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63 Cards in this Set
- Front
- Back
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Goal |
statement of a task to be achieved |
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Tactic |
(Short-Term) a tool used in trying to achieve a goal associated with a strategy |
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Strategy |
(Long-term) approach/ plan to reach a goal |
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Social Responsibility |
When an organization is apart of a larger society and are accountable to that society for their actions
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Green Marketing |
A marketing effort to produce, promote, and reclaim environmentally sensitive products |
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Marketing |
Process of exchanging offerings that have value for someone else |
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Market Exchange |
A trade if valuable things with a buyer & seller that results in everyone better off after the trade has been made |
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Product |
An article or substance that is manufactured or refined for sale |
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Customer Value Proposition |
A business or marketing statement that describes why a customer should buy a product or use a device **What makes a company unique and why customers should buy from them** |
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Market |
A medium that allows buyer & sellers of a specific good or service to interact in order to facilitate an exchange |
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Want |
A felt need that is shared by a person's knowledge, culture, and personality |
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Competitive Advantage |
A unique strength relative to a competitors that provides superior returns, based on quality, time, cost, etc. **What makes a company better than others** |
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Market Share |
An increase in ratio of sales revenue of the firm to the total of all firms including the firm itself |
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Need |
When a person feel physiologically deprived of a basic necessity |
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Cause Marketing |
A business practice when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of it's products **Consumers support a cause by purchasing a product and then the proceeds are donated** |
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Five Stages of Consumer behavior |
1. Problem Recognition: Perceiving a need 2. Information Search: Seeking value 3. Alternative Evaluation: Assessing value 4. Purchase Decision: Buying value 5. Postpurchase Behavior: Consuming/using value |
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Cognitive Dissonance |
A feeling of post-purchase psychological tension or anxiety **Consumers often search for information reinforcing their purchase decision** |
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Types of Problem Solving (Level of Involvement) |
High Involvement: expensive, serious personal consequences, could reflect on one's social image (ex. watch) Low Involvement: routine or regular purchases (ex. toothpaste) |
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3 Types of Marketing Research |
1. Exploratory: provide ideas about vague problem 2. Descriptive: generally involves trying to find the frequency with which something occurs of the extent of a relationship between two factors 3. Causal: tries to determine the extent to which the change in one factor changes another one |
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Secondar Data |
Facts and figures that have already been recorded prior to the project at hand |
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Primary Data |
facts and figures that are newly collected for the project |
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Techniques for collecting primary data |
1. Questionnaire data (asking people) 2. Observational data (watching people) 3. Social media, panels and experiments, information technology, data mining |
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What are the advantages & disadvantages of primary research |
Primary advantages: More flexibility, more specific to the problem being studied. Disadvantages: More expensive than secondary, more time consuming. |
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What are the advantages & disadvantages of secondary research |
Secondary advantages: Cheaper, Less time consuming Disadvantages: Less accurate, might not be quite right for the research project. |
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Market Segmentation |
Separating prospective buyers into groups that have common needs and will respond similarly to a marketing action |
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Methods for marketing segmentation |
Geographic: location Demographic: age, gender, ethnicity Psychographic: personality, lifestyle Behavioral: product features, usage rate intentions (ex. United Airlines) |
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Positioning |
The place a product occupies in consumers' minds based on important attributes relative to competitive products |
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Types of Positioning |
Differentiation positioning: Seeking a less competitive, smaller market niche Head to head positioning: with competitors on similar attributes in the same target market |
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What makes a marketing segment legitimate |
Market size needs to be big enough, there needs to be expected growth, the firm needs to have a competitive position in the market, the cost of reaching the segment must be relatively low, and it needs to be compatible with the organizations objectives and resources. |
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What are the four stages of the product life cycle |
1. Introduction: product launch (ex. New Car) 2. Growth: dramatic decrease in sales, new products, more competitors, profits peak, focus on product differentiation and variation (ex. iPad) 3. Maturity: growth rates slow, stable market, highly competitive, fewer new buyers, profit margins decline (ex. Coke or Pepsi) 4. Decline: customers have moved on, sales drop (ex. cassette tape) |
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Brand Equity |
The added value of a brand name that gives a product beyond the functional benefits provided |
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Four Types of branding Strategy |
1. Multiproduct Branding: One company makes a lot of products (ex. Arm and hammer baking soda) 2. Multibranding strategy: One company makes different products under different brands (ex.Proctor and Gamble; tide, cheer) 3. Private Branding strategy: Product that is exclusively manufactured for a retailer (ex. Sears sells Kenmore) 4. Mixed branding strategy: Firm markets products under own name and that of the reseller because the segment attracted to eh reseller is different from its own market (ex. Dial sells soap, pet food) |
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Brand Extension |
The practice of using a current brand name to enter a different product class |
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Branding |
