Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
45 Cards in this Set
- Front
- Back
|
What is the order of the target marketing process? |
Segmentation, targeting, and positioning |
|
|
The first in the target marketing process, Segmenting, is defined as what? |
Dividing the market according to needs, characteristics and behaviors. |
|
|
The second in the target marketing process, Targeting, is defined as what? |
Evaluating a potential segment and deciding which customers to invest marketing resources in |
|
|
The third in the target marketing process, Positioning, is defined as what? |
The process which marketers seek to influence how their product is percieved |
|
|
What is the difference between goods and services? |
Goods are products, services are... Well... Services... |
|
|
What is the difference between durable and non-durable goods? |
Durable goods last a long time (Consumed over a long period) Non-durable goods don't last long (Consumed few times before needing a new one) |
|
|
What are search qualities? |
Least amount of uncertainty, and can usually be known to be good/bad before having used them. |
|
|
What are experience qualities? |
Products or services that you don't know the quality of until you have experienced it yourself. |
|
|
What are credence qualities? |
Products or services that, even if you go through them yourself, still have a hard time knowing if the service you got was good or bad. I.E. How could it have been done better? |
|
|
What are the difference between red rules and yellow rules? |
Red rules are set in stone, unchanging. Yellow rules are more flexible, and can be evaluated on a case-by-case basis. |
|
|
What did MBNA do? |
Increased sales by 200% over 4 years by reducing defection rates by 5%. They just called people to figure out why they left, and focused on those problems. |
|
|
What is need-based framing? |
Directly links the benefits of the offering to a particular customer need. Coca Cola- "The pause that refreshes" Disneyland - "The happiest place on earth" |
|
|
What is user-based framing? |
Defines the offering by associating it to a particular type of buyer. Honda - "You meet the nicest people in a honda" Pepsi - "Pepsi generation" |
|
|
What is category-based framing? |
Defines the offering by relating to an established product category Coca-Cola - "The great national temperance beverage" BMW - "The ultimate driving machine" |
|
|
What is competitive-based framing? |
Defines the offering by explicitly contrasting to commpetitors, highlighting the differences as good. T-mobile - "The un-carrier" |
|
|
What is product line framing? |
Defines the offering by comparing it to other offerings from the same company. Microsoft - Windows 7 and Vista |
|
|
What are the differences between comparative and non-comparative framing? |
Comparative framing is more consumer oriented, while non-comparative is more competitive / product based. |
|
|
What is an innovator? |
An early adopter of a product |
|
|
What is a laggard? |
A late adopter of a product |
|
|
What is relative advantage? |
The degree which a consumer percieves a new prdouct as offering superior benefits |
|
|
What is compatibility? |
The extend to which an innovation is consistent with existing cultural values |
|
|
What is complexity? |
the degree which consumers percieve a new product as difficult to understand and use |
|
|
What is trialability? |
Refers to the ease of sampling a new product and its benifits |
|
|
What is observability? |
The degree to which others can see the product and the benefits it provides |
|
|
What are the four stages of the product life cycle? |
Intro, growth, maturity, decline |
|
|
What are some decline strategies? |
Modify the product, decrease cost, or reposition |
|
|
What are convinience products? |
typically nodurable and bought with minimal effort. I.E. milk, bread, impulse products, etc |
|
|
What are shopping products? |
Products that time and effort are spent into researching their value to the buyer |
|
|
What are specialty products? |
Products that have unique characteristics that are important to buyers at almost any price |
|
|
What are unsought products? |
Goods and services that consumers have little awareness until the need arises. I.E. burial plots |
|
|
What is a continuous innovation? |
A modification to an existing product |
|
|
What is a dynamically continous innovation? |
A pronounced modification to an existing product. Requires a modest amount of learning for consumers. |
|
|
What is convergence? |
the combining of two or more things to create a new thing - Iphone is a phone, calculator, mp3 player, camera, etc |
|
|
What is discontinuous innovation? |
A product that must create a major change in the way people live. I.E. Internet |
|
|
What is cobranding? |
Two brands agree to work together to market a new product |
|
|
What is ingredient branding? |
branded materials become component parts of other branded products. I.E. 7-up jelly bellies |
|
|
What is individual branding? |
Creating new brands for each product or product line |
|
|
What is umbrella branding? |
One brand for all products / product lines |
|
|
What is a supply chain? |
All activities necessary to turn raw materials into products, and then put in hands of consumers |
|
|
What is an intermediary? |
A stop along the way in a supply chain |
|
|
What are slotting allowances? |
"Bribes" to put your product in preferable locations over other products |
|
|
What is intensive distribution? |
Maximize coverage by selling through as many outlets as possible |
|
|
What is exclusive distribution? |
Limit distribution to a single outlet in a particular region |
|
|
What is selective distribution? |
Strike a balance between intensive and exclusive distribution |
|
|
What are the 7 rights of logistics? |
Right place, product, price, customer, condition, time and quantity. NO PROMOTION! |
