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MKT 351 test #1
afga sdf
85
Marketing
7th Grade
09/15/2013

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Term
Consumer Behavior
Definition
Activities people undertake when obtaining, consuming and disposing of products and services
Term
Social Marketing
Definition
(Social policy based on how customers consume and spend)
The applications of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole
Term
Customer Value
Definition
Difference between all the benefits derived forma total product and the costs of acquiring those benefits. Value considered from perspective of customer. Value: Cost vs. Benefit
Term
Components of Market Analysis
Definition
Consumer
Company
Competition
Conditions
Term
Consumer
Definition
Understand the customers accurately, able to predict behaviors
Term
Company
Definition
needs to know its full ability to meet customer’s needs and know their own strengths and weaknesses
Term
Competition
Definition
to do a better job, fully understand the competition
Term
Conditions (External and internal)
Definition
External conditions – economic, physical environment, technology beyond the control of the firm still impact marketing strategy
Term
Steps of Marketing Segmentation (4)
Definition
Identifying Product-related needs (What customers want)
-Grouping customers with similar need sets (clustering)
-Describe each group (segmentation profile)
-Select attractive segments to serve target market
Term
Target Market
Definition
segments of the larger market on which we focus our marketing effort
Term
Target Market Examples
Definition
fit with company image, size, risk, comm. Channels
- Gender, race, age, location, job, income
Term
Marketing Mix Components
Definition
Product
Price
Promotion
Place
Term
Place/Distribution
Definition
Having the product available where the target customer can buy it, when and how they can get it
Term
Product
Definition
what customer might want, NEED=WANT Physical, service, idea
Term
Price
Definition
Price does NOT mean cost. Amount of money one must pay to obtain the right to use the product
Term
Promotion/communication
Definition
Advertising, sales force, Public Relations, Packaging, ect. Who do we want to communicate with, effect on target market, desired effect? Which Media? When?
Term
Customer Cost
Definition
everything the consumer must surrender in order to receive the benefits to use the product
*Cost of car (buying, insurance, gas, time, parking fee, ect)
Term
Service Economy
Definition
People
Physical Evidence
Process
Term
Firm Outcomes
Definition
Product Position
Sales/Profits
Customer Satisfaction
Term
Product Position
Definition
Image of the product/brand in consumers mind relative to competing products and brands
Term
Sales/Profits
Definition
Critical outcomes necessary for the firms continued existence
Term
Customer Satisfaction
Definition
A post-purchase, post consumption evaluation of the perceived performance of the product relative to consumer expectations (Critical for long-term profitability)
Term
Steps of Consumer Decision Process (6)
Definition
Need recognition
Information Search
Alternative Evaluation
Purchase
Use
Post-Purchase Evaluation
Term
Self-Concept
Definition
Totality of an individual’s thoughts and feelings about himself/herself
Term
Lifestyle
Definition
How one lives, purchases, consumers, consumption habits are often very informative of a persons lifestyle
Term
What is Culture:
Definition
knowledge, belief, art, law, morals, customers, and habits acquired by humans as members of society. Culture is different everrrywhere (culture pizza)
Term
Does Culture influence biological drives?
Definition
no, BUT influences when/how these drives are satisfied
Term
Norms
Definition
Rules that specify or prohibit certain behaviors in specific situations
Term
Cultural values
Definition
Widely held beliefs that affirm what is desirable
Term
Sanctions
Definition
Penalties ranging form mild social disapproval to banishment from a group
Term
Variations in cultural Values
Definition
Other-oriented values
Environment-oriented
Self-oriented
Term
Other-oriented Values (USA vs. Other)
Definition
reflect a society’s view of the appropriate relationships between individuals/groups within the society (USA is individual, youth, limited family, Masculine, Competitive, Uniform)
Term
Self-Oriented Values (USA vs. Other)
Definition
Objectives/approaches to life that the individual members of society find desirable (Active, sensual gratification, material, hard work, immediate gratification, religious/secular)
Term
Environment-Oriented values (USA vs. Other)
Definition
Society’s relationship to its economic/technical and physical environment (Cleanliness, performance (reward system) tradition, risk/security, nature, problem-solving)
Term
Monochromatic Time (USA vs. Other)
Definition
linear, inescapable, oriented toward present and short-term future (USA, Canada, Ect) “Time is money” committed to task and job
Term
Polychromatic Time (USA vs. Other)
Definition
less subjective to scheduling, look towards present and past, occur own pace NOT rigid schedule (Latin America) People and relationship committed
Term
Cultural Variations in Nonverbal Comm
Definition
Time
Space
Symbol
Relationships
Agreements
Things
Etiquette
Term
Space (USA vs. Other)
Definition
nearest others can come to you in various situations without you feeling uncomfortable (USA/Europe: 18 inches; Latin America: 4-6 inches)
-The bigger the better (Bigger office=higher status)
Term
Symbols (USA vs. Other)
Definition
Meaning behind each color, thing, number ect (White, 7, middle finger)
Term
Relationships (USA vs. Other)
Definition
USA-quickly formed and dissolved, easily made and dropped, very mobile
Latin America: friendship formed slowly, imply deep and lasting obligations. Friendship and business deeply intertwined
Term
Agreements (USA vs. Other)
Definition
USA: extensive and efficient legal system documents to ensure business obligations are honored and disagreements resolved
Latin America: rely on relationships, local moral principles, and informal customs to conduct, emphasize relationships not contracts
Term
Things (USA vs. Other)
Definition
Cultural meaning of things leads to purchase patterns that one would not otherwise predict. Giving gifts in business
CHINA: given in private
ARAB: given in public
Term
Etiquette (USA vs. Other)
Definition
Generally accepted way of behaving in social situations; tone, volume, pitch, speed, gestures differ between countries (Homogeneous vs. heterogeneous)
Term
Demographics (Examples)
Definition
Market Segmentation Descriptor
Trend analysis
Term
Market Segmentation Descriptor
Definition
evaluates market from society’s perspective by seeking to understand consequences of marketing actions and transactions (Tax cut effects? Amount of food?)
