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40 Cards in this Set
- Front
- Back
marketing research
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provides accurate, up to date, relevant info and should be conducted in an ethical manner.
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Intranet
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internal corporate communications network that links company depts, employees, and databases
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external database
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can be used to collect a variety of info from different sources..Used by non competing businesses and gov databases...
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data mining
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sophisticated analysis techniques to take advantage of the massive amt of transaction info now available
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Primary Research
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Exploratory, descriptive, and casual research
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Secondary Research
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Already been collected...internal and external sourcces
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Qualitative Research
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Exploratory research techniques generate insights for future, more rigourous studies...typically involves in depth consumer probing..takes many forms: i.e. focus groups, case studies, and ethnography
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Quantitative Research
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Descriptive research studies: Prob systematically into the problem. Base conclusions on large numbers of observations. Typically expresses results in quantitative terms. SAME People over and over.
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marketing
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the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large.
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marketing concept
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identifying and satisfying consumer needs to ensure long - term profitability
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Needs, wants, and benefits
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Needs - can be physical/psychological
Benefits - outcome sought by consumer that satisfies need or want and motivates buying behavior Want - desire to satisfy needs in specific ways |
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market place
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takes many forms: mall, ebay auction, ecommerce website
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utility
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sum of the benefits we recieve from using a product/service..form utility..place utility..time utility...possession utility
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Marketing and Exchange Relationship
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An exchange occurs when something is obtained for soemthing else in return, like cash for goods or services
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evolution of marketing
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Production era..sales era...relationship era...triple bottom line era..
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marketing mix
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Product : Include product desgin, packaging, branding, support services, and product variations and features
Pricing: setting prices for final consumers, wholesalers, and retailers based on costs, demand or competitor's prices Promotion: advertising, sales promotion, public relations, direct marketing, and personal selling Distribution (place): How, when, and where the product is available to targeted customers |
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Value (from customer)
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ratio of costs (price) to benefits (utilities)
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Value (seller's)
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Marketing WITH customers..It is more expensive to attract new customers than to retain current ones..
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Value Chain
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Make marketing value decisons. 2. understand consumers value needs. 3. create the value proposition. 4. communicate the value propositon. 5. deliver the value propositon.
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Business Planning
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ongoing process of making decisions that guides the firm both in the short term and for the long term
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Business Ethics
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basic values that guide a firms behavior
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Code of ethics
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written standards of behavior to which everyone in the organization must subscribe
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SWOT analysis
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An analysis of an organizations (S) strengths and (W) weaknesses and the (O) opportunities and (T) threats in the external environment
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Situational analysis (on test)**
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an assessment of a firm's internal and external environments
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SBU objectives
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what the firm hopes to accomplish with MID - range business plan.
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Mission Statements
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Example of mission statement MADD: "to stop drunk driving, suppport the victims of this violent crime, and prevent underage drinking."
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Standardization VS Localization
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Standardization: offer the SAME products in all markets.
Localization: Offer a CUSTOMIZED marketing mix for each country |
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World Trade
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flow of goods and services among different countries..value of all exports and imports of world's nations
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Countertrade
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type of trade in which goods are paid for wtih other items instead of with cash..
i.e. barter is a common form of countertrade |
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Gross Domestic Product (GDP):
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total dollar value of goods/services a country produces within its borders in a yr.
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Gross National Product (GNP):
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value of all goods and services produced by a country's CITIZENS OR ORGANIZATIONS
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Economic Infrastructure:
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Quality of country's distribution, financial, and communications systems
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Least Developed Country (LDC):
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Economic base is often agricultural
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Developing Countries
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Economy shifts emphasis from agricultural to industry
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Developed Countries:
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offer wide range of opportunities for international markets
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Technology:
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provides firms with important competitive advantages
*Profoundly affects marketing activities *Can transform industries |
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Patent:
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Legal document giving inventors exclusive rights to produce/sell a particular invention in that country
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Standarization:
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Offer the same products in all markets
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Sociocultural Envirnment
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demographics. cultural values. social norms and customs. language. ethnocentrism.
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Observation
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data collection method where teh researcher records consumers' behavior, often without their knowledge
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