Final Review Flashcards
(162 cards)
1
Q
philosophy, attitude, perspective, management orientation, stressing customer satisfaction
organization function: set of processes used to implement this philosophy
A
marketing
2
Q
what can be marketed?
A
goods and services
3
Q
simple and intuitively appealing philosophy that articulates a market orientation
A
marketing orientation
4
Q
marketing orientation should
A
- focus on customer wants and needs to distinguish products
- integrating organizational activities with production to satisfy customer wants
- achieving long term goals by satisfying customer wants and needs legally and responsibly
5
Q
extends marketing concept to acknowledge some products consumers may want may not be in their best interest
A
social marketing orientation
6
Q
value equasion
A
value=benefits-costs
7
Q
strategy focusing on keeping and improving relationships with current customer
A
relationship marketing
8
Q
company wide business strategy to optimize profitability, revenue and customer satisfaction b focusing on defined and precise consumer groups
A
customer relationship management
9
Q
market share equasion
A
total sales or revenue of country/total of industry
10
Q
profit equasion
A
total revenue - total costs = profit
11
Q
managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities
A
strategic plannin
12
Q
sbu’s
A
large companies may manage a number of very different businesses
13
Q
elements of a marketing plan (6)
A
business mission statement situation or swot analysis objectives marketing strategy (target market strategy) Marketing mix Implementation evaluation control
14
Q
defining a business in terms of goods and services vs. terms of benefits customers seek
A
marketing myopia
15
Q
statement of the firm’s business based on careful analysis of existing and anticipated environmental conditions
A
mission statement
16
Q
swot analysis
A
strengths, weaknesses, external opportunities, threats
17
Q
objectives should be.. (4)
A
realistic, measurable, compared to a benchmark
18
Q
refers to a unique blend of product, price, placement, promotion, pricing
A
marketing mix
19
Q
moral principles or values that generally govern the conduct of an individual and group
A
ethics
20
Q
csr
A
corporate social responsability - businesses concern for society’s welfare
21
Q
csr stakeholders (6)
A
employee’s, managment, customers, owners/stockholders, suppliers, local community
22
Q
the idea that socially responsible companies will out preform their peers by focusing on the world’s social probelms and viewing them as opportunities to build profits and help world
A
sustainability
23
Q
cooperative marketing efforts between a for profit firm and a non profit organization
A
cause related marketing
24
Q
scan of market and environment to identify external opportunities and threats
A
environmental scan
25
demographic factors
age, race, ethnicity, location
26
world population
7,339,318,160
27
us population
324,480,611
28
empowered to prevent persons or corporations from unfair methods of competition in commerce
ftc
29
used by researchers to better target advertising to web surfers and use of social engines/media
behavioral targeting
30
remarketing
re reaching out to users that have already visited the website
31
process a consumer uses to make purchase decisions as well as to use and dispose of purchased goods or services including factors influencing purchase decisions and product use
consumer behavior
32
why is consumer behavior importan
to make a proper marketing mix for well defined market
33
buying an unfamiliar expensive product or infrequently bought, requires several criteria for evaluating options and info
high involvement
34
customers spend little time on search and decision before purchase
low involvement
35
customer decision making processes (5)
1. need recognition
2. information search
3. evaluation of alternatives
4. purchase
5. post purchase behavior
36
marketers role in need recognition
understand needs of customers
37
marketers role in information search
look into how customers search and use to their advantage
38
marketers role in evaluation of alternatives
make sure their produc's the best
39
marketers role in post purchase behavior
reduce doubts
40
group of brands resulting from an information search from which a buyer can choose
consideration set
41
inner tensions consumer gets after recognising a inconsistency between behavior and values or opinons
cognitive dissonance
42
circumstances of purchase that may temporarily make a low involvement decision high such as when previeved risk
situational involvement
43
influential early adopters vocal members of society
opinon leaders
44
most important social influence for consumers is...
family
45
individual influences
life cycle stage and age
46
psychological influences 4
perception, selective exposure, selective distorition, selective retention
47
process by which people select, organize and interpret stimuli into a meaningful and coherent picture.
perception
48
the process whereby a consumer notices certain stimuli and ignores others
selective exposure
49
proces whereby a consumer changes or distorts info that conflicts with beliefs
selective distortion
50
a process where consumer remembers only the info that support his beliefs
selective retention
51
3 components of attitude
feel, think, intend to do
52
business to business sales have...
