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MKTG 201 Flashcards

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1
Q

fffCulture

A

Shared values, attitudes, and practices that shape human behavior

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2
Q

Demographics

A

Statistical data that describe a population

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3
Q

Psychographic Data

A

What the user is thinking or likes

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4
Q

Behavioral Data

A

What the user DOES, like swiping or buying

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5
Q

Generational Cohorts

A

People born during the same period and who share common life experiences

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6
Q

Marketing Strategy

A

How product, place, price, and promotion come together. How do we orchestrate them to deliver value?

Corporate
Strategic Business Unit (SBU) Strategy

Target Market + Marketing Mix

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7
Q

Marketing

A

activity, set of institutions, and processes for creating and delivering value for customers, clients, partners, and society at large.

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8
Q

Marketing Concept

A

By delivering value, marketing satisfies customer needs and wants at a profit.

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9
Q

Profit

A

Total revenue - total cost

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10
Q

Markets

A

The aggregate of individuals and organizations that have 1) needs and wants and 2) the ability, willingness, and authority to purchase products and services that satisfy their needs and wants.

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11
Q

Business Market (B2B)

A

Individuals within organizations and companies purchasing products and services for use or consumption within the organization or for resale (B2B).

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12
Q

Consumer Market (B2C)

A

Individuals engaging in exchanges of products and services for personal consumption or use.

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13
Q

Strategic Triangle

A

Provides insight into value creation. Customer, Company, Competition

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14
Q

Competitors

A

Companies and organizations vying for the same customers.

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15
Q

Brand

A

A name, term, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers

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16
Q

Corporate Strategy

A

What businesses should we be in? Pepsico in 3 different businesses (beverages, salty snacks, packaged food)

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17
Q

Portfolio Model

A

Measures the performance of a company’s strategic business units based on market growth rate and relative market share.

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18
Q

Target market

A

One or more specific market segments a company decides to serve

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19
Q

Positioning

A

Designing the company’s product offering so that it occupies a distinct and valued place in the target customers’ minds

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20
Q

Product

A

A bundle of attributes that satisfies consumers’ wants and needs

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21
Q

Price

A

The amount of money, time, and effort exchanged for a product or service

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22
Q

Promotion

A

Communication techniques that remind target customers of product benefits

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23
Q

Place

A

Marketing channels that make products available to consumers when and where they want to purchase them.

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24
Q

Brand champion

A

Customers who love the firm’s products and then advocate or champion the products to others

