Exam 2 (ch. 8,9,10,11,12,14) Flashcards
(200 cards)
1
Q
people or organizations with needs or wants and the ability and willingness to buy
A
market
2
Q
a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs
A
market segment
3
Q
the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups
A
market segmentation
4
Q
characteristics of individuals, groups, or organizations
A
segmentation bases (variables)
5
Q
segmenting markets by region of a country or the world, market size, market density, or climate
A
geographic segmentation
6
Q
segmenting markets by age, gender, income, ethnic background, and family life cycle
A
demographic segmentation
7
Q
series of stages determined by a combination of age, marital status, and he presence or absence of children
A
family life cycle (FLC)
8
Q
segmenting markets on the basis of personality, motives, lifestyles, and geodemographics
A
psychographic segmentation
9
Q
segmenting potential customers into neighborhood lifestyle categories
A
geodemographic segmentation
10
Q
the process of grouping customers into market segments according to the benefits they seek from the product
A
benefit segmentation
11
Q
dividing a market by the amount of product bought or consumed
A
usage-rate segmentation
12
Q
principle holding that 20 percent of all customers generate 80 percent of the demand
A
80/20 principle
13
Q
4 basic criteria of a market segment
A
- be substantial and have enough potential customers
- be identifiable and measurable
- be accessible to marketing efforts
- respond to particular marketing efforts in a way that distinguished it from other segments
14
Q
5 bases commonly used for segmenting consumer markets
A
- geographic segmentation
- demographic segmentation
- psychographic segmentation
- benefit segmentation
- usage-rate segmentation
15
Q
bases for segmenting business markets
A
- company characteristics
2. customer buying processes
16
Q
business customers who place an order with the first familiar supplier to satisfy product and delivery requirements
A
satisficer
17
Q
business customers who consider numerous suppliers (both familiar and unfamiliar), solicit bids, and study all proposals carefully before selecting one
A
optimizers
18
Q
6 steps involved in segmenting markets
A
- select market/product category for study
- choose basis/bases for segmenting market
- selecting segmentation descriptors
- profile and evaluate segments
- select target markets
- design, implement, and maintain appropriate marketing mixes
19
Q
strategies for selecting target markets
A
undifferentiated targeting strategy, concentrated targeting strategy, and multisegment targeting strategy
20
Q
why would companies reposition?
A
to sustain growth in a slow market or correct positioning mistakes
21
Q
a group of people or organizations for which an organization design, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges
A
target market
22
Q
a marketing approach that views the market as one big market with no individual segments and thus uses a single marketing mix
A
undifferentiated targeting strategy
23
Q
a strategy used to select one segment of a market for targeting marketing efforts
A
concentrated targeting strategy
24
Q
one segment of a market
A
niche
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strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each
multisegment targeting strategy
26
a situation that occurs when sales of a new product cut into sales of a firm's existing products
cannibalization
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developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general
positioning
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the place a product, brand, or group of products occupies in consumers' minds relative to competing offerings
position
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a positioning strategy that some firms use to distinguish their products from those of competitors
product differentiation
30
a means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers' minds
perceptual mapping
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changing consumers' perceptions of a brand in relation to competing brands
repositioning
32
why do marketers us marketing research?
