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Marketing (2)
consumer behavior, new product development, pricing and segmentation
81
Marketing
Undergraduate 2
04/09/2010

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Term
for every 58 products...
Definition
only 1 will be commercialized
Term
which of the 4 P's is the most flexible
Definition
price
Term
pre-attentive process
Definition
trashes out a lot of sensory input after 3 seconds
Term
attention resource is...
Definition
limited and selective
Term
for exposure to survive the pre-attentive process and result in focal attention it must be...
Definition
either
1) personally relevant
2) pleasant
3) surprising, moving, contrasting, threatening
4) easy to process
Term
perception
Definition
the process of us giving meaning to sensory stimuli
Term
intrinsic cues
Definition
inherently part of the product/service
-texture, taste, aroma, audio, parts, etc
Term
extrinsic cues
Definition
often created by marketing
-price, brand name, package, appearance, country of origin, etc
-expectation and bias work here
Term
blind taste test
Definition
eliminate extrinsic cues to see whether biases occur in brand selection (coke vs. pepsi)
Term
3 types of memory
Definition
sensory, short term, and long term
Term
sensory memory
Definition
pre-attentive processing (ex gorilla)
Term
short term memory
Definition
also known as working memory
-encodes concepts and events
-ex many new names at a party
Term
long term memory
Definition
encoded memory traces are linked and requires retrieval to obtain
Term
how long does short term memory typically last
Definition
30 seconds
Term
which stuff gets stored in LTM
Definition
1) emotion-laden
2) multi sensory
3) vivid, stimulates mental images
4) distinctive
5) relevant to goals
6) elaborated
7) rehearsal
8) recirculation
Term
explicit memory
Definition
1) recall
2) recognition
Term
recall
Definition
based on associative network, activates nodes are "reconstructed" as memory
ex: what commercials did you see on ABC last night
Term
recognition
Definition
cue is compared with related nodes. if match seems close enough "recognition" occurs
ex: did you see this McDonalds commercial on ABC last night
Term
storage problems (memory)
Definition
1) not enough repetition to offset decay
2) few links to other nodes in LTM
3) interference (closely aligned network)
Term
measuring memory for ads
Definition
1) time it takes to register message (sensory)
2) comprehension (STM)
3) recall (LTM)
4) masked recognition (LTM)
5) unmasked recognition (LTM
Term
consumers differ in their knowledge because...
Definition
1) expertise (ex. wine taster)
2) cultural background
Term
attitude is
Definition
1) a predisposition to respond
2) valenced
3) persistent over time
4) learned
Term
how is attitude measured
Definition
semantic differential scales
or
likert scales
Term
semantic differential scales
Definition
like...dislike
good...bad
etc
Term
likert scales
Definition
agree or disagree
Term
attitude score
Definition
SUM(b*e) from i=1 to n
b is the belief the brand will provide attribute i
i=attribute
e=importance of attribute i
Term
does A0 predict behavior
Definition
yes when there is high effort and cognitively based behaviors
no when it is emotionally driven and low effort
Term
satisfaction equals
Definition
perceived benefit-expected benefit
positive delight
negative disappointment
Term
another satisfaction model (no negatives)
Definition
=2*perceived benefit-expected benefit
Term
haagen dazs
Definition
foreign sounding company to exploit consumer inference
Term
compared to consumer markets, business markets...
Definition
1) have fewer but larger customers
2)demand is derived
3) demand is relatively price inelastic
4) demand fluctuates more
5) more people involved in the decision making process
6) buyers and sellers have long term relationships
Term
correct sequence of marketing
Definition
1)market segmentation
2) target marketing
3) market positioning
Term
common bases for marketing
Definition
1) geographic
2) demographic
3) pyschographic
4) behavior
Term
geographic segmentation
Definition
dividing the market on the basis of location (ex: population density, or climate)
Term
demographic segmentation
Definition
dividing the market on the basis of population characteristics (ex: age, gender, occupation, religion, etc)
Term
pyschographic segmentation
Definition
dividing the market on the basis of lifestyle, personality, and purchase motivation
Term
types of demographic segmentations
Definition
age, gender, family size, family life cycle, income, occupation, education, religion, race and nationality
Term
behavior segmentation
Definition
divided up into groups based on benefit sought, use of, or use situation of a product
Term
o “if this business were split up, I would give you the land and bricks and mortar, and I would keep the brands and trademark, and I would fare better than you.”
