MKT 2 Flashcards

Terms Definitions
word formation
Public warehouses
Independent storing facilities.
the unsconsciou references (biases) about out own cultures creates cultural myopia (creates ethnocentrism)
core values define acceptable
market relationships
manufacturer pays percentage of ad cost for an ad-a retailer places the manufacturers brand
practice of offering small, collateral free loans to individuals who do not have access to money to start up business
a name, term, sign, symbol, combinations of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors
Planned obsolescence
practice of intentionally making products with shorter usable lives than possible
occurs when someone actually changes his or her belifs and values to those of the group
Interval Scales
Scales that have the characteristics of ordinal scales, plus equalintervals between points to show relative amounts; they may include an arbitrary zero point.
researching the attractiveness and probability of success of any opportunity
Market Opp Analysis
a pattern of thought that the individual holds to be true
this category of new and improved product may be significantly or slightly changed; ex. Gillete's Fusion and Fusion power razors
Wholesalers that own (take title to) the products they sell but do not actually handle, stock, or deliver them.
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
cooperative advertising
an arrangement in which the manufacturer and the retailer split the costs of advertising the manufacturers brand
Competitive advantage
A unique strength relative to competitors, often based on quality, time, cost, or innovation or customer intimacy.
grabbing the remote and changing the channel
The ________________ is a financial ratio computed by dividing current assets by current liabilities
Current Ratio
Gathers info generated by internal reports, which includes orders, billing, receivables, inventory levels, stockouts, etc.
Internal Reports System
The fact that American women use more cosmetics than American men while French men use twice as many cosmetics as French women is an example of differences in the nations'
Iceberg Principle
under step 1 (identify and clarify information needs) within phase 1 (determine the research problem). Managers tend to focus on the symptoms and call you in and you have to be prepared to find out why things happen. Managers tend to focus on what's above the water.
observation, focus group, survey, behavioral data, experimentation
compnents of collecting information
Sales Analysis
A detailed breakdown of a company's sales records.
promotional mix
A. advertising B. PR C. Sales promotion D. personal selling E. direct marketing
Functional level
Level at which groups of specialists actually create value for the organization.
the second way to make contact. amount of thinking focused in a particular direction
least squared criterion
used in regression: guarantees that the "best" straight-line slope and intercept will be calculated
Hemos superado todas las dificultades.
We´ve overcome all the difficulties.
Manufacturer trade promotions
Discounts (off invoice and off list) Allowances (Advertising and display)Financing incentivesContestsSpiffs
Derived Demand
Situation in which demand for a firm's products and services is derived from the demand for its customer's products and services (whose demand may also be derived)
Single-Line (or General-Line) Wholesalers
Service wholesalers that carry a narrower line of merchandise than general merchandise wholesalers.
product advertising
a form of advertising that touts the benefits of a specific good or service
Points of difference
Characteristics of a product that make it superior to competitive substitutes.
nontraditional focus groups
may be online with clients observing on a computer monitor in distant locations. 20-50 respondents. 4-5 hrs and takes part outside traditional facilities.
Self-actualization needs
A person's need to become what he is capable of becoming
product life cycle
concept that providesa way to trace the stage of product's acceptance from its introduction to its decline
variable cost
a cost that varies with changes in the level of output
two classic break even equations are
breakeven price and quantity sold
Necesitamos encontrar algo realmente original.
We need to find something really original.
procedures of market segmentation for social class
identification of social class usage of progress, comparison of social class variables for segmentation with other variables, description of social class characteristics identified in market target, development of marketing program to maximize effectivene
No considero estos datos demasiado relevantes.
I don´t consider this data too relevant.
sometimes data can be obtained
as less cost and more accurately by using observational data
¿ Qué enfoque piensas utilizar ?
What approach are you planning to use ?
Tienes que confiar en tu equipo de vendedores.
You have to trust your sales force.
Habremos vendido 10 unidades para finales de año.
We will have sold 10 units by the end of the year.
Ésta es la parte más creativa de la empresa.
This is the most creative part of the company.
