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Flashcards in Videos Deck (51):
1

Market penetration

Selling same product to same market but trying to sell more

Fairly high rate of sucess => 90% or more

2

Product development

Taking same target but introducing new products

70% chance of success

3

Market develpment

Taking successful product and moving it to new markets

50% chance of success

4

Diversification

Going after a brand new product for a brand new prodcut

Lowest chance of success because of so many uknowns

10% - 20% chance of success

5

School offering classes to new students who go to different universities to try to increase summer enrollment

Market development

6

Market penetration

Geting exisitng customers to buy more

highest rate of success

coming up with more reasons for them to use the product

starbucks: frequent buyer cards - reward existing users for buying more

- give away after a level of loyalty

Alkaselzer => they decide to take 2 alkaselzers to take better "plop plop fizz fizz" - sells doubled over night

7

Electronic superstore sends special coupon to its current customers offering them a special discount during slow week

Market penetration

*trying to get exisitng customer to come back one more time

8

Product development

Selling additional products to the same customer

ex. tide liquid => tide to go pen, tide stain release

 

9

Market development

Take same product, move it to new markets

Adjust sweetner depending on customer they are going to

10

Diversifcation

New product, new audience

Honda sells cars and generators

11

Strategies in order of success

Market penetration

Product development

Market developpment

Diversification

12

Elements of a creative strategy? Objective

Trying to get customer to buy for the first time?

or they already know you? trying to get new uses

*increases odds of success

13

Business to business purchases


Make more purchases than do consumers

14


Producers


Manufacturers

firms, mines

financial institutions

15


ORganizaitonal buying is different


Orders are larger

Buying in bulk for raw materials

Organizations buy for a purpose: to use or resell

Basic purchasing needs are economic for organizational buyers - small differences in price can make a big difference in what seller they choose

*some emotional component

16


Business to business process


Formal

Vendor analysis is consistently used

 

17


Larger businesses operate with:


buying center

- buyer, user, influences, gatekeepers, deciders

18


PO Req


Includes all specifications needed

given to vendors, vendors come back with bids

19

Buying Center


Formal or informal

Typically involves multiple influences

Varies from purchase to purchase

Buyer and gatekeeper stay same

Decider, user, and influencer may all differ

*typically only buyer position appears on organizational chart

 

20

Evaluating Organizational Buying Influences


Vendor Analysis Considers all influences

Behavioral needs are important

Economic importances!!!!

Ethical conflicts may arise

Purchasing may be centralized

 

21


Is it ok for a buyer?


As a buyer, you need to be familiar with your company's policy and be familiar about what you can and cannot accept from vendors

As a buyer, your word is everything

*dont accept anything regardless of what the policy is

22

Straight Rebuy


Routine purchase

when companies order something very frequently

have a reliable vendor

ex. copying paper at an office

23


Straight rebuy situatiosn


More difficult to get customers to buy yours instead

24


New-Task buying


Large capital expenditure

ex. building new technology, building a building

infrequent

try to get a lot of opinions

Will take a lot of time, look at a lot of different vendors

Rare, high risk

25


Modified Rebuy


Happens in 1 of 2 situtiaons

1. Straight rebuy supplier stops performing well

2.

 

26


Had a reliable vendor, now there are problems, door is open for new vendors now =>


modifeid rebuy

27


Segment


Demographics

Geographics

Behavior

28


Segmenting Business Customers


Type of customer

Demographic variables

How the customer will use the product?

Type of buying situation

Purchasing methods

Current relationship between buyer and seller

29

NAICS


Try to group companies in a similar line of business

look at governmental information on that industry

30


Government Market


30% of GDP

Often has a "approved" supplier list

requires cometitive bids usually

FCPA - law that says you cannot buy help in dealing with foreign governments

- you cannot pay a bribe

 

31

Marketing Information System

Single data system used to come up with key data to come up with decisions

Used for strategy planning

32

Typically reserach is  a _______________ position

staff

*people working in marketing research are consulting that work with internal clinets

 

33

________________ is the most important step

Defining the problem

34

What information do we already have?

Situation analysis - educates the researcher

35

Two ways of gathering primary data

Observing

Questioining

36

Quantitative research

Often closed ended

Specific samples

Projectable to whole population

37

One of the most popular types of qualitative research?

Focus group

38

Qualitative research:

not projectable

no numbers

39

A reseracher wants to study 1,000 consumers and needs informatoion about a lot of personal and sensitive issues:

Mail - no one is face to face and more likely to answer sensitive information

40

Random sample

Each respondent has an equal chance to participate in the survey

More likely you will have a sample that is representative of the total population

however: is methodology biased?

How are non-responders replaced

41

Population sampe and confidence intervals

Deals with how that sample was drawn

42

Most common confidence interval:

95%

43

Sampling error

Concerns how the sample was drawn and the sie of the sample

44

Non-sampling error

Everything else that can affect the results

45

Double barreled

Not testing a questionaire and beeing poorly designed

Ask a question that is actually two questions and asking respondent to give one response

46

Leading question

Dont you see any problems with using your quesitons online?

47

Loaded question?

Should people be allowed to protect themselves with mase?

Lead people to a certain response

48

Overstate

how much would you pay for a nice pair of comfy sunglasses that protect your eyes greatly

49

___________ are based on experimental design

Test markets

50

When you partner, you can ________________

plan better

 

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