exam review Flashcards
(71 cards)
1
Q
What is the marketing mix
A
- divided into 4 categories (product, palce, price, promotion)
2
Q
what is demographics
A
- used by businesses to help them understand the characteristics of the people who buy their products and services
- include age, gender, family life cycle, income level, and ethnicity/culture
- Each category can be then subdivided into variables/ranges
3
Q
what is geographics
A
used to determine a consumer’s wants and needs based on their geographical location. The 3 main categories are urban, suburban, and rural
4
Q
what is free market societies
A
An economic system that permits profit, competition, and private property
5
Q
what is AAU
A
- stands for awareness, attitude and usage studies
- conducted to measure how aware consumers are of a product or service and what they think of it and if they use it
6
Q
Unaided awareness/Top of the mind awareness
A
- also called top-of-the-mind awareness
- when researchers ask respondents to list within a certain period of time all the brands, companies or product names they can think of
7
Q
Aided awareness
A
when researchers give respondents a complete list of product names, companies, or brands and ask them to identify which names they have heard of but forgot to list.
8
Q
Attitude awareness
A
- consumer’s attitude towards the brand being tested
- can help determine consumers’ opinion regarding the brand’s strengths and the brand’s perceived weaknesses
9
Q
Usage awareness
A
- how much a consumer uses the brand/product
- can help in the consumer profiles and can be categorized by heavy, medium, light, or non user
10
Q
Product positioning
A
- creating an image of the product in the consumer’s mind
- 5 different types of positioning → benefit, target, price, distribution, or service
11
Q
Co-Branding
A
when 2 or more brands combine and cooperate for their mutual benefit
12
Q
Competitive advantage
A
- advantages that competitors have over another company
- can be sustainable which means the business has a hold over customers in spite of their competitors
- based on USPs, lower production costs, serving niches, customer loyalty, etc
13
Q
Pricing strategies
A
plans made by a company that established the initial price and any changes to pricing after that ot help meet the marketing goals of a product
14
Q
Pricing theories
A
microeconomic principle that says the market force of supply and demand will determine the logical price point for a particular good or service at any given time
15
Q
Transportation methods
A
- 5 main transportation methods
- trucks, trains, planes, ships and pipelines
16
Q
Inventory turnover
A
number of times a company sells its inventory in one year
17
Q
Advertising
A
- promoting a product or service using factors that are appealing to the target market and consumers
- research to determine how to effectively convey s product message to potential customers
18
Q
Copywriters
A
- people responsible for the wording of the message to promote a product or service
- responsible for creating effective email campaigns, articles, and other data to reel in consumers
19
Q
Questions asked by marketing/product department when developing new product
A
- can we produce it
- can we sell it
20
Q
Value added service
A
activities that are performed to support the sale of a product
21
Q
purpose of marketing research
A
- the systematic collection, analysis, and interpretation of information used to develop a marketing strategy or solve a marketing problem
22
Q
Types of primary research
A
- done by a researcher using primary data
- 2 general types (qualitative and quantitative)
23
Q
qualitative research
A
- used to measure people’s reactions, responses, or feelings towards a given subject or problem
24
Q
Quantitative research
A
primarily focuses on collecting data by surveying a representative sample of a target-market population.
25
Types of survey questions
- closed-ended questions
- open ended questions
26
closed-ended questions
- select one answer from two or more options
27
open ended questions
- short answers
28
Cohorts
- groups of people with like interest or buying habits
- Companies can separate these people based on their characteristics, which allows them to target their advertising better, and create more sales.
29
Commodities
products that are not branded; usually a raw product that can be made into something else
30
Conjoint analysis
an analysis of the specific feature of a product that contribute to its perceived worth
31
Economies of scale
the more products a company makes, the lower the production costs for each individual product
32
Market segmentation
categorizing parts of the market defined by specific characteristics
33
Types/forms of businesses
- Sole Proprietorships
- partnerships
- corporations
- limited lability company (LLC)
34
Push strategy
- used to get stores to sell products
- using discounts to the retailers, provident displays, etc
35
pull strategy
- used to get people to buy the product by convincing them that they need the product and nothing else will do.
36
slogans
phrases used to market a product
37
Product utilities
- what is added to a product to make it valuable on the market
- 5 main types of utilities (information utility, place utility, time utility, possession utility, form utility)
38
Information Utility
provides consumers with instructions, directions, and user manuals
39
Place Utility
the easier the product is to find, the more place utility it has
40
time utility
when that product or service is available when the consumer wants it
41
Possession Utility
when the goods and products are easy to purchase
42
Form Utility
expands into material, scent, flavour, colour, design, and packaging
43
Product processing
- changing the raw materials in some way
- ex. adding sugar or preservations to food
44
Aggregate campaign
an advertising campaign that is aimed at everybody
45
Benchmark
analyzing competitor’s data and market position to find your place in the market, along with any strengths or weaknesses of either company
46
Brand awareness
potential consumer’s realization that a specific brand in on the market
47
break even point
- the number of a product that a company must sell to cover the costs of making and marketing that product
- break even point → Fixed Costs ÷ (Price - Variable Costs)
48
Cartels
are groups that control the supply and therefore the price of a product or service
49
Category killer
- large retail store that have an extensive variety of one specific type of merchandise
- ex. walmart in retail business
50
Consumer
someone that used a product or service
51
customer
- someone who hasn't used the product or service
52
Cost benefit analysis
a comparison of estimated costs and benefits an action is likely or intended to produce
53
Data mining
looking for unknown connections between behavior and purchasing habits of specific consumers
54
Ergonomics
- something that has been designed to be more comfortable and encourage productivity from its user
- ex. office chair, keyboards
55
FAD
- short lived movements towards a style or idea
- are a product or service or idea that is extremely popular for a very brief period of time
56
Focus groups
are a group of people who are brought together to discuss a product or problem
57
Hard data
information that is supported by facts
58
Listserv
an email list that distributes queries and information to all the people who belong or subscribe to it
59
Market skimming
setting an initially high price for a product or service before competitors enter the market
60
Monopoly
a business that is the only supplier of a good or service; a situation in which a single company controls the entire market
61
Oligopoly
when there are a small number of large companies, each with a bit of market control
62
niche
- small section of the market where there are only a few competitors
63
product life cycle (PLC)
- the changes in consumer demand over time
- 4 types (traditional, fad, seasonal, niche)
64
traditional PLC
- goes from introduction, growth, maturity, decline, decision point, onto obsolete
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Seasonal PLC
goes from unpopular to popular to unpopular because of the changes in the seasons
66
Return on investment
the percentage of profit a store owner realizes each year on the capital invested in the business
67
Inventory shrinkage
the lost of inventory due to breakage, damage, or theft
68
Trends
mass movements towards a style or idea
69
USP - Unique selling proposition
features or benefits of a product or service that cannot be duplicated by any other product or service
70
Volume discount
offering a lower price on a product is the customer buys more
71
value equation
total value = value created - cost