higher quantities, fewer customers, geographic concentration, focus on personal selling and relationships
53
process of dividing a market into meaningful, relatively similar and identifiable segments or groups
market segmentation
54
market segmentation benefits... 3
1. identify groups w similar needs and figure out characteristics and buying behavior
2. marketing mixes can be designed to match
3. consistent with marketing concept of satisfying customer while meeting organizations objectives
55
segmenting customers into neighborhood lifestyle categories
geodemographic segmentation
56
80/20 principle
20% of consumers generate 80% of demand
57
views market as one big market no segmentation and one marketing mix
undifferentiated targeting
58
selecting one segment of a market for targeting
concentrated or niche targeting
59
choosing two or more well defined market segments and develops a distinct marketing mix for each
multisegment targeting
60
4 benefits of crm as targeting tool
personalization
time saving
loyalty
technology
61
developing a specific marketing mix to influence consumers' overall perception of the brand, product line or organization in general
positionsing
62
place of product or such occupied in consumers mind versus the competition
position
63
displaying or graphing in two dimensions or more, location of products or such in customer's minds
perceptual mapping
64
positioning bases for perceptual mapping
attribute, price and quality, use or appplication, product user, product class, competitor, emotion.
65
changing consumers' perceptions of a brand in relation to competing brand
repositioning
66
process of planning, collecting, and analyzing data relevant to a marketing decision
marketing research
67
purpose of marketing research -
gives decision makers data on effectiveness of current marketing mix and insight for change
68
content analysis; themes, nuggest
qualitative research
69
data/states
quantitative researach
70
watching what people do, to understand behaviors
observation
71
marketing research to get facts, opinions, attitude
interviews
72
gauge reactions to products and actual household usage of products
focus groups
73
usually quantitative, descriptive most popular research
survey
74
observing manipulation of one variables impact on another variable
experiments
75
research watching what people do in actual context
ethnography
76
7 steps of marketing research process
1. identify problem or opportunity
2. plan research design and get secondary data
3. specify sampling procedure
4. collect primary data
5. analyze data
6. prepare and present report.
7. follow up
77
3 sampling decision
population, size, selection method
78
probability sample
everyone has same statistical likelihood of selection
79
nonprobability sample
little or no attempt to get representation of population
80
heart and start of marketing mix
product
81
whats the importance of a well balanced portfolio...
dont want to over extend, cannibalization
82
group of closely related products a company makes
product line
83
name, term, symbol, design, or combination that identifies a seller's product and differentiates them form compeitiors
brand/branding
84
product identification is a benefit of
branding
85
repeat sales can be benefited by
branding
86
new product sales can be benefited by
branding
87
higher return on investment can be a benefit of
branding
88
preceived quality people will pay more because of a ...
brand
89
2 or more brand names on a product or its package
cobranding
90
exclusive right to use a brand or part of a brand
trademark
91
communicaton by marketers that informs, persuades, and reminds potential buyers of a product in order to influence and opinion or elicit a response
promotion
92
promotional mix (5)
advertising, pr, sales promotion, personal selling, social media
93
deisrieable, unique, exclusive believable advertising appeal selected as theme for campaign
usp
94
usp
unique selling proposition
95
marketing communication targets: 4
customers, viewers/listeners, news media, clients
96
direct, face to face communication between two or more people
interpersonal communication
97
communication of a concept or message to large audience
mass communication
98
goals of promotion 4
inform persuade remind connect
99
promotional tactic based on traditional advertising model where brand pays for media space
paid media
100
paid media exmples
tv, magazine, outdoor, radio, newspaper
101
based on public relations or publicity model that gets customers talking about products or services
earned media
102
examples of earned media
media coverage, word of mouth, people talking about or sharing your content
103
promotional tactic based on brand becoming publishers of own content to maximize brand value to customers
websites, social media presence, blogs
104
aida stands for..
attention, interest, desire, action
105
model that outlines the process for achieving promotional goals in terms of stages of consumer involvement with the message
aida
106
```
focus on getting conusmer attention
creating an interest
how it will achieve consumer needs
arouses desire
offers strong sales pitch
obtain purchase action
```
aida concept
107
difference between high and low involvement with aida concept
high - go through all steps usually.
108
coordination of all promotional messages for a product or a service ot assure the consistency of messages at every contact point where company meets consumer
imc
109
impersonal, one way communication about a product or organization that is paid for by the marketer
advertising
110
role of advertising
inform about products and services influencing their attitudes, beliefs and ultimately purchases
111
ad agency jobs 5
account managment, account planning ,creative, media, interactive marketing
112
roadmap for agency creative team to create messages on strategy and target
role of creative brief
113
sections of creative brief
why are we? who are we talking to? what do they thing? what do we want them to thing? what is the most persuasive idea we can convey? why should they believe? creative guidelines?
