
Race
Income
    ****family life cycle****
-increase # of:
single mom households
women (20-24) never been married 
median marrying age (women) has risen
 
 
cohabitation
households with unmarried partners
Customer Equity
Expected earnings stream (profitability) of a firm's current and prospective customers over some period of time.
UPC
National system of product identification
niche
One segment of the market
gen y
inquisitive accepting fast paced
illustrations
Photos, drawings, graphs, charts, and tables used to spark audience interest in an advertisement
Determing Dimensions
Actually affects the customers' purchase in a product market.
Producer
The person that facilitates everything that happens after the client agrees to develop an ad or campaign.
metamediary
represents a cluster of manufacturers, online retailers, and content providers organized around a specific event or major asset purchase
The ELM
central cues or peripheral cues
Marketing Manager
Directs all company’s marketing activities, including planning, organizing, staffing, directing, controlling, evaluating performance
Fieldworker
Person trained to make initial contact, probe, and record responses
What customers will we serve?
Target Market
environment scanning
continually acquiring info on events outside of organization to identify and respond to potential trends
point-of-purchase (P-O-P) materials
"Signs, window displays, display racks, and similar devices used to attract customers"
superstore
A giant retail outlet that carries food and nonfood products found in supermarkets, as well as most routinely purchased consumer products
competitive advantage
an advantage over competitiors gained by offering greater customer value either through lower prices or by providing more benefits that justify higher prices
Key Cultural Trends
People's views of
1. themselves
2. others
3. organizations
4. society
5. nature
6. universe
Insourcing
when a company contracts a specialists to service their supply chain
Cognative dissonance
inbalance between beliefs & attitudes that occurs after an action or decision is madeon a purchase.
e-marketing
the use of information technology in the process of creating, communicating, and delivering value to custoemers
Ethics
the moral principals and values that overn the actions and discisions of individual and groups guidline for behavior
Client-Based Relationships
Interactions that result in satisfied customers who use a service repeatedly over time
Contests, sweepstakes, games
Promotional events that give consumers the chance to win something--such as cash, trips, or goods--by luck or through extra effort.
Harvest
utilize the SBU to generate resources for other SBUs
form utility
involves changing raw materials or putting parts together to make them more useful
retailer's product
The retailer's whole offering - assortment of goods and services, advice from salesclerks, convenience, etc.
cost-oriented approaches to pricing (2)
-standard mark-up
-cost plus
laws designed for
protec tbusiness.. protect customers from unfair business protect society from things harmful.. taxes ciggies
Is quality a key component of your company's success?
yes
Product development
Current market, new product, offers a new product to same market
Clayton Act
1914- adds to Sherman Act- prohibits price discrimination, exclusive dealings...
self-disclosure
goes hand in hand with trust
the more open you are with people, the more trust you build 
Competitive-Parity Method
Setting the promotion budgets to match competitors' outlays
Value Chain
The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's product.
compromising mode
in the middle in terms of cooperativeness and assertiveness
Dogs
A term used in the Boston Group Matrix. Unsurprisingly, the term "dogs"refers to businesses or products that have low relative share in unattractive, low-growth markets. Dogs may generate enough cash to break-even, but they are rarely, if ever, worth investing in.
Remittances
Transfers of money by a foreign worker to his/her home country. Much more money now entering countries in form of remittances
Costs that do not vary with production or sales level.
Fixed costs
adoption process
the mental process through which an individual passes from first hearing about an innovation to final adoption
All product lines offered by a company
Product Mix
Aesthetic Modifications
Changes related to the sensory appeal of a product.
derived demand
the demand for industrial products and services driven by or derived from demand for consumer products and services
Rebate
A cash refund given for the purchase of a product during a specific time period
product/service differentiation
longer comp. advatage.. better 4 top managers firm provides somethign unique OTHER THAN PRICE lexus
unaided recall test
A posttest in which respondents are asked to identify ads they have recently seen but are given no recall clues
Product Market
a market with very similar needs and very similar products offered. Includes 4 parts: What? To meet what? For Whom? Where?
Discrepancy of assortment
the difference between the lines a typical producer makes and the variety of products a consumer wants. example a golf ball manufacture only makes balls but the consumer may want clubs, shoes, bag and gloves but the consumer wants them all at the same location.
Brand Advertising
 is advertising that aims to build an image
balance sheet method
aids prospects who cannot make a decision, even though no reason for their behavior is apparent
market myopia
defining a business in terms of good and services rather than in terms of the benefits that customers seek.
What is behavioral learning?
is the process of developing automatic responses to a situation built up through repeated exposure to the situation.
Benefits of electronic channels
1. Consistent delivery for services2. Low cost3. wide distribution4. customer convenience
The set of strategies that firms develop to ensure that these key differences occupy a distinct and important position in the minds of customers.
What is mapping?
institutional ads
ads designed to build goodwill or an image for an organization, rather than promote a specific good or service
A detailed description of the new product idea stated in meaningful consumer terms or a philosophy that assumes consumers will favor products that offer the most in quality, performance, and features and that the organization should therefore devote its e
The Product Concept
4 Types of consumer products:
 
