Term
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Definition
| it seeks to find needs and wants of the customer and then later satisfy them |
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Term
| what are the 4 P's in marketing? |
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Definition
Product
Promotion
Place
Price |
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Term
| what's controllable marketing mix? |
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Definition
| its the 4 P's (price place promotion and product) that managers can resort to to solve a marketing problem, by resorting back to this controlling factors of marketing mix. |
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Term
| kids adults jeans example? |
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Definition
| i think its when certain jeans are targetted for certain people according to age and by like price and who rocks them. yea def. |
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Term
| What is a marketing program? example? |
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Definition
a plan that follows the marketing mix and 4 P's to have a good service or idea to potential buyers.
ex: buy one get one free!
come get 30% off in store |
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Term
| who is an ultimate consumer? ex? |
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Definition
a baby. you buy baby food knowing that a baby will consume it and very likely to not be bought by adults lol.
its US the people! |
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Term
| organizational buyers? who that? |
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Definition
| manufacturers, wholesalers, retailers, those who sell to us |
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Term
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Definition
| a legal entity of people who share a common mission. they create goods (service or ideas) that satisfy the people and lthe people value it. |
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Term
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Definition
| goods, services, or ideas |
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Term
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Definition
a privately owned buisness organization like target, nike, they make their profit to survive lol
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Term
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Definition
| a federalstate county country or city that gives specific service to its consumers like census bureau they give us population data. |
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Term
what are the board of directing roles?
(figure 2.1) |
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Definition
ROLES
Board of Directors – oversee the corporate level
Corporate level – implement goals and strategies of the company
Strategic business unit level- like prada and johnson&johnson
Example: Apple: each strategic business unit has its own ___ iPhone, iPad, Macbook, iPod
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Term
| whats marketing segmentation? |
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Definition
| putting buyers into groups with common needs or likes who will respond similarly to a product |
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Term
| whats a point of differnece? |
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Definition
| characteristics of a product that make it different from its comptetiors |
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Term
| HOW MANY PEOPLE USE FACEBOOK BITCH? |
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Definition
1.8 BILLION PEOPLE
25% OF THE WORLD!!!! |
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Term
WHAT IS THE WORLD POPULATION?
WHO IS THE FASTEST GROWING COUNTRY AND HOW MUCH PPL THEY GONNA HAVE IN 2050? |
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Definition
7.4 RIGHT NOW
9.7 BY 2050
INDIA IS FASTEST GROWING COUNTRY AND 1.3 PEOPLE BY 2050!!!
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Term
| Whats the stats on baby boomers, and generation , y, and z? |
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Definition
baby boomers - 1946-1964 , 65+ by 2030
gen x - 1965-1975
gen y - 1977-1994 (millenials dique)
gen z - 95-2010 most diverse bitchez |
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Term
| what does the consumer bill of rights give us? |
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Definition
the right to
- safety
- to choose (always give us new products)
- to be informed
- to be heard |
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Term
| whats social responsibilty and give me the meaning of the three things that make it up. |
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Definition
responsibilities organizations have for the environment and to the people.
triple bottom line- the fact that organizations always aim to improve the state of people, planet, and profit,
Green Marketing – eco friendly, recycle, renewable energy
Cause Marketing – Breast cancer awareness – wear pink socks, Domestic Violence awareness
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Term
| women make up ____ of new car buying decisons but they INFLUENCE ____. |
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Definition
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Term
| for cars, whats a womans main concern? |
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Definition
| styling of it and the need for speed ayyy yea cool girl honda civic cutie and also SAFETY IT COMES FIRST |
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Term
| consumer involvement affects problem solving right? what are the three levels of involvement when shopping? |
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Definition
Extended Problem Solving - maybe a car (high)
Limited Problem - TV (medium)
Routine – tooth paste (low)
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Term
| business to business marketing? |
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Definition
when two business like exchange their products for each others and they use it to sell to their consumers** most important part
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Term
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Definition
| big companies, wholesalers, gov, or resaller markets buying products for their own use or to resale |
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Term
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Definition
Size of Order or Purchase
Number of Potential Buyers
Organizational Buying Objectives
•Profits
•Women and Minority Suppliers and Vendors
•Efficiency
Environment and Sustainability |
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Term
| what are the three buy classes? |
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Definition
New Rebuy
-Rutgers buys desks, they do research
Straight Rebuy
-Nothing changes, give us another 10000 desks
Modified Rebuy
-add outlets to the desks, modifying the product
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Term
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Definition
practice of shielding one or more industries within a countrys economy from foreign competition through using quotas and tarifs
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Term
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Definition
| government tax on products or services entering a country primarily serve to raise prices on imports |
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Term
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Definition
| restriction on a product sayng how much of that product can go in a country or out of a country |
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Term
| figure 7-A in powerp;oint go look at it. |
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Definition
also keep in mind that
International Firm
Example: Apple – they don’t change it up, the marketing strategy is the same throughout the globe
Multinational Firm
Example: McDonalds – market different, adapt to the local culture
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Term
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Definition
process of defining a market problem and opportunity systematically collecting and analyzing information, and recommending actions.
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Term
| whats exploratory and descriptive marketing research? |
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Definition
exploratory - explores idea about ideas abput a vague problem or question.
descriptive- trying to find the frequency i which something that is already known is occuring. |
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Term
| what are three segmentation strategies to sell your products to different amounts of public people? hint: one size fits all market doesnt exist |
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Definition
one product- to MULTIPLE segments (ex magazine baseball teams)
multiple products- to multiple markets (ex cars)
segment of one- its only fit for one person |
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Term
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Definition
| tailoring a product to one person's need |
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Term
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Definition
| its the usage rate. firms believing that 80% of their its sales come from 20 percent of its customers |
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Term
| what are the four possible types of consumer products? |
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Definition
convenience products- toothpaste, soaps, they cheap
shopping product- cameras, tv, biefcase, plane tix, need more time and they cost more
specialty product- rolls royc, wathces, heart surgery, very expensive and very limited
burial insurance
unsought product- burial services, thesaurus, it varies its like a very infrequent purchase |
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Term
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Definition
| one individual product of a prand, has its OWN SKU number |
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Term
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Definition
| like all iphone xr's that exist is one product line |
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Term
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Definition
| all apple items, macs iphones ipods |
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Term
| product life cycle graph!!! |
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Definition
introduction ! growth !! maturity !!! decline....
companies make most money at maturity |
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Term
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Definition
| atms, taxis, electric utilities |
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Term
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Definition
| janitors, plumbers, lawyers, accountants |
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Term
| how does price affect demand? |
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Definition
its the value= percieved benefits / price
the higher the price th pople think they get more benefits |
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Term
| whats the revenue equation? |
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Definition
| total revenue-total cost = profit |
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Term
| check what it says on quiz ch 13 |
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Definition
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Term
| whats a demand oriented approach? |
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Definition
giving what the customers want that is their main focus for their product.
skimming- setting thei highest price
penetrating- lowest price so people can buy it
prestige pricing- setting price high so only those who can afford will buy and value it
odd even pricing- 89.99 99.99
bundle pricing - meal combos at mcdonalds for ex
price lining-
yield pricing- |
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Term
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Definition
pioneering advertising- finding data it tells people what a product is, what it can do and where it can be found
competitive- ads that promotes a products benefits, it wants people to chose them
reminder- to reinforce previous knowledge of a product |
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Term
| common types of appeals???? |
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Definition
| fear (smoking kills), sex (bitches), humorous (geico commercials) |
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Term
| what is social media? define it |
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Definition
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