Term
Economic Demographics
Definition
Purchasing power, wealth, based on population
Term
What Measures how many babies will be born?
Definition
TFR, Birth rate, natural increase, fertility rate
Term
Total Fertility Rate
Definition
How many babies’ women currently having
Term
Future Fertility
Definition
Hard to predict, based off Fecundity and Fertility
Term
Fecundity
Definition
physiologic capability of women to reproduce (fairly certain)
Term
Fertility
Definition
actual reproductive performance (Uncertain)
Term
Helps with # of Babies (3)
Definition
Age distribution, family structure, technology
Term
Cognitive age
Definition
The age you perceive yourself to be
Term
Chronological Age
Definition
Actual age measured in years
Term
Age Cohort
Definition
any group of individuals linked together as a group in some way (usually by age) that shared a common social, political, historical, and economic environment
Term
Cohort Analysis
Definition
Process of describing/explaining attitudes, values, and behaviors of an age group as well as predicting its future attitudes, values, and behaviors
Term
Name all the generations (6)
Definition
Pre-depression
Depression
Baby Boom
Generation X
Generation Y
Generation Z
Term
Pre-depression
Concerns
years
Definition
before 1930's
Concerned with financial/personal security and health
Term
Depression
Nickname
years
Definition
"traditional Generation"
1930-1945
Term
Depression Market:
Definition
don’t like conflict or change, respect they still want to be active
Term
Depression Characteristics
Definition
Follow rules, law & order, status quo, dedication, sacrifice for common good, respect authority, conservative, reliable
Term
Trademarks of Depression:
Definition
Invented Rock and Roll
First to have TV's
Term
Baby Boomers:
Nickname
years
# of people
Definition
"Disc" "Hippie" "Boomers"
1946-1964
LARGEST GENERATION - 80 million
Term
Baby Boomer Market:
Definition
creative arts, hearing aids, services, anti-aging, home reconfiguration, travel, alienated by “overly youth” ads
Term
Baby Boomer Characteristics
Definition
o Rules = Guidelines, personal fulfillment, self-absorbed, credit cards, WORKAHOLICS, watch the MOST tv, competitive, want youth and approva
Term
Trademarks of Baby Boomers
Definition
Woodstock, polio, Vietname, Higher education and income, more tech savvy
Term
Generation X
Years
Nicknames
Population
Definition
1965-1981
“MTV” “latch-key” “gap” Generation
50 million
Term
Market for Generation X
Definition
Housing, apparel, entertainment, practical/necessary products; reach through tv/internet
Term
Characteristics of Generation X
Definition
o Shun politics, adaptable, technological, impatient, cynical, no authority, independent, FREEDOM, FLEXIBLE hours
Term
Trademarks of Generation X
Definition
DUAL CAREER HOMES
single parent households
Started most businesses, most highly educated M/F
Term
Generation Y
Years
Nicknames
Population
Definition
1982-1994
"Echo” “Network” “Boomerang” “Peter Pan” Generations
72 million
Term
Market Generation Y
Definition
customization, gratification, one-to-one communication, not homogeneous, open to try new things, want flexibility, honesty, respect, humor, clear, DEMONSTRATE
Term
Characteristics for Generation Y
Definition
Entitled, multiracial, highly unemployed and in debt, helicopter parents, not self reliant
Term
Work norms for Generation Y
Definition
Freedom, customization, integrity, collaboration, speed, entertainment, innovation
Term
Bad Traits of Generation Y
Definition
Special, sheltered, team-oriented, confident, pressured, achieving, conventional
Term
Generation Z
Years
Nicknames
Definition
1995-present
“millennials” “homeland” “igeneration” “M”-multitasking
Term
Characteristics of Generation Z
Definition
Instant gratification, social justice, family oriented, diverse
Like/Want: Technologists, minimalists, custom tailors, visual learners, adaptable, feedback, service, customization
Term
Market to Generation Z
Definition
Easily bored, use of music, language, and image key to remain relevant and fresh
Term
Nine Variables that determine Social Class
Definition
-occupation
-Income
-Wealth
-Personal Prestige
-Association
-Socialization
-Power
-Class Conscious
-Mobility
Term
Occupation
Definition
1 indicator of social class, don’t need high pay to get prestige
Term
Association
Definition
who you socialize with
Term
Socialization
Definition
Network
Term
Power
Definition
who holds power
Term
Class Conscious
Definition
how important is class?
Term
Mobility
Definition
Move across classes
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