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BUSM 341 Review Concepts
Marketing for Management
29
Marketing
Undergraduate 4
02/18/2011

Additional Marketing Flashcards

 


 

Cards

Term
What are the 4 P's?
Definition
Product (good/service, brand names, trademark, etc.)
Price
Promotion
Placement/Distribution (right quantities at time and place)
Term
Acronym used for how customers reach a purchase decision
Definition
AIDA
Term
What does AIDA stand for?
Definition
Attention
Interest
Desire
Action
Term
What is the second mover strategy for entering into a new market?
Definition
Learn innovations of first mover and improve them to gain advantage in the markteplace
Term
Survey writing:
What are the 4 things to include in a survey? (in order)
Definition
1. Who you are
2. Independent variable (based on this picture...)
3. Dependent variable (questions)
4. Any demographic questions
Term
Place demographic questions at the end to avoid ____
Definition
Bias
Term
What does SWOT analysis do?
Definition
Helps planners compare internal organizational strengths and weaknesses with external opportunities and threats
Term
What is marketing leverage?
Definition
Matching an internal strength with an external opportunity
Term
What is a marketing problem?
Definition
Matching an internal weakness with an external threat
Term
BCG Matrix:
What is a STAR?
Definition
High growth, large market share
Strategy: Invest more
Term
BCG Matrix:
What is a DOG?
Definition
Low growth, Low market share
Strategy: consider withdrawing
Term
BCG Matrix:
What is a CASH COW?
Definition
Low growth, large market share
Strategy: milk profits to fund others
Term
BCG Matrix:
What is a QUESTION MARK?
Definition
High growth, low market share
Strategy: either invest for growth or consider divesting
Term
Effective segmentation acronym:
Definition
MAADS
Term
What is MAADS?
Definition
Measurable
Accessible
Actionable
Differentiable
Substantial
Term
4 parts to a positioning statement
Definition
Identify: market
who you are
concept
benefit provided
Term
What is the Compensatory decision making process?
Definition
multi-attribute model, weighted preferences, highest score wins
Term
What is the Disjunctive decision making process?
Definition
best feature (highest rating out of any category)
Term
What is the Lexicographic decision making process?
Definition
best score for the most important feature
Term
What is the Conjunctive decision making process?
Definition
No bad features
Term
6 types of influence:
Definition
Scarcity, Social Proof, Liking, Reciprocation, Commitment, Authority
Term
5 steps in the purchase decision process
Definition
identify need
search and find a product
assess value of product
buy product
post purchase perception
Term
4 factors affecting decision making
Definition
cultural
social
personal
psychological
Term
5 levels of Maslowe's hierarchy of needs
Definition
Self Actualization
Esteem
Love/Belonging
Safety
Physiological
Term
5 Perceptual filters
Definition
Exposure
Attention
Comprehension
Elaboration
Retention
Term
Research Methodologies:
Exploratory
Definition
focus groups, non qualitative, no clear direction
Term
Research Methodologies:
Descriptive
Definition
qualitative, surveys, searching for something specific
Term
Research Methodologies:
Causal/Experimental
Definition
Field studies, controlling the variables, like placebo
Term
Eras of marketing
Definition
Production--sell what you make, sells itself (pre 1920)
Sales--push to make the sale, advertising (until 1950)
Marketing--understand the customer, tailor the product and sale to them (until 1990)
Relationships--loyalty, contracts (since 1990)
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