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Details Title: MKT U201 Description: Marketing mid-term review: 6, 7, 16, WOM Total Flash Cards: 34 Created: 02/27/2007 19:38:36	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Market segmentation: 4 levels Definition Geographic, Demographic, Psychographic, Behavioral Term Market segmentation vs. Market targeting Definition Develop segment profiles, Develop measure of segment attractiveness; select target segments Term Segment marketing vs. Niche marketing Definition Different products to more than 1 segment (Marriott), Different products to subgroups w/in segments (standard vs. luxury SUVs) Term Market segmenting: Geographic Demographic Psychographic Behavioral Definition Divide market into country, region, city, density, climate (northern vs. southern) Divide market into age, gender, income, etc. Divide market into social class, lifestyle, personality Divide market into occasion, sought benefits, user status, usage rate, loyalty Term Effective segmentation Definition measurable accessible substantial differential actionable Term Marketing coverage strategies: Undifferentiated Differentiated Concentrated Definition firm ignores market segment diffs. and targets whole market w/ one offer firm targets several market segments w/ seperate offers for each firm targets large share of one/few segments or niches Term Positioning Positioning strategy selection Definition defined by consumers on important attributes; place a product is relative to others in consumers' minds 1) Identify possible comp. advantages 2) Select right comp. advantage 3) Select overall positioning strategy Term Comp. advantages in positioning Unique selling proposition Definition products, services, image, people more for more, more for same, same for less, less for less, more for less Term CH. 7!!!!!!!!!!!!! Definition read it and weep Term Product vs. Service Definition anything marketed for attention, acquistion, use, consumption, satisfy want/need intangible product form yielding activities, benefits, or satisfaction Term Product classification Definition convenience (candy) shopping (clothing) specialty (lamborghini) unsought (blood donation) Term Product levels Definition core benefit (need of hole) actual product (drill) augmented product (warranty) Term Product-service continuum Definition pure tanglible good tangible good w/ service hybrid offer service w/ minor good pure service Term Product mix decisions Definition length: # of items in all product lines width: # of diff. product lines depth: # of each product versions Term Brand Definition name, term, sign, symbol and/or design that identifies and diffs. product from competition consumer's 'gut feeling' about product Term Brand elements Definition elements: characteristics: name memorable logo meaningful symbols likeable character transferable spokesperson adaptable slogans protectable jingles package signage Term Branding advantages Definition attributes consistency quality and value identification Term Brand strategies Definition line extension brand extension multibrands new brands Term Building brand equity Definition salience: (deep/broad brand awareness) performance/imagery: (points of parity and difference) judgements/feelings: (positive accessible reactions) resonance: (intense loyal action) Term Service characteristics Definition intangibility inseperability (from providers) variability (quality from whom, when, how) perishability (no future sale/use) Term Measuring service quality Definition experience: only assessbile after use credence: difficult to assess b/c lack of necessary knowledge/experience Term Gap model of service quality Definition provider-- cust. expect. management percep-- (gap 2) serv quality-- ----->| (gap 3) serv. delivery-- (gap 4) comm. to cust. perceived serv. <-----| (gap 5) expected serv.-- customer-- (gap 1) -- provider Term Servicescape Definition core + supplementary services Term Service promotion strategies Definition stress tangible cues use 'personal' services create strong org. issues engage in post-buy communication Term 4 P's: Product vs. Service Product Price Place Promotion Definition tangible vs. intangible per unit vs. unit consu., bund. v. seper minimal difference advertising vs. referral (obj. vs. subj.) Term Service firm marketing strategies Definition manage service differentiation manage service quality manage service productivity Term Ch. 16!!!!!!!!!!!!!!! Definition Hay mas?? Term Marketing ethics Definition Decided by free market & legal system -then respon. of indv. corps./managers Each corp./manager must look past legal boundaries and incorporate personal integrity, corporate conscience, and long-run consumer/social welfare. Term Marketing's impact on indv. consumers Definition high prices deceptive practices high-pressure selling shoddy/unsafe products planned obsolesence poor service to disadv. consumers Term Marketing impact on society Definition false wants and imposed materialism too few social goods cultural pollution too much political power Term Ethics policy: role of business Definition enlightened marketing: consumer-oriented (consumer's perspective) innovative (real improvements) customer-value (value relations/informing) sense-of-mission (broad soc. v. nar. indv) societal Term Societal marketing (products) Definition immediate satisfaction= SI long-run benefit= LRB salutary: low SI, high LRB desirable: high SI, high LRB deficient: low SI, low LRB pleasing: high SI, low LRB Term Word-of-mouth marketing Consumer generated media Definition oral medium, non-comm. relationship, brand/product/service--> topic online: forums, message boards, social networking sites, blogs (electronic WOM) Term WOM ethical issues Definition consumer protection and respect honesty of relas., opinion, identity rules of the venue manage relas. w/ minors responsibly honest downstream communications protect privacy and permission