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163 Cards in this Set
- Front
- Back
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what is marketing?
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process of planning and executing the conception, pricing, promotion and distribution of ideas goods and services to create exchange
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what is utility?
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the value added by marketing
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Form utility is what?
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converting production inputs into finished products. marketing research determines it.
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place utility is what?
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creating marketing at point of product available at a location--delivery
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possession utility is what?
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utility created by transferring title for ownership of a product to buyer.
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production orientation includes what?
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take orders then distribute goods
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Sales orientation includes what?
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increase advertising, enlarge sales force then develop sales techniques
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customer orientation includes what?
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determine customer needs, develop goods and services
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four key elements to reach target market?
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price, product, distribution and promotion
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a firms marketing techniques are affected by uncontrolable forces what are they?
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economic, sociocultural, political, competitive, legal and regulatory and technological
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what is marketing?
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process of planning and executing the conception, pricing, promotion and distribution of ideas goods and services to create exchange
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what is utility?
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the value added by marketing
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Form utility is what?
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converting production inputs into finished products. marketing research determines it.
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place utility is what?
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creating marketing at point of product available at a location--delivery
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possession utility is what?
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utility created by transferring title for ownership of a product to buyer.
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economic against firm marketing
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conditions depend on customers ability and willingness to buy
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sociocultural against firm marketing
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influences in societ and culture that changes attituedes beliefs norms customes and lifestyles
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political against firm marketing
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actions by elected officials
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competition against firm marketing
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actions of competitors
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legal and regulatory actions against firm marketing
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laws and govt regulations
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technological against firms marketing
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creates new oppurtunities or makes products obsolete
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marketing plan is what?
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written document that specifies an organizations resources, objectives, strategies, and implementation.
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use 1 of marketing plan
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communication among firms employees
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use 2 of marketing plan
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assignment of responsibilities, tasks
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use 3 of marketing plan
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scheudle of implementation
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use 4 of marketing plan
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specifies how resoureces be used
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use 5 of marketing plan
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evaluates performance of marketing strategy
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what doesnt the marketing plan discuss?
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production planning or production schedule
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personal income is what?
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the income an individual receives from all sources less social security and taxes
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disposable income is what?
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personal income less all additional personal taxes(income, estate, gift, property)
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discretionary income is what?
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disposable income less savings and expenditures on food, clothing, and housing
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1 consumer buying behavior
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products and services for personal use
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2 consumer buying behavior
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choosing low cost often used products required little thought and becomes routine decision making
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3 consumer buying behavior
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limited decision making is used for products that require some thinking
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4 consumer buying behavior
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expensive infrequently purchased products that involve complex thinking
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5 consumer buying behavior
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people are influenced by social factors personal characteristics and psychological factors.
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6 consumer buying behavior
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consumer attitudes toward a firm and its products affect the success or failure of its marketing strategy
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1 organizational buying behavior
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organizational transactions are much largera nd less frequent than the typical consumer
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2 organizational buying behavior
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organizational buyers are very concerned about specifications as well as price
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what is a good?
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product
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what is a service?
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add human or mechnical effort
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idea is a what?
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philosophy or lesson
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example of a tangible attribute?
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car warranty
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example of an intangible attribute?
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status memories(vacation)
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consumer product is what?
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product purchased to satisfy personal and family needs
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convenience product is what?
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easy, inexpensive--bought with little thought, frequently purchased..it has intensive distribution
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shopping product is what?
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item for which buyers are willing to expend considerable effort on planning and making a purchase --selective distribution
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what is a speciality product?
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itme possesses one or more unique characteristics for which one is willing to expend considerable purchasing efforts
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what is a business product?
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product bought for resale for making other products or for use if firms operations
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raw material is what?
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basic material that becomes part of the product.
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major equipment is what? in pertinence to purchasing for a large corp.
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large tools and machines
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accessory equipment is what? in pertinence to purchasing for a large corp.
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standardized equipment used in the office
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business service is what?
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intangible product that is unsed in operation ex-legal information(lawyer)
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what is a component part?
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item that becomes part of a physical product and is either a finished itme ready for assembly or a product that needs little processing before assembly ex-tire
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what is process material?
