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126 Cards in this Set
- Front
- Back
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What is Marketing Information System
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an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions.
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What are the 5 Steps in MArketing Research
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1.Define Problem
2. Analyze Situation 3. Gather Problem-specific Data 4. Interpret the Data 5. Solve the Problem |
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What is an Intranet
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A system for linking computers within a company
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What is a DSS (decision support system)
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A coomputer Program that makes it easy for a marketing manager to get and use information as he or she is making decisions
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What is a marketing Model
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A statement of relationships among marketing variables. 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
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What is the Scientific Method
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A decision-making approach that focuses on being objective and orderly in testing ideas before accepting them.
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What is a situation analysis
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an informal study of what information is already available in the problem area
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What is secondary Data
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information that has been collected or published already
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What is primary data
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Information specifically collected to solve a current problem
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What is a research proposal
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A plan that specifies what information will be obtained and how-to be sure no misunderstandings occur later.
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What is qualitative research
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Seeks in-depth, open-ended responses, not yes or not answers. it tries to get people to share their thoughts on a topic
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What is Focus Group Interview
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The most widely used form of qualitative questioning in marketing research. this involves interviewing 6-10 people in an informal group setting
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What is quatitative research
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seeks tructure responses that can be summarized in numbers, like %, averages or other statistics
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What is Response rate
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the percentage of people contacted who complete the questionaire-is often low and respondents may not be representative
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What are consumer panels
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a group of consumers who provide information on a continuing basis.
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What is the experimental method
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researchers compare the responses of two (or more)groups that are similar except on the characteristics being tested
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What are statistical packages
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easy-to-use computer programs that analyze data-have made this step easier
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What is population
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the total group they are interested in (usually impossible to collect data from all of them)
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What is sample
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and part of the relevant population
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What are confidence intervals
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the range on either side of an estimate that is likely to contain the true calue for the whole population
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What is validity
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concerns the extent to which data measures what it is intended to measure. important becuase many people will answer even if they don't know what they are answering
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What is Product
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Means the need-satisfying offereing of a firm. The idea of "product" as potential customers satisfaction or benefits is very important
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What is quality
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A products ability to satisfy a customers needs of requirements
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What is Service
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a deed performed by one party for another
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What is product assortment
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the set of all product lines and individual products that a firm sells
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What is a product line
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a set of indicidual products that are closely related.
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What is a individual product
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this is a particular product within a product line. it is usually differentiated by brand, level of service offered, price, or some other characteristic.
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What are consumer products
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products meant for the final consumer.
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What are buisness products
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products meant for use in producing other products
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What are the four classes on consumer products
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Concenience, shopping, specialty and unsought
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What are convenience Products
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products a consumer needs but isn't willing to spend much time of effort shopping for
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What are staples
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Products that are bought often, routinely and without much thought-like ceareal, canned soup, and regular household items
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What are Impulse Products
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products that are bought quickly - as unplanned purchases because of a strongly felt need
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What are emergency Products
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Products that are purchased imeediately when the need is great
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What are shopping products
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products that a customer feels are worth the time and effort to compare with competing products
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What are homogeneous shopping products
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shopping products that the customer sees as basically the same and wants at the lowest price
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Heterogeneous Shopping Products
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Shopping products the customer sees as different and want to inspect the quality and suitabilityW
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What are specialty products
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These are consumer products that the customer really wants and makes a special effort to find. Shopping for a speacialty prodiuct doesn't mean comparing-the buyer wants that special productand is willing to search for it
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What are unsought products
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these are products that potential customers don't yet want or know they can buy
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What are new unsought products
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products offereing really new ideas that potential customers don't know about yet
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What are regularly unsought products
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these are products like gravestones, life insurance, and encyclopedias, that stay unsought but not unbought forever
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What is derived demand
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This is the biggest difference between the consumer products market and the buisiness products market. Derived demand is--the demand for business products derives from the demand for final consumer products
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What is an expense item
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this is a product whose total cost is treated as a business expense in the year its purchased
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What is a capital item
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a long-lasting product that can be used and depriciated for many years.
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What are instillations
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Examples are buildings, land rights, and major equipment. These are important capital items
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What are accessories
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These are short lived capital items--tools and equiptment used in production or office activities--like cannon's small copy machines. Rockwells portable drills, and steelcase's filing cabinets.
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What are raw materials
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unprocessed expense items --such as logs, iron ore, and wheat that are moved to the next production process with little handling
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What are the two types of raw materials
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Farm Products and Natural Products
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What are farm products
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these are grown by farmers. examples are oranges, surgar cane, and cattle
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What are Natural Products
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These are products that occur in nature like iron ore, timber, oil and coal.
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What are components
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These are processed expense items that become part of a finished product. component parts are finished (or nearly finished) items that are ready for assembly into the final product.
