exam 2 Flashcards
(131 cards)
1
Q
market
A
set of buyers with some interest in the product
2
Q
segmentation
A
dividing the market into distinct subsets of customers that have similar needs and buying behaviors
3
Q
market segments
A
distinct subsets of customers that have similar needs and buying behavior/ lets companies better cater bc its smaller
4
Q
critieria for segmentation
A
Measurable- research tells how big/small segment is
Accessible- identify, target, and reach segments
Responsive-practical bc it supports data for market position
Substantial- large, durable, and diff enough to make it worth while
5
Q
basis for segmenting consumer markets
A
- demographic
- gender
- income
- ethnicity
- geographic
- psychographic segmentaiton- based on attitude, value, lifestyle
- benefit sought segmentation- focuses on value (benefit/price)
- usage rate segmentation- focus on if ppl purchase it, how much, how often its used
6
Q
data mining
A
analytics include qualitiative&quantitative qualities, helps discover demographic
7
Q
business model segmentation
A
may have to adjust based on consumer characteristics and buying process
8
Q
targeting
A
evaluating each segments feasabiity and attractiveness, then selecting segments to enterun
9
Q
undifferentiated targeting
A
pretty much same as targeting; ignores segmentation but increases dist and decreases production
10
Q
concentrated targeting
A
niche marketing, single segment
11
Q
multi-segment targeting
A
2 or more distinct markets, wide mkt coverage
12
Q
positioning
A
deciding and comunicating how your product meets target wants and needs
13
Q
perceptual mapping
A
locate brands in consumers mind based on what brand offers
14
Q
differentiation
A
way for firms to distinguish products from competitors
15
Q
attribute of benefit
A
economy, reliability, durability
16
Q
quality + price
A
high price&quality= good value
17
Q
use or user
A
associate bonds w users
18
Q
competition
A
implicit reference to competition
19
Q
decision support systems (dss)
A
computer based system to help make decisions
20
Q
competitive market intelligence
A
ongoing process w/o any specific data requirement
21
Q
marketing research
A
find variability of new product through direct research with potential customers
22
Q
types of marketing research
A
- exploratory- initial investigation, open ended
- descriptive- gives overall picture of current market, confirm findings
- performance monitoring research-assese the effectiveness of mktg plan once agreed
- casual research- explain why something happens
23
Q
steps in marketing research
A
- identify and formulate research problem
- secondary data and planning
- sampling procedures
24
Q
types of sampling procedures
A
- probability (random) samples
- simple, stratified, cluster, systematic - nonprobability (non random) samples
- convenience, judgement, quota, snowball - errors in sampling
- frame, non response, response, random error
25
product
tangible offering/satisfaction of need
26
core product
no extra add ons
27
augmented product
includes warranty and extended service
28
types of consumer product
1. convenience - how frequent and cheap
2. shopping consumer- more expensive infrequently purchased
3. specialty consumer- big $$ items often custom
4. unsought products- don't come easily and need planning ( life insurance)
29
product mix width
number of product lines (samsung sells tv and phones)
30
product line length
product types within product lines (smart phone and flip phone)
31
product line depth
variation within product type (pro vs regular)
32
product line extension
adding to product line
33
repositioning
change how a product is viewed in the marketplace
34
packaging
from production to end user, contains product
35
primary packaging
main purpose=hold and protect
36
secondary packaging
add visuals+mktg appeals
37
tertiary
protects in transet
38
brand
image & experience in customers mind abt company
39
brand identity
name or logo
40
brand equity
total value of product from marketing
41
manufacturer brands
brands own product (coca cola)
42
private label
retailer sells prduct under name (kirkland, 365)
43
generic brands
product lacks brand name (motrin=ibuprofin)
44
co branding
when 2 or more brands collab = more strength
45
ingredient brand
one brand carries other brand (mcflurry m&m)
46
cooperative brand
2 brandsd get equal treatment
47
complementary brand
work well tg (jack and coke)
48
new to the world
brand new, never been sold to anyone
49
new product lines
new to company
50
addition to product line
more variation to existing products (adds depth)
51
improvements to existing products
continuous improvement, scheduled obsolescence
52
repositioned products
update image over time
53
lower priced products
larger economies of sale inc efficiency and better price
54
idea generation
brainstorming, find open market
55
idea screening
filter through ideas
56
business analysis
estimate demand, sales, profitability
57
development
design, prototype, testing
58
test marketing
trial on small scale, controlled
59
commercialization
launching product in marketplace
60
diffusion
rate tht products adopted into market
61
innovation
any product thats new to the consumer
62
5 categories of adopters
1. innovator
2. early adopter (opinon seeker)
3. early majority (deliberate)
4. late majority (skeptics)
5. laggard (resistant)
63
rate of adoption
the higher a product scores, faster adoption
64
relative advantage
innovation>existing products
65
compatibility
how well it fits consumers lifestlyes
66
simplicity
how difficult to use
67
communicability
is it easy to describe to others
68
trialability
can you try before u buy
69
product life cycle (PLC)
stages that products pass during time in market
70
4 stages of PLC
1. introduction
2. growth
3. maturity
4. decline
71
why is service mktg important?
