MIDTERM Stats Flashcards
1
Q
African american consumers
A
42 million, 12 of population
2
Q
Asian americans
A
5%
3
Q
Hispanic americans
A
12%?
4
Q
Native americans
A
3%
5
Q
Population of Washington
A
7 million
6
Q
Population of US
A
3.14 million
7
Q
Population of West Coast
A
50 million
8
Q
Housing
A
34% of expenditure
9
Q
Transportation
A
17% of expenditure
10
Q
5% of expenditure
A
Entertainment
11
Q
3.5% of expenditure
A
Clothing
12
Q
64% of population
A
Caucasian
13
Q
Theory for patterns on society
A
Gesalt Theory
14
Q
OCEAN
A
Openness, Conscientiousness, Extroversion, Agreeableness, Neuroticism
15
Q
Robinson Patman Act 1936
A
Prohibits Price Discrimination in sales to wholesalers, retailers, or other producers. Prohibits selling at unreasonably low prices to eliminate competition.
16
Q
Digital Millennium Copyright Act 1998
A
Protects intellectual property rights by prohibiting copying or downloading of digital files.
17
Q
Wheeler-Lea Act 1938
A
Amends the FTC ACT to outlaw additional unfair practices; gives the FTC jurisdiction over false and misleading advertising.
18
Q
Federal Trade Commission (FTC) Act 1914
A
Prohibits unfair methods of competition and establishes the Federal Trade Commission.
19
Q
Clayton Act 1914
A
Strengthens the Sherman Act by restricting practices such as price discrimination, exclusive dealing, tying contacts, and interlocking boards of directors where the effect “may be to substantially lessen the competition or tend to create a monopoly”
20
Q
Sherman Antitrust Act 1890
A
Prohibits restraint of trade and monopolization; identifies a competitive marketing system as a national policy goal.
21
Q
Autocratic Decision
A
When the leader maintains total control and ownership of the decision. Completely responsible for the good or bad outcome as a result of the decision.
22
Q
Baby Boomers
A
Those born between 1946 and 1964
23
Q
BCG Matrix
A
Market share/ Market Growth Matrix. Developed by the Boston Consulting Group to give marketers some time of portfolio performance framework. The four-quadrant chart plots market share against market growth potential.
24
Q
Benefits Sought Segmentation
A
The specific advantages looked for in products when buyers purchase them.
25
Brand Equity
Added value that a respected, well-known brand name gives to a product in the marketplace.
26
Brand Extension
Strategy of attaching a popular brand name to a new product in an unrelated product category.
27
Brand Insistence
consumer refusal of alternatives and extensive search for desired merchandise
28
Brand Loyalty Segmentation
where the consumer shows more interest on that particular brand in a market with brand preference, brand recognition, and brand insistence
29
Brand Preference
consumer choice of a product on the basis of a previous experience
30
Brand Recognition
The extent to which the general public (or an organization's target market) is able to identify a brand by its attributes.
31
Brand Asset Valuator (BAV Model)
Measures brand value by measuring growth potential (“Brand Vitality”) and the current power of the brand (“Brand Stature”).
32
Business Products
Products that assist directly or indirectly in providing products for resale. Also called B2B products, or industrial products.
33
Cannibalization
A reduction in sales volume, sales revenue, or market share of one product as a result of the introduction of a new product by the same producer.
34
Cash Cow
A business venture that generates a steady return of profits that far exceed the outlay of cash required to acquire or start it.
35
Cause Marketing
Identification and marketing of a social issue, cause, or idea to selected target markets.
36
Cognitive Components of Attitudes
Our thoughts, beliefs, and ideas about something. When a human being is the object of an attitude, the cognitive component is frequently a stereotype
37
Cohort Effect
Tendency of members of a generation to be influenced and bound together by events occurring during their formative years - roughly ages 17 to 22.
38
Competitor Positioning
Position a firm occupies in a market, or is trying to occupy, relative to its competition.
39
Constraints
Factors that hinder the organization's ability to achieve marketing success.
