Marketing Exam Flashcards

Terms Definitions
Fashion Look
A total accessorized outift
Retailing
the selling of products to customers.
Adopter Categories
Innovators, Early Adopters, Early Majority, Late Majority, Laggers
behavoristics
based on consumer knowledge, attitude, or previous experience
Secondary Market
industry segment that includes businesses that transform raw materials into fashion merchandise
accessories
the articles added to complete of enhance apparel outfits.
Pure competition
lots of choices, effect pricing. Relatively easy to enter business compared to others.
non-durable goods
Items that can be used up
Manufacturers
Buy the fabric, design, make the garments, and deliver finished goods
taste
the prevailing poinion of what is and is not attractive and appropriate for a given person and ocasion
imports
goods that come into a country from the foriegn sources or goods that a country buys from other countries.
Style
A design, shape, or type of apparel item distinguished by the particular characteristics that make it unique/
Design
A particular, or unique, version of a style.
Stages for consumerism
Competition, ability to be heard, safety, lower prices
durable good
a desk is a example of this.
Economic Risk
risk that occur from the overall conditions of the business
ford
a style or design that is produced at the same time by many different manufactures at many different prices
High fashion
items of the very latest or newset fashions.
Classic
A style or design that continues to be popular over an extended period of time, even though fashions change.
Price allowance
are used to give better deals, give the illusion the customer is getting a better price.
General Merchandise Manager
One for soft goods and hard goods, responsible to buy right items for customers.
planning, price, promotion, place
What are the 4 P's of Marketing( marketing mix)
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Grey
surfers
want what's new
Tariffs
Taxes on imported goods.
5 dimensions of service quality
reliability
tangibles
responsiveness
assurance
empathy
Pricing for multiple Products
Price bundling
 
 
Marketing Dashboard
displays up-to-the-minute marketing data in an easy-to-read format
- usually customized to a manager's areas of responsibility
- with this early warning about potential problems, the manager can quickly make corrections
Graphic Rating Scale


ØA
measure of attitude that allows respondents to rate an object by choosing any
point along a graphic continuum. Advantage:
allows the researcher to choose any interval desired for scoring purposes. Disadvantage:
there are no standard answers.


Business product characteristics?
 result of derived demand.
 classified as components and support products.
True or False: Marketing research helps businesses that are involved in international competition.
True
4 Characteristics of Services
intangibility, pershability, variability, Inseparability
personal selling
two way communication, expensive, immediate feedback
Political/Legal Environment
Attitude towards international buying, government bureaucracy, political stability.
Product Features
Specific design characteristics that allow a product to perform certain tasks
Market Penetration
Existing products in Existing MarketsEx: Aggressive Promotion
Descriptive research
Specifically, it generates data describing the composition and characteristics of relevant groups of units such as customers, salespeople, organizations and market areas
sweepstakes
based on luck of the draw
sales of business products frequently result from the sale of consumer products.
derived demand.
scrambled merchandising
"The addition of unrelated products and product lines to an existing product mix, particularly fast-moving items that can be sold in volume"
____________ are classified as natural resources, capital, equipment, and labor.
Economic resources
excuses
insincere reasons for not buying or not seeing the salesperson
Types of Costs
Variable costs,Fixed costs, Average fixed costs, Total costs
market
People or organizations with needs or wants and the ability and willingness to buy.
 
 
Experimental Method
researchers compare the responses of two or more groups that are similar except on the characteristics being tested
- researchers what to learn if the specific characteristic which varies among groups - causes differences in some response among the groups
supplier development
Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others.
A basic and distinctive mode of expression.
style
Market Orientation
A market orientation consists of creating norms and values that encourage customer-oriented behavior throughout the organization, including:
High-Learning Product
One for which significant customer education is required and there is an extended introductory period
Pull Strategy
Directing the promotional mix at ultimate consumers to encourage them to ask the retailer for the product.
reverse channels
channels used to retrieve products from consumers; a comprehensive distribution strategy means that reverse channels must be planned for in the event they are needed
Observation method
Research technique in which the actions of people are watched or recorded by cameras
A layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buyer.
Channel Level
Market Analysis
This is an examination of market conditions to idetify new oppertunities
allowance
A concession in price to achieve a desired goal
Advertising Strategy
The strategy by which the company accomplished it's advertising objectives. It consists of two major elements; creating advertising messages and selecting advertising media.
Product Line Extension
Adding additional products to an existing product line in order to compete more broadly in the industry.
Sales Promotion
Activity or material that acts as direct inducement
-adding value/incentive
 
