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MKT 100 Flashcards

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1
Q

Target market

A

The segment(s) or group(s) of people and organizations you decide to sell to

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2
Q

Targeted marketing

A

you may differentiate some aspect of marketing (offering, promotion, price) for different groups of customers selected

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3
Q

Mass marketing

A

involves selling the same product, at the same price and using the same promotion and place channels to everybody.

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4
Q

One-to-one marketing

A

steps companies take to target their best customers, form close, personal relationships with them, and give them what they want

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5
Q

The segmentation targeting positioning process

A

the various steps that a marketer will go through to identify, target and develop their positioning for each market segment they will go after.

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6
Q

Segmentation identification

A

The segment identification process looks at various categories of characteristics that help to describe the customers within a particular market segment that have the same needs

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7
Q

By Behaviour

A

How consumers behave with or act towards a product

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8
Q

By demographics

A

identifying a segment of buyers by personal characteristics such as age, income, ethnicity and nationality, education, occupation, religion, social class, and family size is quite common

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9
Q

Geographic identification

A

divides the market into areas based on location, and explains why the checkout clerks at stores sometimes ask for your postal code

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10
Q

Proximity marketing

A

Proximity marketing is an interesting new technology firms are using to segment and target buyers geographically within a few hundred feet of their businesses using wireless technology

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11
Q

Multi- segment marketing

A

The company has different types of facilities designed to meet the needs of different market segments.
A multi-segment marketing strategy can allow firms to respond to demographic changes and other trends in markets.

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12
Q

Concentrated Marketing

A

involves targeting a very select group of customers

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13
Q

Niche Marketing

A

involves targeting an even more select group of consumers.
Microtargeting, or narrowcasting, is a new effort to isolate markets and target them

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14
Q

point of differentiation (POD)

A

is the unique aspect of your offering that cannot be found in any other competitive offerings

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15
Q

perceptual map

A

two-dimensional graph that visually shows where your product stands, or should stand, relative to your competitors, based on criteria important to buyers.

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16
Q

tagline

A

catchphrase designed to sum up the essence of a product

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17
Q

Offerings

A

Products and services designed to deliver value to consumers either to fulfill their needs, satisfy their wants, or bot

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18
Q

Total cost ownership (TCO

A

the total amount someone pays to own, use, and eventually dispose a product

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19
Q

“Pure” services

A

offerings that don’t have any tangible characteristics associated with them

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20
Q

Service-Dominant approach

A

it integrates the product, price, and service dimensions of an offering. This integration helps marketers think more like their customers, which can help them add value to their firm’s products.

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21
Q

augmented product

A

Core product being augmented by various accessories or services

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22
Q

Convenience offerings

A

products and services consumers generally don’t want to put much effort into shopping for because they see little difference between competing brands.

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23
Q

Shopping offerings

A

the consumer will make an effort to compare and select a brand. Consumers believe there are differences between offerings and want to find the right one or the best price.

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24
Q

Specialty offerings

A

highly differentiated offerings, and the brands under which they are marketed are very different across companies, too.

