Marketing test Flashcards

Terms Definitions
metal
metal
down economy
walmart
Nike Throwdown
Nikes newest commercial
express warranty
a written guarantee
Industry
organizations that develop similar offerings, when grouped together.
attitude
An individual's enduring evaluation of, feelings about, and behavioral tendencies toward an object or idea
Needs
A state of felt deprivation
The analysis, planning, implementation, and control of programs designed to create, build, and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives
marketing management
5 Promotional Mix Tools:
Advertising
Sales Promotion
 Direct Marketing
Public Relations
Personal Selling
Command Economy
Government officials make the decisions.
Trucks
short hauls offering flexibility in location
Installations
buildings, land rights, and major equipment. important capitol items.
internal marketing
orienting and motivating customer contact employees and supporting service people to work as a team to provide customer satisfaction
Publicity
the generation of informationby a company to the news media, has a narrower focius than public relations. news releases press conferences and feature articles.
segmentation
identify and profile distinct groups of buyers examining demographics.
Changes in a person’s behavior arising from experience.
Learning
marketing plan
written document guidebook for manager
relationship selling
The building of mutually beneficial long-term associations with a customer through regular communications over prolonged periods of time
money refund
A sales promotion technique offering consumers a specified amount of money when they mail in a proof of purchase, usually for multiple product purchases
 
Interior Displays
all and any displays incorporated inside the store
human relations
covers all types of interactions amoung people-- their conflicts, cooperative efforts, and group relationships.
Emphasize the analysis of human behavior, prevention strategies, and resilution of behavioral problems. 
Develop distribution tactics
Selecting Channel Partners Managing the Channel
Casual Research
A technique that attempts to understand cause and effect relationships
e-business strategy
the deployment of enterprise resources to capitalize on technologies for reaching specified objectives
 
 
Social Factors Influenced
Products purchased
Prices paid for products
Effectiveness of promotions
How, where, and when people purchase
Segmentation variables-
Dimensions that divide the total market into fairly homogenous groups , each with different needs and preferences
government markets
Government units are the federal, state and local agenciesNasa, police, college, state, public school
3 WINNING BASIC COMPETITIVE STRATEGIES
1.OVERALL COST LEADERSHIP2.DIFFERENTIATION3.FOCUS
Derived Demand
Demand for business or organizational products (tires) caused by demand for consumer goods of services (autos)
electronic business technologies
rapid growth of the marketspace
stimulus-response format
assumes that given the appropriate stimulus by a salesperson, the prospect will buy
-ex: suggestive selling at fast food restaurants or waiter asking customers for dessert
Short-term incentives to encourage the purchase or sale of a product or service
Sales Promotion
What is selective distribution?
between intensive and exclusive distribution strategies; uses a few selected customers in a territory.
Primary Data
Data research conducted to help in marketing a specific decision
Marketing Concepts
a total company effort toward customer satisfaction, with profit as a goal.
Possession Utility
The benefits provided by making the product in a range of style, colors, and customizations
General Merchandiser
Service wholesalers who carry a wide variety of nonperishable items such as hardware, electrical supplies, furniture, drugs, cosmetics, and automobile equipment.
centralized organization
A structure in which top mangagement delegates little authority to the levels below it
Target Market Process
Step 1- Segmentation Step 2-Targeting Step 3-Positioning
Introduction stage
A product's first appearance in the marketplace, before any sales or profits have been made
Glocal Marketing Approach
An international marketing strategy in which combining standardized and non standardized efforts lets a firm attain production efficiencies, have a consistent image, have some home-office control, and still be sensitive and responsive to local needs.
A detailed version of the new-product idea stated in meaningful consumer terms.
Product concept
Marketing Mix
A marketing mix is the overall marketing offer to appeal to the target market.
Development
The stage of the new product process that turns the idea on paper into a prototype.
Early Adopters
People who adopt new products early, choose new products carefully, and are viewed as “the people to check with” by later adopters.
PECTS Model
-Can help the the firm successfully enter new Global Markets

