Shared Flashcard Set

Details

Marketing 300
Marketing exam #2
103
Marketing
Undergraduate 3
11/07/2011

Additional Marketing Flashcards

 


 

Cards

Term

Market

Definition

group of people or organizations with needs or wants and a willingness to buy

Term

Market Segments

Definition

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

Term

Substantial

Definition

a segment must be large enough to warrant a special marketing mix

Term

Identifiable and Measureable

Definition

a segment must be identifiable and their size measurable

Term

Accessible

Definition

   members of target segments must be reachable with marketing mix

Term

Responsive

Definition

unless segments responds to a marketing mix differently, no separate treatment is needed

Term

Demographic

Definition

based on age, gender, income

Term

Psychographic

Definition

based on personality, motives, lifestyles and geo-demographics

Term

Benefits

Definition

grouping customers based on the benefits sought from a product    

Term

Type of organization

Definition

§  Producers

§  Resellers

§  Governments

§  Institutions

Term

Geographic Location 

Definition

based on the number of employees, number of beds, number of members

Term

Undifferentiated (total market approach) Targeting Strategy

Definition

 a marketing approach that views the market as one big market with no individual segments and thus requires a single marketing

Advantage: potential savings on production and marketing cost

  Disadvantages: unimaginative product offerings; company is more susceptible to competition

 

 



Term

Concentration Targeting Strategy

Definition

a strategy used to select one segment of a market for targeting marketing effort

§  Disadvantages: segments too small, large competitors may marked to niche segments

 

§  Advantages: concentration of resources, meets narrowly defined segment, small firms can compete, strong positioning

Term

Multi-segment Targeting Strategy

Definition

o   a strategy in which a company chooses two ore more well-defined market segments and develop a distinct marketing mix for each

§  Advantages: greater financial success, economies of scale

§  Disadvantages: segments too small, large competitors may market to niche segment

Term

Marketing Reasearch Defined

Definition

-       is the process of planning, collecting and analyzing data relevant to a marketing decision

Term

Marketing Reasearch Defined

Definition

o   Descriptive: gathering and presenting factual statements. Portrays information about target audience

o    Diagnostic:

§  Explaining data

§  Explains why consumers do what they do

§  Explains how one thing relates to another

o   Perdictive

§  What “if”

§  What would happen if we did something differently

Term

Descriptive

Definition

gathering and presenting factual statements. Portrays information about target audience

Term

Primary Data

Definition

data that are collected for the first time. They can be used for solving the problem under investigation

Term

Secondary data

Definition

comes from a researcher that interacts with people to obtain facts, opinions and attitudes

Term

Survey research

Definition

the most popular technique for gathering primary data in which a researcher interacts with people to obtain facts, opinions and attitudes

Term

Observation research

Definition

o   research method that relies on three types of observation

§  People watching people

§  People watching an activity

§  Machines watching people

Term

Ethnographic Research

Definition

the study of human behavior in its natural context


Term

Universe

Definition

is the group from which a sample will be drawn

Term

Sample

Definition

subset of a large population

Term

Probability Sample

Definition

a sample in which every element in the population has a known statistical likelihood of being selected

Term

Random Sample

Definition

is a sample in which little or no attempt is made to get representative cross-section of the population

Term

Nonprobability Sample

Definition

is any sample in which little or no attempt is made to get representative cross-section of the population

Term

Convenience Sample

Definition

is a nonprobability sample using respondents who are convenient or readily accessible to the researcher 

Term

product

Definition

can be anything, either favorable and unfavorable, that a person receives in an exchange including tangible goods services and ideas

Term

Convenience Goods

Definition

a relatively inexpensive item that merits little shopping effort. Inexpensive and widespread

Term

Shopping goods

Definition

 a product that requires comparison-shopping, because it is usually more expensive and found in fewer stores. Fairly inexpensive and selective

Term

Specialty goods

Definition

a particular item for which consumers search extensively and are reluctant to access substitutes. Expensive and limited

Term
Unsought goods
Definition
a product unknown to the potential buyer or a known product that the buyer does actively seek. Vary in price and very limited
Term

Production goods

Definition

items used in manufacturing that become part of the final product    

Term

Support goods

Definition

Items used to assist in producing other goods and services, including installations, accessories, supplies and industrial services

Term

Product item

Definition

a specific version of a product that can be designated as a distinct offering among an organization’s products

Term

Product line

Definition

a group of products that are closely related, product items that satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same type of outlet or fall within a given price range

Term

Product mix (narrow or wide)

Definition

o   all products than an organization sales

§  Width: the number of product lines an organization offers

§  Depth: The number of items in a product lines

Term

o   Product modification

Definition

1.     Quality

2.     Functional

3.     Style

Term

Planned obsolescence

Definition

the practice of modifying products so those that already been sold become obsolete before they actually need replacement

Term

Repositioning

Definition

adjusting the advertising and target market of a product

Term

Line extension

Definition

adding additional products to an existing product line in order to compete ore broadly in the industry

Term

Line contractions

Definition

some products have low sales or cannibalize sales of other items

Term

Product life cycle

Definition

is a concept that provides a way to trace the stages of a product’s acceptance, from its introduction to its decline

Term

Product life cycle

Definition

Introduction

Growth

Maturity

Decline

 

Term

Introduction

Definition

o   company needs to communicate features, uses and advantages of the products

Term

Growth

Definition

companies encourage brand loyalty

Term

Maturity

Definition

product begins to lose its distinctiveness

Term

Decline

Definition

the product has already been replaced by new technology

Term

Product modifications (quality, function, style)