Advertising must be
weighted additive
weighted by importance
Based on judgement of research
causal research designs are called
Order of needs to be satisfied
Self-Actualization E s t e e m S o c i a l S a f e t y P y s i o l o g i c a l
system of sound patterns (japanese dont differ between L and R (take a right at the right, herro prease)
Cooperative Chains
Retailer-sponsored groups formed by independent retailers to run their own buying organizations and conduct joint promotion efforts.
the price charged to customers multiplied by the number of units sold
standardized firms provide syndicated services instead
of data
Construct Validity
Degree to which a measurement instrument represents and logically connects, via the underlying theory, the observed phenomenon to the construct.
A: Wide exposure for upscale adults, Flexible, timely, readers can save itD: Few ads are fully read, young adults don't read them, rising costs, alternate media are becoming more important in news sources
Statements of an accomplishment of a task to be achieved, often by a specific time. Also called objectives.
informational labeling
helps make proper selections, lowers cognitive dissonance, includes use/care
Selective Distribution
Selling through only those middlemen who will give the product special attention.
market development
strategy for company growth by identifying and developing new market segments for current company products
sales proposal
a formal written document or professional presentation that outlines how the salespersons product or service will meet or exceed the prospects needs
set of values, ideas, and artifacts, and other meaningful symbols that help individuals communicate, interperet and evaluate members of society. Blueprint of human activity
quantitative research
research invovling the use of structured questions where the response options have been predetermined and a large number of respondents is involved.
Symbolic Exchange
wanting to acknowledge a friend for their intangible support and companionship.
outside firms hired to fulfill a firm’s marketing research needs
external supplier
characteristics of lower income countries
limited industrialization
lots of farming
high birth rate
mostly concentrated in sub-saharan africa
revenue-oriented pricing
is a pricing objective that miximizes the surplus of income over costs
Dual Distribution
When a producer uses several competing channels to reach the same target market--perhaps using several middlemen in addition to selling directly.
increased automation
outsourcing of logistics functions
electronic distribution
increased service
trends affecting the logistsics industry
numbr of target consumers exposed to a commercial at least once during a specific period of time usually 4 weeks
macro culture
values (symbols) that apply to an entire society or most of its citizens
use of marketing research
identification of market opportunities and problems
A financial ratio calculated by dividing net sales by accounts receivable is called the _____________________________
Accounts Receivable Turnover
Los costes de transporte son desorbitados.
Transportation costs are exorbitant.
when a firm sells a product in a foreign country below its domestic price or below its actual cost
generic brand
no frills, no brand name, low cost product that is simply identified by its product category
automatic vending
is a type of nonstore retailing in which the use of machines offers goods for sale
outdoor ad disadvantages
1. short message 2. lack of demographic selectivity 3. high "noise" level
childrens influence may
also be indirect, which occurs when parents buy products and brands they know their children prefer without being asked to make the specific purchase
how free it is from random error. Test retest reliability and internal consistency
Estamos en un mercado en declive.
We´re in a declaining market.
Category Development Index
% of product category total sales in market/ % of total US population in market
adverising campaign
a series of related ads focusing on a common themse, slogan, and set of advertising appeals
A simple function that describes how sales revenue varies with price is _______________________
Revenue = Price(a -bPrice)
El dinero no crece en los árboles.
Money doesn´t grow on trees.
exploratory research is used to gain
background info, define terms, clarify problems and hypothesis, establish research priorities
Te enviaré el calendario de reuniones.
I´ll send you the schedule of meetings (calendar).
Multiple R represents the amount of the
dependent variable is "explained" by the combined IV's
Maintenance, Repair, and Operations Products (MRO)
Products sold to users for use in the company's operations are often labeled MRO items
Ha habido muchas quejas sobre la garantía
There have been a lot of complains about the warranty
¿ Cómo mides el rendimiento de este departamento ?
How do you measure the perfomance of this department ?
revenue minus expenses
games containing product associations
5 components of service quality
focus group members
should be homogenous
Éramos demasiado optimistas.
