Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
163 Cards in this Set
- Front
- Back
|
marketing dashboard |
the visual computer display of essential marketing informaion |
|
|
marketing metric |
measure of the value or red of marketing activity |
|
|
business portfolio analysis is used to |
quantify performance measures and growth targets of their firms strategic business units |
|
|
business portfolio analysis BCG matrix |
star, question marks, cash cows, dogs |
|
|
diversification alaysis |
search for growth opportunity among current and new products and markets |
|
|
Product market strategies- diversification analyis |
1. market penetration, 2. product development, 3. market development, 4. diversification |
|
|
market penetration |
more ben and jerry super premium ice cream to america |
|
|
product development |
new product such as children clothing by ben and jerry to merica |
|
|
market development |
elling ince cream to brazil for first timee |
|
|
diversification |
new product, new area |
|
|
strategic marketing process |
when an organization allocates its marketing mix resources to reach its target market |
|
|
Phases of strategic planning |
1. SWOT 2. market-product focus and goal setting 3. marketing program |
|
|
situation analysis |
taking stock of where a firm or product has been recently, where it is now, and where it is headed |
|
|
market segmentation |
the sorting of potential buyers into groups tat have common needs and respond similarly to a marketing action |
|
|
point of difference |
characteristics of a product that make it superior to competitive substitutes |
|
|
competitive advantage vs points of difference |
competitive advantage are strengths of the whole organizations, points of fiference are products |
|
|
marketing strtategy |
the means by which a marketing goals is to be achieved |
|
|
marketing tatics |
detailed day today operational decisions essential to the overall success of marketing strategies |
|
|
a planning gap |
represents the difference between the projection of the path to reach a new goal and the projection of the path of the results of a plan already in place |
|
|
the process of acquiring information on events outside the organization to identify and interpret potential trends |
enviromenal scanning |
|
|
relative size of population: baby boomers genx gen y |
76 million 15% 72 million |
|
|
marketing programs that reflect unique aspects of different races |
multicultural marketing |
|
|
pertains to the income and resources that affect cost of running a business or household |
economy |
|
|
the money consumer has left after paying taxes for necestties |
disposable income |
|
|
the money that remains after paying for taxes and necessities- ettertainment |
discresionary income |
|
|
an information and communication based electronic exchange |
marketspace |
|
|
alternative firms that could provide a product to satisfy a specific markets needs |
competition |
|
|
many sellers with similar products: white, brie, grain |
pure competition |
|
|
many sellers compete with substitutable process with in a price range: if the price of coffee is too high, many may witch to tea |
monopolistic competition |
|
|
few companies control the majority of an industry: wireless telepgone |
oligopoly |
|
|
one firm sells the product: ex. microsoft |
pure monopoly |
|
|
4 basic forms of competition |
pure competition, monopolistic competition, oligopoly, pure monopoly |
|
|
sherman act |
to protect comeptition |
|
|
a movement started to increase the influence, power, and rights of consumers in dealing with institutions |
consumerusm |
|
|
comprise the effective rules of the game, the boundaries between competitive behavior, and the codes of conduct in business dealing |
business culture |
|
|
the consumer bill of rights grants consumers four rights: |
safety, be informermed, choose, be heard |
|
|
a formal statement of ethical principles and rules of conduct |
code of ethics |
|
|
the idea that organizations are part of a larger society and are accountable to that society for their actions |
social responsibility |
|
|
marketing efforts to produce, promote, and reclaim environmentally sensitive products |
green marketing |
|
|
tying th charitable contributions of a firm directly to sales produced through the promotion of one of its products |
cause marketing |
|
|
the stages a buyer passes through in making choices about which products or services to buy |
purchase decision process |
|
|
5 steps in purchase decision process |
1. problem recognition 2. info seeking 3. alternative evaluation 4. purchase decision 5. post purchase behavior |
|
|
two sources of info are |
internal and external |
|
|
internal source of info VS external |
internal- scanning memory for previous experiences with products external- taking info from PERSONAL, PUBLIC, MARKET DOMINATED sources |
|
|
when do consumers engage in external search? |
when internal search is insufficient, when risk of making wrong decision is high, cost of gathering info is low |
|
|
the group of brands that you would consider from among all brands of which you are aware in the product class |
consideration set |
|
|
comparing it with his or her expectations; either satisfied or dissatisfied |
postpurchase behavior |
|
|
the feeling of post purchase psychological tension or anxiety |
cognitive dissonance |
|
|
the personal, social, and economic significance of a purchase to the consumer |
involvement |
|
|
Three types of problem solving |
extended, limited, routine |
|
|
five types of situational influences |
1. the purchase task 2. social surrounding 3. physical surrounding 4. temporal effects 5. antecedent states |
|
|
occurs when people pay attention to messages that are consistent with their attitudes and beliefs |
selective exposure
|
|
|
interpreting information so that its consistent with attitudes and beliefs |
selective comprehension |
|
|
consumers do not remember all information they see, read or hear |
selective retention |
|
|
the anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase |
perceived risk |
