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58 Cards in this Set

  • Front
  • Back
FAD
product who's primary value is it's novelty
MARKET
combination of people who will potentially buy your product
REQUIREMENTS TO BE IN A MARKET
-want or need product
-ability to buy product
-willingness to use buying power
-authority to buy product
ORGANIZATIONAL AUTHORITY
org. gives certain people authority to buy certain things
GENERIC SEGMENTATION STRATEGIES
undifferentiated, concentrated, differentiated
UNDIFFERENTIATED SEGMENTATION STRATEGY
go after entire market
CONCENTRATED SEGMENTATION STRATEGY
go after one destinct target segment
DIFFERENTIATED SEGMENTATION STRATEGY
go after all segments- very expensive
DEMOGRAPHIC VARIABLES
factual, measurable- age, occupation, family
DINK'S
double income no kids- fast growing category
GEOGRAPHIC VARIABLES
factual, measurable, having to do with place- region, city size, climate
PSYCHOGRAPHIC VARIABLES
qualitative, subjective- personality, motives, lifestyles
BEHAVIORISTIC VARIABLES
bahavior in regard to specific product- usage, expectations, price sensitivity
NEW BELGUIM BREWING
great internal marketing, new technology, not by the book
MARKET SEGMENTS
must be mutuallly exclusive and exhaustive
BREAKDOWN APPROACH
start at the top (economy, industry...)
BUILDUP APPROACH
start with the little guy
EXECUTIVE JUDGEMENT
gut feeling, still valid
JAMMING
messing with a test market
JET BLUE
high quality/low price
BUYING BEHAVIOR
decision process and acts of people involved in buying and using products
SITUATIONAL INVOLVEMENT
something happens that makes people care about a product
CONSUMER BUYING DECISION PROCESS
problem recognition
information search
evaluation of alternatives
purchase
postpurchase evaluation
EVOKED SET
set of brands that can solve the problem
FRAMING
advertise the criteria they can win
QUEING SCIENCE
finding the optimal time to have people in line
JD MBA
law degree and business
MD MBA
medical and business
WHEELWORKS
don't pay on commission, make up their own title
PRODUCER BUYERS
purchase product to significantly change it, add value then sell it
RESELLERS
buy finished products, sell em
INSTITUTIONAL BUYERS
for nonprofit organizations,
ANTICOMPETITIVE RECIPROCITY
reduces competition
DESCRIPTION
high volume, standardized products
INSPECTION
expensive, small volume products
SAMPLING
large purchase, varied product
NEGOTIATED EXCHANGE
can't tell all the terms right now
DERIVED DEMAND
demand for one from sequential demand for another product
JOINT DEMAND
products demanded at same time
INNELASTIC DEMAND
amount you buy doesn't change based on price
GILLETTE
cutting edge products, always have new products in the works, employees test products
PRODUCT
everything the buyer recieves in the exchange
TYPES OF CONSUMER PRODUCTS
convenience
shopping
specialty
unsought
STRAIGHT REBUY PURCHASE
routine purchase of same products by a business buyer
MODIFIED REBUY PURCHASE
new task purchase that is changed on subsequent orders or when the requirements of the straight rebuy purchase are modified
PRODUCT LIFECYCLE THEORY
products go through introduction, growth, maturity, and decline
PRICE SKIMMING
set price high during into to recoup R and D costs
PENETRATION PRICING
set price low to get brand loyalty
PRODUCT MIX
entire assortment of products a company carries
PRODUCT ADOPTION PROCESS
awareness
interest
evaluation
trial
adoption
BRAND EQUITY
dollar value of brand by itself
BRAND
name, symbol, and design that identifies one seller's product as distinct from others
BRAND NAME
part that can be spoken
BRAND MARK
the part that cannot be spoken
MANUFACTURER'S BRAND
person who makes it puts it there
PRIVATE/DISTRIBUTER'S BRAND
retailer puts it there
GENERIC BRAND
no brand at all
BRAND LICENSING
rent brand out