bc more than half of US economy is in service sector
72
characteristics of services
1. intangibility
2. inseperability
3. heterogeneity
4. perishability
73
inseperability
can't separate service from service provider
74
heterogeneity
quality varies from employee to employee
75
perishability
may have place and time constraints
76
5 components of service quality
1. reliability
2. responsiveness
3. assurance
4. empathy
5. tangibles
77
gap analysis
analysis to pinpoint gap/shortcomings in service quality
78
5 perceptions of gaps
1. customer expectation - customer needs
2. service delivery policies- customer needs
3. service delivery policies- service delivery
4. service deliver-external communication
5. customer expectation-customer perception
79
nonprofit orgs make up how much of US economy
20%
80
why do nonprofits still need money
to keep going and meet objectives
81
supply chain management
coordination of activities in unified system, can help lower costs if efficient
82
supply chain integration
connects external partners
83
demand supply integration
connects internal departments
84
customer relationship management
helps sales&mktg communicate with consumer accounts
85
customer service management
address concerns/complaints for strong customer relationship
86
demand management
forecast and manage demand
87
order fulfillment
ensure all sales are delivered to customer
88
manufacturing flow management
makes sure everyone has enough resources
89
supplier relationship management
identify&support suppliers
90
product development and commercialization
how to produce new products efficiently with entire chain
91
returns management
minimize cost from returned/defective products
92
3 functions of business logistics
1. source
2. make
3. deliver
93
supply chain risk
unforseen shocks; natural disasters
94
supply chain security
taking proactive steps to minimize shocks
95
supply chain resilience
reactive steps to minimize downtime after shocks
96
electronic distribution
distribute digital goods throughout internet
97
sustainability supply chain mgmt
incorporate environmentally sustainable thinking
98
marketing channels
help flow of goods from manufacturer to consumer
99
types of intermediaries
merchants (sell products) and facilitators (broker)
100
channel length
of intermediaries that come between producer and end consumers
101
direct channel
0 level - no one in btwn
102
retailer channel
1 lvl - like target
103
wholesaler channel
2 lvl- mom and pop
104
intensive/extensive distribution
make product available as possible
105
selective distribution
smaller outlets, more expensive, purchased less
106
exclusive distribution
only a few amounts, luxury or custom
107
arms length relationship
manufacturers and intermediaries treated independently
108
cooperative
work together with formal contractsin
109
integrated
several companies work close, almost as one
110
channel power
control/influence over others
111
channel conflict
goals may not always be clear, formal contract
112
retailing
all activities directed at final consumer
113
retail ownership
manufacture own stores, flagship, independent, chain
114
product assortment
carry thousands of products from many stores
115
product pricing
part of branding decision (wal mart vs whole foods)
116
levels of service
self service, limited, full
117
location
destination store vs visible stores
118
department stores
wide mix, lots of departments
119
specialty retailers
very narrow, deep product mix
120
supermarket
carry wide and deep product mix
121
drug stores
moderately wide and deep
122
convenience stores
moderately wide but shallow, higher price
123
mass merchandisers
giant, full stores like target
124
other discount stores
dollar store hard discounts
125
warehouse membership
wide but very shallow, costco
126
automatic vending machine
very narrow and shallow
127
online retailing
growing rapidly, expansion
128
planogram
diagram that shows placement of products on shelves
129
point of purchase (POP)
promotional displays & materials found at point of sale
130
wing stack
movable display at end of aisle (cardboard)
131
end cap
end of aisle display, catches attention
