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89 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Marketing. |
the activities that develop an offering to satisfy a customer need. |
Chapter 1 |
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Production Orientation |
a focus on manufacturing and production quantity in which customers are supposed to accept whats available. |
Chapter 1 |
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Sales Orientation |
hard selling to the customer, who has greater choice thanks to more competition. |
Chapter 1 |
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Marketing Company Orientation |
coordination of marketing activities, incl. ads, PR, and sales, into one department. Aims to understand the customer. |
Chapter 1 |
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Societal Marketing Orientation |
looking not only at customer, but the external environment as well. |
Chapter 1 |
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Relationship Marketing Orientation, 2 strategies |
Developing a relationship with the customer. 2 Strategies: Customer satisfaction and Relationship Marketing. |
Chapter 1 |
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Customer Satisfaction |
customers evaluation of a good or service in terms of whether or not it as met their needs and expectations |
Chapter 1 |
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Relationship Marketing |
a strategy that focuses on keeping and improving relationships with existing customers |
Chapter 1 |
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Customer Value |
the relationship between the benefits and the sacrifice necessary to obtain those benefits |
Chapter 1 |
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What is the Marketing Mix? What does it do? |
Product, Price, Place, Promotion. These factors help create a proper strategy to go after a market segment. |
Chapter 1 |
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Explain what the product is in the Marketing Mix. |
Relates to tangible and intangible aspects of the company's offering. |
Chapter 1 |
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Three ways that companies can expand their market share |
1) Attract new customers 2) increase business with existing customers 3) retain current customers |
Chapter 1 |
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Target Market |
group of people or organizations for which an organization designs, implements, and maintains a marketing mix intending to meet the needs of that group, resulting in mutually satisfying exchanges. |
Chapter 2 |
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Environmental Management: |
when a company implements strategies that attempt to shape the external environment within which it operates. ex. extensive lobbying
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Chapter 2 |
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Social Factors that influence products that people buy. (3) |
Attitudes, Values, and Lifestyles |
Chapter 2 |
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Value |
strong held and enduring belief |
Chapter 2 |
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Four basic values that influence attitudes and lifestyles of Canadians |
Self-sufficiency, upward mobility, work ethic, and fairness. |
Chapter 2 |
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Component lifestyles |
mode of living that involves choosing goods and services that meet ones diverse needs and interests rather than conforming to a single, traditional lifestyle. |
Chapter 2 |
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Factors within the external environment that are important to marketing managers (5) |
Social, Demographic, economic, technological, political and legal, and competitive factors. |
Chapter 2 |
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Three economic areas of greatest concern for marketers |
incomes, inflation, recession |
Chapter 2 |
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Levels of Ethical Development |
Pre-conventional Morality, Conventional Morality, Post-Conventional Morality. |
Chapter 2
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Ethical Decision Making Factors (7) |
1) Extent of ethical problems w/in organization 2) Top management actions 3) Potential magnitude of consequences 4) Social consensus 5) # of ppl to be affected 6) how far away in time the consequences are 7) probability of harmful outcome |
Chapter 2 |
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Faith Popcorn (6) |
99 Lives, Save our Society, Anchoring, Fantasy Adventure, Cocooning, Cashing Out |
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Disposable Income |
After Taxes |
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Discretionary Income |
After taxes and necessities |
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Marketing Research |
the process of planning, collecting, analyzing, data relevant to a marketing decision |
Chapter 5 |
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Three functional roles of marketing research |
1) Descriptive: presenting factual statements 2) Diagnostic: explaining relationships within the data 3) Predictive: predict results of a marketing decision. |
Chapter 5 |
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Marketing Research Process (6 steps) |
1. Identify the problem 2. Design the research 3. Collect data 4. Analyze Data 5. Present Report 6. Provide Follow up |
Chapter 5 |
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Types of research design (3) |
exploratory, causal, conclusive |
Chapter 5 |
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Ethnographic research |
studying people in their natural setting |
Chapter 5 |
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4 Parts of the Positioning Statement |
1) Who you’re targeting 2) Frame of reference- industry you’re competing in 3) Point of difference 4) Reason to believe |
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types of Questionnaire Design (3) |
Open ended, close- Ended, Scaled Response |
Chapter 5 |
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Major types of research errors (2) |
sampling error and measurement error
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Chapter 5 |
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Measurement Error |
information desired by researcher differs from information provided by measurement process. |
Chapter 5 |
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Sampling Error (and its two types) |
occurs when a sample does not represent target population. types: frame error and random error |
Chapter 5 |
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Frame Error |
A type of sampling Error when sample drawn differs from target population |
Chapter 5 |
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Random Error |
A type of sampling Error when selected sample is an imperfect representation of the overall population . |
Chapter 5 |
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Types of business consumers (4) |
producers, resellers, governments, institutions |
Chapter 7 |
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Buying Situations (3) |
Straight re-buy, Modified Re-buy, New Task Buy. |
Chapter 7 |
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Criteria for business purchase evaluation (3) |
Quality, Service, Price |
Chapter 7 |
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Market segmentation |
the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. |
Chapter 8 |
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Market |
people or organizations with needs or wants and the ability and willingness to buy |
chapter 8 |
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Market Segment |
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. |
Chapter 8 |
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Characteristics to segment markets (4) |
geographic, demographic, psychographic, usage and benefits. |
Chapter 8 |
