Term
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Definition
| the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanged that satisfy individual and organizational objectives; the study of exchange of goods and services for money |
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| to discover consumer needs, an organization needs to... |
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Definition
-gain info about needs
-find potential customers; understand the market |
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| the marketing concept is... |
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Definition
| idea that "before we produce and sell, you first find out if there is a need for the good/service in the market place" |
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| do all businesses need market research |
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Definition
| No (lettuce farmers, IBM computer chips, etc) |
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| a set of decisions made about an offering |
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Definition
-product
-price
-promotion
-place (distribution) |
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| potential consumers create the... |
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Definition
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| to satisfy consumer needs, an organization must... |
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Definition
| find the right combo of the 4 P's (product, price, promotion, place) |
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| of the 4 P's, which is most important? |
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| _____ percent of all purchase decisions are made in store |
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Definition
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| benefits of a product include... |
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Definition
functional
social
personal
experiential |
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| how you can use something to get a certain result |
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| aspect of a product that benefits society and others |
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| benefit that makes one proud and feel good about ones self |
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| benefit that brings joy and happiness to a user |
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| examples of a functional benefit include... |
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Definition
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| examples of a social benefit include... |
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Definition
| cell phones, weddings, skype, joining an organization |
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| examples of an experiential benefit include |
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Definition
| narcotics, travel, football game, restaurants, ***amusement parks, movies |
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| examples of a personal benefit include |
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Definition
| community service, mountain climbing, sports teams, working out |
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| what is an example of a product that has all types (personal, social, experiential, functional) of benefits associated with it. |
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Definition
| college and workout classes |
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| name the 4 costs associated with a product |
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Definition
monetary
temporal
psychological
behavioral |
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Definition
| include paying for something |
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| include time used to acquire a product |
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| include the mental effects of something |
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| include the effects something has on the user |
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| an iPad has __________ benefits and __________ costs |
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| market environment refers to |
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| what is actively happening in the specific market |
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| in a changing market environment, organizations must use __________ _______ to adapt new ways to be profitable |
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Definition
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| current changes/trends in the market |
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| healthy food and going green |
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| the immediate environment includes... |
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Definition
| company, competition, corporate partners, consumers |
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| macroenvironmental factors include... |
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Definition
| culture, political and legal dealings, economic dealings, technology, social trends, demographics |
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| what has the biggest effect on trends? |
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Definition
| macroenvironmental factors (culture, political/legal, economic, technology, social, demographics) |
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Term
| 90% of coffee use to be drank at home so when starbucks came, ______ & _______ took a big ass loss |
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Definition
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| 3 phases of a strategic marketing plan include... |
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Definition
| mission, environmental analysis (SWOT), segmentation targeting positioning |
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| a mission/vision statement should include... |
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Definition
1. in which industries/businesses should the organization operate
2. what is the organizations sustainable competitive advantage |
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| porter's five forces model analyzes... |
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Definition
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| the 5 forces in porters model are... |
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Definition
industry competitiveness
availability of substitute products
potential entrants (threat of new competition)
supplier power
buyer power |
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| porters 5 forces model tells an organization... |
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Definition
| in which industries that organization would want to compete |
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| industry competitiveness views the ______ of current competitors |
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Definition
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| the amount of firms in a particular market |
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| low intensity = _______ profitibility |
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Definition
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| an industry has low intensity when... |
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Definition
| few firms are competing (such as airplane manufacturing: airbus and boeing) |
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| farmers markets are ________ intense |
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Definition
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| few/no substitutes = ______ profitability |
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Definition
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| examples of few/no substitutes |
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| examples of many substitutes |
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Definition
| fresh vegetables, tech products |
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| pepsi is not a substitute for coke, but ______ is |
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Definition
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| a substitute for fresh vegitables would be... |
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| people delay buying tech products because of... |
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Definition
| proposed future technology |
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| higher barriers to ______ lead to ________ profitability |
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Definition
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| high barriers of entry exist when... |
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Definition
there are high capital requirements
economies of scale are present
high product differentiation
network externalities are present |
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| network externalities are |
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Definition
| having a network with benefits for members, |
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| example of a network barrier include |
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Definition
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| example of a high barrier to entry would be the ____________ industry |
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Definition
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| __________ doesn't negotiate with anyone because they have a million people shop there veryday |
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| lower ________ ___________ of suppliers/buyers = higher profitability |
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Definition
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| low bargaining power exists when there is... |
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Definition
a high number of firms
little information of the product, consumer, etc |
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| low supplier power example would be... |
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Definition
| computer (hard disk drive) industry |
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| low buyer power example is... |
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Definition
| medical services (patients, because its hard to get info on other parties and fight to keep malpractice out of the internet b/c people wont see facts in right scope) |