to improve the decision-making process, trace problems, serve customers, gauge value of goods/services, and measure customer service efforts
33
steps of the marketing research process
1. identify and formulate problem/opportunity
2. plan the research design and gather secondary data
3. specify the sampling procedures
4. collect primary data
5. analyze data
6. prepare and present the report
7. follow up
34
the process of planning, collecting, and analyzing data relevant to a marketing decision
marketing research
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determining what information is needed and how that information can be obtained efficiently and effectively
marketing research problem
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the specific information needed to solve a marketing research problem; the objective should be to provide insightful decision-making information
marketing research objective
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a broad-based problem that uses marketing research in order for managers to take proper actions
management decision problem
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data previously collected for any purpose other than the one at hand
secondary data
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specifies which research questions must be answered, how and when the data will be gathered, and how the data will be analyzed
research design
40
the exponential growth i the volume, variety, and velocity of information and the development of complex, new tools to analyze and create meaning from such data
big data
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information that is collected for the first time; used for solving the particular problem under investigation
primary data
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the most popular technique for gathering primary data, in which a researcher interacts with people to obtain facts, opinions, and attitudes
survey research
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a survey research method that involves interviewing people in the common areas of shopping malls
mall intercept interview
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an interviewing method in which the interviewer reads questions from a computer screen and enters the respondent's data directly into the computer
computer-assisted personal interviewing
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an interviewing method in which a mall interviewer intercepts and directs willing respondents to nearby computers where each respondent reads questions off a computer screen and directly keys his or her answers into the computer
computer-assisted self-interviewing
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a specially designed phone room used to conduct telephone interviewing
central-location telephone facility (CLT)
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type of survey that involves interviewing businesspeople at their offices concerning industrial products or services
executive interview
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7-10 people who participate in a group discussion led by a moderator
focus group
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an interview question that encourages an answer phrased in the respondent's own words
open-ended question
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an interview question that asks the respondent to make a selection from a limited list of responses
closed-ended question
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a closed-ended question designed to measure the intensity of a respondent's answer
scaled-response question
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a research method that relies on four types of observation: people watching people, people watching an activity, machines watching people, and machines watching an activity
observation research
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researchers posing as customers who gather observational data about a store
mystery shoppers
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a form of observation marketing research that combines a consumer's online activity with psychographic and demographic profiles compiled in databases
behavioral targeting (BT)
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the use of automated tools to monitor online buzz, chatter, and conversations
social media monitoring
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the study of human behavior in its natural context; involves observation of behavior and physical setting
ethnographic research
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a method of gathering primary data in which the researcher alters one of more variables while observing the effects of those alterations on another variable
experiment
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a subset from a larger population
sample
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the population from which a sample will be drawn
universe
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a sample in which every element in the population has a known statistical likelihood of being selected
probability sample
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a sample arranged in such a way that every element of the population has an equal chance of being selected as part of the sample
random sample
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any sample in which little or no attempt is made to get a representative cross section of the population
nonprobability sample
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a form of nonprobability sample using respondents who are convenient of readily accessible to the researcher-for example, employees, friends, or relatives
convenience sample
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an error that occurs when there is a difference between the information desired by the researcher and the information provided by the measurement process
measurement error
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an error that occurs when a sample somehow does not represent the target population
sampling error
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an error that occurs when a sample drawn from a population differs from the target population
frame error
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an error that occurs when the selected ample is an imperfect representation of the overall population
random error
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a firm that specializes in interviewing respondents on a subcontracted basis
field service firm
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a method of analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions
cross-tabulation
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a system for gathering information from a single group of respondents by continuously monitoring the advertising, promotion, and pricing they are exposed to and the things they buy
scanner-based research
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a scanner-based research program that tracks the purchases of 3,000 household through store scanners in each research market
BehaviorScan
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a scanner-based sales-tracking service for the consumer packaged-goods industry
InfoScan
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a field of marketing that studies the body's responses to marketing stimuli
neuromarketing
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an intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors
competitive intelligence (CI)
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when should marketing research be conducted?
when the expected value of the information is greater than the cost of obtaining it
76
everything, bother favorable and unfavorable, that a person receives in an exchange
product
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a relatively inexpensive item that merits little shopping effort
convenience product
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a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
shopping product
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a particular item for which consumers search extensively and are very reluctant to accept substitutes
specialty product
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a product unknown to the potential buyer or a known product that the buyer does not actively seek
unsought product
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a specific version of a product that can be designated as a distinct offering among an organization's products
product item
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a group of closely related product items
product line
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all products that an organization sells
product mix
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the number of product lines an organization offers
product mix width
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the number of product items in a product line
product line depth
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changing one or more of a product's characteristics
product modification
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the practice of modifying products so those that have already been sold become obsolete before they actually need replacement
planned obsolescence
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adding additional products to an existing product line in order to compete more broadly in the industry
product line extension
89
a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products
brand
90
that part of a brand that can be spoken, including letter, words, and numbers
brand name
91
the elements of a brand that cannot be spoken
brand mark
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the value of a company or brand name
brand equity
93
a brand that obtains at least a one-third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
global brand
94
consistent preference for one brand over all others
brand loyalty
95
the brand name of a manufacturer
manufacturer's brand
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a brand name owned by a wholesaler or a retailer
private brand
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a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation
captive brand
98
using different brand names for different products
individual branding
99
marketing several different products under the same brand name
family branding
100
placing two or more brand names on a product or its package
co-branding
101
the exclusive right to use a brand or part of a brand
trademark
102
a trademark for a service
service mark
103
identifies a product by class or type and cannot be trademarked
generic product name
104
a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary
persuasive labeling
105
a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
informational labeling
106
a series of thick and thin vertical lines (bar codes) readable by computerized optical scanners that represent numbers used to track products
universal product codes (UPCs)
107
a confirmation of the quality or performance of a good or service
warranty
108
a written guarantee
express warranty
109
an unwritten guarantee that the good or service is fit for the purpose for which it was sold; all sales have this under the Uniform Commercial Code
implied warranty
110
4 categories of consumer products
1. convenience product
2. shopping product
3. specialty product
4. unsought product
111
what are the 2 types of shopping products?