|
|
how can a company overcome perceived risk? |
obtaining seals of approval and securing endorsements from influential people |
|
|
behaviors that result from repeated experience |
learning |
|
|
a favorable attitude toward and consistent purchase of a single brand over time |
brand loyalty |
|
|
individuals who have social influence over others |
opinon leader |
|
|
people to whom someone looks as a basis for self-appraisal/ source of personal standards |
reference group |
|
|
Three tyoes of reference groups |
membership group aspiration group dissociative group |
|
|
a familys progression from formation to retiremtn, each phase bringing with it distinct ourchasing behaviors |
family life cycle |
|
|
the marketing of products and services toirms, governments, or not for profit organztions |
business markeitng |
|
|
manufacturers, wholesalers, retailers and gov agencies that buy for resale |
organizational buyers |
|
|
organizational buyers come in three markets: |
industrial, resller, government |
|
|
industrial markets VS reseller amrkets |
industrial markets reprocess a product before resale |
|
|
the demand for industrial products and services is driven by the demand for consumer products and services |
derived demand |
|
|
the group of people in an organization that participates in the buying process |
buying center |
|
|
buying enter roles: |
users, influencers, buyers, deciders, gatekeepers |
|
|
gatekeepers |
control the flow of information in the buying center |
|
|
three types of organizational buying situations |
straight buy, modified rebut, new buy |
|
|
straight buy |
the buyer records an eisting product or sevice from the list of acceptable suppliers. short decision time, one person involved, ex: office supplies |
|
|
modified rebuy |
the users, influencers, or decidered in the buying center want to charge the |
|
|
online trading communities that bring together buyers and suppliers |
e-marketplaces |
|
|
traditional auction VC reverse auction |
traditional- involved one seller and many buyers, reverse-one buyer many sellers |
|
|
the orioles if collecting and analyzing information in order to recommend actions |
market research |
|
|
5 steps if marketing research process |
1. define problem 2. develop research plan 3. collect relevant info 4. develop findings 5. take marketing action |
|
|
critera or standards used in evaluating proposed solutions to a problem |
measures of success |
|
|
a picture or verbal description of a product or service the firm might offer for saile
|
new-product concept |
|
|
selecting a group of distributers, customers, or prospects and asking questions and |
sampling |
|
|
generalizing the results from the sample to much larger groups of distributors, customers, or prospects |
statistical inference |
|
|
facts and figures that have already been recorded prior to the project at hand |
seondary data |
|
|
facts and figures that are newly collected for a project |
primary data |
|
|
facts and figures obtained by watching, either mechanically or in person, how people behave |
observational data |
|
|
facts and figures obtained by asking people about their attitudes, awareness, invention, and behviors |
questionairre data |
|
|
asking lightly, free flowing kinds of questions to probe underlying feelings an ideas |
debth interbiews |
|
|
informal sessions of 6 to 10 people, in which a moderator asks their opinons |
focus groups |
|
|
the total sales of a product that a firm expects to sell during a specified time period under specified conditions |
sales ofrecast |
|
|
starting with the last known value of the item being forecast, listing the factors that could affect the forecast, assessing whether impact is positive or negative, and making a final forecast |
lost horse forecast |
|
|
drawing a line to fit the past sales data and project it into the future to give forecast values |
linear trend extapolation |
|
|
market segment is |
aggregates potential buyers into groups that have common needs and will respond similariyl |
|
|
the strategy of using different marketing mix actives to help consumers perveive a product as being different and better than competing products |
product dofferentiation |
|
|
the increased customer value achieved through performing organization functions such as marketing or manufacturing more efficiently |
organixational synergy |
|
|
when new products/ new chains steal customers and sales from older, existing ones |
canabalization |
|
|
5 steps involved with segmenting a market |
1.group potential buyers into segments 2. group products to be sold into categories 3. develop a market-product grid and estimate size of market 4. select target market 5. take marketing action |
|
|
4 ways to segment a consumer market |
geographic, demographic, phyographic, behaviorl |
|
|
quatity consumed/number of stored cisits during a specific period |
usage rate |
|
|
80/20 rule is |
the idea that 80% of a firms sales are obtained from 20% of its customers |
|
|
a framework relating the segments of marketing to products or marketing actions of the firm |
market-product grid |
|
|
the place of a product occupies in consumers minds based on important features relative to competitive products |
product postioning |
|
|
changing the place a product occupies in consumers minds relative to competitive products |
product repositioning |
|
|
a means of displaying the position of products or brands in consumers minds |
perceptual map |
|
|
competing directly with competitors on similar product attributes in the same market |
head to head positioning |
|
|
seeking less competitive, smaller market niche in which to locate a brand |
differntation positioning |
|
|
items that are purchased frequently and with minimum shopping effort |
convenience good |
|
|
items that are compared to several later naives on criteria such as price and quality |
shopping |
|
|
items that a consumer makes a special effort ro seek out and buy |
specialty |
|
|
four I's of service |
intagibility, inconsistency, inseparability, inventory |
|
|
inconsistency |
