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39 Cards in this Set
- Front
- Back
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Define Marketing |
The activity, set of instructions and processes for creating (product), communicating (promotion), delivering (place) goods and services to the customers in exchange for value |
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What are the components of the marketing mix? |
product, promotion, place/distribution, price |
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What is the consumer behavior formula? |
B=f(E,I)...E=Environmental (has the greater impact) |
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Which level of management is most responsible for the mission statement? |
Senior management; corporate level |
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Is a missionary salesperson generally engaged in sales for commission? |
Missionary salespeople generally do not sell, they help with displays and ordering |
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Is the business to business distribution channel shorter or longer than the business to consumer channel? |
Shorter because it's more direct |
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What is the marketing concept and to whom/what does it apply? |
Entire business because everyone focuses on the consumer |
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With whom is the majority of e-business conducted |
other businesses because there are a lot of businesses that have computers that will give them information right away |
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What three items do you want to accomplish in advertising? |
Inform, persuade, and/or remind (always creating awareness) |
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What are some types of sales promotion? |
sales promotion = catch all. sweepstakes, coupons, BOGO, free samples, Chachi (trinkets) |
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Can you use sales promotion in both consumer and business to business marketing? |
yes, contests or sweepstakes, send people things to get their spouse to buy them |
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What does an sku identify? |
stock keeping unit - used in inventory management and to identify the product |
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In advertising research, when do you use the pre-test? Why? |
Before the advertisement runs to see if people understand concept - not seeing if they bought it. |
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in market research, which comes first: primary data or secondary data? |
secondary data due to census, surveys, or focus groups |
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product placement |
relates to the physical product |
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product positioning |
refers to the psycho-graphic process of the consumers understanding/interpreting of the product. focuses on peoples values and emotions |
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What is Maslow's Hierarchy and its significance to Marketing? |
identifies customer needs, wants, desires as they relate to physiological needs, safety needs, belonging, esteem, and self-actualization |
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Two types of competition are |
direct and indirect |
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What are the components of Gross Domestic Product? |
Consumption, government spending, exports minus imports, capital investments, sum of all goods and services produced |
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If you employ false/fraudulent advertising, what could happen? |
Go to jail and pay through the nose. generally no one goes to jail, but they are often sued. |
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What are the major pieces of marketing legislation since the 1930s? What do they do? |
Robinson-Patman Act: Fought national chains (A&P); promote price competition, Miller: Tydings resale price maitnence act, and Consumer goods pricing act 1975 |
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What does a market researcher mean by sampling? |
process of selecting the portion of the population to be studied in a marketing research project. This is important because the group is representative for the product. |
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What is the element involved in the primary promotional strategy in B2B? |
Personal sales then advertising. |
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What goes into "Just in Time II" ? |
Moving beyond just in time, placing sales reps and technicians in customer's operation to ensure that customer parts, service needs are met. |
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How could you segment consumer markets? |
Geographic, demographic, psychographic, and product-usage |
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Which consumer segment is the first to buy? |
Innovators then early adopters |
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What are the specific functions of the distribution channel? |
faciltate exchange of products and payments, assist buyer and/or seller in searching for products and distribution, order processing, and warehousing |
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What factors may you consider in defining a type of retailer? |
product, service requirements, and specialty |
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Define price |
exchange for value of goods or services |
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major pricing strategies |
skimming (high price to make profit), penetration (higher price because competition will probably come out with something similar soon), competitive (same price of competitors) |
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In competitive bidding processes, how do you as a buyer reach out to potential suppliers? |
request for proposal (real estate) |
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Key steps of market research |
ID issue/problem/need, form hypothesis, research, conduct second research from existing information, design the study (sample and survey), tabulate results, and report |
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Global marketing strategy |
license, strictly export, franchise, contract (nike/apple), buy a company (walmart), establish a division or subsidiary, joint venture |
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Key barriers to global marketing |
Tariffs (tax on goods coming into the country), subsidies, embargoes (in its country you can't go or sell-Cuba in 1962) |
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Two major considerations in global consumer marketing |
social and cultural norms |
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What are key factors to consider in entering foreign markets? |
Political stability (Venezuela and standard oil Co.), competition and trade organizations |
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Types of vertical distribution/marketing |
corporate, administered, contractural |
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In a transcendental meditation which would be used of maslow's hierarchy? |
self-actualization |
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What does the product do in direct competition? |
exactly the same thing as another product |
