Mgmt324 Final

Front 1

*overview: what to know

Back 1

3C's (consumer/competition/company)

Front 2

*overview: marketing concept

Back 2

segmentation/targeting

CS=Benefit - Cost

Front 3

*overview: what to do

Back 3

4P's (product/price/promotion/place)

Front 4

*overview: success formula

Back 4

target market Awareness and Availability
Better or Cheaper

Front 5

anything we can offer to a market for attention, use, or consumption that might satisfy a need or want (what makes it distinguishable)

Back 5

product

Front 6

3 benefits included in profit

Back 6

core, basic, augmented

Front 7

basic benefit=

Back 7

features, packaging, brand name, and so on

Front 8

augmented benefit=

Back 8

warranty, installation, after sale service

Front 9

product with a unique identity

Back 9

brand

Front 10

two dimensions of how to brand a product

Back 10

tangible product features and intangible product features

Front 11

something that resides in the minds of consumers

Back 11

brand

Front 12

can everything be branded?

Back 12

Yes, even commodities

Front 13

too many branded products; hard to find purely unbranded product

Back 13

brand proliferation

Front 14

Locktight Adhesive products example

Back 14

brand proliferation

Front 15

forecasting market sales

Back 15

base diffusion model

Front 16

purpose for (durable goods) is to predict adoption and diffusion of a new product

Back 16

base diffusion model

Front 17

main idea of base diffusion model

Back 17

2 sources of sale (from innovators and imitators)

Front 18

the act of designing the company's offer and image so that it occupies a distinct and valued place in the target customer's mind

Back 18

product positioning

Front 19

brand positioning in which the company does the adjusting after taking advice from consumers

Back 19

repositioning; butter/margarine example

Front 20

brand positioning in which company doing adjusting but not asking consumers to adjust their preferences

Back 20

positioning a new product; juice example

Front 21

brand positioning in which company trying to change customer preference (very difficult)

Back 21

changing consumer locations; contac example

Front 22

steps of product positioning

Back 22

segmentation; determining frame of reference; targeting

Front 23

*benefits sought (or proxies benefits sought)

Back 23

segmentation

Front 24

*identifying who's in segments (consumers/competitors); and choosing target segments based on 3 C's:
Consumer:size/growth
Competitor: Differentiation
Company: Cost consideration, company fit

Back 24

determining frame of reference: target market, main competitors, POP's, POD's

Front 25

*step in brand positioning in which you choose the 4 P's

Back 25

targeting

Front 26

toothpaste example where shows what each brand seeks to do

Back 26

benefit segmentation

Front 27

attributes or benefits not necessarily unique to the brand but may in fact be shared with others

Back 27

points-of -parody

Front 28

necessary to earn category membership

Back 28

Category points of parody

Front 29

to negate competitor's points of difference

Back 29

competitive points of parody

Front 30

attributers or benefits that consumers strongly associate with a brand, positively evaluate, and believe that they could not find to the same extent with a competitive brand

Back 30

points of difference

Front 31

Ex. Miller Light "less filing, tastes great"
POD?POP?

Back 31

POD=same taste
POD=less calories

Front 32

broadening product line to appeal to different segments of market

Back 32

line stretching

Front 33

line stretching :Ex. Kodak intro of Kodak Funtime film

Back 33

down market stretch

Front 34

line stretching: Ex. GE's intro of GE Profile brand for the upscale appliance market

Back 34

up-market stretch

Front 35

line stretching: Ex. Holiday Inn's chain extension

Back 35

two-way stretch

Front 36

intro product to take up gap between lines

Back 36

line filling

Front 37

product line decision: ex. Ford's intro fo the Edsel

Back 37

*line filling

Front 38

re-intro series after extended amount of time
ex. Namco's Tekken series video game

Back 38

*line modernization

Front 39

product line decision: ex. Unilever cut down 3/4 of its brands

Back 39

*line pruning

Front 40

when new product takes business from your existing products

Back 40

cannibalization

Front 41

the action or practice of selling existing customers and additional product or service (often related to what already buying)

Back 41

cross-selling

Front 42

buyer of main product must buy one or more complementary goods exclusively from the same supplier

Back 42

*tying; ex. nespresso

Front 43

typically tying good is a ____, while the tied goods are _____

Back 43

durable; non-durables

Front 44

package selling; ex. airline tickets, sporting events, etc.

Back 44

*bundling

Front 45

no bundle is offered; individual products are priced separately

Back 45

pure component pricing

Front 46

only the bundle is offered: products can't be bought individually

ex. mr. potato head

Back 46

pure bundling

Front 47

both the bundle and the individual products are offered for sale

Back 47

mixed bundling

Front 48

event in which the main objective is to uncover the right blend of product quality, product costs, and product prices that fully satisfies the needs and wants of consumers

Back 48

*value pricing ex. mustang

Front 49

competition based pricing: promises consumers a low price without the need to wait for sale price events or comparison shop

Back 49

everyday low pricing (EDLP)

Front 50

selling a product at two or more different prices

Back 50

*price discrimination

Front 51

perceived benefit of products varies across consumers and across time

Back 51

motivation

Front 52

ex. catalina marketing

Back 52

*direct price discrimination

Front 53

when you can identify distinct groups with different demand profiles

Back 53

*semi-direct price discrimination

Front 54

when demand varies at different times but the product is not storable

Back 54

*peak-load pricing

Front 55

when you can not distinguish among individuals, but you know the customer types

Back 55

*indirect price discrimination

Front 56

price discrimination where you must offer the same deal to everybody and try to induce self-selection

Back 56

*indirect price discrimination
ex. airline tickets

Front 57

type of indirect price discrimination where offering two or more versions of the product at different prices and different versions are usually perceived as having different "qualities"

Back 57

versioning

Front 58

advertising, public relations, personal selling (salesforce), sales promotion

Back 58

Promotion mix

Front 59

any paid form of non-personal presentation and promotion of ideas, goods, services by an identified sponsor

Back 59

public relations

Front 60

oral presentation in a conversation with one or more prospective purchasers for the purpose of making a sale

Back 60

personal selling

Front 61

coupons, rebates, sampling, etc.

Back 61

promotion

Front 62

set of interdependent organizations involved in the process of making a product or service available for use or consumption

Back 62

distribution channel

Front 63

selling through personal contacts from the company to prospective customers

Back 63

direct channels

Front 64

selling through third-party intermediares such as agents

Back 64

indirect channels

Front 65

ex. McDonald's franchise doesn't get benefit from investments

Back 65

horizontal free-riding

Front 66

ex. McDonald's franchiser only earns part of increased outlet profits

Back 66

vertical free-riding

Front 67

match/beat competitor's price (price match guarantee/EDLP)

Back 67

*competition based pricing