Define each:
Convienience - bought reguarky without planning
Shopping - bought less, more expensive
Specialty - high priced, exclusive locations
Unsought - New or unaware
Late majority
: a group of adopters who are cautious about new ideas--see adoption curve.
Situation Analysis
 
 
SWOT analysis
taking stock of where the firm or product has been recently, where it is now and where it is headed and the external factors and trends affecting it
 
internal Strengths and Weaknesses and its external Opportunites and Threats
strengths: internal, favorable
weaknesses:internal, unfavorable
opportunites: external, favorable
external, unfavorable
what are 5 types of questions that appear on questionnaires?
Open endedClosed endDichotomousSemanticLikert
What are the eight marketing functions?
Environmental Analysis and Marketing Research
Broadening the Scope of Marketing
Consumer Analysis
Product Planning
Distribution Planning
Promotion Planning
Price Planning
Marketing Management
offer a relatively narrow range of products but have an extensive assortment within the product lines carried
speciality merchandise or limitied line wholesalers
Material and Service Supplier Integration
Strategic alignment between a firm and their supply chain materials and services providers that enables the firm to streamline work processes and provide smooth, high quality customer experiences.
What constitutes misleading mortgage messaging according to the Federal Trade Commission?
Depends upon "exactly what they say, how they say it, how big and bold things are titled, what they try to hide in the small print"
What is the formula to determine segment profitability?
Segment size - segments adoption percentage - purchase behavior - profit margin percentage - fixed costs.
What are the 4 elements of SWOT Analysis?
Strength, Weakness, Opportunity and Threat
what do you measure to see promotion effects?
1. communication (awareness %) & sales (like product % and prefer product %)
Go ahead.
Pase.
cum + abl
with
wholesaling
distribute/resell to retailers
don't typically sell to consumers
larger transactions
Pre-purchase
Need recognition, information search, evaluate alternatives
pricing Policy
higher prices- higher quality
EuroDisney
Disney's 2nd international expansion park based on successful Japanese expansion. Failed miserably because of Disney's lack of research of the market
E-commerce
exchanges between individuals or organizations--and activities that facilitate those exchanges--based on applications of information technology.
Direct Mail
Is advertising or promotional materials that is posted to specific address selected from a mail list
brokers
independent firms or individuals whose principal function is to bring buyers and sellers together to make sales
Marketing Logistics/Physical Distribution
Planning, implementing, and controlling the physical flow of materials, final goods, and related information from points of origin to points of consumtion to meet customer requirements at a profit
problem recognition
perceiving difference between actual and ideal situation
generation y
born between 1979-1994college graduate to kids in tweens
FRANCHISE
A CONTRACTUAL ASSOCIATION BETWEEN A MANUFACTURER, WHOLESALER, OR SERVICE ORGANIZATION (FRANCHISER) & INDEPENDENT BUSINESSPEOPLE (FRANCHISEES) WHO BUY THE RIGHT TO OWN & OPERATE 1 OR MORE UNITS IN THE FRANCHISE SYSTEM
Intermal Marketing
The notion that a service
organization must focus on its employees, or internal market, before successful
pro- grams can be directed at customers.


micromarketing
how an individual organization directs its marketing activites and allocates its resources to benefit its customers
Discount Stores Specialty
HHGregg 1. Category killer
where are the major marketing research firms located?
U.S
Japan
U.K.
Germany
France
Brazil
 
