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75 Cards in this Set
- Front
- Back
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marketing |
performance of activities that seek to accomplish an organization's objective by anticipating customer or client needs and directing a flow of need satisfying goods or services from producer to customer or client |
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macro marketing |
social process that directs economy's flow of goods and services to consumers that matches the supply and demand and accomplishes the objectives of society |
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Universal Functions of Marketing |
buying, selling, transporting, storing, standardizing and grading, financing risk taking, and market information.(macro marketing, national) |
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Product |
focus on developing the right product for the target market |
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place |
getting the right product to the target market's place |
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promotion |
telling and selling to the customer |
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price |
what to price the product to be competitive in the target market |
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marketing strategy |
specifies a target market, creates a marketing mix(four P's) |
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breakthrough opportunities |
help innovators develop hard-to-copy marketing strategies that will be profitable for a long time. |
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Market Segmentation |
two-step process of naming broad product-markets and segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes. |
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Segmenting |
Aggregating process- clustering people with similar needs into a market segment |
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Segmenting vs Combining |
Segmenting satisfies very well b/c more specific to customers, combining satisfies pretty well |
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GE Grid |
High Industry attractiveness and Business strength offers high growth |
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PSSP hierarchy of needs |
Physiological nees, safety needs, social needs, personal needs |
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Model of Consumer behavior |
Need awareness, problem solving, purchase decision, experience after purchase, feedback |
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Organizational Buying Process |
Type of Process: New-Task buying, Modified rebuy, Straight rebuy. Time req: much, medium, little Multiple influences: much, some, little Review of Suppliers: much , some, none Info Needed, Much, some, none |
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Buying Center |
Users: use the products purchased Buyers: arrange purchase and terms of sale Influencers: R&D who make specs for evaluating alternatives Deciders: people who select or approve supplier Gatekeepers: secretaries-control flow of info |
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5 Step Research process |
Define, analyze, gather data, interpret data, solve the problem |
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MIS |
Marketing Information System: organized way of continually gather, accessing and analyzing information that marketing managers need to make ongoing decisions. |
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Qualitative Research |
seeks in-depth, open-ended responses. Want people to give their personal thoughts on a topic with little structure |
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Quantitative Research |
seeks structured responses, numbers, averages, other statistics |
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Product |
need-satisfying offering of a firm |
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Brand |
name, term, symbol, or design, that identify a product |
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Packaging |
promoting, protecting, and enhancing the product |
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PLC |
Product Life Cycle: Market introduction, market growth, market maturity, sales decline |
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5 Step New Product Development |
Idea generation, screening, idea evaluation, development, commercialization |
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Direct Distribution |
Firms want to control the whole marketing job, distribute directly to final customer(internet makes this easier) |
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Indirect Distribution |
If a firm doesn't have the capital to handle the whole distribution, or wholesalers have better connections, they will distribute to a intermediary |
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Transportation Types |
Truck-high cost, fast, extensive service, high variety Rail- medium cost, avg speed, extensive, high variety, low frequency Water-lowest cost, slowest, limited locations, highest variety Air-highest cost, fastest(light-weight goods) Pipeline-cost low, slow speed, very limited, |
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Public Warehousing |
independent storing facilities-rent the space when needed |
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Private warehouse |
owned or leased by companies for their own use. Large volume of goods stored regularly |
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Mass merchandising |
offer low prices to get fast turnover and greater sales volumes- by appealing to larger markets(supermarkets, costco) |
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Types of Retailers |
Specialty shops and department stores-expanded assortment and service Supermarkets, discount houses, expanded assortment and reduced margins/service Convenience stores- limited selection, high margins Internet-Expanded assorment, reduced margins |
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Types of Wholesalers |
Merchant- own the products they sell Service-general merchandise, single-lines, and specialty Limited function- cash and carry, drop shippers, truck wholesalers, rack jobbers, catalog wholesalers |
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manufacturers agent |
sells similar products for non-competing producers for commission |
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Brokers |
bring buyers and sellers togehter |
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selling agents |
take over the whole marketing job of producers(marketing manager) |
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AIDA Model |
consists of four promotion jobs: get attention, to hold interest, to arouse desire, to obtain action |
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Adoption curve |
when different groups accept ideas: innovators 3-5%, early adopters 10-15%, Early majority 34%, late majority 34%, Laggards or non adopters 5-16% |
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Pushing |
using normal promotion, personal selling, advertising and sales promotion- help sell the whole marketing mix to possible channel members. |
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Pulling |
Getting customers to ask intermediaries fro the product |
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task method |
most sensible approach to budgeting promotion expenditures- basing budget on job to be done |
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Basic Sales Tasks |
Order getting-seeking possible buyers Order taking- sell to the regular or established customers Supporting- help order oriented sales people, dont get orders themselves, they enhance long term relationships in order to get sales |
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Types of Compensation |
straight salary, straight commission, combination plan |
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Types of sales presentations |
Prepared- memorized presentation for all customers( expecting a y/n response) Consultative- meeting to understand individuals needs. brief overview, asks customer questions, then formulates a sales pres based on needs Selling formula- prepared presentation(knowing the needs of customer), then closes sale |
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Ad Objectives |
very specific: -Help position firms brand by informing or pursuading about benefits -help introduce new products -help obtain desirable outlets to tell customers where and what to buy -provide ongoing contact w/customers -present name and products -get immediate buying action -building more trusting relationships |
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Ad types |
d |
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Product Advertising |
tries to sell a product |
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institutional ad |
promotes org image, or reputation |
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pioneering ad |
develop primary demand for a product category rather than specific brand |
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competitive ad(direct/indirect) |
develop demand for a specific brand direct-immediate buying action indirect-points out advantages for future buying decisions |
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Comparative ad |
making specific brand comparisons |
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Reminder ad |
keep the products name before the public |
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Media Choices |
-TV- most spent- highest percentage of selling -Direct mail-2nd most spend- 2nd highes "'"" -Newspaper -Internet -magazines -radio -yellow pages -outdoor and cinema |
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Which media to use? |
depends on -promotion objectives -what target markets to reach -the funds available -nature of media(whom, what frequency, impact) |
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Copy thrust |
what the words and illustrations should communicate |
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Pricing objectives |
profit oriented sales oriented status quo oriented |
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Discount policies |
Quantity Discounts, cumulative quantity discounts, non-cumalative Seasonal discounts Cash discounts 2/10 net 30 Sale price everyday low-pricing |
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Allowances |
Advertising allowances-discounts given to promote products Stocking- '''''' given for having shelf space for products Push money-passed on to sale people for selling a certain number of products Trade-in- reduction given to trade up |
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Markup |
dollar amount added to the cost of products to get the selling price |
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markup chain |
sequence of markups used to get to final sales price |
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Average-cost pricing |
adding a reasonable markup to the average cost of a product. |
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Leader pricing |
setting very low prices to get customers into retail stores, buy leader priced products and other producst |
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bait pricing |
setting low prices for certain things, to get them to buy more expensive things |
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psychological pricing |
prices that have a special appeal to customers |
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odd-even |
make 50 49.95 |
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price lining |
setting a few price levels for a product line levels for products between 30-50 30, 36, 42, 49 |
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demand backward |
finding an acceptable final consumer price and work backwards to what a producer can charge |
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prestige pricing |
high cost high quality |
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full-line pricing |
setting prices for a whole line of products |
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complementary product pricing |
setting prices on several products as a group(one is priced low to offset high price of other product) |
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bundle pricing |
one price for a set of products |
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bid rpicing |
offers, bids, acceptance of offer |
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mission statement |
organizations purpose |
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