Shared Flashcard Set

Details

Marketing Comprehensive Final
Dr. Flynn Marketing Final
130
Marketing
Undergraduate 3
04/27/2014

Additional Marketing Flashcards

 


 

Cards

Term
Exchange
Definition
The trade of things of value between the buyer and the seller so that each is better off as a result.
Term
Customer Satisfaction
Definition
A measure of how products and services supplied by a company meet or surpass customer expectation.
Term
SWOT analysis
Definition
A structured planning method that assesses both the internal environment with regard to a businesses Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats.
Term
The Marketing Mix
Definition
The four P's, Product, Price, Place, and Promotion. The controllable set of activities that a firm uses to respond to the wants of its target markets.
Term
Target Market
Definition
A group of customers towards which a business has decided to aim its marketing efforts and ultimately its merchandise.
Term
Ethical Decision Making
Definition
Step 1- Identify issues, Step 2- Gather information and identify stakeholders, Step 3-Brainstorm and evaluate alternatives, Step 4- Choose a course of action.
Term
Social Responsibility
Definition
An ethical theory that an entity, be it an organization or individual, has an obligation to act to benefit society at large.
Term
The external marketing environment
Definition
Six relatively uncontrollable factors outside the firm which influence its decision making. Culture, Demographics, Social issues/trends, Technological advances, Economic situation, and Political/Regulatory environment.
Term
Culture
Definition
A set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society.
Term
Demographics
Definition
Information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education.
Term
Social Trends
Definition
Include price sensitivity, health and wellness concerns, greener consumers, a time-poor society, and privacy concerns.
Term
Technological Advances
Definition
Macroenvironmental factor that has greatly contributed to the improvement of the value of both products and services in the past few decades.
Term
Economic Situation
Definition
Macroeconomic factor that affects the way consumers buy merchandise and spend money, both in a marketer's home country and abroad.
Term
Political/Regulatory Environment
Definition
Comprises political parties, government organizations, and legislation and laws.
Term
The Consumer Decision Making Process
Definition
Represents the steps that consumers go through before, during, and after making purchases. Those steps include Need Recognition, Information Search, Alternative Evaluation, Purchase, and Post Purchase.
Term
Need Recognition
Definition
The beginning of the consumer decision process. It occurs when consumers recognize they have an unsatisfied need and want to go from their actual, needy state to a different, desired state.
Term
Information Search
Definition
The second step of the consumer decision process, after a consumer recognizes a need, is to search for information about the various options that exist to satisfy that need.
Term
Alternative Evaluation
Definition
The third step of the consumer decision process. The process of sifting through the choices available and evaluating the alternatives.
Term
Purchase
Definition
The fourth step of the consumer decision process. After evaluating the alternatives, customers are ready to buy.
Term
Postpurchase
Definition
The final step of the consumer decision process. There a three postpurchase outcomes, customer satisfaction (+), postpurchase dissonance (-), and customer loyalty (+).
Term
Functional Needs
Definition
Pertain to the performance of a product or service.
Term
Psychological Needs
Definition
Pertain to the personal gratification consumers associate with a product or service.
Term
Internal search for information
Definition
The buyer examines his own memory and knowledge about the product or service, gathered through past experiences.
Term
External search for information
Definition
The buyer seeks information outside his personal knowledge base to help make the buying decision.
Term
Factors influencing the consumer decision process
Definition
Psychological factors, Situational factors, Social factors, and the Marketing mix.
Term
Values
Definition
a person's principles or standards of behavior; one's judgment of what is important in life.
Term
Social Influences
Definition
The customer's family, reference group, and culture.
Term
Psychological Influences
Definition
A person's motives, attitudes, perception, learning, and lifestyle.
Term
Motive
Definition
A need or want that is strong enough to cause the person to seek satisfaction.
Term
Attitude
Definition
A person's enduring evaluation of his or her feelings about and behavioral tendencies toward an object or idea.
Term
Perception
Definition
The process by which we select, organize, and interpret information to form a meaningful picture of the world.
Term
Learning
Definition
A change in a person's thought process or behavior that arises from experience and takes place throughout the consumer decision process.