**Giveaways, Contests, Coupons 
Born-Global Firms
Companies that try to sell their products in multiple countries from the moment they're created.
The decline Stage
Sales decrease as customers needs change, market begins to shrink, Companies have to decide to keep product or not,prices are lowered, offer less versions of the product, go back to selective distribution, reduced promotion to a minimum level.
Type of customer that will look for fault/error in everyone and everything. They won't agree to anything and will constantly ask questions
-Argumentative
decline
the period when sales fall off and profits drop
What are the inept set of altenratives?
Avoided alternatives
Production concept
The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency.
Anchoring Effect
The 1st concept measured tends to become a comparison point from which subsequent evaluations are made
Marketing orientation
trying to carry out the marketing concept.
People within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert influence on others.
Opinion Leaders
high initial price to help the company recover costs of development as well as capitzalice the price insensitivity of early buyers
skimming strategy
test marketing
A trial minilaunch of a product in limited areas that represent the potential market.
quick response/efficient consumer response (define and describe benefits)
inventory management systems that are designed to reduce a retailer's lead time for receiving merchandise, which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistics expense
Exclusive Distribution
Giving a limited number of dealers the exclusive right to distribute the company's products in their territories
strategic business unit
A division, product line, or other profit center within a parent company
Objectives and strategies for multiple products
product line product mix
need recognition
The first stage of the buyer decision process, in which the consumer recognizes the problem or need.
MARKET-SKIMMING PRICING
SETTING A HIGH PRICE FOR A NEW PRODUCT TO SKIM REVENUES LAYER BY LAYER FROM THE SEGMENT WILLING TO PAY THE HIGH PRICE
Five bases for the business market
Company characteristics, buying processes, buying center characteristics, buying power, individual buyer characteristics.
the right to safety
manifests itself in industry and federal safety standards for most products sold in the US
price equation
price = list price - incentives & allowances + extra fees OR
price = total revenue - total cost
communication stages / hierarchy of effects
Awareness—the consumer's ability to recognize and remember the product or brand name.•Interest—an increase in the consumer's desire to learn about some of the features of the product or brand.•Evaluation—the consumer's appraisal of the product or brand on important attributes.•Trial—the consumer's actual first purchase and use of the product or brand.•Adoption—through a favorable experience on the first trial, the consumer's repeated purchase and use of the product or brand.
Conditions/Barriers to entry
factors that inhibit the entry or exit of firms into or out of an industry
Retail Life Cycle
the process of growth and decline that retail outlets, like products, experience. It consists of the early growth, accelerated development, maturity, and decline stages
brand equity: line extension
new products in same basic product category as parent brand (coke zero, diet coke, diet with splenda, etc.) same product category
Customer Relationship Management (CRM)
sees marketing as the process of building long relationships with customers to keep them satisfied and coming back.
tracking preferences/behaviors over time in order to tailor the proposition to each individual's wants and needs.
Increases revenues, profits and customer service by understanding the customer preferences and catering to them so they choose to spend additional dollars with your firm.
market-product concentrations (synergy)
firm benefits form focus on a single product line and market segment, but loses opportunities for significant synergies in both synergy types
what is a price war?
when two or more firms compete primarily by lowering prices.
The _____ is a blueprint that links the firm’s e‐business strategy with technology drivenmarketing strategies and details the plan for implementation.a. e‐marketing planb. business modelc. situation analysisd. strategic plan
a. E-Marketing planpage 46
What is CONSUMER BEHAVIOR?
Actions we take in buying or using products and the social or psychological factors which affect our actions.
what is involved in increasing customer service (benefits, downfalls, and actions taken)?
benefits include an increase in sales, downfalls are increase in costs (almost 3 times as costly to increase on time delivery from 95 to 100 percent), and actions taken include increasing inventory, more expensive transportation to improve speed, and double or triple checking of orders to ensure correctness.
Once values are understood, what must the firm do?
develope a set of implicit and explicit rules
What is the purpose for decision support systems?
to store data and transform them into organized information that is easily accessible to marketing managers.
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