Definition

 can lead to more frequent usage; more varied usage, and new uses, as well as attract new users

Term

innovations

Definition

is the process by which the adoption of a new products spreads

Term

Innovators

Definition

venturesome, generally highly educated, and have multiple information resources

Term

Early adopters

Definition

on the cutting edge of technology, fast to adopt any new idea

Term

Early majority

Definition

o   highly social, have many contacts; family and friends network

Term

Late majority

Definition

skeptical, below-average social status

Term

Laggards

Definition

latest group of people to adapt any new technology

Term

New-to-the-world:

Definition

these products have never been seen before

Term
Categories of new products
Definition


o   New-to-the-world: 

o   Product line additions:

o   New category entries

o   Improvements or revisions

o   Repositioned products

o   Lower-priced products

Term

Idea generating

Definition

o   some sources of new-product ideas are customers, employees, distributors, competitors, vendors, research and development and consultants 

Term

Idea screening

Definition

this process is the filter in the product development process. It eliminates ideas that are inconsistent with the organization’s new-product strategy or inappropriate for some other reason

Term

Business analysis

Definition

 some considerations in this stages are demand, cost, sales and profitability

Term

Test marketing

Definition

is the limited introduction of a product and a marketing program to determine the reactions of potential customers in market situation

Term

Equipment-based

Definition

§  Automated

§  Operated by semi-skilled labor

§  Operated by skilled labor

Term

People-based

Definition

§  Unskilled labor

§  Skilled Labor

§  Professionals 

Term

Intangibility

Definition

characteristic of something that cannot be physically touched

Term

Inconsistency

Definition

variability in a service due to variability in the service provider

Term

Inseparability

Definition

means that the service is consumed at the same time it is being produced

Term

Inventory

Definition

the cost associated with maintaining the ability to deliver a service    

Term

Reliability

Definition

is the ability to perform a service dependably and accurately

Term

Responsiveness

Definition

the ability to provide prompt service

Term

Assurance

Definition

is the knowledge and courtesy of employees

Term

Empathy

Definition

is caring, individualized attention give to customers

Term

Tangibles

Definition

includes appearance of physical facilities, equipment, personnel, and communication materials

Term

Five Gaps

Definition

1.     The difference between consumer expectations and management perception of consumer expectations

2.     The difference between management perceptions of consumer expectations and the firm’s service quality specifications

3.     The difference between service quality specifications and actual service quality

4.     The difference between actual service delivery and external communications about the service

5.     The difference between service quality received and service desired

Term

Brand

Definition

a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitor’s product

Term

Trademark

Definition

is the exclusive right to use a particular brand

Term

Brand Name

Definition

is the part of a brand that can be spoken, including letters, words, and numbers

Term

Brand Mark

Definition

 is the element of a brand that cannot be spoken

Term

Manufacturer

Definition

the brand name of a manufacturer

Term

Private

Definition

brand name owned by a wholesaler or a relator 

Term

Individual

Definition

using different brand names for different products

Term

Family

Definition

marketing several different products under the same brand name

Term

Generic

Definition

refers to low-cost product with no brand name that is simply identified by its product category

Term

Cobranding

Definition

placing two or more brands on a product or its package

Term

Retailer

Definition

a channel intermediary that sells mainly to customers and takes title to goods

Term

Merchant wholesaler

Definition

 an institution that buys goods from manufacturers, takes title to goods, stores them, and resells and ships them

Term

Agents or brokers

Definition

are wholesaling intermediaries who facilitate the sale of a product by representing channel members but do not take title to goods.

Term

Intensive

Definition

the objective is to achieve mass market selling of convenience goods. There are many intermediaries

Term

Selective

Definition

the objective is to work with selected intermediaries and specialty goods. There are several intermediaries

Term

Exclusive

Definition

the objective is to sell specialty and industrial goods. There are a few or only on intermediary

Term

Power

Definition

is a channel member’s capacity to control or influence the behavior of other channel members

Term

Control

Definition

is a situation that occurs when one marketing channel member intentionally affects another member’s behavior

Term

Leadership

Definition

a member of a marketing channel that exercises authority over the activities of other members

Term

Conflict

Definition

: is a difference of goals and methods between distribution and cannel members

Term

Partnering

Definition

the joining effort of all channel members to create a supply chain that serves customers and creates a competitive advantage

Term

Supply Chain defined

Definition

a connected group of business entities, both internal and external a company that perform or support the logistics functions

Term

Classifying retail outlets

Definition

o   Form of ownership

§  Independent, chain, contractual

o   Level of service

§  Self, limited, full

o   Product assortment

§  Depth vs Depth of line

§  Scrambled Merchandising

o   Prices charged

§  Full “suggested retail price”

§  Low price

Term

Retail Strategy

Definition

is an arrangement in which a supplier grants a dealer the right to sell products in exchange for some type of consideration

Term

Positioning

Definition

positions retail outlets on two dimensions: breadth of product line and value added

Term

Retailing Mix

Definition

involves the activities related to managing the store and the merchandise at lower then usual prices

Term

Shrinkage

Definition

occurs due to the breakage and theft of items

Term

Off-price retailing

Definition

the sale of brand-name merchandise at lower than usual prices

Term
Category Management
Definition
an approach to managing the assortment of merchandise to which a manager is assigned. The managers responsibility is to encourage purchases and maximize sales
Supporting users have an ad free experience!