Term
Lifestyle
Definition
The way consumers spend their time and money to live.
Term
The Buying Center
Definition
The group of people typically responsible for the buying decisions in large organizations. There are six different buying roles within a typical buying center, they consist of an initiator, influencer, decider, buyer, user, and gatekeeper.
Term
Initiator
Definition
The person who first suggests buying the particular product or service.
Term
Influencer
Definition
The person whose views influence other members of the buying center in making the final decision.
Term
Decider
Definition
The person who ultimately determines any part of or the entire buying decision- whether to buy, what to buy, how to buy, or where to buy.
Term
Buyer
Definition
The person who handles the paperwork of the actual purchase.
Term
User
Definition
The person who consumes or uses the product or service.
Term
Gatekeeper
Definition
The person who controls information or access, or both, to decision makers and influencers.
Term
Business Market
Definition
Involve sales and purchases of goods and services to various businesses, governments, and market intermediaries to facilitate the finished product which is generally then re-sold to an end user.
Term
Consumer Market
Definition
Involves the purchase and sale of goods and services to consumers for their own use rather than for resale.
Term
Mass Marketing
Definition
A marketing strategy a firm can use when a product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups.
Term
Market Segmentation
Definition
a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and priorities, and then designing and implementing strategies to target them.
Term
Geographic Segmentation
Definition
Organizes customers into groups on the basis of where they live.
Term
Demographic Segmentation
Definition
Groups consumers into easily measured objective characteristics such as age, gender, income, and education.
Term
Psychographic Segmentation
Definition
One form of segmenting that delves into how consumers actually describe themselves. Components of psychographics are Self-values, Self-concept, and Lifestyles.
Term
Geodemographic Segmentation
Definition
The grouping of consumers on the basis of a combination of geographic, demographic, and lifestyle characteristics.
Term
Benefit Segmentation
Definition
The grouping of consumers on the basis of the benefits the derive from products or services.
Term
Behavioral Segmentation
Definition
Divides customers into groups based on how they use the product or service.
Term
Criteria for Successful Market Segmentation
Definition
For successful market segmentation a market must be Identifiable, Substantial, Reachable, Responsive, and Profitable.
Term
Identifiable
Definition
Firms must be able to identify who is within their market to be able to design products or services to meet their needs.
Term
Substantial
Definition
Once potential target markets are identified, it needs to measure their size. If the market is too small it wont generate sufficient profits.
Term
Reachable
Definition
The best product or service cannot have any impact, no matter how identifiable or substantial the market is, if that market cannot be reached through persuasive communications and product distribution.
Term
Responsiveness
Definition
For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm's offering.
Term
Profitable
Definition
The market must have potential profitability, both current and future. Key factors in this analysis are market growth, market competitiveness, and market access.
Term
Target Market
Definition
A group of customers towards which a business has decided to aim its marketing efforts and ultimately its merchandise.
Term
Targeting Strategies
Definition
Include Undifferentiated Targeting Strategy, Differentiating Targeting Strategy, Concentrated Targeting Strategy, and Micromarketing.
Term
Undifferentiated Targeting Strategy
Definition
A marketing strategy a firm can use when a product or service is perceived to provide the same benefits to everyone, with no need to develop separate strategies for different groups.
Term
Differentiated Targeting Strategy
Definition
A firm targets several market segments with a different offering for each.
Term
Concentrated Targeting Strategy
Definition
Strategy of selecting a single, primary target market and focusing all energies on providing a product to fit that market's needs.
Term
Micromarketing
Definition
An extreme form of segmentation that tailors a product or service to suit an individual customer's wants or needs.
Term
Positioning
Definition
A process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
Term
Steps in the Research Process
Definition
Defining the objectives and research needs, Designing the research, Data collection process, Analyzing data and developing insights, and Action plan and implementation.
Term
Primary Data
Definition
Data collected to address specific research needs.
Term
Secondary Data
Definition