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25
Product development
The process of creating a customized product for the target market
26
Market Penetration
Selling existing products in existing markets
27
Product Development
introducing new products to existing markets
28
Market Development
Introducing new products to existing markets
29
Diversification
introducing new products to new markets
30
Marketing Plan
A marketing strategy with an itemized budget and timeline
31
Revenue Model
How a new product idea is monetized
32
Production Orientation
based on the belief that supply generates its own demand "Build it and they will come."
33
Sales Orientation
Based on the belief that marketing's only role is to sell products once they are made "Sell, sell, sell!"
34
Marketing Orientation
based on the belief that every product or service should focus on satisfying customer needs and wants at a profit. "The customer is king."
35
Societal Orientation
Based on the belief that every product or service should provide value to the customer as well as to society as a whole "Do well by doing good."
36
Ethics
ethos, character. Establishes duties, rights, and obligations of individuals for the benefit of society.
37
Three Ethical Norms
1. Do No Harm 2. Foster Trust in the Marketing 3. Embrace Ethical Values
38
Federal Trade Commission (FTC)
Enforces the FTC Act, which prohibits unfair methods of competition and unfair or deceptive acts or practices.
39
Myths of Marketing
1. Marketers push products consumers don't want to buy 2. Consumers are no match for the power of marketing 3. Marketing is deceptive and not truthful or honest 4. Marketers believe in planned obsolescence
40
Cognitive dissonance
Consumer regret
41
Planned obsolescence
Making a product that will fail or become unusable intentionally
42
The fraud triangle
Opportunity Pressure Rationalization
43
Framework for Ethics
1. Personal Ethical Understanding 2. Applications of ethics to business situations 3. Ethical courage 4. Ethical leadership
44
Social Responsibility
Businesses are accountable to society for their actions "Do well by doing good."
45
Sustainability
The creation of alternatives to the depletion of natural resources
46
Green marketing
47
Marketing Research
Gathering, recording, and analysis of data that allows marketers to make marketing decisions about a specific market.
48
Creating a Research Study
1. Define the Problem 2. Design Research Project 3. Collect Data 4. Analyze Data 5. Take Action
49
Research Design
1. The type of information to be collected 2. Possible data sources 3. A procedure for collecting data
50
Exploratory Research
Understanding which questions to ask. Gives an overall impression of the market
51
Value Proposition
A product's claim of its benefits and value
52
Conclusive Information
Gives us answers of the association between things based on quantitative information
53
Syndicated Data
Data collected for an industry that is paid for by the companies that make it up
54
Secondary Data
Information collected for other purposes and usually readily available
55
Primary Data
Information collected specifically for the purpose of the investigation at hand
56
Ad tracking
Determining whether an ad is being seen and remembered
57
Buyer decision process
How potential customers gather product information and how packaging and point-of-sale materials influence purchases
58
Concept Testing
Determining whether an idea is worth further investment
59
Customer Satisfaction Research
Provides insight regarding brand growth and spillover from employee attitudes to customer attitudes.
60
Marketing Effectiveness and Analytics
Studies aimed to measure dollar-by-dollar effectiveness of marketing expenditures
61
Sales Forecasting
Estimating future sales projections
62
Segmentation Research
Dividing a market into segments to help marketing managers identify new opportunities.
63
Test Marketing
Test market are selected around the country to determine the potential success of a new product, work out any issues, and optimize a marketing mix before a national launch
64
Big Data
High-volume, high-velocity, and/or high variety information that gives insight into making decisions
65
Structured data
Data in a defined, organized format that is readily accessible and relatively easy to extract information
66
Unstructured Data
Data that requires some sort of treatment to make the data usable
67
Stratified random sample
Randomly selected individuals from each group (strata)
68
Probability sample
Random
69
Non-probability sample
Opt-in or whoever responds
70
Nominal scale
A label for categories (male or female)
71
Ordinal Scale
Numbers in an increasing size. The numbers are kind of subjective and there isn't a consistent difference between them Ex. Least to most favorite ranked
72
Interval Scale
Equal distance between numbers (difference between 1-2 and 6-7 is the same) Ex. Scale of 1-10 "not at all likely" to "Extremely likely"
73
Ratio Scale
A quantitative scale where there is a true zero and equal intervals between neighboring points
74
Screener
Basic info and a set of short questions that will either qualify or disqualify the person from participating in the study
75
Classification data
Characteristics to classify the respondent: age, household income, level of education, etc.
76
Sampling error
The probability that differences in averages or percentages are due to random chance
77
Measurement error
1) invalid measurement (not measuring we think we are) 2) Unreliable measurement (Not measuring what we want with consistent accuracy)
78
Validity
The extent that a measurement/study is free from error
79
Construct validity
The measurement matches up with things we know from marketing theory
80
Content Validity
The measurement matches up with an expert opinion
81
Concurrent Validity
A similar study is done at the same point in time and gives similar results
82
Predictive validity
The measurement can predict appropriate outcomes
83
Reliability
The extent to which a measurement is consistent and free from random errors and not due to sampling or other explainable phenomena
84
Test-Retest Reliability
Reliability from comparing results using the same questionnaire under similar conditions at different points in time.
85
Alternate-Forms Reliability
Reliability from comparing results across two similar but not identical questionnaires
86
Split-Half Reliability
Reliability from comparing results between the first half and second half of a questionnaire to see that the answers are consistent
87
Coverage Error
Samples that do not represent the appropriate decision-makers, users, and/or influencers, making the samples irrelevant
88
Nonresponse Error
Error from failing to obtain information from some parts of the population that were selected and designated for the sample
89
Hypothesis Testing
Using statistics to determine the likelihood that a given belief is true
90
Marketing hypotheses
Direct statements of beliefs that can be tested with statistics
91
Null hypothesis
The differences we observe are only due to random error
92
Marketing Analytics
Measures the effectiveness of marketing activities, transforming data into information that will drive marketing efforts profitably
93
Consumer insight
An accurate, deep, and intuitive understanding of a consumer; including what motivates them to take action
94
data product
A product that facilitates an important end goal using data
95
Data Wrangling
cleaning, unifying, and preparing unorganized and scattered data sets for easy access and analysis
96
Data exploration
Discovery through numerical summaries and visualizations
97
Data modeling
the process of transforming the data to extract insights
98
Insight framework
Summarize research findings by filling in brackets: [People in a specific buying/usage situation] want [particular benefit to solve a problem or have more fun] but face [an obvious but difficult hurdle].
99
Focus group
Usually 8 to 10 people representing the same demographic
100
Exploratory research
Can identify the concept with the best potential and suggestions for moving the concept from a product idea to a successful product.
101
Depth Interviews
Interview with a respondent to get detailed information about that person's perspective in relation to a product or service
102
Cross tabulations
Based on frequency counts; researching specific attitudes or behaviors that occur more often than would be expected, indicating a relationship
103
Analysis of variance
Based on averages and variability around an average; looking for averages that differ well beyond what their variability would suggest
104
Regression
Estimates how changes in a predictor variable will impact changes in an outcome variable
105
Factor analysis
Identifies highly correlated variables and groups them into factors
106
Cluster analysis
Groups together respondents that answer survey questions in similar ways, have similar demographic profiles, or have similar behaviors to divide markets into segments
107
Max-diff analysis
Presents a set of attributes or alternatives for which respondents can indicate are the most/least important or the most/least appealing
108
TURF analysis
(Total Unduplicated Reach and Frequency) used to determine the optimal variety of a product line to stock in stores to achieve maximum sales penetration
109
Conjoint Analysis
deconstructs products into component attributes, estimates the value of each component attribute in order to evaluate value of a product.

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