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Marketing Final
Jessica Stone is a red headed witch
100
Marketing
Undergraduate 3
06/04/2010

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Cards

Term
Boston Consulting groups four part marketing matrix
Definition
Stars, Dogs, Question Marks, Cash Cows
Term
The real value of a companys market research info is based on...
Definition
quality of insight it provides
Term
most manufactured materials and parts are sold to...
Definition
industrial users
Term
Product cost sets a _______ to product price
Definition
floor
Term
Whom do members of a sales force serve?
Definition
A+C
Term
The european union and Nafta are examples of...
Definition
economic communities
Term
Advertising puffery is a term for...
Definition
innocent exaggeration for effect
Term
distribution is key during which phase of product life cycle when involving low...
Definition
maturity
Term
sex is most effect at...
Definition
generating attention
Term
spending brakes, marketers switch focus to
Definition
value added marketing
Term
when developing concept for a new product marketers should consider what segmentation data?
Definition
demographic, geographic, behavioristic
Term
neuro linguistic programming; they are focusing on...
Definition
psychographic data
Term
super short, super tight red dress, what are you thinking about?
Definition
the functional consequences
Term
two types of marketing mix least important for high involvement products
Definition
price/promotion
Term
Rob needs to deliver product from east coast to mid west, what phase of marketing mix is he using?
Definition
Place
Term
In a strategic plans book on "spec" make the pitch in...
Definition
the summary
Term
The 3 major parts of all marketing goals/objectives are...
Definition
what you want, target market, specific time frame
Term
Primary advantage of TV advertising
Definition
broad reach
Term
Marketing
Definition
all the activities it takes to make a successful exchange
Term
the market
Definition
a group of people with wants and needs with the ability to make an exchange, its a huge group
Term
target market
Definition
sub group of the market, people are looking for different things, price quantity, availability, service, level of convenience, psychosocial values(how cool will i look).
Term
needs
Definition
things that people cannot live without:  food, shelter, water, air, sleep, beer
Term
wants
Definition
things that customers DESIRE
Term
demand
Definition
human wants backed by buying power
Term
mission statement/vision statement
Definition
a statement of the organizations purpose-what it wants to accomplish in the larger environment.  Should be realistic and specific.  Similar to vision statement
Term
SBU's
Definition
stars, cash cows, questions marks, dogs.  You want as many cash cows as possible in your business.
Term
Types of goals (3)
Definition
marketing, communication, corporate
Term
Factors required for marketing to occur
Definition

1.  2 more more parties with unmet wants or needs

2.  have the desire and ability to satisfy the wants and needs

3.  have a method of communication between 2 parties

4.  exchange of something that is of value to both parties

Term
History of marketing (4)
Definition
production era, sales era, marketing concept era, relationship marketing era
Term
production era
Definition
we make it they buy it
Term
sales era
Definition
hound them enough and they'll buy it
Term
marketing concept era
Definition
use information to create psychological gap and then fill it
Term
relationship era
Definition
how can I form deep and lasting relationship so people buy product even though they aren't comfortable in this economy
Term
the element of the marketing mix
Definition
product/package, price, promotion, place(distribution)
Term
relationship between consumers I am statement and product concept
Definition
consumer will have an I am statement about themselves.  ex, I am an athletic basketball player.  The product will exude an I am statement itself.  the closer a consumers I am statement is to a products I am statement, the more likely that a sale will take place.
Term
The gap - major goal of marketing
Definition
on one side of the gap we are slugs, on the other side ideal beings.  Marketers have found a way to both create a gap so that we feel obligated to buy products to become ideal beings, hence filling the gap.
Term
four major classifications for consumers goods
Definition
convenience, shopping, specialty, unsought
Term
convenience good
Definition
consumer product that customers usually buy frequently, immediately, and with a  minimum of comparison and buying effort
Term
shopping good
Definition
consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price, and style
Term
specialty good
Definition
consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Term
unsought good
Definition
consumer product that the consumer either does not know about or knows about but does not normally think of buying
Term
classification of industrial goods (2)
Definition
production and support
Term
production good
Definition
product bought by individuals and organizations for further processing or for use in conducting a business
Term
support good
Definition
goods that help business keep running, i.e. office supplies
Term
all elements of the promotional mix
Definition
advertising, pr/publicity, promotional activities, e commerce, direct marketing, and personal selling
Term
AIDA model
Definition

used when designing advertising:

A-ttention

I-nterest

D-esire

A-ction

Term
Primary and selective demand
Definition

Primary:  I want a car

Selective:  I want a flossy new 2010 Mercedes Benz

Term
Push/Pull strategies
Definition
Push strategy involves pushing the product through marketing channels to final consumers.  Pull strategy happens when the producer directs its marketing activities(primarily advertising and consumer promotion) toward final consumers to induce them to buy the product.
Term
Major psychological motivators (5)
Definition
Altruism, attractiveness, belonging, comfort and security, convenience
Term
Line of sight
Definition
A method of advertising that gets the consumer to look directly at what the marketer intends (the smirnoff ad)
Term
Incongruent Imagery
Definition
A method of advertising that puts two things together that dont usually go together to generate attention(bees and face ad)
Term
Four most powerful motivators + role of power
Definition

Curiosity, fear, guilt(most powerful, humor.

Power - status thing, wealth, especially with men.

Term
executive summary
Definition
1st thing in plans book but last thing you write.  topic sentence from each section, gives reader a glance at what the whole book contains.
Term
introduction
Definition
the fun interesting hook, a brief overview and pitch
Term
environmental analysis
Definition
a snapshot of the business world as it is today.  what happens before our marketing firm takes over.  contains: company overview, product/service, current target market, competition
Term
situation analysis
Definition
SWOT analysis basically
Term
marketing objectives
Definition
These are our goals in the plans book that we want to accomplish.  set a time frame for these goals (typically one year)
Term
Strategies
Definition
how we are going to obtain the goals that we set forth in our plans book.
Term
marketing action plan/tactics
Definition
the tactics of how we are going to implement our goals and such
Term
budgets
Definition
part of the plans book that contains projected profit and loss, expected revenues and costs, break even analysis, and forecast of units sold
Term
evaluation plans
Definition
the research to see if the strategy we have developed is actually doing work
Term
summary
Definition
the part of the plans book where we ask for the job. "we are absolutely the team for you."
Term
appendices
Definition
the section of the plans book where we put ads, charts, graphs, and any other supplementary material.
Term
How to conduct a SWOT analysis
Definition
Stands for Strengths, Weaknesses, Opportunities, and Threats.  Strengths and Opportunities are internal to the business, Weaknesses and Threats and external.  The goal is to turn weaknesses and threats into strengths and opportunities.
Term
Demographic data
Definition
Easiest to collect.  this includes age, race, sex, etc.
Term
Geographic data
Definition
Where people live.  Can cover a wide array of space, continents, countries, cities, neighborhoods, etc.
Term
Behaviorist data
Definition

This includes a consumers relationship to products.  purchase occasion:  when the product was bought

Users status:  heavy user, light user, non user-the 80/20 rule; target the heavy user

Benefits sought:  WII-FM

Term

Psychographic data

Processing modes (3)

Neuro-linguistic programming elements (3)

Definition

psychographic=the cool factor

 

Visual-process through sight, diplomats of society, see all sides of issue.

Auditory-drummers of society, quick responses, want everything concise, need all the info, ask alot of questions.

Kinesthetic-Sense from body and emotions

 

The elements:  Create rapport, comfort zones, and gain compliance

Term
primary competition
Definition
a product that is extremely similar to the one you are selling, a direct competitor.  ex. if your product is florida orange juice, primary competitor would be tropicana
Term
secondary competition
Definition
a product similar to yours but not quite the same.  ex.  you sell orange juice, secondary competition is apple juice.
Term
WII-FM
Definition

what radio station is everybody listening to?

Whats In It For Me?

People always think about what benefits they are seeking when they are going to buy a product.

Term
Stages of the consumer decision making model (5)
Definition
problem recognition, information search, alternative evaluation, purchase decision, post purchase evaluation
Term
Problem recognition
Definition
I am a slug!  I need a product
Term
Information search
Definition

our product net is very wide at this point.

 

  • external: anything we get out of our past experience (parents, books, etc.)
  • Internal: we think of last time we have this product or similar product
    • selective perception-we see what we want to see
    • selective retention-we remember what we want to remember

 

Term
Alternative evaluation
Definition

  • Bundle of values (product concept: cultural/family/psychological/social)/I am consumer concept
  • Consequences of purchase
    • functional/tangible-it effects our life in a concrete fashion.  We can touch it, it effects our wallets, etc.
    • Psychosocial/cool factor

 

Term
Purchase decisions
Definition
Intentions vs reality.  ex. You are planning on going to a movie but on the way see a movie poster and decide to go to that one.
Term
Post purchase evaluation (2)
Definition

  • Cognitive dissonance (buyers remorse)
  • Dissonance reduction-to reduce this remorse we go back to step 2 (informational search), but this time our net isn't so wide

Term
Imperceptible product differentiation
Definition
two products that look exactly alike, but there is a significant difference in our lives.  ex. pepsi vs diet pepsi
Term
Perceptible product differentiation
Definition
you can tell if there is a significant difference.  ex. volkswagon vs mercedes
Term
induced product differentiation
Definition

making something happen

 

F- are the Features different?