Pieces of information that have already been collected from other sources and usually are readily available.
Term
Interview Methods
Definition
In-depth interview (trained researchers ask questions, listen to and record answers, and then pose additional questions to clarify or expand on a particular issue) and Focus group interviews (a small group of people come together for an intensive discussion about a particular topic, with the conversation guided by a moderator).
Term
Survey
Definition
A systematic means of collecting information from people using a questionnaire.
Term
Survey Methods
Definition
Questionnaire (a form that features a set of questions designed to gather information from respondents), Unstructured questions (Open ended questions that allow respondents to answer in their own words), and Structured questions (closed-ended questions for which specific answers are provided for respondents to evaluate.
Term
Consumer Products
Definition
Products and services used by people for their personal use.
Term
Specialty Products/Services
Definition
Products or services toward which the customer shows a strong preference and for which he will expend considerable effort to search for the best supplier.
Term
Shopping Products/Services
Definition
Those for which consumers will spend time comparing alternatives, such as apparel, fragrances, and appliances.
Term
Convenience Products/Services
Definition
Those for which the consumer is not willing to spend any effort to evaluate prior to purchase.
Term
Unsought Products/Services
Definition
Products or services consumers either do not normally think of buying or do not know about.
Term
Brand Equity
Definition
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
Term
Manufacturer Brands
Definition
Also known as National Brands, are owned and managed by the manufacturer.
Term
Private-Label Brands
Definition
Also called Store Brands, House Brands, or Own Brands, are products developed by retailers.
Term
Premium Brands
Definition
A branding strategy that offers consumers a private label of comparable or superior quality to a manufacturer brand.
Term
Generic Brands
Definition
No-frills products offered at a low price without any branding information.
Term
Copycat Brands
Definition
Mimic a manufacturer's brand in appearance but generally with lower quality and prices.
Term
Exclusive Co-brand
Definition
Developed by national brand vendor and retailer and sold only by that retailer.
Term
Diffusion of Innovation
Definition
The process by which the use of an innovation, whether a product or a service, spreads throughout a market group over time and over various categories of adopters.
Term
The Product Life Cycle
Definition
Defines the stages that new products move through as they enter, get established in, and ultimately leave the marketplace and thereby offers marketers a starting point for their strategy planning.
Term
Introduction Stage
Definition
Stage of the product life cycle when innovators start buying the product.
Term
Growth Stage
Definition
Stage of the product life cycle when the product gains acceptance, demand and sales increase, and competitors emerge in the product category.
Term
Maturity Stage
Definition
Stage in the product life cycle when industry sales reach their peak, so firms try to rejuvenate their products by adding new features or repositioning them.
Term
Decline Stage
Definition
Stage of the product life cycle when sales decline and the product eventually exits the market.
Term
Service
Definition
Any intangible offering that involves a deed, performance, or effort that cannot be physically possessed.
Term
Four Main Characteristics of Services
Definition
Services are Intangible, Inseparable, Variable, and Perishable.
Term
Intangible
Definition
A characteristic of a service; it cannot be touched, tasted, or seen like a pure product can.
Term
Inseparable
Definition
A characteristic or a service; it is produced and consumed at the same time; that is, service and consumption are inseparable.
Term
Variable
Definition
A characteristic of a service; its quality may vary because it is provided by humans.
Term
Perishable
Definition
A characteristic of a service; it cannot be stored for use in the future.
Term
Break-even Analysis
Definition
Technique used to examine the relationships among cost, price, revenue, and profit over different levels of production and sales to determine the break-even point.
Term
Price Elasticity of Demand
Definition
Measures how changes in a price affect the quantity of the product demanded.
Term
Market Penetration Strategy
Definition
Firms using a Market Penetration Strategy set the initial price low for the introduction of the new product or service. Their objective is to build sales, market share, and profits quickly.
Term
Price Skimming
Definition
A strategy of selling a new product or service at a high price that innovators and early adopters are willing to pay in order to obtain it; after the high-price market segment becomes saturated and sales begin to slow down, the firm generally lowers the price to capture (or skim) the next most price sensitive segment.