-Political Analysis
-Economic Analysis
-Competitor Analysis
-Technological Analysis
-Social Analysis
A true marketing decisions support systems (DSS) should be:
Flexible, discovery-oriented, interactive, accessibilty... ALL OF THE ABOVE
physical distribution firms
assist firm in transport products.. warehouse fedex
Corporate Objectives
Are the goals of the whole enterprise. These should be based on the aims
Discrepancies of Quantity
Producers want to produce in large quantities while consumers want to buy in small quantities.
Opportunity Costs
the value of something that is given up to obtain something else
Corrective Ads
Ads that companies are required to run to correct any false impressions left by deceptive ads.
Concentrated Targeting
Focuses a firm effort of offering one or more products to a single segment -Smaller firms with less resources
Product quality
The ability of a product to perform its functions (“fit for purpose”). Quality is a function of several factors including reliability and ease of use
The stage in the product life cycle in which sales growth slows or levels off.
maturity stage
Fundamentals of Marketing Planningthe traditional marketing plan
1. executive summary2. market situation analysis3. SWOT analysis4. specification of marketing objectives5. formulation of marketing strategies6.preparation of action programs and budget7.development of control procedures
Economies of scale
as a company produces larger numbers of a particular product, the cost for each of these products goes down.
the art and science of choosing target markets and building profitable relationships with them.
Marketing management
niche comp. advantage
seeks to target and serves single segment limited geographic market.. specific products.. fly fishing
internal reference price
A price developed in the buyer's mind through experience with the product
Stay-standing-room-only or buy-now close
present that the opportunity might be missed if the customers hesitates
Brand extension
Brand extension refers to the use of a successful brand name to launch a new or modified product in a new market. Virgin is perhaps the best example of how brand extension can be applied into quite diverse and distinct markets.
BCG MatrixCash Cowmarket share and growth?strategies?
high market sharelow market growthgenerates profit and cash flowsmaintains superioritymaintain, harvest
ideal market exposure
desired or ideal level of exposure in each geographic market; can be exclusive, selective, or intensive; makes a product available widely enough to satisfy target customers’ needs but not exceed them
how to sustain comp advantage
cant be copied.. cirque de soleil
How Firms Develop New Products
3. Product Development
development of prototypes and/or the product
compensating and motivating salespeople
Two basic decisions must be made in developing a compensation plan: the level of compensation, and the method of payment. Regarding the level of compensation, the amount of money a person can make should be at least comparable to competitors’ compensation.Compensation varies with the job and needed skills
how do social trends impact consumers and what are some?
they shape consumer values, they include greener consumers, privacy concerns, and time poor society.
Primary data and its advantages and disadvantages
information collected for the first timeadv- will answer your specific research question that secondary data can not, current, known source, specify methodology, secretdisadv- very expensive
What are the 4 key types of business marketing partnerships?
Buyer, Seller, Internal, and Lateral
34479
Grey
Assortments
selection of products
Characteristics of Target Market
Size
Distribution
Demographics 
SBU
subgroup of a business..
heterogeneous market
individuals/organizations with diverse needs in specific product class
4 P's
product, place, price, promotion
Present markets and products
Market penetration
exists when small, independents retailers form an organization that operates a wholesale facility cooperatively
retailer-sponsored cooperatives
personal selling
Paid personal communication that attempts to inform customers and persuade them to buy products in an exchange situation
Distribution, Product/Service Management, Financing, Pricing, Promotion, Marketing Information Management, and Selling.
Seven Functions of Marketing
coding process
part of the Communication Process,
 
encoding a message (source towards receiver)
via symbols the receiver should recognize
 
