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Marketing test 2
Do it to it
56
Marketing
Undergraduate 3
03/20/2013

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Cards

Term
Demographic Dimensions
Definition
-Important operational dimensions for understanding market segments and developing marketing mixes
-important for determining size of consumer target markets
-seeing demographic trends helps identify changes in growth or shift in age distribution
Term
Search for growing markets in...
Definition
other countries,current population, population trend
Term
Population trends
Definition
Increasing population density, increasing urbanization
Term
Gross Domestic Product (GDP)
Definition
Gross national product (GNP)/ Country's population size = per capita income, income earned by foreigners in nation
Term
Growth trends of young and old
Definition
Population growing, Birth rate, Graying of America
Term
Teenagers
Definition
High growth, buying power, unique culture, different needs
Term
Trends in US households and families
Definition
Married w/ no children, "traditional family", High divorce rate, unmarried living together, single adult
Term
Population mobility
Definition
Rural to urban to suburban
Term
Income distribution
Definition
Growth in real income slows down, middle income groups in us enjoy real choices, higher income groups have all the power (top 20% income group has 47%of total income)
Term
Total income
Definition
Disposable income - taxes
Term
Disposable income
Definition
Discretional income - necessities
Term
Family cycle implications
Definition
Acceptance of new ideas, reallocation for teenagers, empty nesters, senior citizens
Term
Ethnic dimensions of the us Market
Definition
Buy differently, increasing median income, high growth rate, avoid stereotypes
Term
Buyer behavioral model
Definition
Marketing mixes & stimuli -> person making decisions -> Does or does not buy
Term
Examples of economic needs
Definition
Economy of purchase or use, convenience, Efficiency in operation or use, improvement in earnings
Term
Psychological Influences
Definition
Motivation, perception, learning, attitudes & beliefs, personality, lifestyle
Term
Psych influences within individual
Definition
Wants, needs, drives
Term
Hierarchy of needs
Definition
Physiological needs, safety needs, social needs, personal needs
Term
Selective perception
Definition
Selective exposure, selective distortion, selective retention
Term
Attitudes relate to buying
Definition
Belief-an opinion, attitude-a point of view, need to understand attitudes & beliefs, work with existing attitudes, ethical issues may arise, meeting expectations is important
Term
Personality
Definition
How people see things
Term
Lifestyle
Definition
activities, interests, opinions
Term
Social influences
Definition
Family, reference groups, social class, culture & subculture
Term
Middle classes
Definition
Plan and save for the future, analyze alternatives, understand how the world works, feel they have opportunities, willing to take risks, confident about decision making, want long-run quality
Term
Lower classes
Definition
Live for the present, "feel" what is "best", have simplistic idea about how things works, feel controlled by the world, play it safe, want help with decision making, want short run satisfaction
Term
Other social influences
Definition
Reference groups, opinion leaders, culture
Term
Individuals are affected by the purchase situation
Definition
purchase reason, time available, physical surroundings
Term
Problem solving as a learning process
Definition
Awareness -> interest -> evaluation -> trial -> decision -> confirmation
Term
Organizational markets
Definition
market size, size of purchases, geographic concentration, types of products, customer uniqueness, buyer/seller interdependence, emphasis on personal selling
Term
Organization focuses on value...
Definition
vendor analysis more formal, focus on economic criteria including-quality,total cost to purchase and use, reliability, value in use
Term
The organizational buying process
Definition
1, anticipation of need, 2, development of product specifications, 3,search for and qualification of potential suppliers, 4, acquisition and analysis of proposals, 5, evaluation of proposals and supplier selections, 6, selection of an order routine, 7, performance feedback and evaluation
Term
Dynamics of buyer/seller relationships
Definition
Powerful customer may control relationship, buyers may still use several suppliers, reciprocity may influence relationship
Term
Manufacturers are important customers
Definition
Not many big ones, clustered in geographic areas, business data classifies industries, NAICS codes
Term
Market growth
Definition
Innovation attracts competition, monopolistic competition develops, profits peak and then decline
Term
Market maturity
Definition
persuasive more costly promotion, brands are more similar, greater price sensitivity/competition, maturity may last a long time
Term
Market growth and introduction
Definition
Allocate sufficient money, consider the four P's, anticipate speed of movement, competitors may help adoption, be flexible
Term
New products
Definition
critical to survival, Firm's perspective,
Term
New product development
Definition
New product thinking should be an on going process, top level support is vital, someone should be in charge of effort, firm should constantly generate new ideas then narrow down to best opportunities with clearly specified screening criteria
Term
Step one: Idea generation
Definition
Ideas from, customers and users, marketing research, competitors, other markets, company people, middlemen
Term
Step two: Screening
Definition
Strengths and weaknesses, fit with objectives, market trends,
Term
Step three: Idea evaluation
Definition
concept testing, reactions from customers, rough estimates for costs, sales,and profits
Term
Step 4: Development
Definition
R&D, develop model, test marketing mix, revise plans as needed,
Term
Step 5: Commercialization
Definition
Finalize product and marketing plan,
Term
Characteristics of services
Definition
Intangibility, perishability, variability, inseparability
Term
Differences in goods & services
Definition
Tangibility, where produced, contact with customer by producer of product, balancing supply and demand, when produced relative to when consumed
Term
Individual product
Definition
a particular product within a product line
Term
Product line
Definition
set of individual products that are closely related,
Term
Product assortment
Definition
the set of all product lines and individual products a firm sells
Term
Convenience products
Definition
staples, impulse products, emergency products
Term
Shopping products
Definition
Homogeneous, heterogeneous
Term
Derived demand
Definition
demand for industrial goods and services is derived from the demand for what firms produce and sell to consumers
Term
Business product classes
Definition
Accessories, raw materials, component parts & materials, MRO supplies, Professional services, installations
Term
Branding
Definition
Best value for price, dependable widespread availability, market price can be high enough, economies of scale, favorable shelf display space, easy to identify
Term
Brand equity
Definition
brand rejection -> Brand non recognition -> brand recognition -> brand preference -> brand insistence -> BRAND EQUITY
Term
Manufacturer brands
Definition
Also called national brands, created/owned by producers, develop demand across many markets
Term
Dealer brands
Definition
Also called private/store brands, created/owned by middlemen, create higher margins for dealers
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