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| the internet helps buyer _______ ________ by providing more information about products (or shit in general) |
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| compares market growth rate to relative market share. has stars, cash cows, question marks, and dogs |
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| high market growth rate and high relative market share |
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| low market growth rate, high relative market share. example = budweiser. milk these for all they're worth and reinvest the money into question marks |
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| question marks in BCG matrix |
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Definition
| high market growth rate and low relative market share, includes bud light platinum. needs more work |
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Definition
| low market growth rate and low relative market share (king cobra from bud) |
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| sustainable competitive advantage is... |
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Definition
| an advantage versus competition that can be maintained consistently over time |
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| what is mcdonalds sustainable competitive advantage? |
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Definition
| used to be standardization but is now efficiency of service. also they were the first to go global and take advantage of the international market |
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| what is mcdonalds sustainable competitive advantage? |
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Definition
| used to be standardization but is now efficiency of service. also they were the first to go global and take advantage of the international market |
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| see page 10 in the notes for some sweet diagrams |
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Definition
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| market leader has ____ market share and looks to... |
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Definition
40%
expand market
defend market share
expand market share |
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| market challenger has a _____ market share and looks to... |
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Definition
30%
attack leader
attack the status quo |
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| market follower has a ____ market share and looks to _______ |
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Definition
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| market nicher's have _____ market share and look to _______ |
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Definition
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| an example of a market leader is... |
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Definition
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| an example of a market nicher is... |
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Definition
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| apples sustainable competitive advantage is... |
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Definition
| product development and innovation, sustainability, excellence |
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| what limits the profitability of eReaders? |
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Definition
| availability of substitutes |
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Term
| steps of market segmetation, targeting and positioning |
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Definition
1. identify segmentation variables and segment the market
2. develop profiles of resulting segments
3. evaluate attractiveness of each segment
4. select the target segments
5. identify possible positioning concepts for each target segment
6. select, develop, and communicate the chosen positioning concept |
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Term
| market segmentation is... |
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Definition
| the process of dividing the total market for a good or service into several smaller, internally homogenous groups |
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| segmentation is necessary because consumers in a market have... |
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Definition
-differences in buying habits
-differences in the way the good or service is used
-different motives for buying |
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| marketing focuses on and served/exploits individual ____________ |
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Definition
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Definition
| "you have to segment the market, no successful firm uses mass marketing" |
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| marketing segmentation allows managers to: |
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Definition
-visualize their prospective customers in designing a marketing mix
-concentrate their resources on only one or a few market segments |
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Term
| the segmentation process includes... |
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Definition
-identifying a market and potential needs/wants within a market
-identify distinguishing characteristics among segments
-determine the potential for the segments and how we they are being satisfied |
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| market segmentation types include |
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Definition
| demographic, geographic, psychographic |
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| demographic market segmentation includes... |
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Definition
| age, gener, ethnicity, income, education, occupation, family type, marital status |
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| geographic market segmentation types include... |
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Definition
| nation, religion, urban/rural, regional, climatic |
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| psychographic market segmentation types include... |
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Definition
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| geodemographic segmentation |
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Definition
| stereotype errbody by zip codes and differentiate between different areas |
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| purchase behavior includes... |
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Definition
| usage, loyality status, and user status |
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| usage can be classified as... |
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Definition
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| loyalty status can be described as |
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Definition
| brand loyal or variety seekers |
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| user status can be described as |
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Definition
| users, non users, former users. "current, former, or never. only subscription based products" |
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| the first segmentation chosen should be the one that provides the __________ and most distinctive division of the market |
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Definition
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| the market should be aware of the ____________ among segmentation characteristics |
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Definition
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| see slide on the iPhone on page |
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Definition
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| target marketing techniques include... |
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Definition
mass marketing
niche marketing
differentiated marketing
individualized (customized) marketing |
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Definition
| includes no segmentation,one product for all customers, doesnt exist anymore |
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Definition
| one product for one segment, how most organizations start |
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Definition
| used by big companies, multiple products for multiple segments, (honda automobiles) |
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| individualized (customized) marketing |
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Definition
| customizing product/service for an individual, (plastic surgery) |
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| effective segmentation and targeting that leads to profitability include... |
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Definition
| being identifiable, substantial, reachable, responsive |
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| see competitive based positioning on page |
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Definition
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| the strongest positions are held by firms that... |
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Definition
| define categories and have the highest brand difference (like tide being the cleanest or walmart being cheapest) |
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Term
| firms should stick to their best dimensions because of correlation differences, which are... |
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Definition
| the thoughts associated with a product, like mcdonalds is known as being cheap and fast so they shouldnt try to be a fancy restaurant |
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Term
| personality traits in goal positioning include... |
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Definition
competencies
ruggedness
sophistication
excitement
sinserity |
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Definition
| a good has brand recognition that is can just be better because of its brand name. example: buying brand names when bros come over |
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| ruggedness position example |
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Definition
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| sophistication goal positioning example |
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| excitement goal positioning example |
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Definition
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| senserity goal positioning example |
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