Marketing Exam #2

Front 1

benefits sought

Back 1

grouping customers into market segments according to the benefits they seek from the product

Front 2

usage rate

Back 2

dividing a market by the amount of product bought or consumed.

Front 3

80/20

Back 3

20% of all customers generate 80% of demand

Front 4

Cannibalization

Back 4

sales of a new product cut into sales of a firm's existing product

Front 5

Concentrated/niche

Back 5

main focus

Front 6

micro marketing or one-to-one

Back 6

custom made

Front 7

undifferentiated or mass marketing

Back 7

one product offering to the entire market

Front 8

product positioning

Back 8

place the product occupies in the consumers mind vs competing products

Front 9

head-to-head

Back 9

competing directly with competitors on similar offerings in the same market

Front 10

differentiation positioning

Back 10

distinguishing offering with real or perceived differences

Front 11

undifferentiated

Back 11

focuses on an entire market rather than a segment of it. one product to entire market

Front 12

differentiated

Back 12

targets different market segments with different marketing mixes

Front 13

5 factors of segmentation attractiveness

Back 13

s-substantial

r-reachable

r-responsive

p-profitable

i-indentifable

Front 14

perceptual mapping

Back 14

a means of displaying or graphing in two or more dimensions, the location of products, brands, or groups of products in customers' minds

Front 15

market research

Back 15

process of defining a marketing problem or opportunity, systematically planning, collecting, and analyzing information for decision making

Front 16

3 roles of market research

Back 16

descriptive, diagnostic, predictive

Front 17

Why invest?

Back 17

the value of the insight outweighs the expense

Front 18

calculate market share

Back 18

identify opportunity/problem

develop research plan

collect data

analyze/present findings

take marketing action

Front 19

data warehouse

Back 19

large store of data accumulated from a wide range of sources within a company used to guide management decisions

Front 20

data base marketing

Back 20

centrally stores computer files

Front 21

data mining

Back 21

analysis tools to extract insight software trends

Front 22

primary data

Back 22

newly collected for the first time

Front 23

3 parts of primary data

Back 23

in-depth interviews

focus groups

observation

Front 24

secondary data

Back 24

data already available

Front 25

focus groups

Back 25

7-10 pre selected individuals of the target segment

Front 26

behavioral targeting

Back 26

that combines on-line activity with psychographic and demographic profiles

Front 27

CGM

Back 27

Consumer Generated media

Front 28

competitive intelligence

Back 28

intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors

Front 29

product

Back 29

good, service, or idea that satisfies consumers and is received in an exchange for money or some other value

Front 30

product line

Back 30

group of closely related products

Front 31

product mix

Back 31

total number of product lines/ products offered

Front 32

family brand

Back 32

company markets several different products under one brand

Front 33

individual brand

Back 33

quality or use varies

Front 34

private label brand

Back 34

a brand name owned by a wholesaler or retailer

Front 35

convience products

Back 35

frequent purchases, minimum effort, inexpensive, impulse decisions

Front 36

shopping products

Back 36

more expensive and limited number of retail stores

Front 37

specialty products

Back 37

are reluctant to accept substitutes, psychological needs

Front 38

brand

Back 38

name, logo, term, symbol, design or combination thereof that identifies a seller's products and differentiates them from competitors products

Front 39

brand awareness

Back 39

number of consumers familiar with the brand

Front 40

brand equity

Back 40

how valuable is your brand

Front 41

brand associations

Back 41

mental "links" of a brand and its key attributes

Front 42

brand loyalty

Back 42

buy same brand repeatedly, drives sales, often at a premium price

Front 43

advertising economies

Back 43

multiple products advertised

Front 44

package uniformity

Back 44

allows consumer quick and easy identification

Front 45

standardized components

Back 45

lowers manufacturing and inventory costs

Front 46

efficient sales and distribution

Back 46

full line reduces the companies retailers have to work with

Front 47

equivalent quality

Back 47

all apple products are viewed similarly

Front 48

manufacturer's brand

Back 48

the brand name of a manufacturer

Front 49

nominal

Back 49

no decision making involved

Front 50

limited

Back 50

few alternatives made

Front 51

extended

Back 51

extensive internal and external search process is used

Front 52

new product strategy

Back 52

new to the world

new lines offered

additions to existing lines

improved lines

lower price

re positioned lines

Front 53

idea screening (concept testing)

Back 53

concept is a brief written description of the product

Front 54

business analysis

Back 54

often the first time financials are created

Front 55

test marketing

Back 55

research to assess customer acceptance

Front 56

simulated testing

Back 56

prior to launch, low risk

Front 57

test marketing

Back 57

limited geographic launch, greater expense, time, and risk

Front 58

product life cycle

Back 58

development

introduction

growth

maturity

decline

Front 59

alternative product life cycles

Back 59

high-learning product

low learning product

fashion product

fad product

Front 60

New products fail

Back 60

poor match between consumer needs and product characteristics

Front 61

new products succeed

Back 61

carefully listen to your customers, obsessions with your products, a vision of future market conditions, strong leadership

Front 62

skimming price straetgy

Back 62

high initial price to recoup the cost of development

Front 63

penetration price strategy

Back 63

lower market pricing. long term positioning

Front 64

diffusion

Back 64

the process by which the adoption of an innovation spreads

Front 65

product modification

Back 65

new and improves, cost reductions

Front 66

market modification

Back 66

finding new users, increasing use, creating new situations

Front 67

reliability

Back 67

ability to perform the service right the first time

Front 68

responsiveness

Back 68

ability to provide prompt service

Front 69

assurance

Back 69

knowledge and courtesy of employees

Front 70

empathy

Back 70

caring, individualized attention to customers

Front 71

tangiable

Back 71

physical evidence of a service

Front 72

credence properties

Back 72

nearly impossible to assess even after purchasing

Front 73

search quality

Back 73

effective for tangible goods, far harder for services

Front 74

experiencing properties

Back 74

assessed after purchase

Front 75

intangiability

Back 75

cant be touched, seen or tasted in the same manner as goods

Front 76

inseparability

Back 76

consumer must be present in most cases and consumer while its provided, cant be returned

Front 77

heterogeneity

Back 77

continual challenge of consistent service since it relies on people

Front 78

pershability

Back 78

inventory challenge, can not be stored

Front 79

knowledge gap

Back 79

between what customers want and what management thinks they want

Front 80

delivery gap

Back 80

difference between the service goals and what is actually provided

Front 81

communication gap

Back 81

what is communicated to customers and what is provided

Front 82

marketing channels

Back 82

a set of interdependent organizations that ease the transfer of ownership as products move from producer to business user or consumer

Front 83

disinter-mediation (vertical conflict)

Back 83

when a channel member is by-passed

Front 84

contact efficiency

Back 84

supply chain streamline distribution

Front 85

product breadth

Back 85

number of separate product lines owned by a company

Front 86

product depth

Back 86

number of products in a product line

Front 87

intensive

Back 87

products made very widely available

Front 88

selective

Back 88

middle group, shopping products

Front 89

exclusive

Back 89

used with specialty products

Front 90

gross margin

Back 90

the amount of money the retailer makes after the cost of goods sold is substracted

Front 91

stores

Back 91

browsing. touching and feeling. personal service. cash or credit. risk reduction

Front 92

catalogs

Back 92

convenience. information. safety

Front 93

internet

Back 93

broader selection. more information. personalization