Marketing test 2 Flashcards

Terms Definitions
32356
Grey
Generic Brand
no branding
empowerment
Giving customer-contact employees authority and responsibility to make marketing decisions on their own
critica  dimensions of profitability
channel cost
Profit Objectives
set desire profit margin
Implementation Phase
Developing Schedules, Executing Marketing Program


•Forced-choice Rating
Scale


A fixed-alternative
rating scale that requires respondents to choose one of the fixed alternatives
skeptical; below average social status
late majority
________ is the process of summarizing, combining, or comparing information so that decisions can be made.
Analysis
Geodemographic segmentation
 
method of marketing segmentation
* clusters people in zip code areas/smaller neighborhood units based on
lifestyly & demographics 
Reminder Advertising
Remind consumers about established brand's uses
and benefits 
International Marketing
The activities performed across national boundaries. Concepts are the same, planning and control of marketing activities can differ due to difference in environment (context)
Quality
The overall characteristics of a product that allow it to perform as expected in satisfying customer needs
utilitarianism
a personal moral philosophy that focuses on "the greatest good for the greates numbers" by assessing the costs and benefits of the consequences of ethical behavior
SIMPLE
a mnemonic representing the key features of effective written reports and oral presentations- short, interesting, methodical, precise, lucid, and error free
market-based groupings
utilize specific customer segments (ex: banking, health care, etc.)
producer and ultimate consumer deal directly with eachother
direct channel
scan-back allowance
A manufacturer's reward to retailers based on the number of pieces scanned
A graph that illustrates the relationship between price and the quantity supplied
Supply curve
layman's terms
words the average customer can understand
Quantity discounts
Pricing tactic of charging reduced prices of purchases of larger quantities of a product
Major Forms Retailers take
Convenience stores Super marketsSpecialty stores Discounts storesDepartments storesHypermarketsCategory Killers
primary data
Data observed and recorded directly from respondents
Industrializing Economies
Country formerly classified as less developed, but which is becoming rapidly industrialized. The first wave of countries to be identified as newly industrializing included Hong Kong, South Korea, Singapore, and Taiwan. China, Russia and India would be now classified as such.
marketing control
The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are achieved.
Consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.
Convenience product
Marketing Philosophy
A marketing philosophy suggests that the organization focuses on satisfying the needs of customers
Customer GAP
Gap between expected and perceived service
Traffic generation
Outcome for direct marketing offer designed to motivate people to visit a business.
RgA: Bulk-Breaking
dividing large quantities into smaller quantities (usually as products get closer to final market)
The process that creates changes in behavior is called:
learning
A geographical pricing strategy in which the company absorbs all or part of the actual freight charges in order to get the business.
Freight-absorption pricing
skimming
set high initial price to ear high profits from a small market
Public warehouse
A business that leases storage space and related physical distribution facilities to other fims
Execution Style
The approach, style, tone, words, and format used by executing an advertising message.
Unsought Product
A product known to the potential buyer, or a known product that the buyer does not actively seek. Thought of unneeded products we don't like to think about.Examples: insurance and burial plots*Usually require aggressive selling and persuasive advertising.
Flexible Price Policy
setting different prices for products and services depending on individual buyers and purchase situations (also called dynamic pricing)
Generation X
The 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom.
Upward line stretch
adds new items-higher priced and claiming more quality, *Banana Republic and the Gap
Triple-bottom line
The recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth.
line extensions
extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category
What is cognitive learning?
Involves making connections between two or more ideas or simply observing the outcomes of other's behaviors and adjusting one's behavior accordingly.
Marketing management
The art and science of choosing target markets and building profitable relationships with them.
simple random subsample that are more or less equal on some characterstics drawn from within each stratum (group) of the population
Cluster Sampling
Marketing concept
the idea that an organization should aim all its efforts at satisfying its customers--at a profit
Undifferentiated marketing is more suited for homogeneous products. Products that can vary in design, such as restaurants and hotels, are more suited to differentiation or concentration.
Degree of Product Homogeneity
Utility
a. Time b. Place c. Form d. Posession
exists when a 1 percent decrease in price produces less than a 1 percent increase in quantity demanded. slight increase or decrease in price will not significantly affect the demand or units sold
inelastic demand
generic products
Products with no brand name that often come in plain, simple packages and carry only their generic name.
Return on Advertising Investment
The net return on advertising investment divided by the cost of the advertising investment.
Vertical Marketing System (VMS)
A distribution channel structure in which producers, wholesalers, and retailers act as a unified system. One channel member owns the others, has contracts with them, or has so much power that they all cooperate.
Prepurchase stage of buying
advertising is more important than personal selling. public relations is important
Six sigma
A process whereby firms work to limit products defects to 3.4 per million or fewer.
baby boomers
The 78 million people born after World War II and lasting until 1964.
TERRITORIAL SALES FORCE STRUCTURE
A ORGANIZATION THAT ASSIGNS EACH SALESPERSON TO A TERRITORY IN WHICH THAT SALESPERSON SELLS THE COMPANY'S FULL LINE.
Seven major types of retail operations
Department stores, supermarkets, specialty stores, drugstores, convenience stores, discount stores, restaurants and service retailers
corporate culture
is the set of values, ideas, and attitudes that is learned and shared among the members of an organization-demonstrates itself in the dress (we don't wear ties), sayings (the IBM way), and manner of work (team efforts) of employees-also apparent in the expectations for ethical behavior present in formal codes of ethics and the ethnical actions of top management and coworkers
diffusion of innovation
the manner a product spreads through the population
creating the ads
creative strategy (what the ad says) & creative execution (how the ads say it)
Promotional strategy
a plan for the optimal use of the elements of promotion: advertizing, public relations, personal selling, and sales promotion.
News release
Is an annoucement taht is sent to the media outlets.
rate of diffusion: relative advantage
most crucial. advantage new product has relative to exisitng products. how much more does it offer? ex. b&w TV compared to radio
Perceptual Map
A vivid way to construct a picture of where products or brands are "located" in consumer's minds
3 scheduling approaches in ad program
1. continuous (steady)
2. flighting (intermittent)
3. pulse (burst)
Why is empowerment important and why is it difficult?
empowerment becomes more important when the service is individualized. it is costly.
Product Life Cycle Strategies: Maturity
-Slow down in sales- Many Suppliers- Substitue Products-Overcapacity leads to competition- Increased Promotion and R&D support sales and profitsCars are very mature products so companies are always coming up with new models and features.
What is an undifferentiated strategy?
One with a single marketing mix directed at an entire market for a product that is essentially the same (like salt and sugar)
What limits the driving down of logistics cost?
the need to satisfy customer requirements
What is a sustainable competitive advantage?
its a key goal or objective often impeded in a mission statement, and something the firm can do persistantly better than other competitors.
What is exchange control, and exchange rate?
the control is the regulation of a country's currency. Exchange rate is measure of how much one currency is worth in relation another.
33348
Pink
simplifiers
want end-to-end convieniance
cues
products, signs, ads, etc
cultural differences or image
psychological barriers
Psychological Pricing Strategies
Price Lining Odd-even
telemarketing
The performance of marketing-related activities by telephone
Target
Marketing


