Term
| Boston Consulting groups four part marketing matrix |
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Definition
| Stars, Dogs, Question Marks, Cash Cows |
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Term
| The real value of a companys market research info is based on... |
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Definition
| quality of insight it provides |
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Term
| most manufactured materials and parts are sold to... |
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Definition
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Term
| Product cost sets a _______ to product price |
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Definition
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Term
| Whom do members of a sales force serve? |
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Definition
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Term
| The european union and Nafta are examples of... |
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Definition
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Term
| Advertising puffery is a term for... |
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Definition
| innocent exaggeration for effect |
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Term
| distribution is key during which phase of product life cycle when involving low... |
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Definition
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Term
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Definition
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Term
| spending brakes, marketers switch focus to |
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Definition
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Term
| when developing concept for a new product marketers should consider what segmentation data? |
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Definition
| demographic, geographic, behavioristic |
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Term
| neuro linguistic programming; they are focusing on... |
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Definition
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Term
| super short, super tight red dress, what are you thinking about? |
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Definition
| the functional consequences |
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Term
| two types of marketing mix least important for high involvement products |
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Definition
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Term
| Rob needs to deliver product from east coast to mid west, what phase of marketing mix is he using? |
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Definition
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Term
| In a strategic plans book on "spec" make the pitch in... |
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Definition
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Term
| The 3 major parts of all marketing goals/objectives are... |
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Definition
| what you want, target market, specific time frame |
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Term
| Primary advantage of TV advertising |
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Definition
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Term
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Definition
| all the activities it takes to make a successful exchange |
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Term
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Definition
| a group of people with wants and needs with the ability to make an exchange, its a huge group |
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Term
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Definition
| sub group of the market, people are looking for different things, price quantity, availability, service, level of convenience, psychosocial values(how cool will i look). |
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Term
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Definition
| things that people cannot live without: food, shelter, water, air, sleep, beer |
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Term
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Definition
| things that customers DESIRE |
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Term
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Definition
| human wants backed by buying power |
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Term
| mission statement/vision statement |
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Definition
| a statement of the organizations purpose-what it wants to accomplish in the larger environment. Should be realistic and specific. Similar to vision statement |
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Term
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Definition
| stars, cash cows, questions marks, dogs. You want as many cash cows as possible in your business. |
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Term
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Definition
| marketing, communication, corporate |
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Term
| Factors required for marketing to occur |
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Definition
1. 2 more more parties with unmet wants or needs
2. have the desire and ability to satisfy the wants and needs
3. have a method of communication between 2 parties
4. exchange of something that is of value to both parties |
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Term
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Definition
| production era, sales era, marketing concept era, relationship marketing era |
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Term
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Definition
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Term
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Definition
| hound them enough and they'll buy it |
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Term
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Definition
| use information to create psychological gap and then fill it |
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Term
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Definition
| how can I form deep and lasting relationship so people buy product even though they aren't comfortable in this economy |
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Term
| the element of the marketing mix |
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Definition
| product/package, price, promotion, place(distribution) |
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Term
| relationship between consumers I am statement and product concept |
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Definition
| consumer will have an I am statement about themselves. ex, I am an athletic basketball player. The product will exude an I am statement itself. the closer a consumers I am statement is to a products I am statement, the more likely that a sale will take place. |
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Term
| The gap - major goal of marketing |
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Definition
| on one side of the gap we are slugs, on the other side ideal beings. Marketers have found a way to both create a gap so that we feel obligated to buy products to become ideal beings, hence filling the gap. |
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Term
| four major classifications for consumers goods |
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Definition
| convenience, shopping, specialty, unsought |
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Term
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Definition
| consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort |
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Term
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Definition
| consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price, and style |
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Term
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Definition
| consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. |
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Term
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Definition
| consumer product that the consumer either does not know about or knows about but does not normally think of buying |
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Term
| classification of industrial goods (2) |
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Definition
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Term
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Definition
| product bought by individuals and organizations for further processing or for use in conducting a business |
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Term
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Definition
| goods that help business keep running, i.e. office supplies |
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Term
| all elements of the promotional mix |
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Definition
| advertising, pr/publicity, promotional activities, e commerce, direct marketing, and personal selling |
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Term
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Definition
used when designing advertising:
A-ttention
I-nterest
D-esire
A-ction |
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Term
| Primary and selective demand |
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Definition
Primary: I want a car
Selective: I want a flossy new 2010 Mercedes Benz |
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Term
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Definition
| Push strategy involves pushing the product through marketing channels to final consumers. Pull strategy happens when the producer directs its marketing activities(primarily advertising and consumer promotion) toward final consumers to induce them to buy the product. |
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Term
| Major psychological motivators (5) |
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Definition
| Altruism, attractiveness, belonging, comfort and security, convenience |
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Term
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Definition
| A method of advertising that gets the consumer to look directly at what the marketer intends (the smirnoff ad) |
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Term
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Definition
| A method of advertising that puts two things together that dont usually go together to generate attention(bees and face ad) |
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Term
| Four most powerful motivators + role of power |
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Definition
Curiosity, fear, guilt(most powerful, humor.
