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Marketing 3350 > Test 1 > Flashcards

Test 1 Flashcards

1
Q

Market penetration

A

increasing sales of current product in current market segments

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2
Q

Market development

A

developing new market segment for current products

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3
Q

Product development

A

new products in current market segments

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4
Q

Value delivery market

A

network of company, suppliers, distributors and customers

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5
Q

Strategic planning

A

maintaining strategic fit between capabilities and goals

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6
Q

Portfolio analysis

A

management evaluates the products and business

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7
Q

Growth share matrix

A

portfolio planning method that evaluates a company’s SBU

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8
Q

Partner relationship management

A

working closely with partners in other departments

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9
Q

Share of customer

A

portion of customer purchasing that a company gets

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10
Q

Customer equity

A

combined customer lifetime values of all customers

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11
Q

Customer satisfaction

A

product’s perceived performance matches a buyer’s expectations

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12
Q

Customer engagement marketing

A

making the brand a meaningful part of the consumers conversations and lives by fostering consumer involvement

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13
Q

consumer generated marketing

A

brand exchanges created by consumers

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14
Q

societal marketing concept

A

marketing decisions should consider consumer wants and interests

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15
Q

customer relationship management

A

building and maintaining profitable relationships by delivering customer satisfaction

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16
Q

customer perceived value

A

customer evaluation of the difference between all the benefits and costs of market offerings

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17
Q

production concept

A

consumers favor widely available and inexpensive products

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18
Q

product concept

A

favor the most quality, performance, and features

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19
Q

selling concept

A

consumers will not buy enough of the products unless there is a big selling effort. EX: insurance, blood donations

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20
Q

marketing concept

A

achieving organizational goals means knowing the needs and wants of the target market

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21
Q

Positioning

A

a product occupies a clear, distinct place in market

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22
Q

marketing mix

A

tactical marketing tools that the firm blends

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23
Q

SWOT analysis

A

Strengths, weaknesses, opportunities, threats

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24
Q

marketing controls

A

measuring market results and taking corrective actions if neccessary

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25
Q

marketing ROI

A

net return/costs of investment

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26
Q

microenvironment

A

factors close to the company: customers, suppliers, distributors

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27
Q

macroenvironment

A

larger societal factors: demographic, economic, natural, tech, political, cultural

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28
Q

marketing intermediaries

A

firms that help the company promote its product

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29
Q

marketing information systems

A

assessing info needs, developing info, help make decisions

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30
Q

competitive marketing intelligence

A

analysis of publicly available info about consumers

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31
Q

marketing research process

A

define the problem
develop research plan
implement research plan
interpret results

32
Q

exploratory research

A

gather preliminary info that will help define the problem

33
Q

descriptive research

A

better describe marketing problems

34
Q

causal research

A

test cause and effect relationships

35
Q

secondary data

A

info that already exists somewhere

36
Q

primary data

A

info collected specifically for that purpose

37
Q

ethnographic research

A

trained observers watch and interact with consumers in a natural environment

38
Q

focus group interviewing

A

personal interviews with 6-10 people to discuss a product

39
Q

behavioral targeting

A

online consumer tracking data to target advertisements

40
Q

customer relationship management

A

managing detailed info about customers and their touch points

41
Q

consumer buyer behavior

A

buying behavior of final customers

42
Q

consumer market

A

individuals and households that buy goods

43
Q

cross cultural marketing

A

appealing to consumers similarities across subcultures

44
Q

opinion leader

A

person within a reference group who exerts social influence

45
Q

buyer decision process

A 
need recognition
info search
evaluation of alternatives
purchase decision
post purchase behavior
46
Q

cognitive dissonance

A

buyer discomfort caused by post purchase conflict

47
Q

adoption process

A

mental process through which an individual passes from first hearing about an innovation

48
Q

marketing

A

companies create value for customers and build strong relationships in order to capture value from customers

49
Q

marketing process

A 
understand market place
design market strategy
construct market program
build profitable relationships
capture value from customers
50
Q

marketing offerings

A

products, services, info or experiences offered to a market to satisfy a need or want

51
Q

marketing myopia

A

sellers focus too much on the actual product and not enough on the benefits or experience produced by the products

52
Q

market

A

set of all actual and potential buyers of a product

53
Q

marketing management

A

choosing target markets and building profitable relationships with them

54
Q

Market place orienation

A

product, production, selling or marketing concepts

55
Q

Neoclassical competition explanation

A 
*unrealistic
perfect competition
demand is homogeneous
perfect info
consumers motivated by utility maximization
firms motivated by profit maximization
56
Q

Resource Advantage Explanation

A

demand is heterogeneous
consumers have imperfect info
consumers motivated by self interests
firms objective is financial performance

57
Q

Satisfaction maximization

A

you can’t maximize two things at once so you maximize customer satisfaction subject to stockholder value

58
Q

Competition principles

A

each must have a distinct advantage over others
there must be the same amount of variables as there are competitive survivors
failure to maintain advantage leads to extinction
Miller’s Magic Number 7+-2
“The Red Queen Syndrome”
its hard to get ahead but just to maintain
competition begins with natural resources

59
Q

Competitive rationality

A 
supply is always changing
demand is always changing
new ways of serving customers
effective innovation and imitated and improved
Ex. iPhone
60
Q

Sustainable competitive advantage

A 
positional advantage
performance outcomes
internal factors: adapt, proactive
external factors: consumer, government, competitors
characteristics of offerings
61
Q

Characteristics of Resources

A 
mobility
complexity
interconnectedness
mass efficiency
tacitness
time compression diseconomies
62
Q

Consumer Perceived Value Determinants

A

Value: economic, functional, psychological
Cost: monetary, time, effort. psychological

63
Q

Dissatisfaction

A

Exit: leave and not say anything
Voice: complain to company
Loyalty: bad economics

64
Q

Demographics

A

changing age and family structures
geographic population shifts
population diversity

65
Q

Economics

A 
industrial 
subsistence
developing
changes in consumer spending
difference in income distribution
66
Q

Natural

A

physical environment and natural resources needed as inputs by marketers
shortages of raw material
increased pollution
increased government intervention

67
Q

Technological

A

new tech creates new markets
RFID
government agencies investigate and ban intentionally unsafe products

68
Q

Political

A

forces that limit and influence various organizations in a society
many laws and acts created
Ex. FDA, No call list

69
Q

Cause Related marketing

A

companies align themselves with charities or non profit companies to increase business
Ex. Body Shop

70
Q

Cultural

A

forces that affect society’s basic values

shifts in secondary cultural values: hairstyles, music tastes

71
Q

Market Research in Marketing Mix

A

Qualitative research: focus groups
quantitative research: simple questions
market research: is there a market for this?
product development: consumers play with product
trial testing: beta testing
collateral materials: pamphlets, brochures

72
Q

Strategic Barometer

A

diagnostics

measures how well things are doing and what direction they are headed in

73
Q

Tactical Barometer

A

diagnostics

smaller level, things we are watching closely

74
Q

Behaviorism

A

Pavlov: classic conditioning
Skinner: operant conditioning

75
Q

Humanists

A

Maslow: Hierarchy of needs

76
Q

Two factor theory of motivation

A

Herzberg
Satisfiers: their presence can increase satisfaction
Dissatisfiers: attributes that are expected but if not there can be dis satisfying

77
Q

Role theory

A

behavioral scripts
culture gives us roles we play
person and their role make a decision
base your behavior on people who have had your role
roles need props, that’s why we buy things

Marketing 3350 (2 decks)

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