40
Consumer Decision Process
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A six step process in making purchasing decisions:
Problem-Opportunity Recognition
Search
Evaluation of Alternatives
Purchase Decision
Purchase Act
Postpurchase Evaluation
```
41
Consumer Innovators
People who purchase new products almost as soon as the products reach the market.
42
Consumer Products
Products bought by ultimate consumers for personal use.
43
Convenience Sampling
Non probability sample selected from among readily available respondents.
44
Core Region
The region from which most major brands get 40 to 80 percent of their sales
45
Cultural Differences
Differences between various cultures such as communication preferences and valuing time. These differences greatly affect marketing strategies.
46
Cultural Values
The commonly held standards of what acceptable or unacceptable in a community or society.
47
Data Mining
The process of searching through customer databases to detect patterns that guide marketing decision marketing.
48
Demographic Segmentation
Division of an overall market into homogeneous groups based on variables such as gender, age, income, occupation, education, sexual orientation, household size, and stage in the family lifecycle.
49
Differentiated Marketing Strategy
A strategy that focuses on producing several products and pricing, promoting, and distributing them with different marketing mixes designed to satisfy smaller segments.
50
Distribution
Movement of goods and services from producers to customers.
51
Distribution Strategies
Strategic decisions marketers make that involve modes of transportation, warehousing, inventory control, order processing, and selection of marketing channels to ensure that consumers find their product in the proper quantities at the right times and places.
52
Dog
a dog is a company with low market shares in industries with low growth rates. They promise poor future prospects
53
Duopoly
Situation in which 2 companies own all, or nearly all, of the market for a given product or service. Most basic form of oligopoly (a market dominated by a small number of companies).
54
Economic Analysis
Systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective under the given assumptions and constraints.
55
Economic Depression
State of economy resulting from an extended period of negative economic activity as measured by GDP. A more severe form of a recession that leads to extended unemployment, etc. 1930
56
Economic Environment
Factors that influence consumer buying power and marketing stratifies, including stages of the business cycle, inflation and deflation, unemployment, income, and resource availability.
57
Engel's Laws
Three general statements about the impact of household income on consumer spending behavior. As household income increases, a smaller % of expenditures goes for food. The % on housing, household operations, and clothing remains constant; and the % spent on other items (recreation and education) increases.
58
Environmental Scanning
Process of collecting information about the external marketing environment to identify and interpret potential trends.
59
Event Marketing
Marketing of sporting, cultural, and charitable activities to selected target markets.
60
Exchange
(EXCHANGE PROCESS) activity in which two or more parties give something of value to each other to satisfy perceived needs.
61
Person Marketing
Marketing efforts designed to cultivate the attention, interest, and preferences of a target market toward a person (perhaps a political candidate or celebrity).
62
Personal Factors
???
63
Place Marketing
Marketing efforts designed to attract visitors to a particular area; improve consumer images of a city, state, or nation; and/or attract new business.
64
Place Utility
The availability of goods at convenient locations to help with their want-satisfying power.
65
Political-Legal Analysis
A component of marketing consisting of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights.
66
Population
10 largest metro areas in US (larger to smaller): New York, Los Angeles, Chicago, Dallas-Ft. Worth, Philadelphia, Houston, Washington D.C., Miami-Ft. Lauderdale, Atlanta, Boston-Cambridge
67
Porter's 5 Forces
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Five competitive forces that influence planning strategies:
Potential new entrants
bargaining power of buyers
bargaining power of suppliers
threat of substitute projects
rivalry among competitors
```
68
Positioning Strategy
placing a product at a certain point or location within a market in the minds of prospective buyers
69
Primary Data
Information collected for a specific investigation
70
Private Brand
Brand offered by a wholesaler or retailer
71
Probability Sample
Sample that gives every member of the population a chance of being selected
72
Product Class Positioning
(aka Product Positioning or Positioning) Placing a product at a certain point or location within a market in the minds of prospective buyers.
73
Product Diversification Strategy
Developing entirely new products for new markets.
74
Product
Bundle of physical, service, and symbolic attributes designed to satisfy a customer's needs and wants.
