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SOM Final Exam > Ch. 11 > Flashcards

Ch. 11 Flashcards

(73 cards)

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1
Q

Marketing

A

A 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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2
Q

Value

A

Relative comparison of a product’s benefits versus its costs

Satsify customer’s needs and wants

Value= Benefits/Costs

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3
Q

Utility and its four types

A

Ability of a product to satisfy a human want or need

Form Utility
Time Utility
Place Utility
Possession Utility

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4
Q

Form Utility

A

Provides products with “features” customers want

IPhone vs. Samsung

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5
Q

Time Utility

A

Provides products WHEN customers want them

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6
Q

Place Utility

A

Provides products WHERE customers want them

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7
Q

Possession Utility

A

Transferring product ownership to customers by setting selling prices, setting terms for customer credit payments, and providing ownership documents

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8
Q

Consumer Goods

A

Tangible products purchased by consumers for personal use

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9
Q

Industrial Goods

A

Physical products used by companies to produce other products

Tractors, bulldozers, steel, etc.

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10
Q

Services

A

Products having non-tangible features, such as information, expertise, or an activity that can be purchased

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11
Q

Relationship Marketing

A

Marketing strategy that emphasizes building lasting relationships with customers and suppliers

Stronger relationships = customer loyalty, satisfaction, and retention

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12
Q

Customer Relationship Management (CRM)

A

Ways that firms use to build better information connections with clients, so stronger company-client relationships are developed

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13
Q

Data Warehousing

A

Collection, storage, and retrieval of data pertaining to customers in electronic files

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14
Q

Data Mining

A

Use of massive analysis of data by using computers to sift, sort, and search for what customers look at and react to

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15
Q

Marketing Environment Five Parts

A 
Political-Legal
Economic
Sociocultural
Technological
Competitive
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16
Q

Political-Legal Environment

A

Relationship between business and the government

Usually government regulation

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17
Q

Economic Environment

A

Relevant conditions that exist in the economic system that a company operates

Inflation, Interest rates, etc.

Recession, Growth

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18
Q

Sociocultural Environment

A

Customs, morals, values, and demographic characteristics of the society in which a company functions

Forces companies to develop and promote new products

Trends

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19
Q

Technological Environment

A

Ways in which firms create value for their constituents

Creates new goods and services

New products make existing products obsolete (Creative Destruction)

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20
Q

Competitive Environment

A

Marketers must convince buyers that they should purchase one company’s products rather than another’s

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21
Q

Types of Competition

A
  1. Substitute Products
    - Product that is dissimilar from competitors, but fulfills the same need (Toothpaste, Soap)
  2. Brand Competition
    - Nike vs. Adidas
  3. International Competition
    - Domestic products against foreign products
    - EU and NAFTA
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22
Q

Marketing Plan

A

Detailed strategy for focusing marketing efforts on consumers’ needs and wants

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23
Q

Marketing Objective

A

The things marketing intends to accomplish in its marketing plan

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24
Q

Marketing strategy

A

Identifies all the marketing programs and activities that will be used to achieve the marketing goals and when they will occur