A basic decision in marketing products in which an organization uses a name, phrase, design, symbols, or a combination of these to identify its products and distinguish them from their competitors |
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Four i's of Service Marketing |
Intangibility Inconsistency Inseparability Inventory |
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What are search experience & credence properties |
-Search Products- attributes customers can readily evaluate before they purchase -Experience Products- can be evaluated only after purchase. They are more differentiate than Search Products. -Credence Products- Have attributes customers cannot evaluate even after purchase. Customers rely on reputation of the brand name, testimonials, service quality and price. They are likely to be customized. (ex. Healthcare, Accounting and IT) |
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Price Elasticity |
a measure of how much consumer demand for a product changes in response to changes in price. |
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Difference between inelastic and elastic demand |
A product with elasticity greater than 1 is considered to be elastic. Thus, when elasticity is less than 1, it is considered inelastic. |
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Skimming |
product pricing strategy by which a firm charges the highest initial price that customers will pay. As the demand of the first customers is satisfied, the firm lowers the price to attract another, more price-sensitive segment |
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Penetration |
the amount of sales or adoption of a product or service compared to the total theoretical market for that product or service |
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Prestige |
the practice of giving a product a high price to convey the idea that it must be of high quality or status |
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Direct Marketing |
an advertising strategy that physically deals and communicates with the consumer |
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Indirect Marketing |
advertises in quantity by mass media outlets, such as Internet, TV and radio ads |
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Multichannel Marketing |
the ability to interact with potential customers on various platforms, such as through a print ad, retail location or a website |
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Logistics |
Logistics Involve planning, delivering, and controlling the flow of physical goods, marketing materials and information from the producer to a market as necessary to meet customer demands while still making a satisfactory profit. |
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Supply Chain Management |
the oversight of materials, information, and finances as they move in a process from supplier to manufacturer to wholesaler to retailer to consumer. |
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Intensive Distribution |
where a company sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go: supermarkets, drug stores, gas stations, and the like. Soft drinks are generally considered to be intensively distributed. |
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Exclusive Distribution |
when a supplier grants a distributor exclusivity of the sale of the contract goods or services within a territory, or to a specific group of customers. In exchange, the distributor will usually agree to sell goods or services of the supplier's competitors |
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Selective Distribution |
a type of distribution that lies between intensive and exclusive distribution. This basically involves using more than one, but lesser than all the intermediaries who carry the company's products. |
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Retailing |
includes all activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use |
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Depth of product line |
the store carries a large assortment of each item, such as a show store that offers running shoes, dress shoes, and children’s shoes |
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Breadth of product line |
refers to the variety of different items a store carries, such as appliances and books |
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Non-store retailing |
occurs outside a retail outlet through activities that involve varying levels of customer and retailer involvement (no brick and mortar stores) |
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Examples of Non-store retailing |
1.Automatic Vending 2.Direct Mail and Catalogs 3.Television Home Shopping 4.Online Retailing 5.Telemarketing 6.Direct Selling |
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IMC |
Integrated Marketing Communication—the concept of designing marketing communication programs that coordinate all promotional activities (advertising, personal selling, public relations, sales promotion, direct marketing) to provide a consistent message across all audiences |
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How Promotional Activities Change with the Product Life Cycle |
->Introduction Stage—informing consumers—all promotional mix elements are used ->Growth Stage—persuade the consumer to buy the product rather than substitutes—primary promotional element is advertising (stresses brand differences), personal selling is used to solidify channel of distribution, sales promotion and publicity less important ->Maturity Stage—maintain existing buyers—direct marketing actions, sales promotion ->Decline Stage—phase out of the product—little money is spent on the promotional mix |
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Push Strategy |
directing the promotional mix to channel members (distributors) to gain their cooperation in ordering and stocking |
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Pull Strategy |
directing promotional mix at ultimate consumers to encourage them to ask retailers to stock a product |
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Interactive Marketing |
Involves two ways buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller |
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What are Porter’s four generic business strategies |
(1) Cost leadership strategy, which focuses on reducing expenses and, in turn, lowers product prices while targeting a broad array of market segments. (2) Differentiation strategy, which requires products to have significant points of difference to charge a higher price while targeting a broad array of market segments. (3) Cost focus strategy, which involves controlling expenses and, in turn, lowering product prices targeted at a narrow range of market segments. (4) Differentiation focus strategy, which requires products to have significant points of difference to target one or only a few market segments. |
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Types of Ads |
Radio, Magazines, Newspaper, Yellow Page, Internet, Outdoor, Direct Mail |
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Types of Sales Promotion |
Coupons, Deals, Premiums, Contests, Sweepstakes, Samples, Loyalty programs, Point-of-purchase display, Rebates, Product placements |
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What is public relations/publicity |
Publicity tools consist of methods of obtaining non-personal presentation of an organization, good, or service without direct cost (ex. news releases, news conferences, public service announcements and personal appearance) |