75
Product Strategy
Decisions about what goods or services a firm will offer its customers; also includes decisions about customer service, packaging, brand names, and the like.
76
Production Era
Manufacturers stressed production of quality products and then looked for people to purchase them. The prevailing attitude of this era held that a high-quality product would sell itself.
77
Quantitative Forecasting
Use of statistical forecasting techniques such as trend analysis and exponential smoothing.
78
Question Mark
achieve low market shares in high-growth markets. Marketers must decide whether to continue supporting these products or businesses because question marks typically require considerably more cash than they can generate.
79
Reference Groups
People or institutions whose opinions are valued and to whom a person looks for guidance in his or her own behavior, values, and conduct, such as a spouse, family, friends, or celebrities.
80
Reinforcement
Advertising intended to reassure customers (those who have already made a purchase) that they have made the right choice.
81
Relationship Marketing
Development and Maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefit.
82
Research Design
Master plan for conducting marketing research
83
Sales Analysis
In depth evaluation of a firm's sales; usually compares actual and expected sales based on detailed sales forecasts; shows company’s efficiency and possible problems
84
Second Mover Strategy
Theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the marketplace.
85
Secondary Data
Previously published information.
86
Shaping
The process of applying a series of rewards and reinforcements to permit more complex behavior to evolve.
87
Social Responsibility
marketing philosophies, policies, procedures, and actions that have enhancement of society’s welfare as a primary objective
88
Socially Responsible Investing
Also know “Sustainable” products that can be produced, used, and disposed of with minimal impact on the environment
89
Stagflation
Inflation rate is high,the economic growth rate slows down, and unemployment remains steadily high
90
Star
Generate considerable income. This is part of the BCG Matrix, high on “relative market share” and high on “industry growth rate.”
91
Strategic Alliance
Partnerships in which two or more companies combine resources and capital to create competitive advantages in a new market.
92
Strategic Business Units (SBU’s)
Key business units within diversified firms → help marketing managers assess their products, the regions in which they operate, and other marketing mix variables. It develops its own business plan independently of other units in organization. SBUs focus the attention of company managers so that they can respond effectively to changing consumer demand within limited markets.
93
Strategic Planning
: Process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives, (allocation of necessary resources, etc.). Has critical impact on firm’s future because it provides long-term direction for its decision makers.
94
Strategic Window
Limited periods when key requirements of a market and a firm’s particular
competencies best fit together.
95
Stratified Sample
Probability sample constructed to represent randomly selected subsamples of different
96
SWOT Analysis
an important strategic tool that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.
97
Syncratic Decision
a purchase decision in which both husband and wife have equal influence.
98
Target Market
The group of people toward whom the firm aims its marketing efforts and ultimately its merchandise.
99
Test Marketing
Marketing research technique that involves introducing a new product in a specific area and then measuring its degree of success.
100
Exclusive Brand
a situation in which only certain retailers are authorized to sell a specific product.
101
Exploratory Research
Process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary sources
102
External Data
Data that originate outside the organization for which research is being done.
103
Financing
The act of providing funds for business activities, making purchases or investing
104
First Mover Strategy
Theory advocating that the company first to offer a product in a marketplace will be the long-term market winner.
105
Flanker Brands
Firms choosing to introduce new products into markets in which they have already established positions to try to increase overall market share.
106
Focus Groups
Simultaneous personal interview of a small group of individuals that relies on group discussion about a certain topic
107
Form Utility
Created when the company converts raw materials and component inputs into finished goods and services.
108
Full-Service Research Supplier
Marketing research organization that offers all aspects of the marketing research process
109
Generation Next
late 1970's to early 1990's. Referred to by marketers as Generation Y, The Millennial Generation, Echo Boomers, and the 9-11 Generation, the current and possibly most cohesive cohort to date.
110
Generation X
born between 1968 and 1979, now generally in their early 30s to early 40s
111
Generic Products
Products characterized by plain labels, no advertising, and the absence of brand names.