services depend on the people who provide them |
|
|
inserparability |
the consumer cannot distinguish the serve provider from the service itself |
|
|
inverntory |
goods have handling costs that relate to storage |
|
|
when the service provider is available but there is no demand for the service |
idle production capacity |
|
|
a specific product that has a unique brand, size, or price |
product item |
|
|
a group of products that are closely related because they are similar in terms of consumer needs, sales units, prices |
product line |
|
|
all the product lines offered by a company |
product mix |
|
|
continuous innovation |
requires no new learning |
|
|
dynamically continuous unnovation |
does not require totally new learning i.e.: electronic toothbrush |
|
|
disscontinuous innovation |
requires new learning and cusomuotion patterns eX: electric car |
|
|
the seven stages an organization goes through to identify business opportunities and convert them into stable products or services is called |
the new product process |
|
|
stages of the new product process |
1. new product strategy development 2. idea generation 3.screening and evaluation 4. business analysis 5. development 6. market testin 7. commercial native |
|
|
market testing |
is the stage of the new product life cycle that involves exposing actual products to persective customer in realistic purchase decisions |
|
|
what is the product life cycle |
the stages a new product goes through in a market place: introduction, growth, maturity, decline |
|
|
introduction growth maturity decline |
intro: gain awareness growth: stress differntiation (profit peaks between growth and maturity) maturity: maintain brand loyalty (sales peak at the end) decline: harvey deletion |
|
|
primary demand |
the desire for the product class rather than for a specific brand, since there are few competitors with the same product |
|
|
setting the highest initial price that customers who really desire the product are willing to pay |
skimming pricing strategy |
|
|
penetration pricing strategy |
setting a low initial price to build mass market. pricing low to help build volume, but company must cover monitor costs |
|
|
product deletion |
most dramtic strategy |
|
|
harvesting |
company retain the product but reduces marketing costs |
|
|
diffusion of innovation |
when a product diffuses or spreads through the population |
|
|
a set of human characteristics associated with a brand name |
brand personality |
|
|
brad equity |
the added value a brand name gives to a product |
|
|
5 common criteria for selecting a good brand name |
1. should ugg4=est the product benefits 2. memorable and distinctive 3. fit the companies product image 4. no legal or regulatory restrictions 5. shimple and emotional |
|
|
combines corporate. family brand with a new brand |
subbranding |
|
|
the practice of adding a current brand name to enter a new market segment in it product class |
brand extension |
|
|
Three new P's |
people, physical environment, process |
|
|
integrating the service component of the new marketing mix with efforts to influence consumer demand. |
capacity management |
|
|
demand oriented arrogates to pricing |
skimming, penetration, prestige, dd-even, target, bundle, yield management |
|
|
prestige |
high price so that quality and status conscious customers buy |
|
|
odd even |
setting prices under a few cents |
|
|
target |
estimate price consumer is willing to pay |
|
|
bundle |
marketing of 2 or more products in a single package price |
|
|
yeild manaement |
changing of different prices to maximize revenue at a given time i.e.. american airlines |
|
|
cost oriented approaches to pricing |
standard markup, cost plus |
|
|
adding a fixed % to the cost of all items in a specific product class |
standard markup |
|
|
summing the total unit cost of providing a product or secure and adding specific amount to the cost to arrive at a price |
cost plus |
|
|
profit oriented approaches to pricing |
target profit, target return on sales, target return on investment |
|
|
target profit |
when a firm sets an annual target of a specific dollar volume of profit
|
|
|
target return on sales |
sets prices that will give them a profit that is specified % of sales volume |
|
|
competition oriented approaches to pricing |
customary, above market, at market ,below market, loss leader |
|
|
customary |
tradition, a standardized channel of distribution to other comp factors dictate price EX candy bar |
|
|
loss leader |
selling products below its customary price to attract attention |
|
|
price elasticity of demnad |
promotion and placeprice
the % change in the quality demanded relative to a percentage change in price |
|
|
elastic demand iswhich elements cause a shift in demand curve?
which elements of the marketing miix cause a movement along the demand curve? |
aslight decrease in price results in large increase in demand |
|
|
the more substitutes a product has, the more |
elastic it is |
|
|
2 or more competitors collude to explicitly or implicitly set prices |
horizontal price fixing |
|
|
vertical price fixing |
controlling agreements between independent buyers and sellers whereby sellers are required to not sell products below a minimum retail price |
|
|
price discrimination |
practice of changing different price to different buyers for good |
|
|
deceptive pricing |
price deals that mislead consumers |
|
|
predatory priicing |
charging a very low price for a product with the intent of driving competitors out of business |
|
|
chanel conflict |
when a channel member believes another channel member is engaged in behavior that prevents it from achieving goals |
|
|
disintermediation |
a channel conflict that arises when a channel member bypasses another member and sells/buy
|
|
|
three types of utility |
1. time 2. place 3. form 4. possesion |
|
|
time place form possesion |
time: ensuring a produt is available when customer wants place:where the customer purchases the product form: value customer sees in the finished product possesion: freedom to use product as it was indented or other use |