A-are the Advantages different?

B-are the Benefits real?

Term
The introduction stage of the product life cycle
Definition
consumers need information and time.  marketers spend a lot of money here, dont expect a ROI, keep doing R&D, lasts around 3 months
Term
Growth stage of product lifecycle
Definition
Marketers must have clear product concept.  Focus on price in this stage.
Term
Maturity stage of the product life cycle
Definition

Want to stay in this stage a long time.  This is the cash cow stage.  

Going back to marketing mix:

High end-speakers, product matters

low end-shaving cream, price and place do not matter

Term
Decline stage of the product life cycle
Definition
No amount of marketing can bring dead product back to life.  Can bring it back to growth stage to reinvent it, packaging helps with this.  The only exceptions to this model are fads and fashion.
Term
Ways to position a product
Definition
1. displace a product that is already there(difficult) 2.  carve out a new niche
Term
Ways to position a new product by carving out a niche (7)
Definition

  1. Product attribute: something physical about the product
  2. Price/quality: ex. wal mart
  3. Competitor:typically lower products dont have a lot of differentiation, coke vs pepsi
  4. Product class:  The butter class, ex.
  5. Product user:  I am product/I am consumer statements.  Gatorade markets athletes, ex
  6. Cultural symbols:  Tony the tiger, ex.
  7. By use or application:  the stain removal example-gallon jug, roll on, push tube, etc.

Term
role of technological change in marketing
Definition
the internet changes everything
Term
product costs/price
Definition

Cost-what it takes a company to make a product

price-how much a consumer would pay

Low end products are where price is most important.

 

Term
Importance of trade shows in promotional mix
Definition
It gets your product out there.  Its usually business to business, but sometimes it gets to the end user.
Term
Ravetta Presentation:  Changes in consumer behavior (4)
Definition

  1. transition from free spending to thrift
  2. value oriented consumers
  3. clear distinction between consumers needs and wants
  4. more deliberative decision making process

Term
Ravetta Presentation:  Marketers role (5)
Definition

  1. Demographics matter
  2. focus on consumers needs, concerns, and constraints
  3. focus on quality and value
  4. clearly define value proposition
  5. detail why a product is needed

Term
Promotion and its purpose
Definition

marketing activities used to communicate positive, persuasive info about an organization, its products and its activities to target audience.

Purpose:  to directly or indirectly create sales, influence customers

Term
To whom does promotion communicate? (5)
Definition

  1. consumers/potential consumers
  2. interest groups/regulatory agencies
  3. current/potential investors
  4. society in general
  5. company employees

Term
Effect sales promotion moves consumers to... (5)
Definition

  1. obtain a trial product
  2. consider new or improved product
  3. repeat or increase current usage
  4. come into a retail store
  5. expand the total number of users of an established product line

Term
Effective sales promotion motivates salespeople by (3)
Definition

  1. motivating sales force
  2. educating the sales force about product improvement
  3. stabilizing a fluctuating sales pattern

Term
effective sales promotion motivates resellers to... (4)
Definition

  1. increase inventories
  2. obtain displays and other support products
  3. improve product distribution
  4. obtain more and better shelf life

Term
direct marketing does what? (5)
Definition

  1. generates inquiries about product
  2. generates purchase
  3. gains trial
  4. increases usage
  5. enhances product image w/well defined target audience

Term
The internet as an advertising/direct selling medium (6)
Definition

  1. point of sale ability (look AND buy)
  2. potential for mass customization of ad messages
  3. advertising messages can be interactive and/or updated continuously
  4. buyers often visit search engines and other web sites when in "purchase corridor"
  5. Can change creative approach quickly
  6. click-through rates, page views, conversion rates easily tracked ("clickstream" data also)

Term
Personal selling is most likely used for...
Definition

new, complex, and/or expensive products

 

the web now even does some personal selling tasks.

Term
advantages of direct marketing (6)
Definition

  1. communicate directly with prospects
  2. can tailor messages for prospects
  3. messages can be longer/more complex
  4. can target best prospects
  5. gather information
  6. build ongoing relationships with customers

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