112
Green Marketing
Production, promotion, and reclamation of environmentally sensitive products.
113
High-Involvement Products
Purchases with high levels of potential social or economic consequences.
114
Indirect Competition
Competition among suppliers of different types of products that satisfy the same needs
115
Individual Brand
Single brand that uniquely identifies a product.
116
Inflation
Rising prices caused by some combination of excess consumer demand and increases in the costs of one or more factors of production.
117
Interpersonal Influence
The direct social pressure exerted on a person or group by another person or group in the form of demands, threats, or promises of rewards or social approval
118
Learning Theory
Learning refers to immediate or expected changes in consumer behavior as a result of experience. drive stimuli which impels actions, cue is a response.
119
Limited-Service Research Supplier
Marketing research firm that specializes in a limited number of research activities such as conducting field interviews or performing data processing.
120
Line Extension
Development of individual offerings that appeal to different market segments while remaining closely related to the existing product line.
121
Low-Involvement Products
Items that entail minimal effort prior to purchase. They are often habitual purchases and minutely affect the lives of the consumer.
122
Market Development
Strategy that concentrates on finding new markets for existing products
123
Market Orientation
The extent to which a company adopts the marketing concept.
124
Market Penetration
The increase of sales of existing products in existing markets
125
Market Segment Profile
It is the characteristics of customers that are in the same group, such as age, sex, education level, marital status, lifestyle, buying pattern, etc
126
Market Segmentation
Dividing a broad target market into subsets of consumers who have common needs and priorities.
127
Marketing Concept
To identify how they are going to address the wants and needs of its customers
128
Marketing Myopia
Management’s failure to recognize the scope and future of its business
129
Marketing Research Methods
Most commonly used methods by which marketing researchers find both secondary and primary data.
130
Maslow's Hierarchy of Needs
A theory that characterized needs and arranged them into a hierarchy. Maslow identified five levels of needs, physiological, safety, belongingness, esteem, self-actualization.
131
Metropolitan Statistical Area
Freestanding urban area with a population in the urban center if at least 50,000 and a total MSA population of 100,000 or more
132
Mission Statements
The mission statement specifies the organization’s overall goals and operational scope and provides general guidelines for future management actions
133
Monopoly
Position as the sole supplier of a good or service in the marketplace
134
New-Product Development
a new product is likely to become successful if the firm follows the six-step development process: (1) idea generation, (2) screening, (3) business analysis, (4) development, (5) test marketing, and (6) commercialization
135
Observation
In observational studies, researchers view the overt actions of subjects being studied. Marketers trying to understand how consumers behave in certain situations find observation a useful technique
136
Oligopoly
A limited number of sellers in an industry in which high start-up costs form barriers to keep out new competitors deters newcomers from breaking into markets while ensuring that corporations remain innovative.
137
Opinion Leaders
Trendsetters who purchase new products before others in a group and then influence others in their purchases
138
Organization Marketing
Marketing by mutual-benefit organizations, service organizations, and government organizations intended to persuade others to accept their goals, receive their services, or contribute to them in someway.
139
Packaging
Processes employed to contain and/or transport an article. Role of packaging is broadening and may include functions such as to attract attention, assist in promotion, provide machine identification, impart essential or additional information, and help in utilization.
140
Patents
limited legal monopoly granted to an individual or firm to make, use, and sell its invention, and to exclude others from doing so. Patentable if it is novel, useful, and non-obvious
141
Time Utility
Utility of a good or service created by its availability at a particular time.
142
Time-Based Competition
Strategy of developing and distributing goods and services more quickly than competitors
143
Undifferentiated Marketing Strategy
AKA mass marketing. Strategy that focuses on producing a single product and marketing it to all customers.
144
Usage Rate Segmentation
A method of market segmentation that divides the population of prospective customers based on the frequency with which they are likely to use a given product or service: Heavy users, Light users, non users.
145
VALS System
Values and Lifestyle. Segmentation system that divides consumers to eight psychographic categories: innovators, thinkers, achievers, experiencers, believers, strivers, makers, and survivors.
