Term
|
Definition
Product (good/service, brand names, trademark, etc.)
Price
Promotion
Placement/Distribution (right quantities at time and place) |
|
|
Term
| Acronym used for how customers reach a purchase decision |
|
Definition
|
|
Term
| What does AIDA stand for? |
|
Definition
Attention
Interest
Desire
Action |
|
|
Term
| What is the second mover strategy for entering into a new market? |
|
Definition
| Learn innovations of first mover and improve them to gain advantage in the markteplace |
|
|
Term
Survey writing:
What are the 4 things to include in a survey? (in order) |
|
Definition
1. Who you are
2. Independent variable (based on this picture...)
3. Dependent variable (questions)
4. Any demographic questions |
|
|
Term
| Place demographic questions at the end to avoid ____ |
|
Definition
|
|
Term
| What does SWOT analysis do? |
|
Definition
| Helps planners compare internal organizational strengths and weaknesses with external opportunities and threats |
|
|
Term
| What is marketing leverage? |
|
Definition
| Matching an internal strength with an external opportunity |
|
|
Term
| What is a marketing problem? |
|
Definition
| Matching an internal weakness with an external threat |
|
|
Term
BCG Matrix:
What is a STAR? |
|
Definition
High growth, large market share
Strategy: Invest more |
|
|
Term
BCG Matrix:
What is a DOG? |
|
Definition
Low growth, Low market share
Strategy: consider withdrawing |
|
|
Term
BCG Matrix:
What is a CASH COW? |
|
Definition
Low growth, large market share
Strategy: milk profits to fund others |
|
|
Term
BCG Matrix:
What is a QUESTION MARK? |
|
Definition
High growth, low market share
Strategy: either invest for growth or consider divesting |
|
|
Term
| Effective segmentation acronym: |
|
Definition
|
|
Term
|
Definition
Measurable
Accessible
Actionable
Differentiable
Substantial |
|
|
Term
| 4 parts to a positioning statement |
|
Definition
Identify: market
who you are
concept
benefit provided |
|
|
Term
| What is the Compensatory decision making process? |
|
Definition
| multi-attribute model, weighted preferences, highest score wins |
|
|
Term
| What is the Disjunctive decision making process? |
|
Definition
| best feature (highest rating out of any category) |
|
|
Term
| What is the Lexicographic decision making process? |
|
Definition
| best score for the most important feature |
|
|
Term
| What is the Conjunctive decision making process? |
|
Definition
|
|
Term
|
Definition
| Scarcity, Social Proof, Liking, Reciprocation, Commitment, Authority |
|
|
Term
| 5 steps in the purchase decision process |
|
Definition
identify need
search and find a product
assess value of product
buy product
post purchase perception |
|
|
Term
| 4 factors affecting decision making |
|
Definition
cultural
social
personal
psychological |
|
|
Term
| 5 levels of Maslowe's hierarchy of needs |
|
Definition
Self Actualization
Esteem
Love/Belonging
Safety
Physiological |
|
|
Term
|
Definition
Exposure
Attention
Comprehension
Elaboration
Retention |
|
|
Term
Research Methodologies:
Exploratory |
|
Definition
| focus groups, non qualitative, no clear direction |
|
|
Term
Research Methodologies:
Descriptive |
|
Definition
| qualitative, surveys, searching for something specific |
|
|
Term
Research Methodologies:
Causal/Experimental |
|
Definition
| Field studies, controlling the variables, like placebo |
|
|
Term
|
Definition
Production--sell what you make, sells itself (pre 1920)
Sales--push to make the sale, advertising (until 1950)
Marketing--understand the customer, tailor the product and sale to them (until 1990)
Relationships--loyalty, contracts (since 1990) |
|
|