114
who writes or uses a creative brief
written by account managers and planners with guidance of client
used by creative team
115
are benefits or attributes more important
benefits
116
a reason for a person to buy a product
ad appeals
117
way a company portray's it's message
execution
118
media decision in advertising
monitored (newspapers) versus unmonitored media (coupons)
119
series of decision advertisers make regarding selection and use of media, allowing marketer to optimally and cost effectively communicate message to target audience
media planning
120
when do you create a media plan
before anything else
121
ultimate goal of media planning
most cost-effective and optimal way to communicate the message to the target audience
122
media you use to reach an audience
media vehicle
123
characteristics of a media vehicle (4)
audience selectivity, flexibility, noise level, lifespan
124
media selection criteria: 5
```
budget and objectives
audience profile
media plan
buy and place media
evaluate and optimize plan
```
125
combination of media use for promotional campaign
media mix
126
cost of reaching one member of a target market
cost per contact
127
cost per thousand calculation
advertising cost/(impressions generated/1000)
128
number of target consumers exposed to a commercial over a certain period of time
reach
129
number of times an individual is exposed to a given message during a specific period
frequency
130
reaching a consumer as close to the purchase
recency planning
131
role of mobile ads
most important in reaching customer as close to point of purchase as possible
132
element in promotional mix evaluating public attitudes, identifies issues that may elicit public concern, executes program to gain public understanding and acceptace
public relations
133
public relations role in promo mix
fit in overall marketing plan and focus on target audience and maintain positive image
134
effort to capture media attention, often initiated through press releases furthering corporations public relations plan
publicity
135
4 major pr tools
publicity, product placement, media kids, experiential marketing
136
pr department duties
press relation, product publicity, corporate communication, public affairs, lobbying, employee and investor relations, crisis managment
137
marketing communication strategies other tan advertising and pr, short term incentives motivates consumers to purchase immediately by lowering price or adding value
sales promotion
138
role of sales promotions
get people to go out and buy
139
3 targets of sales promotions
distributors, employers, consumers
140
push strategy goes from
manufacturer - wholesaler - retailer- consumer- buy
141
pull strategy...
manufacturer-consumer-retailer-wholesaler-manufacturer
142
types of sales promotions
```
coupons and rebates
premiums
loyalty marketing program
contests
sweepstakes
sampling
point of purchase promotion
```
143
purchase situation involving a personal, paid for communication between two people
personal selling
144
giving a detailed explaination and product demonstration is an advantage of...
personal selling
145
customized to motivate and interest buyer is a benefit of
personal selling
146
sales involving building maintaining and advancing interactions with consumers to develop long term, mutually beneficial partnerships
relationship selling
147
philosophy under which company customizes products and services offerings based on what consumer wants based on interactions with customer and company
customer centric
148
process where learned information from customers in centralized and shared to improve relationships between customer and company
knowledge managment
149
importance of sales
fuel of corporations
150
setting goals and quotas is important because...
just like any other aspect of marketing, goals are needed
151
quota is based on...
sales volume, sometimes key accounts, new accounts, repeat sales and specific products
152
geographic regions, product line, marketing function preformed, market, industry, individual client and account are...
configurations for organizing sales force
153
how is sales force compensated
profitability achieved and customer satisfaction
154
how is sales force motivated
recognition and rewards
155
how has technology impacted sales and managment
helps!
156
how is social media than mass media?
more one to one way to meed with consumers
157
implications of social media: 5
1. often dont control social media content
2. ability to share quick so amplifies word of mouth
3. allows marketers to listen
4. more advanced measures how marketers meet and interact with customers.
5. allows more direct and meaningful relationships avaliable
158
purpose of social media training -
building fluency and understand disclosure and who to contact through awareness, empowerment and excellence
159
steps in creating a social media campaign
listen, develop list of objectives
160
how to leverage all 3 media types
maximize owned media
recognize public media relationships no longer = earned media, must listen to and respond
understand paid media serves as catalyst to get consumers and reach all channels
161
how is social media evaluated and measured?
all dependent on context- rate of accumulation, investment per fan, follower compared to company similar
162
most effective metrics of measuring social media (7)
```
buzz
interest
participation
search engine ranks and results
influence
sentiment analysis
web site metrics
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