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Marketing 301 Test one
Test one Marketing 301
77
Marketing
Undergraduate 2
02/01/2014

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Cards

Term
Where does product placement happen
Definition
Music
Movies
Tv Shows
Video Games
Books
Term
Types of product placements
Definition
Visual,
Audible,
Use,
Integrated (the most effective)
Virtual Placement
Term
Theory Of product placement
More exposure:
Definition
Reapeated exposure to a brand increases liking for a brand
Term
Theory Of product placement
Associative Network:
Definition
The images and association with the characters or story
Term
Reasons for product placement
Definition
Chennel Surfing (flipping)
Advent of TIVO ro DVR
Fragmented Media: Cable, Internet, Netflix
Exonimical: Production cost of commercials for exceeding placements
Permanence: a placement is forever including the DVD release
Term
CEO OF APPLE
Definition
Tim Cook
Term
Why is apple the marketer of the decade
Definition
The advertising legacy
the brand
Jobs Himself
Term
Apples Marketing secrets
Definition
Dont sell products, people buy what other people have
never be the first to the market(make something good into great)
Empower early adapters
make your message memorable
surprice and delight your customers
Term
What is Marketing
Definition
-Helps Create Value
-Is about satisfying customer needs and wants
-entails an exchange
-requires product price place and promotion decision
-can be performed by both individuals and organizations
-occurs in many settings
Term
components of marketing
Definition
Creating
-Collaboration with suppliers and customers
-creat offerings that have value to the customers
Communication
-Describing those offering
-learning from customers
Delivery
-Getting those offering to the customers
-in a way that optimizes value
Exchange
-Trading value for those offering
Term
The 4 ps of marketing
Definition
Product:creating offering
promotion:communicating
Place:delivering (getting service/goods to customers)
Price:exchanging/capturing
Term
What is the fundamental purpose of marketing
Definition
Create value

firms, partners, customers and society
Term
Profitable exhange

Personal value equation
Definition
value= Benifits received - (cost + Hass)
Term
The marketing concept
Definition
Philosophy underlying evereything marketers do

seek to satisfy customer needs and wants
Term
Marketing is not
Definition
Just buyers and sellers exhanging money

simply about making a profit

a random activity
Term
History of marketing role
Definition
1. Prodution oriented era
2. sales oriented era
3. market oriented era
4. value base marketing
Term
Production oriented era
Definition
Make what they can make are not worried about the market
Term
sales oriented era
Definition
Make it sell it. Its aggressive like door ro door salesman
Term
Market oriented era
Definition
alligniny your product with your sales so that sell what your customers want
Term
value based era
Definition
its about customer value and satisfaction
Term
Value based marketing -customer value
Definition
offers products that perform

earn trust

avoid unrealistic pricing

give the buyer the facts

offeres organization wide commitment in service and sale support

co creation (allo customer to create the product)

offer excess to allow for plenty of product

monitor the marketplace

share information

balance benefits with cost

build relationship with customers
Term
Societal Marketing orientation
Definition
the idea that an organization exists not only ro satisfy customer wants and needs and to meet organization objectives but also to pressure or enhance individuals and societys long term best interest (coca cola recycles)
Term
Marketing Strategy
Definition
Identifies a firms target market

a related marketing mix their 4 ps

the bases upon which firms plan to build a sustainable competitive advantage
Term
Customer value
Definition
operation excellence - efficiency

customer excellence - customer service

locational excellence - location, location, location

product excellence - best brand name like rolex
Term
Why should you have a marketing plan
Definition
if you fail you plan you plan to fail

overall analysis of how the firm is going to get the marketing strategy accomplished

helps employees and management work towards common goals

allows the marketing manager to enter the marketplace with an awareness of possibilities and problems
Term
Planning phase

step one business missiong and objective
Definition
What business are we in

should focus on the market or markets the organization is trying to serve rather than a good or service offered

dont want: marketing myopia - defining a business in the term of goods and services rather in term of the benefits that customers seek

dont want tpo be too broad either

also may include sustainable competivie advantage
Term
Planning phase step two

SWOT analysis
Definition
Internal Sthrenght things the company does well
Internal Weakness things the company does not do well

External Oportunities conditions in the external environment that favor strength

external Threats condition in the external envirment that do not relate to existing strenght or favor areas of current weakness
Term
environmental scanning
Definition
helps identify opportunities and threats
Term
guidelines for designing marketing strategy based on six macroeconimic forces
Definition
social
demographic
economic
technological
political/legal
competitive
Term
Planning phase step three

indentifying and evaluating opportunities using STP
Definition
S Segmentation - which segment of the customer can you satisfy

T targeting - evaluation of each segment attractiveness

P positioning - how you are positioning the product within the target segment
Term
Step four

implement marketing mix and allocate resources
Definition
product value creation

price value capture

place value delivery

promotion value communication
Term
Product value creation
Definition
competito based pricing

value based pricing

cost based pricing
Term
Marketting objectives
Definition
realistic

measurable

time specific

consistent with and indication the priorities of the organization
Term
Step five

evaluate performance and make adjustment
Definition
who is resposible for performance

performance objectivies and measures

financial preformance metrics

portfolio analysis
Term
4 portfolios
Definition
stars -

Problem child

cash cow

dog
Term
Star
Definition
High market growth
high market share
cash neutral
hold
Term
problem child
Definition
high market growth
low market share
cash absorbing
build
Term
Cash cow
Definition
low market growth
high market share
cash generating
havest or milk
Term
dog
Definition
low market growth
low market share
cash neutral
divest
Term
target market
Definition
defined group most likely to buy a product