Examples of Secondary
census datasales invoices internet infobooks articles syndicated data
Limitations of Experimental Research (3)
High cost
Security
Implementation problems
pull strategy
a marketing strategy that stimulates consumer demand to obtain product distribution
Alternative Channel Arrangement Types
Multiple channel, Nontraditional channel, and strategic channel alliance
Strategic Planning
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
value proposition
a written statement that clearly states how purchasing your product or service can help add shareholder value
Innovators
Innovators are those who adopt new products first. They are usually relatively young, lively, intelligent, socially and geographically mobile. They are often of a high socioeconomic group (“AB’s”).
income segmentation
dividing a market into different income groups
HYPERMARKETS
HUGE SUPERSTORES AS LARGE AS 6 FOOTBALL FIELDS
moral idealism
a personal moral philosophy that cosiders certain individual rights or duties as universal regardless of outcome
societal orientation
focus on enhancing benefits for society; how can i meet consumer needs and benefit society
Intangibility
The characteristic that a service is not physical and cannot be perceived by the senses.
the difference between benefits the customer gains from owning and/or using a product, and the costs of obtaining the product.
Customer Value
5. Psychographics
refer to the people’s interest and values.
decoding
process of having the receiver take a set of symbols, the message, and transform the symbols back to an idea
average fixed cost
The fixed cost per unit produced
media schedule
designation of the media, the specific publications or programs, and the insertion dates of advertising
Business Culture
consists of the “effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings. Ethical exchanges between sellers and buyers should result in both parties being better off after a transaction.
Mass Appeals : Advertising
non-personal form of communication from an identified sponsor using mass media
Account Executive
The key liasison between the client and the agency.
Needs
Basic forces that motivate a person to do something
Global Marketing Entry Strategies
Exporting (direct and indirect), licensing (franchising), Joint Venture, Direct Investment.
customer relationship management (CRM)
Managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty.
The Promotion Mix
Advertising: Any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.Sales promotion: Short-term incentives to encourage the purchase or saleof a product or servicePublic relations: Building good relations with the company's various publics by obtaining favorable publicity, buiding up a good corporate image, and handling or heading off unfavorable rumors, stories, and eventsPersonal selling: Personal presentation by the firm's sales force for th purpose of making sales and building customer relationshipsDirect Marketing: Direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships
the advertiser asks people who have been exposed to magazines or television programs to recall everything they can about the advertisers and products they saw
recall tests
supply chain management
a management system that coordinates adn integrates all of the activities performed by supply chain members
market segmentation on the basis of personality, motives, lifestyles, and geodemographics
psychographic segmentation
demand backward pricing
Setting an acceptable final consumer price and working backward to what a producer can charge
differentiation focus strategy
requires products to have significant points of difference to target one or only a few market segments
The art of estimating future demand by anticipating what buyers are likely to do under a given set of conditions
Forecasting
What do successful strategic relationships require?
mutual trust, credible commitment, common goals, and open communication.
Warehouse showroom
A retail facility in a large, low-cost building with large on-premise inventories and minimal services
Technology and Planning Integration
The creation and maintenance of information technology systems that connect managers across and through the firms in the supply chain.
Reference Group
The people who you identify with and lean on when making decisions,such as family or close friends.
 
 
Focus Group Interview
involves interviewing 6 to 10 people in an informal group setting
- the focus group also uses open-ended questions, but here the interviewer want to get group interaction- to stimulate thinking and get immediate reactions
brand development index (BDI)
measures the relative sales strength of a brand within a specific market
($brand sales per capita in territory J/$brand sales per capita nationally) x 100
cultural ethnocentricity
the tendency for people to view their own values, customs, symbols, and language favorably is well known
Promotional Mix
Combination of one or more of the communication tools used to inform, persuade, or remind prospective buyers.
transportation by air (plane)
fastest delivery method, but also expensive and limited to where it can go (many times a truck needs to accompany it)
Service approach
the sales person asks the customer if he or she need anything
why is regulatory enviroment important?
they require manufacturers to abstain from false or misleading advertising . practices. manufacturers are required to indentify and remove any hazardous material, organizations must adhere to fair and reasonable business practices.lastly, govt enacts laws focused on specific industries.
Customer Lifetime Value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage.
Family Branding Strategy
a brand that a group of individual products or individual brand shares
What is hierarchy of needs?
An approach that categorizes motives according to five levels of importance, the more basic needs being on the bottom of the hierarchy and the higher needs at the top.
1. Baseline makes it possible to assess the base business and underlying health of a product2.helps in understanding why sales are increasing, decreasing or flattening. 3. Item by item, week by week, modeled time-series estimate
What is correlation analysis?
Effects of advertising
news brands with a small market share spend proportionally more for advertising and sales promotion than those with a large market share
what kinds of risk are associated with purchasing?
performance, financial and psychological
What are the types of decision making?
Routine decision making Limited problem solving Extended problem solving
The drop in the average per-unit production cost that comes with accumulated production experience.
Experience Curve or Learning Curve
Final Consumer's Decision Process (Model)
The way in which people gather and assess information and choose among alternative goods, services, organizations, people, places, and ideas. 6 Stages: stimulus, problem awareness, information search, evaluation of alternatives, purchase, and post-purchase behavior.
Do all functions need to be used?
Yes, none can be completely elimnated. Not every firm must perform every function, responsibily for functions can be shifted in a variety of ways, and not all goods and services require all functions at every level of their production.
What is the formula for profit margin percentage?
( selling price - variable costs) / selling price
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