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What are supplies
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these are expense items that do not become part of a finished product. supplies can be divided into three types
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What are the three types of Supplies
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Maintenance, repair, operating supplies
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What are professional services
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These are specialized services that support a firm;s operations. They are usually expense items.
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What is branding
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this means the use of a name, term, symbol, or design--or a combinationof these--to identigy a product. It includes the use of brand names, trademarks, and practically all other means of product identification
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What is a Brand Name
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A word, letter, or a group of words or letters
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What is a Trademark
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these include only those words, symbols or marks that are legally registered for use by a single company.
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What is a Service Mark
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This is the same as a trademark except that it refers to a service offering
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What are some favorable conditions to successful branding
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1.The product is easy to label and identify by brand or trademark
2.The pruduct quality is easy to maintain and the best value for the price 3. Dependable and widespread availability is possible. When customers start using a brand, they want to be able to continue using it 4.Demand is strong enoughthat the market price can be high enough to make the branding effort profitable. 5.There are economies of scale. If the branding is really successful, cost should drop and profits should increase 6.Favorable shelf locations or display space in stores will help. This is something retailers can control when they brand their own products |
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What is brand rejection
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Means that potential customers won't buy a brand unless its image is changed. Rejection may suggest a change in the product or perhaps only a shift to target customers who have a better immage of the brand. Over coming a negative image is difficult and can be very expensive. if I went to a hilton and it was nasty, I may never go to another one
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What is brand nonrecognition
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this means final consumers don't recognize a brand at all -- even though intermediaries may use the brand name for identification and inventory control. examples are school supplies, many items you would find in a hardware store
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What is Brand Preference
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This means that target customers usually choose the brand over other brands, perhaps because of habit or favorable past experiences
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What is Brand Insistence
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This means customers insist on a firm's branded product and are willing to search for it. This is an objectiveof many target marketers
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What are catergory killers
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Large retailers that ruin the smaller mom-n-pop buisness 'and make it almost impossible for them to compete
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What is Brand Equity
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The value of a brands overall strength in the market. Brand equity is likely to be higher if many satisfied customers insist on buying the brand and if retailers are eager to stock it.
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What is the Lanham act
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This spells out what kinds of marks (including brand names)can be protected and the exact method of protecting them. The law applies to goods shipped in interstate or foreign commerce
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What is a family brand
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the same brand name for several products-or individual brands for each product. Examples of family brands are keeblersnack food products and sear's kenmore appliances
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What is a license brand
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a well-known brand that sellers pay a fee to use. Example is that sunkist has been licensed to use in 30 countries
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What are individual brands
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Separate brand names for each product--when its important for the products to each have a separate indentity, as when products vary in quality or type..
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What are manufacturer brands
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these are brands created by producers. These are sometimes called national brands because the brand is promoted all accross the country or in large regions.
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What are dealer brands, or private brands.
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brands created by middlemen. examples of dealer brands include the brands of Kroger, Ace Hardware, Radio Shack.
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What is the battle of the brands
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the competition between dealer brands and manufacturer brands. is just a question of whose brands will be more popular and who will be in control
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What does packaging involve
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packaging involces promotoing, protecting, and enhancing the product. it can many it more convenient to use or store.
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What is the Universal Product Code (UPC)
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Speeds up handling of fast-selling products. This identifies each product with with marks that are readable by electonic scanners
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What is the Federal Fair Packaging and Labeling Act
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This requres that consumer goods be clearly labeled in easy-to-understand terms---to give consumers more information
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What is the Magnuson-moss Act
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This says that producers must provide a clearly written warranty if they choose to offer any warranty.
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What are the four stages to the product life cycle
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Market introduction, market growth, market maturity, salse decline
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What is market introduction
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here the sales are low as a new idea is first introduced to the market
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What is market growth
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Idustry sales grow fast but industry profits rise and then start falling
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What is market maturity
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occurs when idustry sales level off and competition gets tougher
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What is the sales decline stage
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New products relace the old ones (cell phones). price cometition from dying products becomes more vigorous. firms with strong brands may make profits until the end because they have successfully differentiated their products
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What is fashion
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The currently accepted of popular style
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What is a fad
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an idea that is fashionable only to certain groups who are enthusiastic about it.
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What is a new product
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on that is new in any way for the company concerned
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What is the Federal Trade Commision (FTC)
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the federal government agency that policies antimonopoly laws. according to the FTC, to be called "new", a product must be entirely new or changed in a "functionally significant or substantial respect"
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What is the consumer product safety act
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This set up the consumer product safety commision to encourage safety in product design and better quality control. they have a great deal of power
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What is product liability
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this means the legal obligation of selllers to pay damages to individuals who are injured by defective or unsafe products.