Definition
shows that brand image and intangibles are the most important part of a business
Term
internal marketing
Definition
marketing services by training and effectively motivating its customer contact employees and all the supporting service people to work as a team to provide customer satisfaction
Term
for every 1000 ideas
Definition
only 100 will have enough commercial process to merit a small scale experiment and only 10 of those will warrant substantial commitment and only a couple will turn out to be unqualified success
Term
product life cycle
Definition
1) product development
2) introduction
3)growth
4) maturity
5) decline
Term
product development
Definition
zero sales, high investment cost, negative profits
Term
introduction
Definition
low sales, negative profits, investors targeted, heavy promotion
Term
growth
Definition
rapidly rising sales, rising profits, early adopters targeted, growing competition
Term
maturity
Definition
sales peak, high profits, middle majority targeted, concentrated competition
Term
decline
Definition
declining sales, declining profits, laggards targeted, declining competition
Term
service
Definition
any activity that one party can offer to another that is intangible and does to result in ownership
Term
search product
Definition
find out quality before purchase (least uncertainty and risk)
Term
experience goods
Definition
type of good where you cant find out quality by looking at it (food and drinks)
typically offer free trials
Term
credence goods
Definition
even after consumption consumer feels uncertain about quality (medical services)
talk about credentials to promote it
Term
packaging
Definition
used to separate yourself from competitors
Term
labeling
Definition
a place to promote product and conform to regulations
Term
line extension
Definition
minor changes to existing product (coke)
Term
brand extensions
Definition
successful brand names help introduce new products (barbie cosmetics)
Term
multibrands
Definition
new brands in an exisitng product category (P&G)
Term
new brands
Definition
new brands in new product category (Subaru)
Term
convenience goods
Definition
grocery items
Term
shopping goods
Definition
tv, winter boots
Term
specialty goods
Definition
graduation regalia
Term
unsought goods
Definition
quitting smoking
Term
new products
Definition
suffer from high failure rates
>90% fail within 2 years
Term
pricing mistakes
Definition
1) reducing prices too quickly to get sales
2) pricing based on costs, not customer value
Term
target marketing
Definition
the evaluation of the attractiveness of the segments and selecting one(s) the firm will serve
Term
types of targeting marketing
Definition
1) differentiated marketing
2) concentrated/niche marketing
3) micromarketing
Term
product positioning
Definition
the way the product is defined by consumers on the important attributes-->the place the product occupies in consumers' minds relative to competing products
Term
laddering technique
Definition
method to uncover consumers hidden motives
product design-->lube strip
consequences-->smooth shave
consumers self-->values (comfortable shave)
Term
satisfaction (meaning)
Definition
is benefit as expected
Term
perceived value
Definition
is benefit worth the cost
Term
brand loyalty
Definition
is value high enough to stop considering alternatives
Term
AIO (psychographic)
Definition
Activity
Interest
Opinion
Term
activity
Definition
questions that indicate what they do, what they buy and how they spend their time
Term
interest
Definition
questions focus on preferences and priorities
Term
opinion
Definition
questions about views and feelings about stuff
Term
components of positioning
Definition
1) differential advantage
2) distinctive competence
3) unique value proposition
Term
4 characteristics of a service
Definition
1) intangibility
2) variability
3) inseparability
4) perishability
Term
variability
Definition
quality of services depends on who provides it
Term
inseparability
Definition
services cannot be separated from their providers
Term
perishabilty
Definition
services cannot be stored for later sale or use
Term
brand equity
Definition
the extent to which customers are willing to pay more for the brand
Term
stages of new product development
Definition
1) idea generation
2) idea screening
3) concept development and testing
4) marketing strategy development
5) business analysis
6) product development
7) test marketing
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