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25
Marketing Manager
Responsible for planning, organizing, leading, and controlling the organization’s marketing resources toward supporting and accomplishing the organization’s overall mission
26
Marketing Mix
``` 4 P's Product Price Place Promotion ```
27
Product
Good, service, or idea that is marketed to fill consumers’ needs and wants Product differentiation- Creation of a product image/feature that differs enough from existing products to attract consumers
28
Price
Process of determining the best price at which to sell a product Must support a variety of costs operating, administrative, research, and marketing - Lower price = larger sales volumes - Higher prices = limit market size but increase profits per unit - High prices = attract customers by implying high quality
29
Place
Concerned with getting products from producers to consumers Where and how customers get access to products they purchase Distribution
30
Promotion and four types of promotion
Set of techniques for communicating information about products Advertising Personal selling Sales promotions Public relations
31
Advertising
Paid non-personal communication used by an identified sponsor to persuade or inform buyers about a product
32
Personal Selling
Person-to-person sales Ex. Real estate, insurance Sales representatives
33
Sales Promotion
Direct inducements such as premiums, coupons, and package inserts to tempt consumers to buy products Ex. Free gifts, Groupon
34
Public Relations
Communication efforts directed at building goodwill Favorable attitudes toward an organization and its products Ex. Charity events, donations, etc.
35
Integrated Marketing Strategy
All 4 P’s blend and are compatible with the company’s non-marketing activities
36
Target Market
Group of people or organizations on which a firm’s marketing efforts are focused
37
Market Segmentation
Process of dividing a market into categories of customer types, or segments and who can be expected to show interest in the same products ***Analyzes consumers, not products***
38
Product Positioning
Process of fixing, adapting, and communicating the nature of a product
39
Geographic Segmentation
Geographic Variables-Geographic units that may be considered in developing a segmentation strategy Urban vs. Rural China vs. U.S.
40
Demographic Segmentation
Strategy that uses demographic characteristics to identify market segments Demographic Variables- Things like age, race, gender, income, religion, social class
41
Geo-Demographic Segmentation
Using a combination of geographic and demographic traits to identify a market segment Geo-Demographic Variables combo of geographic and demographic traits used to develop a segmentation strategy -Ex. Female Urban Youth, educated
42
Psychographic Segmentation
Strategy that uses psychographic characteristics to identify a market segment Psychographic Variables - Lifestyles, opinions, interests, attitudes - Gucci, Louis Vuitton
43
Behavioral Segmentation
Strategy that uses behavioral variables to identify a market segment Behavioral Variables - Buy in bulk - Situational buyers (Halloween or Christmas buyers) - Specific purpose (People with allergic reactions must buy a certain product)
44
Marketing Research
Study of what customers need and want and how best to meet those needs and wants
45
Research Process Five Steps
1. Study the current situation 2. Select a research method 3. Collect data - Secondary data (already available from previous research, try to use first) - Primary data (new data from new research) 4. Analyze the data what is the data displaying? 5. Prepare a report
46
Four Research Methods
1. Observation 2. Surveys 3. Focus Groups 4. Experimentation
47
Observation Research Method
Obtains data by watching and recording consumer behavior Electronic scanners, data files, data from television, phone transactions, and website activity
48
Survey Research Method
Obtains consumer data by using questionnaires, telephone calls, and interviews
49
Focus Group Research Method
Uses a group of people from a larger population who are asked about their attitudes, opinions, and beliefs about a product in an open discussion Allows researchers to explore issues too complex for questionnaires and produces creative solutions
50
Experimentation Research Method
Uses a sample of potential consumers to obtain reactions to test versions of new products or variations of existing products Compares responses of similar people under different circumstances
51
Influences on Consumer Behavior
Psychological influences Personal influences Social influences Cultural influences
52
Psychological Influences
Includes an individual’s motivations, perceptions, ability to learn, and attitudes
53
Personal influences
Includes lifestyle, personality, and economic status
54
Social influences
Includes family, opinion leaders, and reference groups (friends, coworkers, professional associates)
55
Cultural influences
Includes culture, subculture, and social class
56
Brand Loyalty
Consumers repeatedly buying the same product or from same product source
57
Consumer Buying Process
``` Problem or Need Recognition Information Seeking Evaluation of Alternatives Purchase Decision Post-purchase Evaluation ```
58
Problem or Need Recognition (Consumer Buying Process)
Begins when the consumer recognizes a problem or need Can occur when there is a change in buying habits Ex. Shoes are ripping apart now. Need new shoes.
59
Information Seeking (Consumer Buying Process)
People seek information from personal sources, public sources, and experiences before purchasing People will have an evoked set (or consideration set), which is the group of products they'll consider buying Ex. Searching stores or online for styles, pricing, etc.
60
Evaluation of Alternatives (Consumer Buying Process)
Consumers analyze product attributes and compare products before purchasing - 4 P's - Influences on Consumer Behavior
61
Purchase Decision (Consumer Buying Process)
Rational motives- logical evaluation of product attributes: cost, quality, usefulness Emotional motives- reasons for purchasing a product that are based on non-objective factors -Aesthetic, sociability, imitation of others
62
Post-purchase Evaluation (Consumer Buying Process)
Consumers decide if they are happy, and repurchase products they have used and liked Dissatisfied customers broadcast their experiences more that satisfied customers
63
Business Marketing falls into four B2B (Business-to-business) categories.
Service Market Industrial Market Reseller Market Gov. and Institutional Market
64
Service Market
Service Companies Market - Firms that provide services to the purchasing public - Airlines, TV channels
65
Industrial Market
Consists of firms that buy goods that are converted into products or used during production Farmers, manufacturers, some retailers
66
Reseller Market
Organizational market consisting of intermediaries that buy and resell finished goods Wholesalers and retailers
67
Government and Institutional Market
Institutional Market- Nongovernmental organizations that use supplies and equipment as well as legal, accounting, and transportation services Ex. Hospitals, churches, museums, charities
68
Social Networking
Network of communications that flow among people and organizations interacting through online platforms
69
Social Networking Media
Websites such as Facebook, twitter, LinkedIn, and YouTube that consumers go to for information and discussion
70
Viral marketing
Form of marketing that relies on the internet to spread information quickly from person to person about products and ideas Ex. Games, contests, blogs
71
Corporate blogs
Comments and opinions published on the internet by or for an organization to promote its activities
72
5 C's
``` Company Customers Competitors Collaborators Culture ```
73
Channels of Distribution
Direct Retail Agent Wholesale D.R.A.W

SOM Final Exam (5 decks)

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