QUIZ 1-3 Flashcards
(125 cards)
1
Q
5 STEPS OF MARKETING PROCESS
A
2
Q
5 MARKETING MANAGEMENT ORIENTATIONS
A
- PRODUCTION CONCEPT 2. PRODUCT CONCEPT 3. SELLING CONCEPT 4. MARKETING CONCEPT 5. SOCIETAL MARKETING CONCEPT
3
Q
Production concept DEFINITION
A
Consumers will favor products that are available and highly affordable
4
Q
Product concept DEFINITION
A
Consumers favor products that offer the most quality, performance, and features. The focus is on continuous product improvements.
5
Q
Selling concept DEFINITION
A
Consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort.
6
Q
Marketing concept DEFINITION
A
Know the needs and wants of the target markets and deliver the desired satisfactions better than competitors
7
Q
Societal marketing DEFINITION
A
The company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.
8
Q
MARKETING MANAGEMENT DEFINITION
A
the art and science of choosing target markets and building profitable relationships with them.
9
Q
PRODUCTION CONCEPT DEFINITION
A
consumers will favor products that are available and highly affordable. Therefore, management should focus on improving production and distribution efficiency.
10
Q
5 Marketing Management Orientations
A
- Production Concept
- Product Concept
- Selling Concept
- Marketing Concept
- Societal Marketing Concept
11
Q
strategic planning DEFINITION
A
strategic fit between the organization & marketing opportunities
12
Q
4 STEPS OF STRATEGIC PLANNING
A
13
Q
growth-share matrix DEFINITION
A
PORTFOLIO PLANNING THAT EVALUATES SBUs MARKET GROWTH RATE AND SHARE
14
Q
SBU STANDS FOR?
A
STRATEGIC BUSINESS UNIT
15
Q
product/market expansion grid
A
16
Q
market penetration DEFINITION
A
making more sales to current customers without changing its original products
17
Q
Market development DEFINITION
A
identifying and developing new markets for its current products
18
Q
Market targeting DEFINITION
A
SELECTING BEST MARKET SEGMENTS TO ENTER
19
Q
4 MARKETING MIX COMPONENTS
A
- PRODUCT
- PRICE
- PLACE
- PROMOTION
20
Q
forces outside marketing that affect marketing
management’s ability to build and maintain
successful relationships with target customers
A
MARKETING ENVIRONMENT
21
Q
2 MARKETING ENVIRONMENTS
A
- Microenvironment
- Macroenvironment
22
Q
6 Actors in the Microenvironment
A
- THE COMPANY
- SUPPLIERS
- MARKETING INTERMEDIARIES
- COMPETITORS
- PUBLICS
- CUSTOMERS
23
Q
4 Marketing Intermediaries
A
- RESELLERS
- PHYSICAL DISTRIBUTION FIRMS
- MARKETING SERVICES AGENCIES
- FINANCIAL INTERMEDIARIES
24
Q
5 MICROENVIRONMENT MARKETS
A
- Consumer markets
- Business markets
- Reseller markets
- Government markets
- International markets
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7 MICROENVIRONMENT PUBLICS
* Financial publics
* Media publics
* Government publics
* Citizen-action publics
* Local publics
* General public
* Internal publics
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6 MACROENVIRONMENT FORCES
1. DEMOGRAPHIC
2. ECONOMIC
3. NATURAL
4. TECHNOLOGICAL
5. POLITICAL
6. CULTURAL
27
segmenting people by lifestyle or life stage
instead of age IS \_\_\_?
Generational marketing DEFINITION
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KARL MANNHEIMS 3 FORMATIVE INFLUENCES
1. ECONOMIC
2. SOCIAL
3. CULTURAL
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3 RESPONSES TO MARKETING ENVIRONMENT
1. UNCONTROLLABLE
2. PROACTIVE
3. REACTIVE
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3 SOURCES Marketers obtain information from
1. Internal data
2. Marketing intelligence
3. Marketing research
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3 TYPES OF RESEARCH
1. EXPLORATORY
2. DESCRIPTIVE
3. CAUSAL
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2 DESCRIPTIVE RESEARCH FUNCTIONS
1. Performance Monitoring
2. Environmental Scanning
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EXPLORATORY RESEARCH DEFINITION
- INITIAL RESEARCH CONDUCTED TO CLARIFY AND DEFINE THE
NATURE OF A PROBLEM
- DOES NOT PROVIDE CONCLUSIVE EVIDENCE
34
DESCRIPTIVE RESEARCH DEFINITION
- DESCRIBES CHARACTERISTICS OF A POPULATION OR
PHENOMENON
35
Performance Monitoring DEFINITION
(How well are we doing?)
