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41 Cards in this Set

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The portion of business that finds out what people want, how much they want, where they want to buy it, and at what price they want it.
MARKETING
Price, Product, Promotion, and Place
4 P's or MARKETING MIX
something necessary to function life; cant live without
NEED
not really necessary to function in life; just desired
WANT
seller engages in mass production, mass distribution and mass promotion of one product for all buyers. The starting point for discussing segmentation.
Ex. Paper Clips, Rubber bands, cable (not segmented)
MASS MARKETING
swapping goods for goods. Could be a product for currency. The core concept of marketing.
EXCHANGE
Service economy
Products
makes up 70% in the US
makes up 30% in the US
when you have a sufficient number of customers who are willing and able to buy your product. Must be sufficient enough to make a profit and keep you in business.
MARKET
a physical store bricks and mortals

Internet
MARKETPLACE


MARKETSPACE
cluster of complementary products and services that are closely related in the minds of the consumer but are spread across a diverse set of industries. Ex Car industries
METAMARKET
How businesses and marketing are changing?
? Technology has really impacted every aspect of the market. The internet has made accessibility to goods easier. Technology created and change products, affected place because you get anything from anywhere, it affects promotion because it makes promoting easier.
a group of customers who share a similar set of wants. Want the same marketing mix. EX. TV cable . Provides choice…
SEGMENT MARKETING
chose one small segment and serves just that segment. Will pay premium price.
NICHE MARKETING
tailored to the needs and wants of local customer groups (Wal-Mart-USM-Ole Miss-MSU- t-shirts) Department stores for weather
LOCAL MARKETING
“one on one” marketing market to the individual customer. Ex. Dell
CUSTOM MARKETING
How many segments can smaller companies serve?
2-3
People in the same segments want the same what?
MARKETING MIX
Examples of segment would be
Luxury cars
Luxury trucks
SUV’s
Sports cars
1.Geographic- location
2.Demographic- divided into groups on the basis of variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class.
3.Psychographic (Lifestyle) - buyers are divided into different groups on the basis of lifestyles or personality or values.
4.Behavioral- buyers divided into groups on the basis of their knowledge of attitude
are what?
SEGMENTATION VARIABLES
1.Get a mission statement
2.Gather information
3.Write a report
is an example of what?
MARKETING PLAN
segment decided to serve
TARGET MARKET
Innovators- successful, sophisticated, active, “take charge” people with high self esteem. Purchases often reflect cultivated tastes for relatively upscale, niche-oriented products and services.
Thinkers- Mature, satisfied and reflective people who are motivated by ideals and value order, knowledge and responsibility. Favor durability, functionality, and value products.
Achievers- Successful goal oriented people who focus on career and family. Favor premiuim products that demonstrate success to their peers.
Experiencers- Young, enthusiastic, impulsive people who seek variety and excitement. Spend a comparatively high proportion of income on fashion, entertainment and socializing.
ARE EXAMPLES OF WHAT
4 GROUPS OF HIGH RESOURCES
Believers- Conservative, conventional, and traditional people with concrete beliefs. Favor similar, American products and are loyal established brands.
Strivers- Trendy and fun-loving people who are resource constrained. Favor stylish products that emulate the purchases of those with greater wealth.
Makers- Practical, down-to- earth, self-sufficient people who like work with their hands. Favor American made products with a practical or functional purpose.
Survivors- Elderly, passive people who are concerned about change. Loyal to their favorite brands.
4 GROUPS OF LOW RESOURCES
buyers are divided into groups based on the basis of their knowledge of, attitude toward, use of, or response to a product
BEHAVIORAL SEGMANETATION MARKETS
1. Occasion benefits- occasions in consumers life
Consumers can be classified by the benefits they seek:
1. Road warriors- premium products and quality service (16%)
2. Generation F- fast fuel, fast service, and fast food (27%)
3. True Blues- branded products and reliable service (16%)
4. Home bodies- convenience 21%
5. Price shopper- low price 20%
2. User status- markets can be segmented in to non-user, ex-users, first-time etc..
3. Usage rate- can be segmented into light medium and heavy users
4. Loyalty status- hard core loyals- buy one brand all time, split loyal- 2-3 brands,
5. Buyer readiness stage- segmented by people in diff stages of readiness to buy
6. Attitude-5 attitude groups can be found in enthusiastic, positive, indifferent, negative, and hostile.
WHAT ARE THESE???? IT IS THE BEST STARTING POINTS CONSTRUCTING MARKET SEGMENTS.
BEHAVIORAL VARIABLES
can be protected through registered trademark
BRAND NAME
Memorable
Meaningful
Likability
BRAND ELEMENET CHOICE CRITERIA
a name, term, sign, symbol or design or a combination of them, intended to identify the goods or services of one seller or a group of sellers and to differentiate them from those of competitors.
BRAND
the value of a brand name (how much worth) added value endowed to products and services. EX COKE & PEPSI
BRAND EQUITY
1. identities- includes verbal sound name, symbols, logos, characters, web pages, all have to fit together
• √- Nike
• Oscar Myer Theme Song- Automatically know its Oscar Meyer
2. Product and service- marketing activities
• Joe Boxer- Smiley face they barely spent any money
3. Other associations- various images we can associate with the product
Subaru used rugged Australian Outback and Actor Paul Hogan of Crocodile Dundee
How you Build Band Equity
brand has an image which is very important; the entire marketing campaign depends on it. Image is what draws cutomers. like- might be reliable, expensive, cheap- What is the brand known for.
•Lamborghini- Expensive
•Dodge ram- Tough
BRAND PERSONALITY
consumer- focused exercice that involves a series of procedures to assess that health of the brand, uncover it sources of brand equity, and suggest ways to improve and leverage its equity. Do a survey or experiment with consumers. Find out what the consumer thinks about when given the name of the product. What image do they have about the product?
BRAND AUDIT
bringing back brand that is dead or dying. When brand is out of fashion you need to change it.
•Chrysler Labaron- Chrysler Sebring
•Black and Decker bought Dewalt. B and D wanted to create industrial equipment so they used Dewalt for the name of their industrial tools because customers already trusted Dewalt name.
BRAND REVITILIZATION
when a firm uses a brand name to introduce a new product. extends my brand name to a new category.
•Ex. Making shampoo and then you decide to make razors
•Bryers ice cream then start making TV dinners
•Tabasco hot sauce-now makes steak sauce and clothes
BRAND EXTENSION
one whose brand name has been licensed to other manufacturers who actually make the product.
LICENSED BRAND
1.individual- different brand name on each product I sell-
•Proctor and Gamble and Lever Brothers
1.Advantages- people will not associate all products with the brand
2.Disadvantage- expensive packaging and distribution
2.Family- same brand name on everything.
•Kraft, Eddie Bauer
1.Advantage-Easy and cost efficient
2.Disadvantage- if customer does not like one product, then they may not like any products.
Individual brand vs. Family brand
brand put on by manufacturer or wholesaler. EX. Walmart—Great Value
PRIVATE BRANDS
has no name.
•Shampoo would be called shampoo
•Generic medicine has no name
GENERIC BRAND
use a family brand name and the individual name
•Chrysler Sebring
•Hershey’s- Hershey’s kisses, Hershey’s milk chocolate
COMBINATION BRANDING
have more than one brand name on a product
•Computer companies have more than one company name on them
Ex. Dell and Pentium
•Eddie Bauer and Ford Expedition
Co-Branding
when you put your brand on too many things and you lose brand equity
BRAND DILUTION