Power - status thing, wealth, especially with men. |
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Term
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Definition
| 1st thing in plans book but last thing you write. topic sentence from each section, gives reader a glance at what the whole book contains. |
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Term
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Definition
| the fun interesting hook, a brief overview and pitch |
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Term
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Definition
| a snapshot of the business world as it is today. what happens before our marketing firm takes over. contains: company overview, product/service, current target market, competition |
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Term
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Definition
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Term
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Definition
| These are our goals in the plans book that we want to accomplish. set a time frame for these goals (typically one year) |
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Term
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Definition
| how we are going to obtain the goals that we set forth in our plans book. |
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Term
| marketing action plan/tactics |
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Definition
| the tactics of how we are going to implement our goals and such |
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Term
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Definition
| part of the plans book that contains projected profit and loss, expected revenues and costs, break even analysis, and forecast of units sold |
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Term
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Definition
| the research to see if the strategy we have developed is actually doing work |
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Term
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Definition
| the part of the plans book where we ask for the job. "we are absolutely the team for you." |
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Term
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Definition
| the section of the plans book where we put ads, charts, graphs, and any other supplementary material. |
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Term
| How to conduct a SWOT analysis |
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Definition
| Stands for Strengths, Weaknesses, Opportunities, and Threats. Strengths and Opportunities are internal to the business, Weaknesses and Threats and external. The goal is to turn weaknesses and threats into strengths and opportunities. |
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Term
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Definition
| Easiest to collect. this includes age, race, sex, etc. |
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Term
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Definition
| Where people live. Can cover a wide array of space, continents, countries, cities, neighborhoods, etc. |
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Term
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Definition
This includes a consumers relationship to products. purchase occasion: when the product was bought
Users status: heavy user, light user, non user-the 80/20 rule; target the heavy user
Benefits sought: WII-FM |
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Term
Psychographic data
Processing modes (3)
Neuro-linguistic programming elements (3) |
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Definition
psychographic=the cool factor
Visual-process through sight, diplomats of society, see all sides of issue.
Auditory-drummers of society, quick responses, want everything concise, need all the info, ask alot of questions.
Kinesthetic-Sense from body and emotions
The elements: Create rapport, comfort zones, and gain compliance |
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Term
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Definition
| a product that is extremely similar to the one you are selling, a direct competitor. ex. if your product is florida orange juice, primary competitor would be tropicana |
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Term
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Definition
| a product similar to yours but not quite the same. ex. you sell orange juice, secondary competition is apple juice. |
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Term
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Definition
what radio station is everybody listening to?
Whats In It For Me?
People always think about what benefits they are seeking when they are going to buy a product. |
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Term
| Stages of the consumer decision making model (5) |
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Definition
| problem recognition, information search, alternative evaluation, purchase decision, post purchase evaluation |
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Term
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Definition
| I am a slug! I need a product |
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Term
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Definition
our product net is very wide at this point.
- external: anything we get out of our past experience (parents, books, etc.)
- Internal: we think of last time we have this product or similar product
- selective perception-we see what we want to see
- selective retention-we remember what we want to remember
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Term
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Definition
- Bundle of values (product concept: cultural/family/psychological/social)/I am consumer concept
- Consequences of purchase
- functional/tangible-it effects our life in a concrete fashion. We can touch it, it effects our wallets, etc.