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material used directly in the production but are not reaily identifiable.
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what is supply?
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an item that facilitates a production
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what is a new product?
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grouped according to similarity to existing products
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what is an imitation?
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products designed to be similar to and to compete with existing products to other firms
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innovation is what?
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entirely new product
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adaptations are what?
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variations of existing products that are intended for an established market
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example of product refinement
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black and white tv to color
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example of product extension
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tv with a built in DVD player
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what generates ideas in pertinence to new products
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engineers, competitors or luck
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what is concept testing *
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phase in which a product idea is presented to a small sample or potential buyers through written or oral descriptions to determine their attituds tand initial bying intentions regarding the product.
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business analysis
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provides tentative ideas about a potential products financial performance inluding probable profitability (how will the product affect the firms sales, cost, and profits)
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what is product development?
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asks the question is the product technically feasible to produce
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test marketing is what?
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limited intro of a product into several markets or cities
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commercialization is what?
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full scale manufacturing and marketing must be started and refined
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what is a brand?
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a name, term, symbol, or design that identifies your product
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what is a brand name?
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the part of a brand that can be spoken ex-BMW
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what is manufacturer(producer)Brand?
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a brand that is owned by a manufacturer
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what is a brand mark?
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part of a brand that is a symbol, design ex nike's swoosh
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what is a generic brand?
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a product with no brand at all, only carried the name of the product ex carrots, soup
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brand loyalty is what?
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extent to which a customer is favorable to a certain product, good, service
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what is recognition?
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aware that the brand exists, will purchase if preferred brand is unavailable or unfamilar with other brands
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what is brand equity?
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the marketing and financial value associated with a brand's strength in the market
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what is brand name awareness?
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people will buy something they are familar with
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what is brand association?
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connection with a product bc of endorsement by a celeb
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what is perceived brand quality?
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"expensive must be good"
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what else is brand loyalty?
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wont buy anything else
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what is packaging?
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consists of all activities involved in developing and providing container with graphics for a product
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what does packaging offer a product?
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protection, convenience, storage and tampering protection
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what is labeling?
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presentation of information
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what are included in labeling?
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directions, ingredients, claims and nutritional facts
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price is what?
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amount of money a seller is willing to accept in exchange for a product at a given time and circumstance.
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what is supply?
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quantity of a product that the producers are willing to sell at each of various prices
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what is demand?
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quantity of a product that buyers are willing to purchase at each of various prices
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what are the pricing objectives (2)
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survival and profit maximization
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what is survival in pertinence to pricing
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firm may have to price its products to survive, either as an org or as a player in a particular market
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what is profit maximization?
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impossible to define--set goals in dollar amounts or % of previous sales
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what is return on investment?
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amount earned on an investment
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what is a marketing share goal?
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proportion of a total industry sales
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what is status quo pricing?
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firm can maintain profit or market share by meeting the goal
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who determines pricing or products/goods/services?
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the market does, not the firms
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what is a price floor?
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the min price at which a firm can sell its product without a loss
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who determines the price floor?
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cost and expected sales
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what is a mark up?
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a seller adds to the basic cost of a producerto determine its basic unit price
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what is total revenue?
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total amount received from sales of a product
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what is fixed cost?
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cost incured no matter how many units of a product are produced or sold
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what is a variable cost?
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cost depends on the number of units produced
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whta is total cost?
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sum of fixed and variable costs
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what is the breakeven cost?
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number of units sold that must equal the cost of making
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what is demand based pricing?
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based on the amount of demand for a product
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what is price differentiation
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firm wants to use more than one price in the marketing of a specific product ex-in season, out of season
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what is competition based pricing?
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cost and revenue is secondary to competitors pricing
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what is the channel of distribution of marketing?
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sequence of marketing org that directs a products from the producer to the ultimate user
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what is the marketing channel?
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how goods get to consumers
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what is a direct channel?
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producer to consumer...or producer to retailer to consumer ..ex farmer
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what is a traditional channel?
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producer to wholesaler to retailer to consumer.....or...producer to agent to wholesaler to retailer to consumer
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what is business producer?