demographic trends
age, women, families, geographic shifts, diversity
Key Promotion Elements: Promotion
• Advertising• Communicating with many buyers through an impersonal medium• Lower costs per exposure than personal selling, but less “potent”; can be targeted (narrowcasting)• Ad agencies
Marketing concept
The marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
teamwork
Collabrative efforts of people to accomplish common objectives
noise
includes extraneous factors that can work against effective communication by distorting a message or the feedback received
-can be a simple error or misunderstanding
integrating the service component of the marketing mix with efforts to influence consumer demand
capacity management
Transportation
The movement of products from where they are made to where they are used
mission
The _________ or purpose of the company identifies the nature of the business or the reasons the business exists.
storing function
involves holding goods until customers need them
Value added pricing
Attaching value-added features and services to differentiate a company's offers and charing higher prices. IE. Umbrella manufacturer: instead of making cheaper umbrellas, offer new colors, and features for the same price.
The Retail life cycle
Introduction stageGrowth stage Maturity stage Decline stage
reliability
A condition existing when a research technique produces almost identical results in repeated trials
FOB destination
producer absorbs the cost of shipping
diversification
A strategy for company growth through starting up or acquiring business outside the company's current products and markets.
unitary demand
percentage change in price is identical to precentage change in quantity demanded
sales the same
data mining
technique of exploring data for patterns
Marketing Functions
Activities performed both by consumers and by businesses in value creation for specific products or services.
Lead Generation
Results of direct marketing offer designed to generate interest in a product or service and a request for additional information.
Marketing
An organizational function and a set of processes for creating, communicating, and delivering valus to customer relationships in ways that benefit the organization and stake holders.
Marketing Environment
actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. Continues to change rapidly
SBUs mission statement
distinct towards specific target audience
creative strategy
how do we want to say it?
Convenience store
A small self-service store that is open long hours and carries a narrow assortment of products, usually convenience items
Channels for consumer products
can be
-producer - consumers
-producer - retailers - consumers
Producers- Wholesalers- Ret. - Consumers
Pro- Agents/brokers - whole- ret- consumers
Core Service
the basic benefit that the customer gets from having the service performed
Sustainable Marketing
Marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs
Complexity
how easy or difficult is it to understand Overcome through demonstration and personal selling
Market
A market is the demand for a particular product or service, often measured by sales during a specified period.
product development
developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering
3 MAJOR GROUPS OF WHOLESALERS
1.MERCHANT WHOLESALERS2.BROKERS & AGENTS3.MANUFACTURERS' SALES BRANCHES & OFFICES
marketing strategy
the marketing logic by which business unit hopes to achieve its marketing objectives
consumer behavior
process a consumer uses to make purchase decisions, as well as to use and dispose of purchased goods or services; also includes factors that influence purchase decisions and the product use
probability sampling
involves using precise rules to select the sample such that each element of the population has a specific known chance of being slected
The stages through which families might pass as they mature.
Family Life Cycle
Instituional advertisements.
1. Enhances a company's image rather than promotes particular product. 1. corporate identity 2. advocacy
Applied Research
an attempt to develop new or improved products
Product mix
Set of ALL product lines and items that a particular seller offers for sale to buyers
Disadvantages of manufacturers agent
- Difficult to control
- Concentrate on only large accounts
- Sales focus limited to cmmission-related activities.
Loss leader Pricing 
Products on Sale to attract customers to the store
Promotional mix
Is a combination of strategies and a cost-effective allocation of resources a company uses to reach its promotional goals.
Shopbots or intelligent agents
computer programs that find sites selling a particular product
Market Strategy
a plan for selecting an analysing a target market and developing a marketing mix that will satisfy them
Rolling the dice to select a sample is a type of ______ technique.
simple random
What step of the market research process?: Set research problems, and identify possible marketing actions.
Define the problem
electronic commerce
any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services
skimming pricing strategy
initial high price that lowers after time
direct marketing- advantages for buyers
Ease of use when shopping.Immediate interaction with sellers—may configure product on the spot.
freight absorption pricing
Absorption of all or part of actual freight costs by the seller
sound of music
relax customers to take their time and stay longer or make them wanna move more quickly
nonregulated monopolies
free to price at what the market will bear
Concept Testing
Process in which a new product idea is thoroughly analyzed with the help of a mockup and/or computer models.
qualified prospect (in prospecting)
wants/needs product, can afford it, is a decision maker to purchase product
How do firms become value driven?
1.) Sharing information- must share info collected from consumers and competitors so everyone is on same page.2.) Balancing benefits with costs- they must use available consumer data to find opportunities in which they can satisfy their customers needs and develop long term loyalties.3.) building relationships with customers- businesses need to think about their customer orientation in terms of relationship rather than transaction.
Maslow's hierarchy of needs
The five levels of needs that humans seek to satisfy, from most to least important
manners of carrying out ad program by 3 different agency types
1. full-service agency
2. limited-service agency
3. in-house agency
what are the 3 major types of vertical marketing systems?
corporate, contractual, and administered
organizational problems in new product failure?
1. not really listening to the voice of consumers
2. skipping stages in new product process
3. pushing a porly conceived product into the market to generate quicker revenue
4. encountering groupthink in task force and comitee meetings
5. not learning critical takeaway lessons from past failures
 