Term
Supply Chain
Definition
The sequence of processes involved in the production and distribution of a product.
Term
Distribution Channel
Definition
The chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer.
Term
Manufacturer
Definition
A person or company that makes goods for sale.
Term
Wholesaler
Definition
An intermediary entity in the distribution channel that buys in bulk and sells to resellers rather than to consumers.
Term
Retailers
Definition
Purchases goods or products in large quantities from manufacturers directly or through a wholesale, and then sells smaller quantities to the consumer for a profit.
Term
Vertical Channel Conflict
Definition
Members of the same marketing channel, for example, manufacturers, wholesalers, and retailers, are in disagreement or discord.
Term
Horizontal Channel Conflict
Definition
Members at the same level of a marketing channel, for example, two competing retailers or two competing manufacturers, are in disagreement or discord. Such as when they are in a price war.
Term
Independent Supply Chain
Definition
A loose coalition of several independently owned and operated supply chain members- a manufacturer, a wholesaler, a retailer- all attempting to satisfy there own objectives and maximize their own profits, often at the expense of other members.
Term
Vertical Marketing System
Definition
Members act as a unified system; there are three types: Administrated, Contractual, and Corporate.
Term
Retailing
Definition
The set of business activities that add value to products and services sold to consumers for their personal or family use.
Term
Agent
Definition
A licensed salesperson who represents one or more health insurance companies and presents their products to consumers.
Term
Broker
Definition
An agent who buys or sells for a principal on a commission basis without having title to the property.
Term
Intensive Distribution
Definition
A strategy designed to get products into as many outlets as possible.
Term
Exclusive Distribution
Definition
A strategy in which only selected retailers can sell a manufacturer's brand.
Term
Selective Distribution
Definition
A strategy that lies between the intensive and exclusive distribution strategies; uses a few selected customers in a territory.
Term
Promotional Mix
Definition
Five aspects include Advertising, Personal selling, Sales promotion, Public relations, and Direct marketing.
Term
Advertising
Definition
A paid form of communication from an identifiable source, delivered through a communication channel, and designed to persuade the receiver to take some action, now or in the future.
Term
Personal Selling
Definition
The two-way flow of communication between a buyer and a seller that is designed to influence the buyer's purchase decision.
Term
Sales Promotion
Definition
Special incentives or excitement-building programs that encourage the purchase of a product or service, such as coupons, rebates, contests, free samples, and point-of-purchase displays.
Term
Public Relations
Definition
The organizational function that manages the firms communications to achieve a variety of objectives.
Term
Direct Marketing
Definition
Sales and promotional techniques that deliver promotional materials individually to potential customers.
Term
Mass Communication
Definition
The study of how individuals and entities relay information through mass media to large segments of the population at the same time.
Term
Interpersonal Communication
Definition
The exchange of information between two or more people.
Term
Push Strategy
Definition
Involves taking the product directly to the customer via whatever means, ensuring the customer is aware of your brand at the point of purchase.
Term
Pull Strategy
Definition
Involves motivating customers to seek out your brand in an active process.
Term
Integrated Marketing Communications (IMC)
Definition
Represents the Promotion dimension of the four P's; encompasses a variety of communication disciplines in combination to provide clarity, consistency, and maximum communicative impact.
Term
Advertising Media
Definition
Includes TV, Radio, Magazines, Newspapers, Internet, Outdoors, and Direct Mail.
Term
The Personal Selling Process
Definition
Generate and qualify leads, preapproach, sales presentation and overcoming reservations, closing the sale, and follow-up.
Term
Generate and Qualify Leads
Definition
Find potential customers and assess their potential as a buyer.
Term
Preapproach
Definition
The salesperson conducts additional research and develops plans for meeting the customer.
Term
Sales Presentation and Overcoming Reservations
Definition
A person to person meeting with the potential customer and handle and questions he might have about the product.
Term
Closing the Sale
Definition
Obtaining a commitment from the customer to make a purchase.
Term
Follow-up
Definition
Checking with the customer after the sale to make sure everything went smoothly. Good time to build a relationship with the customer.
Supporting users have an ad free experience!