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What is concept testing
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gettting reactions from cunstomers about how well a new-product idea fits their needs
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What is commercialization
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When a product idea can finally be placed on teh market
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What is Product Managers or Brand Managers
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these manage specific products--often taking over the jobs formerly handled by an advertising manager.
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What is place when talking about market strategy
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making oods and servisces available in the right wuanitities and locations, when customers want them
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What is channel of distribution
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any series of firms or individuals who particitpate in the flow of products from producer to final user or comsumer
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What is direct marekting
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Direct communication between a seller and an individual customer using a promotion method other than face-to-face personal selling
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What is discrepancy of quantity
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this means the difference between the quantity of products it is economical for a producer to make and the quanitity final users or consumer normally want. Example is manufacturers of golf balls produce large quantities like 200,000-500,000 at a time but the average folger only wants a few balls at a time. adjusting for this deiscrepency usually requires middlemen--wholesalers and retailers
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What is discrepentsy of assotment
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means the different between the lines a typical producer makes and the assortment final consumers or users want...most golfers need more than balls. they want shoes, gloves, clubs and a course. they usually don't want to shop for each item separately.
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What are regrouping activities
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adjust the quanitites or assortments of pruducts handled at each level in a channel of distribution
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What is accumulating
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this involves collecting products from many small producers. mucht of the coffee that comes from colombia is grown on small farms in the mountains. Accummilating the small crops into larger quatities is a way of getting the lowest transporting rate and making it more convenient for distant food processing companies to bye and handle it.
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What is bulk-breaking
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this involves dividing larger quantities into smaller quantities as products get closer to the final market
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What is sorting
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this means separating products into grades and qualities desired by different target markets
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What is assoriting
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this means putting together a variety of products to give a target market what it wants
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What is the traditional channel system
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The various channel members make little or no effort to cooperate with each other
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What is the channel captain
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a manager who helps direct the activites of a whole channel and tries to avoid or solve channel conflicts
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What is a vertical marketing system
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channel systems in which the whole channel focuses on the same target market and the end of the channel
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What are coorporate channel systems
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corporate owenerhsip all along the channel-we might say the firm is going "direct" acctually teh firm may be handling manufatureing, wholesaling, and retailing--so its more accurate to think of the firm as a vertical marketing system
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What is vertical integration
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acquiring firms at different levels of channel activity. Bridgestone, for example, hass rubber plantations in Liberia, tire plants in Ohio, and wholesale and retail outlets all over the world
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What is the administered channel systems
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The channel members informally agree to cooperat with each other
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What are contractual channel systems
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The channel members agree by contract to cooperate with each other
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What is ideal market exposure
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this makes a product available widely enough to satisfy target customers needs but not exceed them.
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What is intensive distribution
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this is selling a product through all responisble and suitable wholesalers or retailers who will stock or sell the product
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What is selective distribution
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this is elling through only those middlemen who will give the product special attention
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What is exclusive distribution
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selling through only one middleman in a particular geographic area
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What is multichannel distribution or Dual distribution
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this occurs when a producer uses several competing channels to reach the same target market--perhaps using several middlemen in addition to selling directly
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What are reverse channels
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these are channels used to retrieve products that customers no longer want
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What are logistics
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the transporting, storing and handling of goods in ways that match target customers needs with a firms marketing mix
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What is Physical Distribution
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another common name for logistics
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What is customer service level
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how rapidly and dependably a firm can deliver what they, the costomers, want
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What is the physical distribution concept
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says that all transporting, storing, and product-handling activities of a business and a whole channel sustem should be coordinated as one system that seeks to minimize the cost of distribution for a given cutomer service level.
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What is the total cost approach
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this involves evaluating each possible PD system and identifying all of the costs of each alternative
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What is the supply chain
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the complete set of firms and facilities and logistics activities that are involved in producing materials, transforming them into intermediate or finished products and distributing them to customers
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What is containerization
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grouping individual items into an economical shipping quantity and sealing them in protective containers for transit to the final destination
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What are Freight Forwarders
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combine the small shipments of many shippers into more economical shipping quantities
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What are the features of a retailers offereing that relate to economic needs
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Convenience, product selection, special services, fairness in dealings, helpfull infomration...features that relate to social and emotional needs include social image and shopping atmosphere
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What is the mass merchandising concept
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says that retailers should offer low prices to get faster turnover and greater sales volumes--by appealing to larger markets
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What is a discount house
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they offer "hard-goods" at substantial price cuts to customers who would go to the discounters low-rent store, pay cast and take care of any service or repair problems themselves
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What is the wheel of retailing theory
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this says that new types of retailers enter the market as low-status, low margin, low price operators and then , if successful, evolve into more conventional retailers offereing more services with higher operating costs and higher prices.
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What is scrambled merchandising
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carrying any product lines they think they can sell profitably
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