 
Why have economies of developed countries become increasingly dependant on services?
1.) it is less expensive for firms to manufacture their products in less developed countries.2.) household maintenance acivities. which many people performed by themselves in the past, have become quite specialized.3.) people place a high value on convenience and leisure.
33369
Pink
By Selection
AssortmentBreadth Depth
Posttest
**evaluating Ad Campaign
 
- objectives usually determine type
    *communication=surveys/experiments
*sales=uses data past/current & $ to estimate effects of campaign on market share 
May I see...?
¿Me deja ver...?
micromarketing
 
organizations focus precisely on
very small geographic markets 
New products in new markets
Diversification
classifying services?
profit or non profit organization
government sponsored
delivered by people or equipment
prospecting
Developing a list of potential customers
Information Utility
Communication with the consumer. Salespeople, packaging, etc…
decoding process
signs/symbols are converted into concepts/ideas
 
**receiver decodes from source 
benevolence
preservation and enhancement of people known to you
Multiplicity
# of different channels utilized simultaneously
Market offering
Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
enviormental scanning
collection and interpretation of informationabout forces, events and relationships in the external enviorment that may affect the future of the organization or the implementation of the marketing plan
geographical groupings
sales territories are sub-divided according to geographical location (regional sales managers, district managers, etc.)
to charge different prices for different times of the day or week to reflect the variations in demand for the service.
off-peak pricing
catalog showroom
"A warehouse showroom in which consumers use catalogs to place orders for products, which are then filled directly in the warehouse area and picked up by buyers in the showroom"
Price
This marketing mix element is defined as the amount a buyer pays as well as the methods of increasing the value of the product to the customers.
universal functions of marketing
buying, selling, transporting, storing, standardization and grading, financing, risk taking, and market information
Promotional Pricing
Temporarily pricing products below the list price and sometimes even below costs, to increase short run sales. creates excitement and urgencyBlack Friday
Retailing
the process by which goods and services are sold to the consumer
single-source data
Information provided by a single marketing research firm
Cash Cow
Low growth, dominant market share. Generates surplus resources for allocation to other SBU's.
strategic planning
The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
Dimensions of a service quality (5)
reliability
tangibles
responsveness
assurance
empathy
Micromarketing
Is the process of targeting small, narrowly defined market segmetns such as sip codes or even neighborhoods
SWOT Analysis
helps the business identify, strengths weakness opportunities and threats.
Direct Marketing
Promotional element that uses direct communication with consumers in the form of an order, a request for further information, or a visit to a retail outlet.
Telephone interviews
Adv- cost less than personal interviewsDisadv- are getting more expensive because people are refusing to participate
Who is the #1 franchisor by number?
Subway
marketing planning
desgigning activites to relate to objectives and change the environment
Pricing
A means to create value for consumers and one of the most direct ways to commnicate value to consumers.
General-Merchandise Retailer
A retailed establishment that offers a variety of product lines that are stocked in considerable depth
selecting marketing channels
Product attributes
Exensive, complex, fragile, exclusive products shorter channel. basic, less expensive, products, longer channels
Services on the internet
Banking and Bookerage services, software,music,travel service,dating service,career-relates services,medical care
Supply Chain
The connected chain of all the business entities, both internal and external, that perform or support the logistics function.
Sense-of-Mission Marketing.
A principle of marketing that holds that a company should make marketing decisions by considering consumer wants, the companies' requirements, consumers' long run interests, and society's long run interest.
Laggards
16% of the population, lower in social class, last to adopt
Lifestyle segmentation
Lifestyle segmentation of a market is based on identifying lifestyle characteristics of customers that enable target customer groups to be identified. Many businesses now segment their markets by lifestyles, as these are increasingly seen as good predictors of consumer behaviour.
by-product pricing
setting a price for by-products in order to make the main product's price more competitive
MAJOR TYPES OF RETAIL ORGANIZATIONS
1.CORPORATE CHAINS2.VOLUNTARY CHAINS & RETAILER COOPERATIVES 3.FRANCHISER ORGANIZATIONS4.MERCHANDISNG CONGLOMERATES
Share of customer
The portion of the customer's purchasing that a company gets in its product categories.
gen x
30s/early 40s, 40 million, latchkey or divorced, time pressure so outsourcing
Place utility
having the product available where the customer wants it.
The gathering of primary data by observing relevant people, actions, and situations
Observational Research
Reminder Promotion
Remind customers that product may be needed, Remind customers where to buy the product, maintain customer awareness.
Baby Boomers
have a ton of disposable money to spend on vacations, largest purchasing power of any group.
Marketing Mix (the four p's)
1. Product-the MOST important component2. Price-how much the product will be sold for3. Place-where the product will be sold4. Promotion-advertising
Disadvantages of industrial distributors
- Difficult to control
- Stock competing brands
- Lack of technical knowledge
Target Pricing
What price the wholesaler will pay for the product after determining the markup prices
Regional Shopping Centers
50 to 150 stores that typically attract customers who live or work within a 5- to 10-mile range, often containing two or three anchor stores
 