Selecting which segments an organization can serve
profitably.



introducing the product sequentially into geographical areas of the united states, to allow production level and marketing activites to build up gradually to minimize the risk of new-product faillure
regional rollout
Shopping Goods
Attribute-based goods and price-based goods are considered shopping goods.
Changing Demographics
As population age,service industries will grow drastically,companies offering senior citizen services will be in high demand
advertising
large fees, mass communicated, high costs, difficult to recieve feedback
 
 
Statistical Packages
easy-to-use computer programs that analyze data have made this step easier


cross tabulation is on of the most frequently used approaches for analyzing and interpreting marketing research data

it show the relationship of answers to two different questions
gap analysis
differences between the consumer's expectations and experience
 
asks consumers to asesses their expectation and experiences on dimensions of service qulity
Indirect Marketing Environment
PESTPolitical & Legal EnvironmentEconomic EnvironmentSocial & Cultural EnvironmentTechnological Environment
future of services
changing demographics, globalization, technical advances, shift to flow of information
brand personality
set of human characteristics associated with a brand name
practice of replacing promotional allowances with lower maunfacturer list price
everyday low pricing
what percent of sales dollars covers marketing expenses?
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_______ is a relationship between the quantity of a product that producers are willing and able to provide and the price.
Supply
S.W.O.T. analysis
identifies and lists the firm's strengths and weaknesses and its opportunities and threats
Break-even analysis
Examines the relationship between cost and price and determines what sales volume must be reached
Advertising Plan
A document that outlines the activities to be completed and resources needed to create advertising.
positioning
Developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general.
 
