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Marketing > Final (1 of 2) > Flashcards

Final (1 of 2) Flashcards

1
Q

80/20 Principle

A

80% of sales come from 20% of the clients

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2
Q

Adopter Categories

A

Willingness to try a new product: innovators, early adopters, early majority, late majority and laggards.

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3
Q

Advertising

A

Communication about an organization and its products transmitted to a target market audience via mass media

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4
Q

Advocacy Advertising

A

Advertising that promotes a company’s position on a public issue.

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5
Q

Attitude

A

An individual’s enduring evaluation of feelings about and behavioral tendencies toward an object or idea.

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6
Q

Baby Boomers

A

People born in the years following WWII.

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7
Q

BCG: Cash Cows

A

High market share; Low market growth

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8
Q

BCG: Dog

A

Low market share; Low market growth

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9
Q

BCG: Question Mark

A

Low market share; High market growth

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10
Q

BCG: Stars

A

High market share; High market growth

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11
Q

Brainstorming

A

Group discussion to produce ideas

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12
Q

Brand

A

Name, term, design, symbol, or other feature that identifies one seller’s product

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13
Q

Brand Equity

A

Marketing and financial value associated with a brand’s strength in a market.

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14
Q

Brand Extension

A

Using on existing brand to brand a new product.

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15
Q

Brand Loyalty

A

Customers favor to one specific brand

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16
Q

Brand Mark

A

Brand not made of words; symbols or designs instead

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17
Q

Brand Name

A

Part of brand that can be spoken; letters, numbers, or words

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18
Q

Business Analysis

A

Evaluating the potential impact of a product idea on the firm’s sales, costs, and profits.

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19
Q

Business Product

A

Products bought to use in a firm’s operations, to resell, or to make other products.

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20
Q

Cannibalization

A

A new product “eats” up the sales and demand of an existing product.

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21
Q

Captive Brand

A

Store brands that differentiate themselves based on brand versus solely price positioning

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22
Q

Cause-related Marketing

A

The practice of linking products to a particular social cause

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23
Q

Channel

A

Activities necessary to transfer the ownership of goods from the point of production to the point of consumption.

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24
Q

Channel Conflict

A

When a producer bypasses the normal channel of distribution and sells directly to the consumer

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25
Q

Channel Power

A

The ability of one channel member to influence another members goal achievement.

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26
Q

Co-branding

A

Using two or more brands on one product.

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27
Q

Cognitive Dissonance

A

A buyers doubt shortly after a purchase

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28
Q

Commercialization

A

Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product.

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29
Q

Competitive Advantage

A

The result if a company matching a core competence to opportunities it has discovered.

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30
Q

Concentrated Targeting

A

An Org targets a single market segment using one marketing mix.

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31
Q

Concept Tests

A

Seeking a sample of potential buyers’ responses to a product idea.

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32
Q

Consideration Set

A

A group of brands within a product category that a buyer views as alternatives for possible purchase

33
Q

Consumer Behavior

A

Decision process and purchasing activities of people who purchase for personal or household use.

34
Q

Consumer Product

A

Products purchased to satisfy personal and family needs

35
Q

Cost per contact

A

online advertising pricing model where the advertiser pays for each specified action

36
Q

Credence quality

A

Attributes that customers may be unable to evaluate even after purchasing

37
Q

Culture

A

Values, knowledge, beliefs, customs, objects, and concepts that a society uses

38
Q

Customer Satisfaction

A

A measure of how products and services meet or surpass customer expectation.

39
Q

Customer value

A

Satisfaction a consumer feels after making a purchase for goods or services relative to what she must give up to receive them.

40
Q

Database marketing

A

Direct marketing using databases of customers or to generate personalized communications.

41
Q

Decision Support Systems

A

a set of related computer programs and the data required to assist with analysis and decision-making within an organization.

42
Q

Decoding

A

converting signs or symbols into concepts and ideas

43
Q

Demographic Segmentation

A

Segmentation according to age, race, religion, gender, family size, ethnicity, income, and education.

44
Q

Direct Channels

A

The chain of businesses or a good or service passes until it reaches the end consumer.

45
Q

Discrepancy of Assortment

A

the lack of all the items a customer needs to receive full satisfaction from a product or products; A car

46
Q

Discrepancy of Quality

A

the difference between the amount of product produced and the amount an end user wants to buy

47
Q

Encoding

A

Transforming an abstract idea into a communicable message.

48
Q

Environmental Scanning

A

Systematically surveys and interprets relevant data to identify external opportunities and threats.

49
Q

Exchange

A

The provision or transfer of goods, services, or ideas in return for something of value.

50
Q

Exclusive Distribution

A

Using a single outlet in a fairly large geographic area to distribute a product.

51
Q

Experience Curves

A

Takes into account both fixed and variable costs

52
Q

Experience Quality

A

A measure of the overall level of customer satisfaction with a vendor.

53
Q

Family Brand

A

Branding all of a firm’s products with the same name or part of the name

54
Q

Family Life Cycle

A

What type of family the target market consumer is in.

55
Q

Focus Groups

A

Interview that is often conducted informally, questionnaire, small groups, observe reactions to ideas.

56
Q

Frequency

A

Number of times an individual has heard a message.

57
Q

Generation X

A

Born in early 1960s to the early 1980s. Post Baby Boom.

58
Q

Generation Y

A

Millennials. Born 1980s to 2000s.

59
Q

Geographic Segmentation

A

when your broad target audience has different preferences based on where they are located.

60
Q

Global Brand

A

Brand name of a product that has worldwide recognition.

61
Q

Heterogeneity

A

Variation in quality

62
Q

Household Life Cycles

A

Type of family the target market consumer is in.

63
Q

IMC

A

Integrated Marketing Communication. Brand messaging across both traditional and non-traditional marketing channels

64
Q

Individual Branding

A

A branding strategy in which each product is given a different name.

65
Q

Inept vs. Inert Set

A

INEPT: brands that a buyer is aware of when considering a purchase; thinks poorly of
INERT: brands that a buyer is aware of but thinks neither poorly or positively of.

66
Q

Inflation

A

Increase in prices and fall in purchasing power

67
Q

Innovation

A

Implementation of a new marketing method involving significant changes in product design or packaging,

68
Q

Innovation Diffusion

A

Every market has groups of customers who differ in their readiness and willingness to adopt a new product.

69
Q

Inseparability

A

The quality of being produced and consumed at the same time.

70
Q

Intensive Distribution

A

Using all available outlets to distribute a product.

71
Q

Internpersonal Communication

A

Process by which people exchange information, feelings, and meaning through verbal and non-verbal messages:

72
Q

Involvement

A

intensity of interest that a buyer shows for a certain product.

73
Q

Learning

A

Changes in an individual’s thought processes and behavior caused by info and experience.

74
Q

Lifestyle

A

An Individual’s pattern of living expressed through activities, interests, and opinions.

75
Q

Logistics

A

Planing, implementing, and controlling the efficient and effective flow and storage of products.

76
Q

Manufacturer’s Brand

A

A brand initiated by producers to ensure that producers are identified with their products at the point of purchase.

77
Q

Market Penetration

A

Occurs when a company penetrates a market in which current or similar products already exist.

78
Q

Market Segmentation

A

The process of dividing a total market into groups with relatively similar product needs to design a marketing mix that matches those needs.

79
Q

Market Share

A

The % of a market that actually buys a specific product from a particular company.

Marketing (2 decks)

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