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25
Unsought offerings
those that buyers do not generally want to have to shop for until they need them Ex. towing services, funeral
26
Capital equipment offerings
any equipment purchased and used for more than one year and depreciated over its useful life.
27
Raw materials offerings
materials firms offer other firms so they can make a product or provide a service. Raw materials offerings are processed only to the point required to economically distribute them
28
Cannibalization
occurs when a firm’s new offering eats into the sales of one of its older offerings.
29
Primary packaging
holds a single retail unit of a product Ex. bottle of coke,bag if m&ms
30
Secondary packaging
A single wholesale unit of a product EX. a case of M&M bags
31
Tertiary packaging
packaging designed specifically for shipping and efficiently handling large quantities Ex.When a Coca-Cola bottler ships cases of Coke to a grocery store, they are stacked on pallets (wooden platforms) and then wrapped in plastic
32
Line stretching
strategy where a company may choose to expand its current product offering beyond the current product range
33
Line filling
strategy of adding more products to an existing product line in order to fill any potential product gaps into which a competitor may decide to introduce a product
34
Line modernations
Strategy where you look to improve existing products in the market by adding new features or improving quality issues to prolong the life of the product
35
Line featuring
strategy where a product is featured through a particular retailer often at a discounted price
36
LIne pruning
Strategy of retiring or eliminating underperforming products
37
new offering development process
Idea generation - the basic idea is created and described Idea screening - the costs, profits,and potential sales of the offering are calculated at different price levels. The company also considers how well the offering fit in with its competitive strategy Feature specification -detailed specifications for the product are developed. Its features and pricing are established Development - The actual offering is designed Testing - The offering is tested, first in the lab and then with real customers Launch (commercialization) - The offering is made available to customer
38
The product life cycle
The introduction stage - Marketing costs are typically higher because new products need more funds when being introduced into the market Growth stage -If accepted by the marketplace characterized by increasing sales, more competitors, and higher profits Maturity stage -Sales of a product begin to level off Decline stage -When sales decrease and drop to lower levels
39
Product adoption curve
understand the different types of consumers and how they adopt new products as they are introduced to the marketplace.
40
Innovators
the first to buy the new products when they hit the market. They are characterized as risk takers
41
Early adopter
take fewer risks and therefore tend to wait for favorable feedback from innovators before they purchase.
42
Early majority adopter
tend to avoid most risks. They like to wait for the problems in the new product (identified by the previous groups) to be worked out before they purchase
43
Late majority adopter
even more risk averse than the previous adopter groups. They tend to be very cautious and skeptical
44
Laggard adopter
like to avoid change all together and rely on previous technologies often until they are no longer available before they begin to adopt
45
Characteristics of a service
Intangibility - Buyers will look for evidence of quality by considering various elements of your service offering. These include the place in which your services are offered, the people who provide the services, the equipment used to deliver the services, the quality of the communications materials as well as the use of symbols, and, of course, the price point Inseparability - service must be produced and consumed at the same time Variability- service can be performed by multiple employees who work for the service provider, leading to differences in the service quality Perishability -Services cannot be stored in inventory, they become perishable.
46
Knowledge gap
occurs when there is a disconnect between what a customer wants or expects in service quality and what the management team of the service provider thinks the customer wants or expects from the service delivery
47
Standard gap
occurs when there is a difference between what the management team wants and the actual service delivery specification that management develops for employees to follow in delivering the service.
48
Delivery gap
occur when employees are not given the proper tools to deliver the service and the appropriate feedback when the service delivered does not meet the standard
49
Communication gap
happens when there is a difference in what the customer is told they can expect and what service is actually delivered.
50
Expectation gap
can appear when there is a difference in what the customer expects from the service (prior to consumption or purchase) and what the customer perceives of the service after it has been provided
51
profit-oriented objectives
Objective focuses on profit as key outcome
52
Return on Investment (ROI)
the amount of profit a company hopes to make given the amount of assets, or money, it has tied up in a product
53
sales-oriented objectives
objective focuses on sales, either their own or those of their competitors, as the key outcome
54
status quo objectives
Sometimes a company’s objective may be to maintain the status quo or simply meet, or equal, its competitors’ prices or keep its current prices
55
penetration pricing strategy
involves using a low price with the goal being to get as many consumers as possible to try the product
56
price skimming strategy
which involves setting a high initial price for a product, to more quickly recoup the investment related to its development and marketing.
57
cost-plus pricing
in which they take the cost of the product and then add a profit to determine a price
58
Odd-even pricing
occurs when a company prices a product a few cents or a few dollars below the next dollar amount
59
Prestige pricing
occurs when a higher price is utilized to give an offering a high-quality image
60
Demand backward pricing
is often used for time limited products such as holiday products. They start with the price demanded by consumers (what they want to pay) and create offerings at that price.
61
Loss leader pricing
involves pricing one or more items low to get people into a store. The products with low prices are often on the front page of store ads and “lead” the promotion
62
Price bundling
occurs when different offerings are sold together at a price that’s typically lower than the total price a customer would pay by buying each offering separately
63
Captive pricing
is a strategy companies use when consumers must buy a given product because they are at a certain event or location or they need a particular product because no substitutes will work
64
product mix pricing
Pricing products consumers use together (such as blades and razors) with different profit margins
65
Two-part pricing
there are two different charges customers pay
66
Payment pricing,
allowing customers to pay for products in installments, is a strategy that helps customers break up their payments into smaller amounts, which can make them more inclined to buy higher-priced products
67
Dynamic pricing
is the (fully or partially) automated adjustment of prices. It is most easily done online
68
Subscription based pricing
a weekly, monthly or annual fee, a product or service is automatically sent to the customer on a periodic basis.
69
Price differentiation
charging different customers different prices for the same product
70
Bids
Online auction sites such as eBay give customers the chance to bid and negotiate prices with sellers until an acceptable price is agreed upon
71
Going-rate pricing
occurs when buyers pay the same price regardless of where they buy the product or from whom.
72
quantity discounts
which involves giving customers discounts for larger purchases.
73
Seasonal discounts
to get rid of inventory and holiday items
74
FOB origin
title changes at the origin, that is, when the product is purchased, and the buyer pays the shipping charges
75
FOB destination
title changes at the destination, that is, after the product is transported, and the seller pays the shipping charges.
76
Uniform - delivered pricing
means buyers pay the same shipping charges regardless of where they are located
77
Trade allowances
are a way for retailers to improve their profitability A manufacturer pays the store an advertising allowance to advertise the manufacturer’s products in its apps or printed flyers.
78
Reciprocal agreements
agreements in which merchants agree to promote each other to customers.
79
bounce back
promotion in which a seller gives customers discount cards or coupons after purchasing a product

MKT 100 (1 decks)

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