homogeneous and heterogeneous
112
type of shopping product where the products are similar; examples include washer, fridges and TVs; buy looks for cheapest with desired features
homogenous
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type of shopping product where the products are different; examples include clothing, furniture, and colleges; difficult for buyer to compare
heterogeneous
114
4 functions of packaging
1. contain and protect products
2. promote products
3. facilitate product storage, use, and convenience
4. facilitate recycling and reducing environmental damage
115
packing protects the _____, while warranty protects the _____
product; buyer
116
the result of applying human or mechanical efforts to people or objects
service
117
the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed
intangibility
118
a characteristic that can be easily assessed before purchase
search quality
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a characteristic that can be assessed only after use
experience quality
120
a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience
credence quality
121
the inability of the production and consumption of a service to be separated; consumers must be present during the production
inseparability
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the variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods
heterogeneity
123
the inability of services to be stored, warehoused, or inventoried
perishability
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the ability to perform a service dependably, accurately, and consistently
reliability
125
the ability to provide prompt service
responsiveness
126
the knowledge and courtesy of employees and their ability to convey trust
assurance
127
caring, individualized attention to customers
empathy
128
the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service
tangibles
129
a model identifying five gaps that can cause problems in service delivery and influence customer evaluations of service quality
gap model
130
the most basic benefit the consumer is buyig
core service
131
a group of services that support or enhance the core service
supplementary services
132
a strategy that uses technology to deliver customized services on a mass basis
mass customization
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treating employees as customers and developing systems and benefits that satisfy their needs
internal marketing
134
In 2012, service industries accounted for ___% of US GDP and __ out of __ US jobs
68%; 4 out of 5
135
4 characteristics of services
1. intangibility
2. inseparability
3. heterogeneity
4. perishability
136
5 components of service quality
1. reliability
2. responsiveness
3. assurance
4. empathy
5. tangibles
137
list the 5 gaps of the Gap Model of Service Quality
1. (Management)-what customers want and what management thinks they want
2. (Service Specifications)-what management thinks customers want and quality specifications management develops
3. (Service Delivery)-service quality specifications and service actually provided
4. (Customer Communication)- what company provides and what customer is told it provides
5. (Customer Expectations)- what service customers receive and the service they want
138
to be successful globally, service firms must ________ for the environment of each target country
adjust their marketing mix
139
product new to the word, the market, the producer, the seller, or some combination of these
new product
140
a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation
new-product strategy
141
a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
product development
142
the process of getting a group to think of unlimited ways to vary a product or solve a problem
brainstorming
143
the first filter in the product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some other reason
screening
144
a test to evaluate a new-product idea, usually before any prototype has been created
concept test
145
the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated
business analysis
146
the stage in the product development process in which a prototype is developed and a marketing strategy is outined
development
147
a team-oriented approach to new-product development
simultaneous product development
148
the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
test marketing
149
the presentation of advertising and other promotional materials for several products, including a test product, to members of the product's target market
simulated (laboratory) market testing
150
the decision to market a product
commercialization
151
a product perceived as new by a potential adopter
innovation
152
the process by which the adoption of an innovation spreads
diffusion
153
a concept that provides a way to trace the stages of a product's acceptance, from its introduction to its decline
product life cycle (PLC)
154
all brands that satisfy a particular type of need
product category
155
the full-scale launch of a new product into the marketplace
introductory stage
156
the second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy
growth stage
157
a period during which sales increase at a decreasing rate
maturity stage
158
a long-run drop in sales
decline stage
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to sustain or increase growth and profits, a firm must _____
innovate (develop new products)
160
6 categories of new products
1. new to the world
2. new product lines
3. additions to existing product lines
4. improvements/revisions of existing products
5. repositioned products
6. lower-priced products
161
