Shared Flashcard Set

Details

Marketing
chapter 1-5
58
Marketing
Undergraduate 2
03/02/2010

Additional Marketing Flashcards

 


 

Cards

Term
4 P's
Definition
product, place, price, promotion
Term
product
Definition
the goods and services the company offers to a target market
Term
price
Definition
the cost a consumer must bear to obtain the good
Term
place
Definition
company activities that make the product available to the target market
Term
promotion
Definition
activities that communicate the merits of a product and persuade target consumers to buy it
Term
are wants and needs the same
Definition
NO!
needs are vital for survival
wants arise from culture, personality, etc
need food want big mac
Term
marketing concepts
Definition
production, product, selling, marketing, societal marketing
Term
production concept
Definition
available and affordable (used today in early life cycle stage, shortage of necessitates, high cost, volatile fads)
oldest concept
Term
product concept
Definition
features and quality (cancer fighting drug)
Term
selling concept
Definition
advertising, hard sell (social marketing)
Term
marketing concept
Definition
balanced approach-->look at consumers needs
focuses only on consumers and companies
GE 1st company to adopt
factor quality, price, promotion, etc
Term
societal marketing concept
Definition
focuses on more than just the company and the consumer
looks at societies welfare at large
Term
transaction costs
Definition
temporal, behavioral, psychological
Term
value
Definition
equals perceived benefit - perceived cost
Term
customer equity
Definition
equals SUM(customer lifetime value)
Term
types of customer relationships
Definition
direct and indirect
Term
direct relationships
Definition
face to face typically
ex: car dealerships, medical facilities
Term
indirect relationships
Definition
basic relationships through
a) brand name
b) basic customer service
c) website or online community
Term
business failures
Definition
pets.com
focused solely on marketing and not on product offered
Term
cadillac
Definition
once had avg age of 62
low customer equity
high market share
turned it around
Term
4 growth strategies
Definition
market penetration, market development, product development, and diversification
Term
market penetration
Definition
existing product, existing markets
Term
product development
Definition
new products, exisitng markets
Term
market development
Definition
new markets, exisitng products
Term
diversification
Definition
new markets new products
Term
porters 4 effective business strategies
Definition
cost relationship, differentiation, cost focus, differentiation focus
Term
cost leadership
Definition
lower cost, broad market
Term
differentiation
Definition
differentiation, broad market
Term
cost focus
Definition
lower cost, narrow market
Term
differentiation focus
Definition
differentiation, narrow market
Term
what has a major component on environmental analysis
Definition
cultural trends, CREST, demographic trends
Term
demographic trends
Definition
age, women, families, geographic shifts, diversity
Term
research techniques
Definition
primary, secondary, exploratory, descriptive, causal
Term
consumer motivations
Definition
schwartz's 10 universal, set of 3 motivations
Term
schwartz's 10 universal motivations
Definition
1) power
2) achievement
3) hedonism
4) stimulation
5) self-direction
6) universalism
7) benevolence
8) tradition
9) conformity
10) security
Term
set of 3 motivations
Definition
1) utilitarian motivation
2) symbolic motivation
3) hedonic motivation
Term
power
Definition
social statues, prestige, control, dominance over people and resources
Term
achievement
Definition
personal success through demonstrating competence according to social norms
Term
hedonism
Definition
pleasure and sensory gratification
Term
stimulation
Definition
excitement, novelty and challenge
Term
self direction
Definition
independent thought and action
Term
universalism
Definition
understanding, appreciation, tolerance, and protection of nature and all people
Term
benevolence
Definition
preservation and enhancement of people known to you
Term
tradition
Definition
respect, commitment, and acceptance of the traditional customs and ideas
Term
conformity
Definition
restraint of actions, inclinations, and impulses likely to violate social norms
Term
security
Definition
safety, harmony and stability for self and society
Term
utilitarian motivation
Definition
Dawn, Palmolive original
Term
symbolic motivation
Definition
a competent housekeeper, "so clean you can see yourself.."
Term
hedonic motivation
Definition
joy, Palmolive aromatherapy-appeals to 5 senses
Term
value proposition document
Definition
clear and simple statement of intended target market and the value to them (benefits and cost)
components
1) target customers
2) unique product/service qualities providing benefit
3) perceived cost
Term
US key cultural trends
Definition
changing role of women
shift from me to we
change in value consciousness
change in environmental consciousness
change in beliefs
Term
popcorns cultural trends
Definition
1) cocooning
2) 99 lives
3) clanning
4) egonomics
5) icon toppling
6) healthfulness
7) down-aging
8) small indulgences
Term
Engels laws
Definition
as family income rises
1) % spent on food decreases
2) % spent on housing constant
3) % spent on utilities decreases
4) % on other spending increases
5) % on saving increases
Term
types of exploratory research
Definition
1) interviews
2) analysis of secondary data
3) pilot study
4) focus group
5) depth interview
6) case studies
7) projective techniques
Term
descriptive research
Definition
provides the who, what, where, when and how...but NOT why
1) typical methods include: surveys, panels, and observation
Term
causal research
Definition
provides the answer for why
1) typically achieved through experiments
Term
qualitative research
Definition
types include: focus groups, depth interviews, projective techniques
Term
projective techniques
Definition
word association tests
sentence and story completion
third person
Supporting users have an ad free experience!