Marketing-Exam1-Set2

Front 1

market segmentation

Back 1

2 step process-1. naming broad product-marketins 2. segmenting these broad product-markets in order to select ttarget marets and develop suitable marketing mixes

Front 2

disaggregating

Back 2

practical approachtries to narrow down the amarketing focus to product-market areas where the firm is more likely to have a competitive advantage or even to find breakthrough opportunities

Front 3

segmenting-

Back 3

clustiner peopele with similar needs into a "market segment"

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market segment

Back 4

homogenous group of custers who will responond to a marketin gmix in a similar way

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ideally good market segments criteria:

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homogenous-similar within
hetereogeneous-very diff. in diff. segments
substantial-lot of people in it
operational-segmenting dimensions hshould be useful for identifying customers and deciding on marketin mix variables --very important

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single tarket market approach

Back 6

segmenting marketing and picking one of the homoegenous segments as the firm's target market

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multiple target market approcah

Back 7

segmenting the market and choosing two or more segments, than treating each as a separate target market needing a different marketing mix

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combined target market appraoch

Back 8

combining 2 or more submarkets into one larger target market as a basis for one strategy

Front 9

combiners

Back 9

try to increase the size of their target markets by combining two or more segments

Front 10

segmenters

Back 10

aim at one or more homogenous segments and try to develop a different marketin mix for each segment

Front 11

qualifying dimension

Back 11

those relevant to including a customer type in a product-market

Front 12

determining dimensions

Back 12

those that actually affect the customer's purchase of a specific product or brand in a product-market

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positioning

Back 13

refers to how cuomster think about proposed or present brands in a market -manager should know how he or she wants target customers to think about the firm's marketin mix.

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differentiation

Back 14

creation of tangible or intangible differences on one or two key dimensions b/t a focal product and its main competitors

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positioning statement

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for [target segment], the [concept] is [the primary important claim] b/c [it is the single most important factor].

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revenue

Back 16

sellin price x volume

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totalcost

Back 17

fixed cost + variable cost

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profit

Back 18

total revenue-total cost

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unit margin

Back 19

sales price-unit variable cost

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% margin

Back 20

(selling price-unit VC)/ selling price= (unit VC)/(1-%margin)

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breake even

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when sell enough to cover fixed costs--> fixed cost/ unit margin

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target profit

Back 22

SellingPrice*Volume-FC-VC

Front 23

marketing information system

Back 23

organized way of continually gathering, accessing, and analyzing info that marketing maangers need to make decisions

Front 24

marketing research

Back 24

procedures to develop and analyze new info to help marketing maangers make decisions

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marketing research process (5 steps)

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1.define problem
2.analyze situation
3. gett problem-specific data
4. indterpreting the data
5. solving the problem

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situation analysis

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informal study of what information is already available in the problem area

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research proposal

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a plan that specifies what info will be obtained and how-to be sure no misunderstandings occur later

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qualittative research

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seeks in-depth, open-ended responses, not yes or no answers

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focus group interview

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open-ended questions, wants group interaction-to stimulate thinking and get immediate reatcionts

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consumer panels

Back 30

grp. of consumers who privde info on a continuing basis

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experimental method

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researchers compare the responses of 2 (or more) groups that atre similar except on the characteristic being tested

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statistical packages

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easy-to-use compute rprograms that analyze data

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cross-tabulation

Back 33

one of the most frequently used approaches for analyzing and itnerpreting marketing research data

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product assortment

Back 34

set of all product lines and individual products that a firm sells

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product line

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set of individual products that are closely related

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individual product

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particular product within a product line--differentiated by brand, level of servic eofferd, price, or some other characteristic.

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consumer product

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products meant for the final consumer

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busines products

Back 38

products meant for use in producing other products

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consumer product classes divide into 4 gropus

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convenience, shopping, specialty, unsought (each class is based on way people buy products)

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exploratory reserach

Back 40

used to gain ideas and insight about the research problem

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descriptive research

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used when the research objectives and research questiosn are clearly formulated and when descriptive and summary measures are needed to address the research questions--canbe summarized in numbers

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experiemental/causal research

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used to establish cause-and-effect reltionships. used to understand the connections b/t mgmt. actions and boserved toucomes more clearly than is possible with descriptive research --actual experiment

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two types of causal experiments

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laboratory-conducte din labs
2. field experiements-conducted in actual markets with maniuplation of some marketing activities; more expensive.

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product

Back 44

need-satisfying offering of a firm.

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SKU

Back 45

stock keeping unit

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branding

Back 46

use of a name, term, symbol, design, or a combination of these, to identify a product

branding is not a brand name

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brand equity

Back 47

value of a brand's overall sterength in the market

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brand extension

Back 48

extend a brand name of a product category to a new product category

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line extension

Back 49

add mor eproducts ot eh current product line