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producer to business consumer...or...producer to middleman to business consumer
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what is a middle man?
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a marketing org that links a producer and a user within a marketing channel
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what is a merchant middle man?
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middle man that actually takes title to products by buying them --clearing house
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what is a functional middle man?
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middle man that helps in the transfer of ownership of producers but doesnt take title---shipper
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what is a commission merchant?
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middle man that carries merchandise and negotiates sales for manufacturers--sets prices/arranges delivery
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what is an agent?
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middleman that expedites exchanges represents a buyers or a seller and often is hired on a commission basis
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what is a retailer?
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middleman that buys from producers or other middleman and seels to consumers for personal or house hold use
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independent retailer are what?
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firm that operates only one retail outlet
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chain retailers are what?
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company that operates more than one retail outlet
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example of in store
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department store
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example of non-store
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vending machine
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department store is what?
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retail store that employs 25 or more, also has different depts..sells clothing, home stuff..etc ex sears
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catalog showroom is what?
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retail outlet that displays well known brands and sell them at discount prices through catalog
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what is a warehouse show room?
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big facility, low cost building--sams club
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what is a convenience store?
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small food store, limited products, remains open beyond business hours.
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what is a super market?
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large, sells food and house hold products
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what is a superstore?
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sells food and non food--tops,wegs
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what is a warehouse club?
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large scale members only establishment, discounts retail and wholesales--sams club
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what is a traditional speciality store?
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store that carries a narrow product mix with a deep product line--radio shack
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what is an off-price retailer?
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store that buys manufacturers merchadise--tj maxx
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what is direct selling?
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marketing of product to ultimate consumers, through face to face sales at home or market place
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an example of non store selling
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vending machine
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direct marketing is what?
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use of computers, telephones and non personal media to show products
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online retailing is what?
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presenting and selling products through computer connections
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what is physical distribution?
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all the activities concerned with the efficient movement of products from producer to user
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what is inventory management?
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process of managing inventory in such a way as to minimize inventory cost and potential stock-out cost
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what is holding cost?
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cost of storing products until they are purchased or shipped to customers
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what is stock out cost?
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cost of first sales when items are not inventory
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what is order processing?
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activities involved in revceiving and processing consumer goods.
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what is warehousing?
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receiving and storing goods and preparing for reshipment
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what is material handling?
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handling goods in warehouse and shipping
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what is transportation?
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shipping of products to customers
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what is a command carrier?
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a transportation firm that services are available to all shippers
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what is a contract carrier?
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available for hire by one or several shippers
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whta is integrated marketing communications?
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coordination of promotion efforts for max informational and persuasive impact on customers
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what are the goals of integrated marketing communication?
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send consistent message to customer, long term customers, effecient use of promo resources, more precise targeting of customers
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what is a promotion?
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communication about an org and its products that is intended to inform persuade or remind target market members
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what is the role of promotions?
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facilitate excahnges to groups or individuals by providing info about goods/services
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what are some groups in a marketing environment?
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customers, environmental groups, govnt agencies and neighbors
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what are the four elements of a promotional mix?
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advertising, personal selling, sales promo, PR
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what is primary demand advertising?
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advertising whose purpose is to increase the demand for product
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what is selective demand?
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used to sell a particular brand or product --most common
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what is immediate response?
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form of selective advertising that gets customers to make a quick purchase
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what is reminder advertising?
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aimed at keeping the firms name or product in public eye
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what is compartive advertising?
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compares specific characteristics of two or more brands
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institutional advertising is what?
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designed to enhance a firms image or rep.
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newspapers in pert. to adver.
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short life span, inexpensive, local coverage, cannot select coverage
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magazine in pert. to adver.
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long life span, viewed repeatedly, aimed at certain market, high cost
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direct mail in pert. to adver.
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most selective, can reach target audience.
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television in pert. to adver.
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short lifespan, expensive
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radio in pert. to adver.
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no visual, small size, can be aimed at specific group,
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internet in pert. to adver.
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newest, still unknown
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advertising objectives are?
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how far do you want to move, specific period of time to achieve goal, stress increaing sales, expand firm market
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what is the most expensive form of promo?
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personal communication
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