changes as consumers age

external elements change consumers desire
Term
the micro envirment
Definition
successful leveraing company capabilities

core competency

existing knowledge facilities patents etc
Term
Competition
Definition
competive intelligence

proactive rather than reactive strategy
Term
Corporate partners
Definition
Firms are part of alliance

align with competitors suppliers etc

just in time delivery system (JIT)
Term
Macro Environmental
Definition
Culture

core belief and value

passed on from parents to children

rein forced by school churches business and governement

secondary belief and value

more open to change than core beliefs
Term
Who has the most spending power
Definition
Hispanic $1 trillion
Term
Marketing to hispanic american
Definition
the population diversity creates challeges for targeting this group

hispanics tend to be brand loyal but are not aware of many US brands

68% of US hispanics have home interenet access
Term
Marketing to african americans
Definition
many firms are creating products for african american market

promotional dollars and media choice directly towards african american continue and increase
Term
Marketing to Asian american
Definition
younger better educated and have highest average income of all groups

sometimes called a marketers dream

many products have been developed for asian american market

cultural diversity within the asian american market complicates promotional eddorts
Term
ethnic and cultural diversity

multiculturalism:
Definition
occurs when all major ethic groups in an area (city, county, or census tract) are roughly equally represented

us trend is towards greater multiculturalism

american racial and ethnic pattern have taken
Term
Demographics
Definition
people are the beasis for any amarket

demographic characteristics to buyers behavior

-tailoring products to what customers value is key to sales

- demographic coharts have their own needs values and consumption patterns
Term
Generation Cohart

Seniors
Definition
39 million born before 1946

most likely to complain

needs special attention

taken time browsing before purchasing

made in the USA

not into designer labels

loyal and willing to spend but quality conscious and want convenient hassle free shopping
Term
Generation Cohart

Baby boomers
Definition
77 million people born between 1946 and 1964

wealthiest generation in history
-account for % of customer spending
-hold 3/4 of the national financial assets

recession hit baby boomers hard eating into saving and retirement prospect

represent strong target for financial service
Term
Generation Cohart

generation x
Definition
40 million born from 1965 to 1976

most educated generation to date

less materialistic than other groups

skeptical of marketing

careful spending
Term
Generation Cohart

millennials / generation y
Definition
60 million born between 1977 and 2000

733 billion in purchasing power

ethnically diverse

fluent with digital technology

personalization and product customization are key to marketing success
Term
what is the biggest determinate of income
Definition
education
Term
who has the highest income levels
Definition
asians
Term
what is consumer behavior
Definition
how consumers make purchasing decisions

consumers use and dispose of products
Term
what is the consumer decision process
Definition
need recognition

information search

alternative evaluation

purchase

post pushdown
Term
Consumer decision process

Step one:
Definition
need recognition
Term
Consumer decision process

step 2
Definition
information search:

internal information search
-recall information in memory

external information seach
-seek information in outside envirment
-nonmarketing controlled
-marketing controlled
Term
factors affectively consumers seach process : external search
Definition
need less information
-less risk
-more knowledge
-more product experience
-low level of interest
-confidence in decision

need more information
-more rish
-less knowledge
-less product experience
-high level of interest
-lack of confidence
Term
factors affectively consumers seach process : the locus of control
Definition
internal locus of control
-more search activities

external locus of control
-fate, external factors
Term
actual us perceive risk
Definition
performance risk
-is it what you thought it was going to be

psychological
- how are you going to deal with financial risk
Term
type of product or service
Definition
specialty good/service

conveniece good/service

shopping good/service
Term
Consumer decision process

step 3
Definition
evaluating of alternative

universal = they are sold everywhere

retriavor = perticular offer

evoked = analyse product attribute, use cutoff criteria, rank atributes by importance


evaluative criteria = not as important

determinat attributes = are helpful to you

decision heuristics

mental shortcut = price = brand = procuct presentation
Term
Consumer decision process

step 4
Definition
purchase

ritual consumption
Term
Consumer decision process

step 5
Definition
post purchase

cognative decision


inner tension that a consumer experience after recognizing an incositency between behavior and values of opinion
Term
consumer decision process circle
Definition
psychological factors
-motive
-attitude
-perception
-learning
-lifestyle

situation factors
-purchase situation
-shopping situation
-tempral state

social factors
-family
-reference groups
-culture

marketing mix
-product
-price
-place
-promotion
Term
psychological factors: Motive
Definition
self actualization

esteem

love

safety

physiological
Term
psychological factors: attitude
Definition
behavioral

attitude

cognitive

affective
Term
psychological factors: perception
Definition
its how it looks on a person
Term
psychological factors: learning types
Definition
experiential
-an experience changes behavior

conceptual
- not learned through direct experience
Term
social factors : individual influence
Definition
gender

age life cycle

personality lifestyle
Term
social factors: Reference groups
Definition
groups
-family
-friends
-coworkers
-famous people

provide
-information
-reward
-self image
Term
situational factors
Definition
purchase situation

shopping situation
-store atmosphere
-salespeople
-crowding
-instore demos
-promotions
-packagin
Term
types of buying decision
Definition
limited problem solving

habitual decision making

extended problem solving

impulse buying
Term
types of perception
Definition
selective exposure
-consumer notices certain stimuli and ignores others
-you cannot see everything, you use clues like coke is red

selective distortion
-consumer changes or distorts information that conflicts with feelings or believe
-you buy a zune and then you tell yourself how its like an ipod

selective retention
-consumer remeberes only that information that supports personal belief
-some people remeber commercials some dont
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