steps of new-product development process
1. new product strategy
2. idea generation
3. idea screening
4. business analysis
5. development
6. test marketing
7. commercialization
162
Adopters in the diffusion process belong to these 5 categories
1. innovators
2. early adopters
3. early majority
4. late majority
5. laggards
163
the diffusion process is facilitated by _________ and ________
word of mouth communication; communication from marketers to consumers
164
a set of interdependent organizations that eases the transfer of ownership as products move from producer to business user or consumer
marketing channel (channel of distribution)
165
all parties in the marketing channel who negotiate with one another buy and sell products, and facilitate the change of ownership between buyer and seller in the course of moving the product from the manufacturer into the hands of the final consumer
channel members
166
the elements of the composition and appearance of a product that make it desirable
form utility
167
the increase in customer satisfaction gained by making a good or service available at the appropriate time
time utility
168
the usefulness of a good or service as a function of the location at which it is made available
place utility
169
the increased value of a product that is created as its ownership is transferred
exchange utility
170
a channel intermediary that sells mainly to consumers
retailer
171
an institution that buys goods from manufacturers and resells them to businesses, government agencies, and other wholesalers or retailers and that receives and takes title to goods, stores them in its own warehouses, and later ships them
merchant wholesaler
172
wholesaling intermediaries who do not take title to a product but facilitate its sale from producer to end user by representing retailers, wholesalers, or manufacturers
agents and brokers
173
a distribution channel in which producers sell directly to consumers
direct channel
174
the use of two or more channels to distribute the same product to target markets
dual distribution (multiple distribution)
175
nonphysical (often electronic) channels that facilitate the unique market access of products and services
nontraditional channels
176
a cooperative agreement between business firms to use the other's already established distribution channel
strategic channel alliance
177
a channel that enables customers to return products or components for reuse or remanufacture
reverse channel
178
a system that allows customers to recycle used electronics at the entrance of a retailer
drop and shop
179
a form of distribution aimed at having a product available in every outlet where target customers might want to buy it
intensive distribution
180
a form of distribution achieved by screening dealers to eliminate all but a few in any single area
selective distribution
181
a form of distribution that establishes one or a few dealers within a given area
exclusive distribution
182
a relationship between companies that is loose, characterized by low relational investment and trust, and usually taking the form of a series of discrete transactions with no or low expectation of future interaction or service
arm's-length relationship
183
a relationship between companies that takes the form of informal partnership with moderate levels of trust and information sharing as needed to further each company's goals
cooperative relationship
184
a relationship between companies that is tightly connected, with linked processes across and between firm boundaries and high levels of trust and interfirm commitment
integrated relationship
185
a relationship that mixes elements of cooperation and competition between two partners
co-opetition
186
a channel structure whereby a single manufacturer supplies a single retailer, offering a single supply and demand point throughout the chain
bilateral monopoly
187
a channel structure whereby a single retailer uses multiple suppliers
retailer monopoly
188
a channel structure whereby a single supplier provides products to multiple retailers
manufacturer monopoly
189
the capacity of a particular marketing channel member to control or influence the behavior of other channel members
channel power
190
a situation that occurs when one marketing channel member intentionally affects another member's behavior
channel control
191
a member of a marketing channel that exercises authority and power over the activities of other channel members
channel captain
192
a clash of goals and methods between distribution channel members
channel conflict
193
a channel conflict that occurs among channel members on the same level
horizontal conflict
194
a channel conflict that occurs between different levels in a marketing channel, most typically between the manufacturer and wholesaler or between the manufacturer and retailer
vertical conflict
195
secretive behavior that improves a firm's standing at the expense of a partner firm
opportunism
196
when a firm violates agreements and restrictions, or forces another firm to renegotiate existing agreements when new circumstances arise
active opportunism
197
when a firm refuses to meet specific obligations or fails to change when new situations arise
passive opportunism
198
the ability to conduct commerce using a mobile device for the purpose of buying or selling goods/services
m-commerce
199
3 options for intensity of distribution
intensive, selective, and exclusive
200
4 basic channel configurations of manufacturers and retailers
1. bilateral monopoly
2. retailer monopoly
3. manufacturer monopoly
4. multiple manufacturers and retailers working and competing together
