Mktg 360 Exam 1

Front 1

Benefit

Back 1

The outcome which a consumer seeks and which motivates their buying behavior. The thing that satisfies their want or need. Products and services provide a bundle of benefits; together these are called the utility of the product or service

Front 2

Benefit differential

Back 2

Properties of a product which makes them unique

Front 3

Differential Benefit

Back 3

The properties about a product that sets it apart from competitors products by providing unique customer benefits

Front 4

Distinctive competency

Back 4

A superior capability of a firm in comparison to its direct competition (ability to deliver packages worldwide before lunch the next day)

Front 5

Market Position

Back 5

The way in which the market perceives a product in comparison to competitors brands. Best product in category, value product in category, has been in category, fresh new innovation in category

Front 6

Marketing

Back 6

Marketing is an organizational function and a set of processes for creating, communicating, and delivering value (derived benefits) to customers. Marketing is the voice of the consumer within a category

Front 7

SWOT

Back 7

Environmental analysis. Strengths, weaknesses, opportunities, threats

Front 8

Return on investment (ROI)

Back 8

Metric (measurement) of how much profit is being made on a product for the business owners (entrepreneurs and investors)

Front 9

Social marketing

Back 9

The concept that products and production must not hurt society or environment

Front 10

Utility

Back 10

Refers to the sum of the benefits a product or service offers. The idea is to make the consumer think they are receiving from your branded product. The goal is also to make the consumer believe they are buying more than just the product (buying glamour? comfort?)

Front 11

Value

Back 11

A description of the benefits a consumer will receive from buying a product or services (ex oral hygiene). Every customer receives difference value from the same product or service, some people will believe the product delivered great value, others will be underwhelmed

Front 12

Value chain

Back 12

The chain of organizational and interorganizational activities involved in designing, producing, marketing, delivering and supporting a product

Front 13

Value proposition

Back 13

Communication the value to a consumer so that they believe it when they have consumed the product (ex "you'll get fresh breath)

Front 14

Boston consulting group

Back 14

a portfolio analysis model developed by the Boston Consulting Group that assesses the potential of a product (or strategic business unit- SBU) to generate cash

Front 15

Functional planning

Back 15

a decision process that concentrates on developing strategic tactical and detailed operational plans for one functional department (Ex HR, IT, Legal, etc.)

Front 16

Business Plan

Back 16

A formal document that includes the decisions that guide the entire organization. Can include all levels of management focus, strategic, tactical and operational. Normally each functional department creates their own plan which is approved by top Mgmt.

Front 17

Marketing Plan (one example of a functional plan)

Back 17

A written document that describes the marketing environment, outlines the marketing strategy (5 year plan) and objectives, current tactical (1 year plan), and operational (daily/weekly) plans. It also identifies who will be responsible for carrying out each part of the plan

Front 18

Operational planning

Back 18

a business process that focuses on developing detailed plans for day to day activities that carry out an organizations functional plans

Front 19

Operational plans

Back 19

written directions that focus on the day to day execution of the, for example, marketing plan. These include detailed directions for the specific activities to be carried out, who will be responsible for them and time lines for accomplishing the tasks

Front 20

Portfolio analysis

Back 20

a management tool for evaluating a firms business mix (like financiers evaluating a portfolio of assets like stocks and bonds) and assessing the potential of an organizations strategic business units. BCG model is just one way to implement this

Front 21

ROMI

Back 21

Return of marketing investment
Metric which measures how an investment in marketing has an impact on the firms success, financial otherwise

Front 22

Situational analysis

Back 22

An assessment of a firms internal and external environment

Front 23

Strategic Business Units (SBU's)

Back 23

Individual sections within the firm that operate like a separate business, which each having its own mission, business objectives, resources, managers, and competitors. Ex Disney theme parks, disney cruises, disney movies, etc.

Front 24

Casual research

Back 24

a research technique that manipulates factors (treatments/independent variables) to understand if the factor (eg price, time or day) affect a dependent (outcome) variable (e.g., sales)

Front 25

Cross sectional design

Back 25

A type of descriptive research technique that is used to gather primary data. It involves the systematic collection of quantitative information at one point in time, rather than over time, primary research is custom designed and conducted for a single firm (for a fee) to provide specific information that a manager needs about their customers or ???

Front 26

Custom (primary) research

Back 26

this is different than secondary research where a manager can more inexpensively buy a more generic industry report. Primary research is more expensive but can yield important insights which can reduce marketers uncertainty about their target market or product innovations

Front 27

Descriptive research

Back 27

a type of research that probes systematically into a problem (the research question) and bases its conclusions on large numbers of observations. So first you do some exploratory research then you follow up with some more formal descriptive research

Front 28

Exploratory research

Back 28

a research technique that marketers use to generate insights for future more rigorous studies

Front 29

Longitudinal design

Back 29

a research technique that tracks the responses of the same sample of respondents over time

Front 30

MDSS

Back 30

Marketing Decision Support System
The data and interactive analysis software that allow managers to conduct analyses and create the information they need from mountains of transaction data (MDSS's use data mining; the people, data software and equipment provide regular reports that marketing managers need to spot trends, problem areas, successes

Front 31

Marketing intelligence

Back 31

a method by which marketers get general information about everyday happenings in the marketing environment (including information about the economy, pop trends, population growth and migrations, competitors, etc.). Much of the activity includes gaining information about competitors, either through blogs, website content mystery shopping, or industrial espionage. The findings are stored in the marketing information system

Front 32

Projective technique

Back 32

a test that marketers use to explore peoples underlying feelings about a product; which is especially appropriate when consumers are unable or unwilling to express their true reactions

Front 33

Secondary research

Back 33

as opposed to primary research that is collected for a specific purpose, secondary research reuses the data from government databases

Front 34

Unobtrusive measure

Back 34

research method that uses traces of evidence to analyze consumer behavior (rather than using a survey form). Eg, looking thru someones garbage

Front 35

Cognition

Back 35

Refers to beliefs or knowledge a person has about a product category or brand

Front 36

Cognitive dissonance

Back 36

the anxiety or regret a consumer may have after they choose a product. "Did I make the right choice?"smart vendors will do follow up to assure them their purchase decision was wise

Front 37

Evoked set

Back 37

The list of potential solutions (typically products) which a consumer considers when making their purchase decisions (ex. Out of all the cars available, you may choose amongst 3 or 5 different cars)

Front 38

Heuristics

Back 38

mental short-cut rules that simplify consumer decisions, and help people make decisions quickly, for example "higher price=higher quantity"

Front 39

Information search

Back 39

the process whereby a consumer searches for appropriate information to make a reasonable decision

Front 40

Psychographics

Back 40

the set of activities, interests and opinions which are used to form groups

Front 41

Self concept

Back 41

how the consumer perceives themselves-which is composed of a mixture of beliefs, observations and feelings

Front 42

TPB- Theory of planned behavior

Back 42

The most famous model of how consumers form decisions whether to use a product. The model suggests that consumers base purchases on internal attitude, social influence and facilitating conditions (have the $$ and time to purchase the product)