Profit, Market Share, Preferences, Awareness, Beliefs
36
Environmental Scanning DEFINITION
(What is changing?)
Competition, Customers, Trade, Government Regulations
37
CAUSAL (EXPERIMENTAL)RESEARCH DEFINITION
CONDUCTED TO IDENTIFY CAUSE AND EFFECT RELATIONSHIPS
Make Specific predictions (e.g., sales forecast for a particular product)
Estimate the effects of a particular marketing action (evaluate the likely
outcomes of alternative courses of actions)
38
3 Evidences of causality
1. The appropriate causal order of events
2. Concomitant variation--two phenomena vary
together
3. An absence of alternative plausible
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publicly available information about consumers, competitors, and developments in the marketplace.
Competitive marketing intelligence DEFINITION
40
MARKETING RESEARCH DEFINITION
data relevant to a specific marketing situation
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4. FORMS OF Primary Data Collection
1. Observational Research
2. ethnographic research
3. Survey Research
4. Experimental Research
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2 TYPES OF SAMPLING
1. PROBABILITY SAMPLING
2. NONPROBABILITY SAMPLING
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3 TYPES OF PROBABILITY SAMPLE
1. Simple random sample
2. Stratified random sample
3. Cluster (area) sample
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3 TYPES OF NONPROBABILITY SAMPLE
1. Convenience sample
2. Judgment sample
3. Quota sample
45
2 FORMS OF SECONDARY DATA
1. commercial online databases
2. Internet search engines
46
4 Factors Influencing Consumer Behavior
What
1. CULTURAL
2. SOCIAL
3. PERSONAL
4. PSYCHOLOGICAL
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3 GROUPS
1. MEMBERSHIP GROUPS
2. ASPIRATIONAL GROUPS
3. REFERENCE GROUPS
48
5 STEP BUYER DECISION FLOW
1. INNOVATORS
2. EARLY ADOPTERS
3. EARLY MAINSTREAM
4. LATE MAINSTREAM
5. LAGGING ADOPTERS
49
the practice of integrating ethnic themes and cross-cultural perspectives within their mainstream marketing
total market strategy
50
4 TYPES OF BUYING BEHAVIOR CHART
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5 STEP Buyer Decision Process CHART
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5 Stages in the Adoption Process
1. Awareness
2. Interest
3. Evaluation
4. Trial
5. Adoption
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5 Influence of Product Characteristics on Rate of Adoption
1. Relative advantage
2. Compatibility
3. Complexity
4. Divisibility
5. Communicability
54
The degree to which the innovation appears superior to existing products.
Relative advantage DEFINITION
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The degree to which the innovation fits the values and experiences of potential consumers.
Compatibility DEFINITION
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The degree to which the innovation is difficult to understand or use.
Complexity DEFINITION
57
Divisibility DEFINITION
The degree to which the innovation may be tried on a limited basis.
58
The degree to which the results of using the innovation can be observed or described to others.
Communicability DEFINITION
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buying behavior of
the organizations that buy goods and services for use in
the production of other products and services that are
sold, rented, or supplied to others
Business buyer behavior DEFINITION
60
business buyers determine which products and
services are needed to purchase, and then find,
evaluate, and choose among alternative brands
business buying process DEFINITION
61
SELLING/MARKETING ORGANIZATION DEVELOPS DEMAND FOR DOWNSTREAM
Derived demand DEFINITION
62
3 Major Types of Buying Situations
1. Straight rebuy
2. MODIFIED REBUY
3. NEW TASK
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is a buying situation in which the buyer
routinely reorders something without any modifications.
STAIGHT REBUY DEFINITION
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is a buying situation in which the buyer wants
to modify product specifications, prices, terms, or suppliers.
Modified rebuy DEFINITION
65
New task DEFINITION
is a buying situation in which the buyer purchases a
product or service for the first time
66
5 Buying center ENTITIES
1. Users
• Influencers
• Deciders
• Purchasers
• Gatekeepers
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INFLUENCERS DEFINITION
Influencers help define specifications and provide
information for evaluating alternatives.
68
Buyers DEFINITION
have formal authority to select the supplier and
arrange terms of purchase.