 
Marketing Model
a statement of relationships among marketing variables
- drawing on data showing how a promotion worked in the past, the DSS will make sale estimates using a marketing model
- the manager can look at the sales (and costs) expected with different types of promotion and select the marketing mix that is best for that target market
 
macro-environment
The larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political, and cultural forces.
A retail institution that sells standard merchandise at lower prices by accepting lower margins and selling at higher volume.
Discount store
Market segmentation
Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behaviors and who might require separate products or marketing programs.
Derived Demand
Sales of business products frequently result from the sale of consumer products
Push Strategy
Directing the promotional mix to channel members to encourage them to order and stock a product.
channel captain
a manager who guides channel relationships and helps direct the activities of the whole channel and tries to avoid or resolve channel conflicts
Obtaining data
Researchers obtain data from primary and secondary sources
Maximize short run profits, maximize revenue, maximize unit sales, maximize market share, quality image pricing, competitive pricing, and preemptive pricing.
Pricing Objectives
Monopoly
Is in theory a single producer within a market
Competitive advertising
Advertising that points out a brands special features, uses, and advantages relative to competing brands
just-in-time (JIT) concept
inventory supply system that operates with very low inventories and requires fast, on-time delivery.
Brand Equity
the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product/service
Conventional Marketing System
members work independently. -not very common today
Gray Market Goods
Items manufactured outside a country and then imported without the consent of the trademark holder.
Total Quality Management
a company wide dedication to continuous improvement
Different paths that goods pass through in order to reach the consumer, from the producer
Channel of Distribution
product line pricing
setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices
What are the intenral influences?
1. Perception2. Motivation3. Learning4. Attitudes5. Personality6. Age groups7. Lifestyle
Demands
Human wants that are backed by buying power
Ratio
has to have an absolute zero- a starting point
Compared to consumer markets:Business markets have fewer but larger customersBusiness customers are concentrated geographicallyDemand is differentDerived demandPrice inelasticFluctuates more, and changes more quickly*derived demand
Participants in Buying Process
world bank group
dedicated to fighting poverty and improving the standards of living in the developed world
15. marketing intelligence
the process of gaining competitive market information
inventory carrying costs depend on?
cost of employees and equipment
intensive distribution
A form of market coverage whereby a product is made available in as many outlets as possible.
Promotional Mix
Combination of one or more of the communication tools used to inform, persuade, or remind prospective buyers
Exclusive Distribution
Only one retail outlet in a specific geological area carries the firms products
Cash Cows
Have a dominant market share in a low-growth potential market
Product line Strategies
Full line vs. limited line strategies upward,downward, or two -way line stretchfilling out or contracting a product line
Wants
The form human needs take as shaped by culture and individual personality.
DECEPTIVE PRICING
WHEN A SELLER STATES PRICES OR PRICE SAVINGS THAT MISLEAD CONSUMERS OR ARE NOT ACTUALLY AVAILABLE TO CONSUMERS
marketing orientation (concept)
purpose of the organization is to satisfy consumer needs/wants, while meeting organizational objectives (what does consumer want?)
3 concepts of social responsibility
1) profit responsibility2) stakeholder responsibility3) societal responsibility
Although television, magazines, and other mass media remain important, their dominance is now declining. Advertisers are adding a broad selection of more specialized messages. The new media range from specialty magazines, cable TV channels, and video on d
The Shifting Marketing Communications Model (as an element of intergrated marketing communications)
public image
How a company is viewed by its various publics (customers, employees, suppliers, stockholders, financial institutions, community, etc.)
sample vs census
sample - the subset of all the members 
 
census - the data obtained 
Types of media schedules
1) continuous
- ad runs at constant level throughout campaign
 
2) flighting
- ad runs for set periods of time
(alternating with periods w/o ads run)
 
3) pulsing (combo of 1 & 2)
-certain portion of ad runs continuously
 -certain period of time bring additional ads for intensity
category development index (CDI)
measures the sales strength of a particular category of product, within a specific market

($category sales per capita in territory J/$category sales per capita nationally) x 100
equal employment oppurtunity commission
responsible for the fair and equitable tretment of employees with regard to hiring, firing, promotions
competitive and comparative ads (persuasive)
-promotes a specific brand's features and benefits
-used in growth stage of product life cycle
-KEY = persuade target market to choose a company's brand over another
what is a service gap?
When service fails to meet the expectations that customers have about how it should be delivered.
Which of the following is not an ethical issue currently confronting those who work in electronicenvironments?a. intellectual propertyb. the role of privacyc. freedom of expressiond. bandwidth restrictions
d. Bandwidth Restrictionspage 102
Identify the 4 Stages of Market Segmentation.
Developing user profiles, forecasting the overall market potential, estimating market share, and selecting specific market segments.
how is on-time delivery calculated?
% = number of deliveries achieved in time frame promised/total number of deliveries initiated in a time period
What is the strategic market planning process?
represents a series of steps a marketer goes through to develop a strategic marketing plan
What do direct marketing channels do? give examples
allow consumers to buy products by interacting with various advertising media without face-to-face meeting with a salesperson. i.e. mail-order, direct-mail, catalog, etc...
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