Gross Income
 
Disposible Income
 
Discretionary Income
The amount of money recieved thru wages, investments, pensions
income left after paying taxes,
income left after paying for taxes and basic necessities(food, clothing,shelter)
 
decides who target market is.
 
HANDLING OBJECTIONS
THE STEP IN THE SELLING PROCESS IN WHICH THE SALESPERSON SEEKS OUT, CLARIFIES, & OVERCOMES CUSTOMER OBJECTIONS TO BUYING.
Allows to position products on two key attributes, useful in making repositioning decisions
Perceptual Mapping
patent law(company protection)
which gives inventors the right to exclude others from making, using, or selling products that infringe the patented invention
total cost
total expenses incurred by a firm in producing and marketing a product (sum of fixed costs and variable costs)
dual adaptation strategy
have to adapt product & promotion for new country
free sample
A sample of a product given out to encourage trial and purchase
Customer Sales Force Structure
A sales force organization under which sales people specialize in selling only to certain customer or industries.
age and life-cycle segmentation
dividing a market into different age and life-cycle groups
brand mark
the elements of a brand that cannot be spoken
product ads
ads that focus on selling a good or service; forms include pioneering (informational), competitive (persuasive), and reminder
What are prestige products or services?
Consumers purchase for status rather than functionality.
steps involved in developing the research plan
1) specify constraints2) identify data needed for marketing decisions3) determining how to collect data
consumer products vs. business products
consumer products tend to have shorter life cycles than business products
what is involved in the intermediaries facilitating function?
helping producers make goods more attractive to customers (by providing market research and offering financing)
Deciding which global markets to enter:
1. Trade System 2. Economics of Market 3. Political Environment 4. Culture of Market
Every other element in the marketing mix might be perfect, but...
if the price isnt right, sales wont occur.
/ 207
Term:
Definition:
Definition:

Leave a Comment ({[ getComments().length ]})

Comments ({[ getComments().length ]})

{[comment.username]}

{[ comment.comment ]}

View All {[ getComments().length ]} Comments
Ask a homework question - tutors are online