69
DECIDERS DEFINITION
Deciders have formal or informal power to select and
approve final suppliers
70
Gatekeepers DEFINITION
control the flow of information
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AIO STANDS FOR
Activities, Interests, and Opinions
72
4 FACTORS TO CREATE VALUE FOR TARGETED CUSTOMERS
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requires dividing a market into
smaller segments with distinct needs,
characteristics, or behaviors that might require
separate marketing strategies or mixes
Market segmentation
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4 ASPECTS OF SEGMENTING CUSTOMER MARKETS
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divides a market into
segments based on consumer knowledge, attitudes,
uses of a product, or responses to a product
Behavioral segmentation
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5 BEHAVIORAL SEGMENTATIONS
* Occasions
* Benefits sought
* User status
* Usage rate
* Loyalty status
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5 Requirements for Effective Segmentation
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set of buyers who share
common needs or characteristics that the
company decides to serve.
target market
80
3 WAYS OF Evaluating Market Segments
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differentiating the firm’s market offering to create superior customer value
Differentiation
82
the way the
product is
defined by
consumers on
important
attributes
Product position
83
4 WAYS OF Choosing a Differentiation and Positioning Strategy
84
evaluating each market segment’s attractiveness and selecting one or more market segments to enter
Market targeting
85
market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
Positioning
86
4 MARKET SEGMENTATION VARIABLES
1. Geographic
2. Demographic
3. Psychographic
4. BEHAVIORAL
87
Psychographic MEANS \_\_\_?
Lifestyle, personality
88
location-based targeting to consumers in local communities or neighborhoods using digital and social media
hyperlocal social marketing
89
divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, and generation
Demographic segmentation
90
offering different products or using different marketing approaches for different age and life-cycle groups
age and life-cycle segmentation
91
DIVIDING A MARKET INTO DIFFERENT INCOME SEGMENTS
income segmentation
92
divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product
Behavioral segmentation
93
Buyers can be grouped according to occasions when they get the idea to buy, actually make their purchases, or use the purchased items
Occasion segmentation
94
grouping buyers according to the different benefits that they seek from a product
Benefit segmentation
95
marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries
Intermarket segmentation
96
5 Requirements for Effective Segmentation
1. Measurable
2. Accessible
3. Substantial
4. Differentiable
5. Actionable
97
a firm might decide to ignore market segment differences and target the whole market with one offer
Undifferentiated marketing (or mass marketing mass marketing)
98
a firm targets several market segments and designs separate offers for each
Differentiated marketing (or segmented marketing) strategy,
99
instead of going after a small share of a large market, a firm goes after a larger share of one or a few smaller segments or niches
Concentrated marketing (or niche marketing) strategy,
100
is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and local customer segments
Micromarketing
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involves tailoring brands and promotions to the needs and wants of local customers
Local marketing
102
is the way a product is defined by consumers on important attributes
product position
103
To (target segment and need) our (brand) is (concept) that (point of difference)
POSITIONING STATEMENT
104
4 Service Characteristics
105
4 Nature and Characteristics of a Service
106
consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort
Convenience products
107
CUSTOMERS COMPARE SUITABILITY, QUALITY, PRICE, STYLE
SHOPPING PRODUCTS
108
consumer products and services with unique characteristics or brand identifications for which a significant group of buyers is willing to make a special purchase effort
Specialty products
109
consumer products that a consumer either does not know about or knows about but does not normally consider buying
Unsought products
110
using traditional business marketing concepts and tools to encourage behaviors that will create individual and societal well-being
social marketing
111
4 Product and Service Classifications
112
Convenience Products DEFINITION
\> Buy frequently & immediately
\> Low priced
\> Many purchase locations
\> Includes:
• Staple goods
• Impulse goods
• Emergency goods
113
Shopping Products DEFINITION
\> Buy less frequently
\> Gather product information
\> Fewer purchase locations
\> Compare for:
• Suitability & Quality
• Price & Style
114
Specialty Products DEFINITION
\> Special purchase efforts
\> Unique characteristics
\> Brand identification
\> Few purchase locations
115
Unsought Products DEFINITION
\> New innovations
\> Products consumers don’t
want to think about
\> Require much advertising &
personal selling
116
services cannot be separated from their providers, whether the providers are people or machines
Service inseparability
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quality of services depends on who provides them as well as when, where, and how they are provided
Service variability
118
services cannot be stored for later sale or use
Service perishability
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links service firm profits with employee and customer satisfaction
service profit chain
120
TRAINING SERVICE EMPLOYEES IN THE FINE ART OF INTERACTING WITH CUSTOMERS TO SATISFY THEIR NEEDS
Interactive marketing
121
the differential effect that knowing the brand name has on customer response to the product and its marketing
Brand equity
122
the total financial value of a brand
Brand value
123
When an effective program can be designed for attracting and serving a particular segment, the segment is best described as \_\_\_\_\_\_\_\_
ACTIONABLE
124
\_\_\_\_\_\_\_\_ segmentation has long been used in clothing, cosmetics, toiletries, and magazines.
GENDER SEGMENTATION
125