- Psychosocial/cool factor
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Term
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Definition
| Intentions vs reality. ex. You are planning on going to a movie but on the way see a movie poster and decide to go to that one. |
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Term
| Post purchase evaluation (2) |
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Definition
- Cognitive dissonance (buyers remorse)
- Dissonance reduction-to reduce this remorse we go back to step 2 (informational search), but this time our net isn't so wide
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Term
| Imperceptible product differentiation |
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Definition
| two products that look exactly alike, but there is a significant difference in our lives. ex. pepsi vs diet pepsi |
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Term
| Perceptible product differentiation |
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Definition
| you can tell if there is a significant difference. ex. volkswagon vs mercedes |
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Term
| induced product differentiation |
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Definition
making something happen
F- are the Features different?
A-are the Advantages different?
B-are the Benefits real? |
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Term
| The introduction stage of the product life cycle |
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Definition
| consumers need information and time. marketers spend a lot of money here, dont expect a ROI, keep doing R&D, lasts around 3 months |
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Term
| Growth stage of product lifecycle |
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Definition
| Marketers must have clear product concept. Focus on price in this stage. |
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Term
| Maturity stage of the product life cycle |
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Definition
Want to stay in this stage a long time. This is the cash cow stage.
Going back to marketing mix:
High end-speakers, product matters
low end-shaving cream, price and place do not matter |
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Term
| Decline stage of the product life cycle |
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Definition
| No amount of marketing can bring dead product back to life. Can bring it back to growth stage to reinvent it, packaging helps with this. The only exceptions to this model are fads and fashion. |
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Term
| Ways to position a product |
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Definition
| 1. displace a product that is already there(difficult) 2. carve out a new niche |
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Term
| Ways to position a new product by carving out a niche (7) |
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Definition
- Product attribute: something physical about the product
- Price/quality: ex. wal mart
- Competitor:typically lower products dont have a lot of differentiation, coke vs pepsi
- Product class: The butter class, ex.
- Product user: I am product/I am consumer statements. Gatorade markets athletes, ex
- Cultural symbols: Tony the tiger, ex.
- By use or application: the stain removal example-gallon jug, roll on, push tube, etc.
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Term
| role of technological change in marketing |
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Definition
| the internet changes everything |
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Term
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Definition
Cost-what it takes a company to make a product
price-how much a consumer would pay
Low end products are where price is most important.
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Term
| Importance of trade shows in promotional mix |
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Definition
| It gets your product out there. Its usually business to business, but sometimes it gets to the end user. |
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Term
| Ravetta Presentation: Changes in consumer behavior (4) |
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Definition
- transition from free spending to thrift
- value oriented consumers
- clear distinction between consumers needs and wants
- more deliberative decision making process
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Term
| Ravetta Presentation: Marketers role (5) |
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Definition
- Demographics matter
- focus on consumers needs, concerns, and constraints
- focus on quality and value
- clearly define value proposition
- detail why a product is needed
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Term
| Promotion and its purpose |
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Definition
marketing activities used to communicate positive, persuasive info about an organization, its products and its activities to target audience.
Purpose: to directly or indirectly create sales, influence customers |
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Term
| To whom does promotion communicate? (5) |
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Definition
- consumers/potential consumers
- interest groups/regulatory agencies
- current/potential investors
- society in general
- company employees
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Term
| Effect sales promotion moves consumers to... (5) |
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Definition
- obtain a trial product
- consider new or improved product
- repeat or increase current usage
- come into a retail store
- expand the total number of users of an established product line
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Term
| Effective sales promotion motivates salespeople by (3) |
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Definition
- motivating sales force
- educating the sales force about product improvement
- stabilizing a fluctuating sales pattern
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Term
| effective sales promotion motivates resellers to... (4) |
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Definition
- increase inventories
- obtain displays and other support products
- improve product distribution
- obtain more and better shelf life
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Term
| direct marketing does what? (5) |
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Definition
- generates inquiries about product
- generates purchase
- gains trial
- increases usage
- enhances product image w/well defined target audience
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Term
| The internet as an advertising/direct selling medium (6) |
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Definition
- point of sale ability (look AND buy)
- potential for mass customization of ad messages
- advertising messages can be interactive and/or updated continuously
- buyers often visit search engines and other web sites when in "purchase corridor"
- Can change creative approach quickly
- click-through rates, page views, conversion rates easily tracked ("clickstream" data also)
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Term
| Personal selling is most likely used for... |
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Definition
new, complex, and/or expensive products
the web now even does some personal selling tasks. |
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Term
| advantages of direct marketing (6) |
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Definition
- communicate directly with prospects
- can tailor messages for prospects
- messages can be longer/more complex
- can target best prospects
- gather information
- build ongoing relationships with customers
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