We were too optimistic.
learned tendency towards a given object/entity
Separating products into grades and qualities desired by different target markets.
push money
money offered to channel intermediaries to encourage them to push products that is, to encourage other members of the channel to sell the products
optimal size of focus group
6-12 people
high gross margin, narrow product assortment, high service
specialty store
Media are the....
Channels whereby messages are transmitted from the sender to the receiver. Each medium has unique Advantages and Disadvantages
Warehouse club
Off-price retailer that sells a limited selection of brand name grocery items, appliances, clothing, and a hodgepodge of other goods at a deep discount to members who pay annual membership fees
is exclusive right to use a brand
Reverse Channels
Channels sued to retrieve products that customers no longer want.
person who acts as the purchasing agent by visiting the store, calling suppliers, writing checks, bringing products into the home, and so on.
online focus group
nontraditional-focus group observed on the internet. typically allowed the convenience of being seated at their own comps.
giving priority to the goals of ones group, and defining one's identity accordingly
concerned w/the extent to which the change in the dependent variable was actually due to t he independent variable
internal validity
Staple merchandise systems
helps buyers perform 3 functions
- monitoring current sales and inventory
- forecasting how many SKUs will be sold, forecast allowance made for changes in demand
- decide on reordering decision rules to keep optimum level of inventory
operations-oriente pricing
is a pricing objective that matches supply and demand by varying price
Discount Houses
Stores that sell hard goods at substantial price cuts to customers who go to discounters low-rent store, pay cash, and take care of any service or repair problems themselves.
wholesaler channel
a channel commonly used for low-cost items like candy, cigarettes, magazines
advertising appeals
1. profit- product saves makes or protects money 2. health- appeals to body-conscious or health seekers 3. love or romance- used in selling cosmetics or perfume 4, fear- social embarassment old age losing health 5. admiration- reason for use of celebrity spokesperson 6. convenience- used for fast food or microwave meanls 7. fan and pleasure- key to advertising vacations and beer 8. vanity and egotism- used to expensive or conspicious items 9. environmental conscoiousness- centers around environmental protection
parody display
the mockery of status symbols and behavior
sample surveys are
cross sectional studies whos samples are drawn in such a way as to be representing a specific population
Those costs that are directly related to the cost of producing and selling a given product and/ or product line are called ______________________.
Direct Costs
Nuestra agencia de publicidad está de acuerdo.
Our advertising agency agrees.
market socialism
state owns the resources but you can find and allocate best prices
source of competitive advantage
predictability and security of demand
barriers to entry
financial returns
brand equity benefits to companiees
specialty discount store
are retailing stores that offer a nearly complete seleection of single-line merchendise and use self-service, discount prices,high volume and high turnover
ex. Circuit City, Best Buy
chain stores
stores owned and operated as a group by a single organization
early adopters
tend to be opinion leaders and role models for others, with good social skills and respect within larger social systems
markup pricing rule
find out invoice cost and target markup, then take invoice cost per unit and divide it by 1 - markup
¿ Cómo se comportan los consumidores ?
How do consumers behave ?
cluster sample
a prob sample in which the pop is divided into mutually exclusive groups like geographic areas, then a random sample is selected. the researcher then collects data from all elements in selected these or from probability sample of elelments within each of these
personal selling steps
1. lead generation 2. qualify leads 3. probe customer needs 4. develop solutions 5. handle objections 6. close sale 7. follow up
Maureen Kye was given a DVD of pirates of the carribean so she could suggest people buy it. the DVD is an exampleof
trade sales promotion
Economic Espionage Act (1996)
makes the theft of trade secrets by foreign entities a federal crime in the US
traditional focus groups
select about 6 to 12 people and meet in a dedicated room with a one way mirror for about 2 hrs
Tenemos que establecer unas metas comunes
We have to set some common goals
which is true of retailer promotion strategies
goal of retail promotion mix position store in consumer's mind
Questions that help identify different purchaser-consumer relationships
who's buying for whom, who are the principle characters, what's the plot for the purchase, who wants what when, what can we assume
¿ Cuánto va a costar esto ?
How much is this going to cost ?
No tenemos más remedio que bajar los precios.
We have no choice but to lower prices.
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