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163 Cards in this Set

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