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Psychographic segmentation (3 bases) |
segmentation based on personality, motives, and lifestyles. |
Chapter 8 |
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Criteria for proper segmentation (4) |
1. Substantiality 2. Identifiability and measurability 3. Accessibility 4. Responsiveness |
Chapter 8 |
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Satisficer |
business customers who place their order with the first familiar supplier to satisfy their needs. |
Chapter 8 |
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Optimizer |
business customers who consider numerous suppliers and study all proposals carefully before making a decision |
Chapter 8 |
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General strategies for selecting target markets (3) |
undifferentiated, concentrated, and multisegment targeting. |
Chapter 8 |
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Undifferentiated marketing |
no target segments |
Chapter 8 |
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Differentiated marketing |
product line that reaches different groups; nikehas shoes and clothes for athletes, non- athletes, runners, basketball players,etc |
Chapter 8 |
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Concentrated/ niche marketing |
only produce one product towards one specificgroup and focus on targeting that group well. Example- private airlinetransportation |
Chapter 8 |
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Positioning |
a process that influences potential customer's overall perception of a brand, a product line, or an organization in general. |
Chapter 8 |
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4 types of consumer products |
shopping, unsought, convenience, specialty |
Chapter 9 |
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Shopping Product |
a product that requires comparison shopping because it is usually more expensive than a convenience product. |
Chapter 9
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Convenience Product |
a relatively inexpensive product that merits little shopping effort |
Chapter 9
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unsought product |
a product unknown to the potential buyer, or known but the buyer does not actively seek it |
Chapter 9
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specialty product |
a particular item with unique characteristics for which consumers search extensively and are reluctant to accept substitutes for. |
Chapter 9 |
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product item |
specific version of a product that can be designated as a distinct offering among an organizations products. |
Chapter 9 |
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product line |
a group of closely related product items
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Chapter 9 |
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product mix |
all products that an organization sells. |
Chapter 9 |
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Product mix width |
the # of product lines in an organization |
Chapter 9
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Product mix length |
# of product items in a product line |
Chapter 9
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Product mix depth |
the different versions of a product item in a product line |
Chapter 9 |
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Product modification |
changes one or more of a products characteristics:
1) quality modification 2) functional modification 3) style modification
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Chapter 9
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Product line extension/ contracting |
adding or taking away different product items in a product line |
Chapter 9 |
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Product Layers Model 4 parts |
Core Product, Functional Product Augmented Product Potential Product |
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Product Characteristics that affect the Rate of Adoption (5) |
Complexity, Compatibility, Relative Advantage, Observability, Trailability |
Chapter 11 |
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Characteristics of services that differentiate them from goods (4 i's) |
Intangibility, Inseparability, Inconsistency, and Inventory. |
Chapter 11 |
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Consumer decision making process (5) |
Need Recognition Information search Evaluation of alternatives Purchase Post purchase behaviors |
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Product Layers model (4) |
Includes core product, functional product, augmented product, and potential product. |
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orientations of marketing (5) |
production, sales, marketing, societal marketing, relationship marketing. |
Chapter 1 |
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Product life cycle types (3) |
Style, Fashion, Fad |
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purposes of branding (3) |
product identification, repeat sales, new product sales. |
Chapter 9 |
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what are the four types of alternatives for market segments? |
market penetration, diversification, product development, and market development. |
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pyramid of corporate social responsibility (4 levels) |
economic, legal, ethical, and philanthropic. |
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What social factors shape ethical conduct of business people (4) |
Family, education, religion, and social movements |
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Applied research |
The use of research to develop new or improved products |
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factors affecting consumer involvement in decision making (5) |
past experience, interest, perceived risk of negative consequences, situation, and social visibility (will others see it). |
Chapter 6 |
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3 external social influences that affect buyer decisions |
reference groups, opinion leaders, family |
Chapter 6 |
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psychological factors that affect consumer decision making (5) |
perception, attitudes, motivation, values, beliefs, learning. |
Chapter 6 |
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3 levels of consumer involvement in the decision making process |
routine response behaviour, limited decision making, and extensive decision making. |
Chapter 6 |
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5 levels of maslows hierarchy of needs |
in ascending order: physiological, safety, social, esteem, self actualization |
Chapter 6 |
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6 steps of segmenting |
1. Select market/product category 2. choosing bases for segmenting 3. select discriptors 4. profile/ evaluate segment 5. select target market 6. design & implement marketing mixes |
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3 strategies for selecting target markets |
undifferentiated targeting, concentrated targeting, multisegment targeting. |
chapter 8 |
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six categories of new products |
1. New to the world 2. New product lines 3. additions to existing product lines 4. repositioned products 5. lower priced products 6. improvements of existing products |
Chapter 10 |
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three levels of relationship marketing |
1) pricing incentives 2) pricing incentives and social bonds 3) pricing incentives, social bonds, and structural bonds |
Chapter 11 |
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5 components for evaluating service quality |
1. Reliability 2. Responsiveness 3. Assurance 4. Empathy 5. Tangibles |
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marketing mix for services |
in addition to place, price, product, and promotion, there people, process, productivity, and physical environment |
Chapter 11 |
